Freighting Meets AI (Artificial Intelligence)
AI (artificial intelligence) is one of the hottest topics in technology circles today. And although AI may be generating a ton of headlines in verticals such as retail, healthcare, and consumer tech, it is also playing a huge role in reshaping transportation and logistics.
As a result of the COVID-19 pandemic and fluctuating revenues, companies-- which have traditionally taken a more deliberate approach to adopt emerging technologies-- have been closely reassessing their technology infrastructure and embracing new tools to remain as competitive as possible.
And AI is proving to be a core component of this technology “renaissance” and is having far-reaching impacts on several key areas of the freighting and logistics spaces including:
#1: Data Optimization
Business today is driven by data. That said, many companies still rely on antiquated technology and methods to make important decisions. Moreover, the data that they do have is often disorganized and siloed, rendering it difficult to make decisions quickly-- let alone comprehensive ones. AI and cloud computing allow businesses to bring multiple data sources together and use smart business logic to output actionable data that fuels strong, educated decisions. With centralized data, business units have evolving data from around the organization right at their fingertips. This allows for a much higher degree of agility and collaboration.
#2: Eliminate Waste
The supply chain is complex and involves multiple processes to successfully produce product and move it to its end destination. Freight procurement is one of those processes, which has proven difficult due to unprecedented freight market conditions. Contracted carrier rejection is sky-high, and freight brokers are fraught with high costs and transparency issues. For many decades, shippers relied on either contracted carriers or brokers to haul freight. AI now provides a new avenue-- a new option. Shippers and carriers can now connect dynamically, cutting out the middlemen broker. Shippers configure load rules, and AI technology dynamically finds the best-qualified carriers-- and price-- per load. Not only does AI reduce a huge amount of legwork, but it also reduces total truckload cost.
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