Updates to FourKites' Dynamic Ocean offers greater accuracy

PRESS RELEASE

Robust data quality, reduced latency and customisable alerts strengthen end-to-end international shipping visibility

AMSTERDAM — 6 February 2024 — Leading supply chain visibility provider FourKites® today announced several enhancements to Dynamic Ocean®, its next-generation ocean visibility solution. By providing better context, clarity and control throughout every ocean shipment, these new features help FourKites users worldwide mitigate disruptions, including conflict on the Red Sea and low water levels in the Panama Canal; reduce costly fees like preventable detention and demurrage charges; and exceed customer expectations.

“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.”

Dynamic Ocean leverages multilayered data to provide a robust, dependable and continuous picture of the end-to-end supply chain. With FourKites latest releases, supply chain managers can make the right decisions quickly when unexpected disruptions arise.

Specifically, new enhancements to Dynamic Ocean include:

● Improved Dynamic ETAs and ETDs that deliver 95%+ accuracy for ETAs to the final destination; 90%+ accuracy for vessel arrival terminal predictions; and synchronised ETAs and ETDs for multiple shipments on the same vessel. FourKites ETAs are 27-37% more accurate than carrier ETAs, on average.

● Improved data quality and latency, enabling 85% of events to be provided within 8 hours of their occurrence, which is 35% faster than industry standards. FourKites Visibility and ETAs are based on multilayered, resilient data, giving customers a robust and continuous picture of their end-to-end supply chain.

● Earlier, more precise alerts that help 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.

With these updates, FourKites customers will continue to root out unnecessary costs and waste in their supply chain.

“Our goals with FourKites in 2024 are to track 90% of our shipments, reduce penalties with carriers by 5% and decrease inefficient communication with partners by 10-15%,” added Busato. “Thanks to FourKites’ ability to send automatic ETAs with delay updates, among other features, we’re well on our way to meeting these metrics.”

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.

Powering these enhancements is FourKites’ deep trove of supply chain data such as schedule data on 11,000+ ocean lanes and data and integrations for 100+ carriers and 3,000+ services. In addition, FourKites provides detailed in-port tracking and congestion data at 150+ major global ocean terminals.

“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,” says 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.”