STAMFORD, Conn.–(BUSINESS WIRE)–ClearDox LLC (ClearDox) announced today that By-Lo Oil Company has licensed its ClearDox® Spectrum intelligent document processing (IDP) software solution to digitize manual processes associated with the reconciliation of customer pricing information. Founded in 1962, By-Lo sells gasoline and diesel fuel to jobbers throughout the Great Lakes and Texas, as well as to consumers through its 21 SpeedyQ Markets convenience stores throughout Michigan.
By-Lo sought an IDP solution that would eliminate inefficiencies associated with manual processes requiring back-office staff to reconcile sales and deliveries against accounting system data. With plans to expand on the horizon, it was critical for their staff to focus less on manual tasks and more on strategic projects supporting growth.
“We partnered with ClearDox for two main reasons. One is that their platform checks all our boxes in terms of features and functionality — it will allow us to significantly increase efficiency and expand into new markets without hiring new resources,” said By-Lo CEO Kyle Lawrence. “The other reason is their people. Because the ClearDox team has extensive experience in the energy industry, they genuinely understand our business and the challenges we’re facing. That’s a very powerful advantage other potential partners couldn’t offer.”
With Spectrum, pricing data from emails sent to By-Lo customers is automatically extracted, standardized and validated against the pricing data in By-Lo’s accounting system. Staff are automatically alerted when discrepancies are detected, and can use Spectrum’s collaboration tool to quickly resolve them by communicating with colleagues directly from the user interface. Because staff are only involved in addressing discrepancies, they can spend more time on higher-value projects that support business growth.
“By-Lo has recognized that automating manual processes is critical to achieving the extremely high levels of efficiency and productivity required to grow and compete in a very volatile market,” said Rick Nelson, CEO, ClearDox. “We’re looking forward to building a long-term partnership that supports their expansion and other business initiatives.”
About ClearDox LLC
ClearDox® helps commodities companies turn manual processes into a competitive advantage. Our ClearDox Spectrum intelligent document processing (IDP) solution improves productivity, reduces operational risk and helps businesses make smarter decisions by automating data classification, extraction and reconciliation.
Spectrum, developed by commodity industry veterans, has helped leading companies including Gulf Oil and Freepoint Commodities automate processes related to inventory management, trade confirmations, invoice approvals and movement actualization. The solution, which handles both digital and handwritten documents, extracts data using advanced technologies such as AI, ML and NLP to ensure the highest level of accuracy before integrating it into CTRM, accounting, scheduling and other downstream systems.
For more information, visit cleardox.com.