FedEx made an investment of FourKites for the development of FourKites X to transform the global supply chain.
On June 21, FedEx corporation and FourKites known supply chain company announced about strategic alliance for a smarter supply chain, which will give the businesses the latest, boosting real-time visibility capabilities to provide solutions for their most widespread supply chain challenges.
During COVID-19 pandemic, continuous port congestion, geopolitical issues and global disturbance have disclosed the complexities in keeping link with supply chain overall in the world. FedEx and Fourkites are partners for smarter supply chain and multi- carrier operation with deep network and quality insights of their merge networks.
Fourkites platform of real-time visibility has integrated intelligence of the supply chain, the company at the present has connected the supply chain of 50% of Fortune 500 companies and it supports around 2.5 million shipments each day.
By this partnership, FedEx network with FourKites will have access to its machine learning, data insights and artificial intelligence capabilities and will use it, this reaches above than 220 countries and territories which linked with more than 99% of the world’s GDP, more than daily shipments of 16.5 million that creates new intelligence platform for supply chain. This FourKites will provide insights and tools which will provide help to large shippers and logistics providers severe impacts of sustained challenges through a suite of offerings ranging from dynamic planning and advance shipment to enhance visibility and alerts to supply chain optimization.
FedEx and FourKites collaborating for the advance supply chain.
With The launch of FourKites X, FedEX made tactical investments in FourKites. Even CEO of FedEX, Sriram Krishnasamy mentions, it is an exciting partnership between these two industry leaders and innovators who wants to unlock new opportunities for their customers. Their last two year have taught them that companies are required to work together in order to work faster and smarter. Their collaboration with FourKites builds a data ecosystem which will deliver a new level of visibility and predictability to provide help to businesses for a smarter supply chain in this complex business environment.
FourKites CEO & Founder, Matthew Elenjickal mentions, they are thrilled to announce this ground-breaking platform and collaboration with FedEx. Their organization is committed to their customer success by strategic innovation. Collaboratively, they are working towards the future global supply chain, developing their foundation of data and machine learning to deliver new value.
FedEx aims to make the supply chain smarter by a powerful data science approach and machine learning. Through this support FourKites development will appear in the new platform, FourKites X give customers with more accurate ETAs, practical insights and intelligent supply chain to decrease supply chain volatility and improve top-line growth.
FedEx investing on smarter supply chain for their businesses.
This platform is designed to provide help to logistics providers and large shippers to identify areas of opportunities such as, improvement planning to address empty shelves, slowdown manufacturing, using data for improvement in customer experience, financial officers optimize supply chain for efficiency and growth.
ARC Advisory Group, Vice president Steve Banker mentions, supply chain date the more it is always better. The partnership between FedEx and FourKites is extraordinary in both volume of data overall and it is predicted that it can improve timing of arrival and planning. FourKites X has a huge step forward for this market.