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FourKites, one of the world's leading real-time supply chain prominence platforms, has introduced an innovative industry-first AI-powered Dynamic ETA® for Ocean, as part of its Dynamic OceanSM contribution.
As per sources, the new addition offers 3PLs, shippers and carriers with the most precise ETAs (estimated times of arrival) for complete ocean shipments across the globe.
With this launch, FourKites will be offering new capabilities for monitoring and lowering demurrage and detention risks. Furthermore, the company can now provide the most innovative and robust solutions in the market for predictive and real-time ocean visibility, exception management and cost controls.
These new powerful tools were designed in direct response to the constant disruptions in ocean shipping which have delayed shipment, causing fees and related expenses to be high.
Some of the common challenges ocean shippers face during normal times are port congestion, vessel delays, and incorrect or incomplete documentation.
Port shutdown, container shortage, natural disasters, and other recent incidents like COVID-19 have worsened this situation and have increased demurrage and confinement fees that are reaching thousands of dollars per container per day and can rise to millions of dollars in annual transportation cost for shippers.
The new Dynamic ETA for Ocean from FourKites delivers automated, real-time, and predictive ETAs 20% to 40% more exact than carrier-generated ETAs.
This new AI-driven competence is grounded on FourKites' Smart Forecasted Arrival technology. It conveys together voyage and routing data and more than 5TB of historical AIS (Automatic Identification System) vessel data and 6 million port-to-port trips across 100,000 lanes globally.
In addition, FourKites has launched a new suite of demurrage and detention solutions that give clients an early warning solution and actionable analytics, replacing most shippers' manual and spreadsheet-based techniques.
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