Intelligent Audit (IA), a technology leader in freight audit and payment, supply chain data analytics, business intelligence reporting, and contract optimization, will demonstrate its new product at Transparency18 in Atlanta on Tuesday, May 22. IA will launch Intellichain, an auditors’ blockchain-powered universal billing system that systematically validates that all data points and contract terms are correctly applied before approving invoices for shippers to pay. A member of the Blockchain in Transport Alliance, Intelligent Audit is active collaborating with a variety of industry participants on blockchain data standards in transportation and logistics.
Intellichain connects shippers, carriers, warehouse management systems, transportation execution systems, and freight auditors together to deliver a more robust, end-to-end solution to all parties, and ensures carriers are paid faster, shippers pay less with less billing discrepancies for all. IA customers using Intellichain will be able to create four immutable ledgers securely recording the details of carrier agreements, shipment transit, invoice billing activity, and load tendering.
IA joins a number of other companies developing enterprise-level blockchain solutions. IBM and Maersk have a well-known collaboration, and JP Morgan and Microsoft are teaming up in the Enterprise Ethereum Alliance. Founded in 1996, Intelligent Audit helps customers reduce transportation spend with its audit solution and reporting engine, which uncovers additional opportunities for cost reduction and supply chain process improvements. With more than 2,500 clients representing more than $9B in aggregate transportation spend across all modes and geographies, Intelligent Audit provides insights that help customers ship smarter.
Blockchain promises to fundamentally change the manual, telephone, and email processes behind the movement of freight globally because it allows parties who don’t know or necessarily trust each other to build mutually shared databases that can’t be altered after the fact. Since the telematics revolution in the transportation industry—which has only been accelerated by the ELD mandate—shippers, carriers and customers seemingly have more data than they know what to do with, but it’s often inaccessible, in company-specific silos.
“Blockchains will alter more than how we store and record information; they will also alter what we can do with that information,” said Yosie Lebovich, IA’s founder and CEO. It’s not just about the audit process; it’s also about the management and utility of a dynamic, accretive record. With Intellichain, each party touching a shipment will have a transparent record of events which will lead to enhanced visibility, real-time status updates used to proactively address issues, and faster payments with better clarity on disputed amounts. Intellichain’s smart contract scorecards the quality of data received, allowing for all parties to continuously improve their data gathering and communication ability.
“Intelligent Audit has always strived to bring new and innovative solutions to our clients and we are focused on blockchain because we believe it’s the next frontier for logistics technology,” said Lebovich. “As a freight auditor, we have a prime vantage point because we monitor each shipment as it flows through the entire transportation network from origin to delivery and, ultimately, carrier payment. We see the value that consensus-driven, distributed databases will provide in terms of transparency, accountability, and efficiency – particularly with respect to billing and payment.”
See Intelligent Audit in action at Transparency18 where they will be demonstrating their solution on Tuesday, May 22nd.