DataFret automates the processing of transport invoices by integrating with existing IT environments to verify compliance with pricing agreements and identify discrepancies. This solution reduces the time spent on invoice management by up to 80% while providing detailed insights into transportation costs through customizable performance indicators.
Funding
$560.5K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Processing freight invoices is a time-consuming task prone to errors due to complex pricing agreements, surcharges, and manual reconciliation processes. Discrepancies between agreed rates and invoiced amounts often go unnoticed, leading to overpayments and reduced profitability for shippers. The lack of transparency in transportation costs hinders effective budget management and strategic decision-making.
Solution
DataFret automates the auditing and processing of freight invoices, ensuring compliance with pre-negotiated pricing and identifying discrepancies. The platform integrates with existing IT systems to extract shipment data and carrier invoices, automatically validating charges against agreed-upon rates, fuel surcharges, and accessorial fees. Discrepancies are flagged with detailed explanations, enabling users to quickly identify and resolve billing errors. DataFret provides customizable dashboards and reporting tools that offer insights into transportation costs, carrier performance, and potential savings opportunities. By automating invoice processing and providing detailed cost visibility, DataFret helps shippers reduce overpayments, improve budget control, and optimize their transportation spend.
Target Audience
DataFret targets shippers across various industries, including manufacturers, distributors, and e-commerce businesses, who manage significant freight volumes and seek to reduce transportation costs.
Features
- Automated invoice data extraction from various sources (EDI, CSV, API)
- Rule-based validation engine to detect pricing discrepancies, duplicate invoices, and incorrect surcharges
- Customizable dashboards with key performance indicators (KPIs) for transportation spend, carrier performance, and savings
- Automated dispute management workflow for resolving billing errors with carriers
- Integration with ERP, TMS, and WMS systems for seamless data exchange
- Audit trail of all invoice processing activities for compliance and reporting purposes
- Support for multiple currencies and languages
- Module for managing claims related to loss, damage and delays