The appetite for continued investment in document automation has been highlighted by the growth of Shipamax, a logistics specialist solution, which combines data extraction technology with logistics-focused user interfaces.
The company has doubled in size since January, and now serves more than 40 logistics customers, with leading freight forwarders, GEFCO Forwarding, Hillebrand and Cargo Brokers integrating the market-leading data extraction solution into their back-office operations over the last six months.
Shipamax CEO and co-founder, Jenna Brown, commented: “Despite uncertain market conditions, it’s clear many freight forwarders still have one eye on the future, with the objective of emerging from the current crisis in a stronger position.
“Interestingly, what we’re seeing is that forwarders are still willing to sign off technology purchases that help to deliver quick and quantifiable ROI. Our logistics focused document automation solution fits this mould, and we’re excited to now be working with more than 40 of the world’s leading logistics companies.”
Unlike traditional OCR solutions, Shipamax uses proprietary ‘anti-template’ technology that requires zero templates or ongoing maintenance overhead. Using machine learning technology trained on over 20 million logistics documents, Shipamax aims to free up operations teams who are constrained by manual admin, which allows its customers to reduce costs spent on data-entry by over 80 per cent and shift key resources to high-value tasks.
“Now more than ever, the spotlight is ensuring efficient work practices are a top priority. As a result, we’re seeing businesses take a step back to review dated systems and internal technologies as they look for new ways to save money and mitigate risk.”
With more than 80 per cent of its current customer base being CargoWise users, Shipamax recently reached a significant development milestone, launching CargoWise integrations, for AP Invoices and Bill of Lading document types. The company has also rolled out purpose-built user interfaces for exception management of both document types, to help minimise disruption and maximise impact for logistics organisations.
In January, Shipamax completed a $7m Series A investment round and committed to doubling the size of its workforce. Despite moving its entire operation to remote working, the company has successfully added 13 new members of staff to the team, recruiting in key areas of customer success and marketing, as well as continuing to build an experienced in-house development team based in London.