US' FedEx & FourKites join hands to help supply chain work smarter

Events like the COVID-19 pandemic, ongoing geopolitical issues, port congestion, and other global disruptions have revealed the complexities in keeping interconnected supply chains around the world up and running. FedEx and FourKites are collaborating to make supply chains smarter by bringing comprehensive and highly granular visibility into multi-modal and multi-carrier operations with the deep network and rich insights of their combined networks, FourKites said in a media statement.

FourKites’ real-time visibility platform has integrated intelligence at every point of the supply chain, and currently supports 2.5 million shipments a day, connecting the supply chains of 50 per cent of Fortune 500 companies. Through this collaboration, FourKites will be using its machine learning and artificial intelligence capabilities with data insights from the FedEx network, which reaches more than 220 countries and territories, linking more than 99 per cent of the world’s GDP, through more than 16.5 million shipments daily, to create a new end-to-end supply chain intelligence platform called FourKites X.

FourKites X will provide tools and insights to help large shippers and logistics providers mitigate the impacts of sustained challenges via a suite of offerings ranging from dynamic planning and pre-shipment, to enhanced visibility and proactive alerts, to supply chain optimisation insights. To support this alliance and the launch of FourKites X, FedEx has made a strategic investment in FourKites.

FedEx Dataworks, a business unit in FedEx focused on making supply chains smarter through a powerful data science approach and machine learning capabilities, will support FourKites’ development of the new platform, FourKites X, that will help give customers deeper actionable insights, more accurate ETAs, and more intelligent supply chains to reduce supply chain volatility, and improve top-line growth.

The platform is being designed to help large shippers and logistics providers identify areas of opportunity, such as how chief supply chain officers can improve planning to address empty shelves and manufacturing slowdowns; how companies can use data to turn supply chain crises into chances to improve the customer experience; and how chief financial officers can optimise supply chains for growth and efficiency, according to FourKites.

Customers of FourKites X will be able to integrate the platform with existing systems, and they will be able to receive new capabilities in a modular way with support from data engineers, data scientists and user experience experts. The FourKites X solution will include pre-built applications and an intuitive dashboard, which will allow customers to unlock things like pre-shipment weather advisories and supply chain insights.

“This is an exciting collaboration between two industry leaders and innovators coming together to unlock new opportunities for our customers. If the last two years have taught us anything, it’s that companies need to work together in order to work smarter and faster. Our collaboration with FourKites creates a data ecosystem that will deliver a new level of predictability and visibility to help businesses build smarter supply chains in today’s unpredictable and complex business environment,” Sriram Krishnasamy, CEO, FedEx Dataworks, said in a statement.

“We are excited to announce this ground-breaking platform and strategic collaboration with FedEx. Our organisations share an unwavering commitment to customer success through strategic innovation. Together, we are working to pave the future of global supply chains, built on a foundation of data and machine learning to deliver new value to those global supply chains,” Mathew Elenjickal, FourKites founder and CEO, said.

Fibre2Fashion News Desk (GK)