This is a complete Guide on how to Data Extraction from the Bill of Lading (BOL) in 2022.
In this guide, you’ll learn,
- Type of BOL for Data Extraction
- Challenges of Manual Extraction
- Benefits of using the AI Data Extraction Tool
- About Docextractor Data Extraction
- and much more info
So, Let’s dive right now.
What is the Bill of Lading(BOL)?
BoL is a legally binding document that is used to document the Product details shipped from the seller to the client using a specific shipper. Bill of Lading serves as written proof of the contract from shipment between the Carrier and supplier. In short, it works as a shipment recipe copy.
Correct Data Extraction from Bill of Lading is a very important and crucial thing. BoL is a major pillar of the global supply chain, especially in the context of exports, and is important for financing invoices.
- It contains necessary details such as product name, product type and quantity, shipper details and mode of transport, consignment information, and delivery destination.
- It establishes ownership of the goods when the product is on its way to the client’s destination.
- BOL provides the basis for determining the freight charges and customs fees payable to the port authority.
Types of Bill of Lading
A bill of lading is a legal document, used between a shipper and a carrier and is available in many types. Here are Some different types of Bill.
- House Bill of Lading
- Clean Bill of Lading
- Received for Shipment Bill of Lading
- Claused Bill of Lading
- Combined Transport Document BOL
- Container Bill of Lading
- Master Bill of Lading
- Charter Party Bill of Lading
- Forwarders Bill of Lading
- Stale Bill of Lading
- Order Bill of Lading
- Bearer Bill of Lading
- Surrender Bill of Lading
What Bill of lading fields are extracted?
Basically, all data fields can be extracted from the bill of lading. The extracted data field can be customized for each customer. Here is the example of Necessary information to be extracted from BoL:
- Bill of lading number
- Shipment ID or Reference Numbers
- Names and addresses of both the shipper and consignee
- Trailer number
- Tracking number or purchase order number
- Serial numbers
- Invoice numbers
- Pick up date
- Number of products
- Declared value
- Weight and dimension of the products
- Packaging details
- Notes for the carrier
- And many more fields
Challenges of Manual Data Extraction from a Bill of Lading
Manually extracting data from BoL can be cost-intensive, time-consuming, and error-prone. Moreover, it has a high probability to extract data will fill with errors. Here are Some of the specific challenges of manual Data Extraction from the Bill of Lading include:
- Manual Data Extraction from a Bill of Lading can become time-consuming. In addition, The integration of different steps into the BoL can also be complicated by the manual process because of the different individuals involved in the hierarchy and the level of approval required.
- Manual Data extraction becomes more costly for shipping companies, transporters, or exporters when they are expanding their business. Adding more employees to the BoL data extraction workflow leads to coordination issues, which can lead to errors, especially in data identification and entry.
- The process of manual data extraction of BoL data can be repetitive and tedious and frustrating. It has not had a standard format. Manual data extraction from the Bill of Lading is done with caution, due to this variability can be taxed.
Why use AI Tool for Data Extraction from Bill of Lading
These are some of the reasons why one should use AI-Based Automated Data Extraction Tool instead of using Simple OCR:
- Bill of Lading are different types of formats and a common extraction tool cannot capture data accurately. The combination of data derived from different sources is bad with the Traditional OCR tool.
- Data protection is another area that can be challenging in the use of common data extraction tools in BoL processing. Especially, highly sensitive data security such are finance needs to be ensured by companies that use automated data entry tools to manage data.
- Sometimes, All issues presented in the BoL are excluded without distinction by relevance or importance. Often, this type of data extraction involves more manual extraction of relevant data in time delays.
Benefits of using AI Tool for Data Extraction from Bill of Lading
When a business owner uses the AI-based tool for Data Extraction from Bill of Lading, instead of using Normal OCR, the Benefit of using AI software will skyrocket the workflow of your business, in this way,
- Shave off manual data entry costs.
- Minimize the Data Exporting Error.
- Increase employee productivity.
- Reduce the amount of shipping delay.
- Without hiring more data entry staff, More Data Extraction will execute.
- Ensuring perfect compliance with shipping regulations.
- Make the most of the time you have saved through automation.
- The AI-enabled data extraction system must be able to provide access at different levels and allow easy collaboration between all participants across geographical boundaries.
How to Data Extraction from Bill of Lading with Docextractor?
The Artificial intelligence of Docextractor allows them to manage semi-structured and even unseen document types over time. Docextractor OCR constantly learn algorithms and OCR models. It provides high speed and great accuracy in data line item extraction and drives automation for handling line items.
Here are some feature of How Docextractor are more effective in the task of Data Extraction from the Bill of Lading;
- Accurate identification of the table structure of a line item containing documents such as forms.
- It is not codded tool, fully Drag and Drop AI tool.
- Easy integration of Docextractor with most CRM, content services, or RPA software.
- Docextractor Extractor All line item entries present in forms like name, product info, Unit, price, discount, etc.
- Docextractor OCR can recognize handwritten text, low-resolution images, text in multiple languages, shaded text, tilted text, random unorganized text, and image words.
Can Docextractor convert bills of lading to CSV, XLSX, or JSON?
Yes. Docextractor can. AI tool takes pictures of Bill of Lading and converts them into readable text using OCR. Most of the time Docextractor use to save the extracted data in a JSON file, but depending on your preference, it also can convert the Bill of Lading to CSV, XLSX or XML.
To sum up, In Today’s Business World, It is the best idea to use Automation in Business to grow the Business 10X. So, Where everyone using the power of Technology, why you are in the Traditional Manual Method. By the way, I hope you have got the all information on AI Data Extraction from a Bill of Lading from this article.
Now, I’d like to know from you:
In which type of business you are doing? Where needs AI Data Extraction.
Either Let me know in a comment or Let’s get started with Docextractor Right Now.