Supply chain management firm FourKites is introducing a new tool aimed to boost visibility down the supply chain for corporate customers.
In a press release on Wednesday (May 29), FourKites said it is rolling out its Network Visibility tool, enabling shippers to obtain real-time data on location updates for both inbound freight (managed by external vendors) and outbound freight as companies pick up their orders. Traditionally, high volumes of inbound and outbound freight occur outside of a freight management platform, limiting insight.
The solution expands visibility into freight already tracked via FourKites, enabling enhanced driver and carrier productivity, reducing yard congestion and strengthening warehouse operations.
According to FourKites, vendor-managed freight can make up 70 percent of a company’s inbound freight volume. Limited visibility into this freight can cause losses in top-line savings, the company noted, exposing a shipper to operational inefficiencies that can only be managed after the fact. Real-time visibility into this freight enables a firm to take proactive measures, FourKites said.
“This is a significant breakthrough that eliminates blind spots for most shippers, allowing them to track unmanaged freight with the same level of detail with which they have been tracking managed freight,” said FourKites CEO Mathew Elenjickal in a statement. “The average FourKites customer ships a significant portion of their freight to other FourKites customers. Now, they can quickly and easily collaborate through a single visibility platform to achieve significant operational efficiencies.”
Last year, FourKites announced a $35 million Series B funding round led by August Capital, with existing backers Bain Capital Ventures and Hyde Park Venture Partners also participating. At the time, the firm said it would focus on international expansion.
Supply chain visibility is a key focus for many B2B technology players operating with tools like Big Data, machine learning, artificial intelligence and blockchain. Experts say supply chain visibility promotes healthier cash flow by mitigating risk and enabling companies to take proactive steps to boost efficiencies.