We often discuss the importance of balancing our approach to the pace of AI development. On one hand, it's crucial not to be swept away by the hype. On the other hand, we must recognize that this technology has the potential to revolutionize every industry in the coming years.
It's essential to stay informed and prepared for the changes ahead
So let's take a look at a tangible (world first) project we have been working on here at Ship Angel..with surprising results.
Rate Management Systems have existed for decades, developed as a means to consolidate various vendor pricing sheets into a single, reliable platform for viewing the latest rates.
One of the most challenging aspects is that every Shipping Line and most Forwarders continue to use their own rate formats, ranging from spreadsheets to PDFs to Word documents.
For the past 20 years, the most common solution has been to employ a BPO Center, typically located in India or the Philippines, to standardize all formats into a uniform version.
Currently, this remains the approach for most entities involved in this service, from Carriers to Forwarders to Freight Technology vendors.
However, with the ongoing advancements in AI, there is a significant opportunity to revolutionize this business model by leveraging a combination of AI & ML to transform the rate sheets. We have successfully implemented this technology in Ship Angel.
This is a real world tangible use case where savings of $100 million plus will be achieved
Here are the specifics of this use case....
100 BPO centres (low estimate), with teams involved in transforming rate sheets
Average 75 person centre X average salary ($18,500) = $138,750,000
*Also, the turnaround time goes from an average of 12-48 hours to several minutes and the accuracy goes from 90% to 99%.
If you are a Shipper interested in seeing this in action, please feel free to contact me.