Supply chains throughout the world have been under to enormous pressure since the outbreak began. Cargomatic’s Weston LaBar told NPR’s Marketplace that as of the end of last month, there were more than 300 ships in China ready to load and depart for the United States. As a result, warehouse space continues to be in short supply. If nothing changes, experts predict the upheaval to continue for years.
These issues will not be solved by automation, although it can provide some assistance. King Alandy Dy, creator of Expedock, which employs AI to digitise freight documentation and classify it into current logistics management platforms, believes this to be true. Investors have shown their faith in Expedock by investing 13.5 million in the company’s first round of financing, bringing its total cash to 17.5 million.
Global supply chains are now powered by semistructured and siloed information and technologies. These supply chain organisations have relatively little insight over their own operations because they lack access to their own data,” Dy said in an email Q&A. “Customers no longer have to wait until the end of the quarter to see their margins on shipments or landing expenses with Expedock.”
Previously, Dy co-founded Applica, a college admissions software-as-a-service platform. Data connectivity and machine learning specialist: He then worked with Intuit as an analyst to build the “high value” requests dashboard for bank account interfaces.
According to Dy, the company’s COO, Jeff Tan, comes from a freight forwarding family of his own. As teenagers, Tan and I were already acquainted with the painstaking effort required to handle foreign shipments. Our CTO and classmate Rui Aguiar was also part of the Expedock team when we launched it.”
Exporting invoices from shipping account statements as PDFs or emails, Expedock creates payable invoices and compares them to the accruals of previous shipments to ensure accuracy. In the event of a discrepancy, the platform sends the data to transportation management and enterprise resource planning systems, highlighting any anomalies.
Dy claims that Expedock trains its invoice-extracting algorithms using the papers and accompanying shipping data, reinforced by public data and “AI-generated sources.” Fraud detection in supply chain payments and the prediction of vendor attrition and margins are two examples of AI-powered services that are on the pipeline.
Connor Guess, CEO of Insight Partner, told that he was intrigued by this use of AI. When it comes to freight forwarding, “Expedock is modernising the industry and cutting inefficiencies to keep products flowing,” added Guess, who will be joining the board of directors of Expedock. We focus on software firms that are creating transformational change in their sectors, and that is precisely what Expedock is achieving in the international freight industry, according to our founders at Insight.
It’s no secret that the freight logistics tech market has a lot of players — just look at Vector.ai and 7bridges — but Dy adds that Expedock is presently working with major global supply chain companies such as ClearFreight and Ascent to help them streamline their supply chains. When asked whether he was worried about global economic challenges, he claimed he wasn’t since business has been solid despite the doom-and-gloom stories.
There’s still a strong amount of investment in the transportation and logistics industry, which Expedock takes advantage of. According to McKinsey, the sector’s supply chain and logistics startups will see a 68% rise in M&A activity in 2021 as a result of the industry’s supply chain and logistics issues.
“Considering the explosive consumption of physical goods and heavier levels of international trade, Expedock has seen its customers moving more and more every single week,” Dy said. “Overall, the general sentiment in the space is that there aren’t enough people to move the goods demanded by the market. There are certainly ups and downs, here, but capacity to move freight is much lower than the demand, so even if this demand continues to drop, we’re still at around 8x the cost of international logistics from before the pandemic.”
Beyond product development, Dy notes that Expedock’s near-term priorities include adding engineers and account executives and increasing the number of platform connectors. Currently, Expedock has 13 employees, which Dy intends to grow to 40 by the end of 2022.