Predictive tool touted as the industry’s first to dynamically match shipments.
Nearly 40 percent of trucks on the road are empty at any given time and yet trucking capacity shortages are driving transportation costs up by 15 percent or more this year, according to FourKites, which believes capacity sharing can reduce 15 percent to 20 percent of overall shipping costs by allowing shippers and carriers to access unused truck capacity via private networks, based on the real-time visibility and artificial intelligence matching provided by its platform.
FourKites said its recently launched predictive capacity management product is the industry’s first to dynamically match shipments with available capacity. Traditional matching technologies and load boards operate “based on stale historical data uploaded by carriers and shippers,” FourKites said. “The emergence of real-time visibility using GPS and ELD data makes predictive capacity sharing a real-world possibility.”
To help deliver on the vision, FourKites has hired Kristopher Glotzbach as vice president to lead a new business unit responsible for predictive capacity management. Glotzbach previously was with UberFreight, for which he helped bring together shippers and carriers in a transparent marketplace.
FourKites founder and CEO Matt Elenjickal said predictive capacity management is “the next big opportunity in supply chain and logistics.”
“At a time when trucking capacity is at a record low, the search for carriers that make a good fit on certain lanes is increasingly intense. We’re enable shippers to get products to market more quickly at lower overall operating costs. This level of collaboration and dynamic execution is only possible due to predictive tracking technology we created back in 2013,” Elenjickal said.
Glotzback said the transportation and logistics industry is in an “exciting yet turbulent time.”
“The need for smart analytics and smart execution has never been higher as today’s economics work against the goals of both shippers and carriers,” Glotzback said.
FourKites’ predictive capacity management product currently is focused on sharing truck capacity across truckload shipments. The broader FourKites platform operates across all transportation modes.