Inaccurate invoicing has been the bane of many businesses in the ocean freight industry. MARTIN & SORBO combine industry know-how and technology to perform rigorous audits that spotlight these overspends and recover them
Switzerland, 28.09.2021 – Parashift, a provider of modern, machine learning-powered Intelligent Document Processing (IDP) software, has just announced a solution partnership with MARTIN & SORBO, a logistics technology company with offices in New York and Oslo. The collaboration enables logistics firms to automatically classify and capture data from documents, providing actionable data streams wherever they are needed.
Together, Parashift and MARTIN & SORBO streamline administrative business processes in logistics, starting with the processing and reconciliation of ocean freight invoices. One out of ten invoices is wrong, resulting in companies overpaying 1-2% of the total ocean freight spend. With the new solution, clients now benefit from a document automation solution that delivers accurate ground-truth data from freight invoices, transport contracts, or rate agreements in no time, providing the basis for the identification of overspend. Thus, the solution represents a low-hanging fruit for logistics firms to recover working capital and improve the bottom line.
“It feels strange that invoice accuracy still is a problem in the ocean freight industry; over the last decade, companies have been investing in digital transformations but are still not getting it right when invoicing their customers. It’s nothing new that the industry struggles with this, but most freight invoice audit solutions focusing on over-the-road and parcel freight, leaving a blank spot in the ocean freight industry. We, therefore, with our background in both logistics and tech created a solution to address this problem,” says Daniel Martin-Loike, Co-Founder of MARTIN & SORBO. He further states, “a closer look at the root cause of this issue revealed that most of these businesses struggle with their invoice audits due to paperwork overload or being out of whack with their processes altogether.”
“The solution can be operated manually via e-mail/file transfer or seamlessly integrated through APIs with users’ current invoice scanning workflows, financial systems, and contract management platforms. It is important to create solutions that allow capturing low-hanging fruits with minimal up-front investment,” said Thomas Sorbo, Co-Founder and CEO at MARTIN & SORBO.
“The logistics industry has produced a large number of innovations in recent years. But in terms of administrative processes, companies are still relatively undeveloped. The potential to achieve great benefits with minimal investment is correspondingly high. We are therefore very pleased to bring the logistics industry into a new era together with MARTIN & SORBO, also in administrative processes,” said Alain Veuve, CEO at Parashift.
About MARTIN & SORBO
MARTIN & SORBO, founded in 2021, is a logistics technology solutions company with headquarters in New York. The company is designed to address cases of overcharging in the ocean freight industry. Harnessing their wealth of expertise and global network of freight forwarding & logistics experts, MARTIN & SORBO identifies and recovers excess charges on invoices billed on international shippers, consignees, and freight forwarders, regardless of the volume transported. The brand offers a deep understanding of the industry and the technology to enable new ways of identifying overcharging and recovering the same.
For more information, please visit https://www.martin-sorbo.com/.
Phone: +1 (551) 208 5978
Parashift AG, founded in 2018, is a deep-tech company focusing on the autonomization of document extraction through machine learning. Parashift is based near Basel (Switzerland) and employs around 30 people in the field of machine learning engineering and development. Forbes named Parashift 2019 as one of 30 promising AI startups in Europe.
For more information, please visit https://parashift.io/en/en/.
Head of Business Development
Phone: +41 61 508 77 77