Running Ox Logistics Teams With Navix to Speed Freight Auditing

Logistics firm Running Ox has tapped Software-as-a-Service (SaaS) company Navix to streamline its document retrieval and freight audit process.

According to a news release Tuesday (Nov. 15), the partnership will also see Navix provide Running Ox with insights to better understand the invoice-to-audit ratio at a time when invoice automation is becoming increasingly important.

The partnership will see Navix automate Running Ox’s audit process by handling things like categorization, order matching, customer invoicing and carrier payment approval.

“Our business is growing rapidly, and as a result, our volume is increasing,” said Reiss Bright, CEO and co-founder of Running Ox Logistics.

“Receiving the required documentation from our carrier partners, ensuring its accuracy, entering the information into the system, collecting from our customers, and paying our carriers…it’s a lot of work. Rather than hiring and training someone in-house, it just made good financial sense to partner with Navix.”

As PYMNTS noted earlier this year, the traditional way of handling invoicing was for a long time a manual, paper-laden process that sapped employee time and resources that could be better spent on more strategic tasks or customer service.

While some larger companies have invested in electronic invoicing technology, a 2021 study found that a majority of small- to medium-sized businesses — 89% — were still processing paper or PDF invoices.

Another recent report showed that accounts payable (AP) professionals spend close to one-quarter of their days on tasks that could be automated, including typing invoice data, fixing mistakes and responding to calls and emails about the status of invoices and payments.

This inefficiency leads to 80% of AP staff adding two extra hours to each workday. Meanwhile, highly automated AP departments can process eight times as many invoices per full-time employee equivalent compared to those with little or no automation.

Our research found that automating AP functions can improve companies’ bottom lines by as much as $35,000 per year. Of those AP professionals who had automated their accounting processes, almost three-quarters said they saw fewer late payments, and 67% reported no late payments since automating.

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