FourKites says algorithm helps shippers improve asset utilization
Software firm to expand functionality to meet carrier and broker needs "soon."
Logistics software provider FourKites Inc. today introduced a tool for shippers to analyze their historic lane patterns and identify better opportunities for asset utilization, saying it would also expand functionality to serve carrier and broker needs "soon."
The launch is FourKites' latest product launch since landing $50 million in venture capital funding in February, and announcing plans to invest the money in fueling the growth of its real-time visibility network.
The new "Lane Connect" product, now available as part of FourKites' Predictive Capacity Management (PCM) suite, lets users evaluate their own networks for round trip opportunities, and partner with other users to find collaborative lanes that are mutually beneficial.
FourKites says its Lane Connect platform is "democratizing advanced machine learning optimization algorithms" to help users maximize efficiency and utilization across shippers' end-to-end supply chain by removing empty miles. The software tool is the first FourKites product that is available to all shippers -not just the company's current customers—through an offer of free "internal lane analysis" through Lane Connect until August 31, 2020.
"The logistics ecosystem is painfully aware of the inefficiencies caused by the under-utilization of existing assets and personnel," said Mathew Elenjickal, FourKites' founder and CEO. "The first step to solving this problem is to analyze freight execution patterns and identify cost-saving opportunities to reduce empty miles. With Lane Connect, all parties in the logistics ecosystem can take advantage of the opportunities that are hiding in their own freight environment."
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