Supply chain data platform FourKites has added a new AI-powered estimated time of arrival (ETA) capability to its Dynamic Ocean offering, to provide improved real-time visibility of shipments on board vessels at sea.
The company claims that its new Dynamic ETA for Ocean software provides real-time predictive ETAs that are 20% to 40% more accurate than carrier-generated ETAs. This new AI-driven capability is based on FourKites’ Smart Forecasted Arrival technology and brings together voyage and routing data with more than 5TB of historical Automatic Identification System (AIS) vessel records, as well as 6 million port-to-port trips across 100,000 lanes worldwide over the last two years.
In addition to this new module, FourKites has also rolled out new capabilities for monitoring and mitigating demurrage and detention risks on its platform. This includes Exception Dashboards that monitor the containers that are (or likely will) incur detention and demurrage fees to provide rerouting alerts and dwell time notifications, as well as Analytics Dashboards that offer performance trends by lane, carrier, stop and other parameters.
“Ocean shipping is an indispensable mode of transport that comes with a great deal of uncertainty and risk,” said Chris Stauber, Vice President of Product – Ocean/Air at FourKites.
“Today’s release of the industry’s most accurate predictive ETAs for ocean freight, together with our new monitoring and management tools for detention and demurrage, gives shippers the powerful capabilities they need to effectively manage and mitigate rising transportation costs during a time of constant upheaval.”
