In the supply chain industry timing is everything. Drivers need to pick up and drop off on time and loading facilities have to load and unload at a scheduled pace to prevent backups.
Chicago-based logistics company FourKites has been helping shippers and corporations ensure their supply chains are running smoothly by providing supply chain visibility. The company secured a strategic investment from FedEx on Thursday and announced that it will develop a new platform.
“This is an exciting collaboration between two industry leaders and innovators coming together to unlock new opportunities for our customers,” Sriram Krishnasamy, CEO of FedEx Dataworks, said in a statement. “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.”
As part of FedEx’s investment into FourKites, the two companies will work to develop a new supply chain visibility platform called FourKites X.
For the new platform, FourKites will use data from FedEx’s shipping network to create a solution that gives shippers actionable steps they can take when hiccups occur in the supply chain. According to FourKites, the platform will help reduce shortages in stores.
“We are excited to announce this groundbreaking platform and strategic collaboration with FedEx,” Mathew Elenjickal, FourKites founder and CEO, said in a statement. “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.”
FourKites was founded in 2014. Its platform gives companies real-time supply chain visualization — data that provides information on the status of freight and shipments — meant to streamline their logistics operations.
The FourKites platform is similar to consumers tracking an online order through a webpage where they can see the package’s current and past destinations as well as an estimated arrival date. For corporations with thousands of shipments happening at once, the data is crucial.
FourKites’ various platforms give visibility to different shipping needs including overseas shipping, warehouse distribution and final destination shipping. Its other logistics solutions include a platform to schedule freight loading appointments. The company has worked with brands such as Best Buy, The Kraft Heinz Company, Sysco and Walmart, among others.
FourKites is currently hiring for various departments.
