FourKites has announced several enhancements to Dynamic Ocean, its next-generation ocean visibility solution.
These new features are slated to help FourKites users worldwide mitigate disruptions (including conflict on the Red Sea and low water levels in the Panama Canal) and reduce costly fees like preventable detention and demurrage charges.
Specifically, new enhancements to Dynamic Ocean include:
- Improved Dynamic ETAs and ETDs that deliver more than 95 per cent accuracy for ETAs to the final destination; more than 90 per cent accuracy for vessel arrival terminal predictions; and synchronised ETAs and ETDs for multiple shipments on the same vessel. FourKites ETAs are 27-37 per cent more accurate than carrier ETAs, on average.
- Improved data quality and latency, enabling 85 per cent of events to be provided within 8 hours of their occurrence, which is 35 per cent faster than industry standards.
- Earlier, more precise alerts thathelp customers proactively identify exceptions – as well as containers incurring detention and demurrage fees – to reduce risk, minimise costs and boost customer satisfaction.
- A seamless, end-to-end user interface that eliminates silos for international teams so they can avoid fines and fees, provide smoother handoffs with collaborators, and improve customer satisfaction.
READ: Red Sea crisis sparks second-largest capacity drop since Ever Given
“Adding FourKites’ ocean visibility to our technology stack was an obvious choice, and it has paid off handsomely,” said Davide Busato, Logistic Competence Center Innovation Project Manager at Barilla.
“Now we don’t need to spend time hunting for answers and instead can focus on more important tasks like acting on the FourKites data to improve customer satisfaction. Our goals with FourKites in 2024 are to track 90 per cent of our shipments, reduce penalties with carriers by 5 per cent and decrease inefficient communication with partners by 10-15 per cent.”
FourKites’ new ocean features also include an improved detention and demurrage dashboard and analytics to help customers reduce penalties tied to delays, manage carrier performance, and analyse cost and service levels by lane.
Moreover, a real-time view of inbound inventory empowers companies to optimise safety stock and working capital, accelerate inventory turnover and delight customers through visibility-enhanced order processing, fulfillment, invoicing and collection.
READ: FourKites launches Inbound Visibility Solution
“In the face of military conflict in the Red Sea, storms and supply shortages, end-to-end visibility is critical to resilient ocean supply chains. And when disruptions do occur, minutes matter,” said Priya Rajagopalan, Chief Product Officer at FourKites.
“With our enhancements to ocean visibility, FourKites is giving cross-functional teams access to the real-time supply chain data and insights they need – helping them seamlessly integrate their international supply chain and keep their customers happy.”
In November 2023, FourKites launched a new Inbound Visibility solution that allows customers to manage inbound orders and shipments across all modes throughout the entire order lifecycle.
