Buoyed by a steady increase in demand over the last few years, a regional pulp and paper exporter was enjoying a period of sustained growth and was on track to become a large multinational player in the industry. However, the company’s unprecedented pace of expansion exposed its vulnerable trade administration department as the staff struggled to handle the large volume of Letter of Credit-based transactions generated from increasing sales. As a result, costs associated with document discrepancies and rectification became more significant and, thus, began to erode the company’s profit margins as well as threatening its future growth. Determined to find a solution, the company considered the range of technologies offered by Lucidity and Hakovo.
Recognizing this client’s predicament and pain points, both Lucidity and Hakovo collaborated to create the world’s first true end-to-end document automation. This unique system was made possible by Lucidity generating trade documents automatically from LCs with its tradeDOX automated doc prep system and subsequently generating an automated Shipping Instruction (SI), which was fed directly into Hakovo’s electronic Bill of Lading (ASSURED eBL) generation process. Not only did this streamlined process enabled the client to achieve a substantial reduction in operational and administrative overheads, it also empowered the client to operate more efficiently and eliminate unnecessary wastages.
Given the successful implementation of the true end-to-end document automation system, both the client and Lucidity realized that further operational efficiencies can be unlocked using the system’s underlying technology. As a direct result of working closely with the client across all levels and stages, Lucidity also developed a bespoke imaging and digitalization system to verify the client’s contracts against Letters of Credit. Lucidity’s tailored approach to solving customer-specific issues has been lauded as one of the key aspects of success in the client’s efforts to future-proof its operations in an increasingly competitive macroenvironment.
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