Vorto launched 5F, an app dedicated to creating more opportunities for drivers and reliable capacity for shippers and brokers.
Through the 5F platform, Vorto focuses on maximizing the utilization rate and earnings for drivers, while reducing cost inflation for shippers and brokers. Brokers and shippers can gain access to the largest platform of cross-industry owner-operators while asset owners gain networks of both owner-operators to lease to and maintenance yards to manage and maintain assets.
Halliburton CEO Jeff Miller praised the technology benefits in its 2021 Q4 earnings report. “In 2021, we expanded our collaboration with Vorto and now benefit from 5F, the largest integrated transportation platform in the oil and gas industry,” Miller said on the earnings call. “This platform has several thousand drivers, hundreds of carriers, and a chain of asset-management yards. It allows us to effectively manage trucking inflation and availability constraints and significantly reduce logistics-related, nonproductive time.”
5F app features include:
- Increased pay, next-day: 5F automates the overhead costs of a trucking company, which means they are able to pay drivers 92.5% to 95% of the load price versus the 75% to 80% standard of the industry. It also pays them the next day, rather than weeks later, allowing drivers to more easily manage their cash flow.
- Maximized driver utilization rates: Because the app is connected to Vorto’s proprietary AI, 5F predicts the shipping demand and matches drivers with the best loads so they can make more money. Using this AI, deadhead and idle time of drivers is reduced from 50% to 10%.
“The ‘driver shortage’ is really more a function of poor utilization causing inconsistent and low income, making the industry less attractive to new generations,” said Priyesh Ranjan, CEO of Vorto. “Since the supply chain is so dynamic, it’s impossible to manually optimize drivers’ utilization rates and incomes. As a result, they play musical chairs with carriers in search of better income, which creates significant driver churn and volatility for shippers and brokers.
“Launching 5F is a natural extension of Vorto’s AI technology suite,” Ranjan added. “By maximizing the driver’s utilization rate and income with AI, we are able to reduce driver churn and provide stable and lower cost freight to shippers. We have been able to move the same amount of freight with up to 60% fewer trucks by reducing deadhead and idle time for drivers.”
