FourKites announced the release of a new DynamicETA algorithm that the company said can better predict freight delivery times.
The company said in a statement the enhanced algorithm uses more than 150 data points to provide shippers and carriers with more precise arrival times.
“Real-time data and predictive intelligence are critical to the future of supply chains," said Mathew Elenjickal, founder and CEO of FourKites. “The industry must evolve from occasionally accurate day-of-arrival times to consistently accurate hour-of-arrival times. Real-time visibility was the first step and now we’re demonstrating the power of AI and large data sets to dramatically improve supply chain efficiency."
FourKites said one unnamed food and grocery wholesaler with more than 30,000 weekly deliveries achieved 91 percent accuracy in predicting arrival times within a one-hour window and 97 percent accuracy predicting arrivals within six hours.
Penske Logistics is among the other companies that have worked with FourKites.
“FourKites has collaborated with us to continually hone its DynamicETA capability to improve ETA accuracy and enable our track-and-trace teams to focus on at-risk shipments," said Hugo Pérez, manager of customer improvement. “This means happier customers and a more productive cost-efficient operation.”
Earlier in February, FourKites announced it received an additional $50 million in funding, led by August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels. The company said the funding will aid in adding new apps and capabilities to its supply chain platform.
