FourKites Awarded Patent for AI-Powered ETA Using Smart Forecasted Arrival Engine
~Earning a ground-breaking patent for a supply chain visibility software platform, FourKites leverages cutting-edge AI and data science to provide highly accurate and frequent ETAs, even for untrackable loads~
India, March 30, 2022 — FourKites®, the world’s leading real-time supply chain visibility platform, has been awa rded a patent for its Smart Forecasted Arrival (SFA) capabilities, which provide companies with highly frequent and accurate ETAs for freight in transit — even when that truck lacks any technology to transmit location data.
While companies worldwide accelerate their investments in real-time transportation visibility platforms to be tter track and manage their freight in transit, they have been hindered by the portion of loads that previously couldn’t be tracked, which is mainly due to the lack of electronic logging devices (ELD) onboard, errors in asset assignments or carrier compliance issues. SFA – Smart Forecasted Arrival (SFA), solves this long-standing prob lem by applying cutting-edge Deep Learning techniques to the industry’s largest supply chain data network.
SFA is able to estimate the location of freight in transit based on other signals and data in the network, ultima tely providing ETAs on 97% of untracked loads with 85% accuracy. The system correctly predicts late loads more than 90% of the time. This further strengthens FourKites Tracking Quality Guarantee, which establishes the hig hest standards in supply chain data quality across all modes. SFA removes blind spots and compensates for poor-quality or even a complete lack of tracking data. Its breakthrough capabilities are underpinned by the unrivaled breadth and sophistication of FourKites’ platform, which tracks 70 billion miles across 275,000 disti nct stops, and churns out 1 billion ETAs each year. FourKites’ continued track record of industry-first innov ations help companies reduce fines and lower inventory, maximize productivity, drive operational efficiencies, and improve customer service.
Commenting on the occasion, Mr. Mathew Elenjickal, CEO and Founder of FourKites, said, “Smart Forecasted Arrival is a much-needed breakthrough for the real-time transportation visibility software category, and a perfect illustration of the unique power of the FourKites. Thanks to our first-mover adv antage, we have the densest shipper ecosystem in the entire world, creating the most robust and highest-quality visibility data set. Paired with our unma tched investment in our world-class data science team, we are years ahead of our co mpetitors in offering these kinds of leapfrog capabilities to the market. Starting today, FourKites customers can get frequent and highly accurate ETAs on every single load.”
Smart Forecasted Arrival is available immediately to all FourKites customers. For more information, contact Fo urKites. You can also visit the Virtual End-to-End Supply Chain Optimization Summit to hear about how the wo rld’s most successful brands are leveraging new technologies to enable end-to-end multimodal visibility and cr eate a more autonomous and intelligent supply network.
