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FourKites gets patent for AI-powered ETA using Smart Forecasted Arrival engine

FPJ Web Desk | Updated on: Wednesday, March 30, 2022, 01:06 PM IST

SFA removes blind spots and compensates for poor quality or even a complete lack of tracking data, FourKites said./Logo |
SFA removes blind spots and compensates for poor quality or even a complete lack of tracking data, FourKites said./Logo |
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FourKites, real-time supply chain visibility platform, announced it has been awarded 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 better 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 problem by applying cutting-edge Deep Learning techniques to the industry’s largest supply chain data network, it said in a statement.

What does SFA do?

SFA is able to estimate the location of freight in transit based on other signals and data in the network, ultimately providing ETAs on 97 percent of untracked loads with 85 percent accuracy. The system correctly predicts late loads more than 90 percent of the time, the company said, adding this further strengthens FourKites Tracking Quality Guarantee, which establishes the highest 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.

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 advantage, we have the densest shipper ecosystem in the entire world, creating the most robust and highest-quality visibility data set. Paired with our unmatched investment in our world-class data science team, we are years ahead of our competitors 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.”

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Published on: Wednesday, March 30, 2022, 01:06 PM IST