FourKites Awarded Patent for Unprecedented Visibility into Finish-to-Finish Ocean Documentation
Main provide chain visibility firm FourKites as we speak introduced that the U.S. Patent Workplace has awarded the corporate U.S. Patent No. 11,461,731 for its distinctive ocean cargo improvements, which offer worldwide shippers and their companions with full visibility into the entire complicated documentation necessities at each leg of each ocean cargo. These capabilities, which can be found to FourKites’ Dynamic Ocean® clients, give shippers the actionable intelligence and automation they should rapidly and simply establish and deal with any probably lacking, incorrect or incomplete supporting documentation.
Port congestion, vessel delays and incorrect or incomplete documentation are widespread challenges for ocean shippers, who routinely pay hundreds of thousands of {dollars} yearly in demurrage and detention (D&D) charges. By integrating worldwide documentation necessities with ocean freight visibility, FourKites automates the matching of particular paperwork with shipments, guaranteeing that time-sensitive ocean freight makes it via customs with right and full documentation at each stage of the journey.
“FourKites’ automated reporting and monitoring for ocean shipments gives extra correct and real-time knowledge, which permits Canfor to answer buyer inquiries faster, and with up-to-date data on our upcoming shipments that will have in any other case needed to be manually tracked,” stated Bob Hayes, vp of world provide chain at Canfor.
This newest patent, which follows the award of U.S. Patent No. 11,017,347 for FourKites’ Good Forecasted Arrival (SFA) capabilities, underscores the corporate’s dedication to drive steady innovation that deal with the availability chain business’s most complicated use instances.
“We’re excited to as soon as once more provide international provide chain leaders distinctive, breakthrough capabilities that deal with a big and expensive provide chain subject,” stated FourKites’ founder and CEO Mathew Elenjickal. “In contrast to different options in the marketplace that present track-and-trace visibility, our newest ocean improvements add an clever layer of automation and end-to-end visibility. With this patented know-how, worldwide shippers can take pleasure in the advantages of quick access to the crucial provide chain knowledge they should drive quicker resolutions, proactively handle exceptions, and supply higher reporting to their provide chain companions. This newest patent brings us one step nearer to offering visibility into every thing, in every single place.”
Over the previous few years, ocean shippers have confronted unprecedented challenges. The primary half of 2022 alone noticed disruptions together with COVID-19-related port shutdowns, container shortages, labor negotiations and new laws — all of which resulted in persistent delays and congestion. Based on FourKites’ World Ocean Report for the primary half of the yr, common international ocean transit time peaked at almost 50 days and, in comparison with the primary half of 2021, transit instances had been 19% larger than final yr.
In response, shippers have adopted options able to offering end-to-end visibility and superior performance for managing international freight. During the last 12 months, FourKites’ Dynamic Ocean — one of the vital subtle ocean freight visibility options in the marketplace — noticed an 80% improve in buyer progress, together with adoption by main international manufacturers similar to Cardinal Well being, Arizona Tile, LyondellBasell, McCain Meals, Roehm, Rove Ideas and Yamaha Motors. Over the identical time interval, FourKites’ ocean monitoring quantity has grown 240%. By FourKites’ “Dwell in 5” program, new clients can count on to be operational on Dynamic Ocean in lower than 5 days.
Along with serving to shippers scale back escalating D&D charges, FourKites’ superior ocean analytics enable customers to decrease transportation prices by prioritizing containers which are about to build up charges, and analyze historic efficiency and bottlenecks to optimize ocean shipments. Finish-to-end exception administration capabilities allow straightforward troubleshooting into container delays, in addition to measurement of key metrics similar to on-time supply and detention prices.
Main provide chain visibility platform FourKites® extends visibility past transportation into yards, warehouses, shops and past. Monitoring greater than 2.8 million shipments every day throughout highway, rail, ocean, air, parcel and courier, and reaching over 200 nations and territories, FourKites combines real-time knowledge and highly effective machine studying to assist firms digitize their end-to-end provide chains. Greater than 1,100 of the world’s most acknowledged manufacturers — together with 9 of the top-10 CPG and 18 of the top-20 meals and beverage firms — belief FourKites to remodel their enterprise and create extra agile, environment friendly and sustainable provide chains. To study extra, go to https://www.fourkites.com/.
