FourKites | September 20, 2023
FourKites, a leading supply chain visibility provider, has introduced a groundbreaking innovation in Fin AI, a natural language interface poised to transform supply chain management. This revolutionary technology empowers customers to unearth hidden insights, optimize operations, and streamline time-consuming tasks, such as event impact assessment across their shipment network. By harnessing the extensive supply chain data network, Fin AI significantly shifts from reactive to proactive decision-making, offering automated supply chain orchestration at scale.
Mathew Joseph Elenjickal, Founder and CEO of FourKites, said,
“FourKites is proud to be building at the leading edge of supply chain data and AI.”
[Source – Business Wire]
The company provides customers with a more comprehensive range of actionable insights across supply chains with Fin AI. Mathew added that this would empower the company to concentrate on the information and decisions and drive businesses forward. Additionally, over time, automation through Fin AI would serve as a direct extension of the capabilities of those who used it.
Supply chain managers face the challenge of navigating complex data silos and managing tasks efficiently. FourKites recognizes these hurdles and responds with Fin AI, designed to empower professionals with actionable insights, event impact assessments, and the ability to address tracking issues promptly. Leveraging generative artificial intelligence, this innovation paves the way for a paradigm shift in supply chain data exploration and decision-making. Focusing on real-time, data-driven choices, FourKites positions Fin AI as a transformative solution to industry challenges.
Fin AI's natural language interface, built on an industry-leading language model, draws on FourKites' extensive data network to provide users with the tools to:
Assess the impact of disruptive events on supply chain, allows to identify affected shipments and take remedial actions swiftly.
Diagnose tracking issues efficiently, enhancing visibility across their network.
Access product guidance spanning FourKites' suite and distill the most relevant insights into concise, actionable sentences.
FourKites combines powerful machine learning and real-time data to help companies digitize their end-to-end supply chains. More than 1,200 of the world's most recognized brands — 9 of the top-10 CPGs and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more efficient, agile and sustainable supply chains.
FourKites, a globally acclaimed supply chain visibility platform, has set a new logistics and supply chain management standard. With a commitment to extending visibility throughout the entire supply chain, FourKites goes beyond mere transportation, encompassing yards, warehouses, stores, and beyond. This cutting-edge platform offers unparalleled insights, tracking over 3 million shipments daily and reaching over 200 countries and territories. FourKites leverages real-time data and advanced machine learning to empower businesses to digitally transform their end-to-end supply chains.
J.B. Hunt | September 22, 2023
J.B. Hunt to acquire BNSF Logistics' brokerage operations, expanding its logistics capabilities.
The acquisition builds on a 30-year partnership between J.B. Hunt and BNSF Railway.
Brad Hicks, EVP of J.B. Hunt, highlights the value proposition for customers and growth opportunities.
J.B. Hunt Transport Services, North America's supply chain solutions provider, has significantly expanded its capabilities. In collaboration with Burlington Northern Santa Fe, LLC, the company is making waves in the industry with the announcement of a definitive agreement. This agreement paves the way for the subsidiary, J.B. Hunt Transport, Inc., to acquire the brokerage operations of BNSF Logistics, LLC, a notable affiliate of BNSF Railway Company renowned for its comprehensive third-party logistics services, covering a wide spectrum, from full truckload and flatbed to temperature-controlled, drayage, expedited, and less-than-truckload services.
Katie Farmer, CEO and President of BNSF Railway, mentioned,
This agreement with J.B. Hunt reflects companies’ shared commitment to provide industry-leading intermodal service to the customers. This continues more than 30 years of partnership between BNSF and J.B. Hunt and builds on our announcement to further integrate our joint services.
[Source – Business Wire]
Additionally, BNSF Logistics also offers additional services such as warehousing, retail specialty, heavy-haul, and project services; however, these services are not part of the current transaction. This strategic move underscores J.B. Hunt's commitment to strengthening its logistics and supply chain position, enhancing its service offerings, and ultimately delivering greater value to its customers.
Executive Vice President of People and President of Highway Services at J.B. Hunt, Brad Hicks, expressed that BNSF Logistics has demonstrated impressive customer service across various customer sizes. He highlighted that this acquisition, combined with their outstanding intermodal and J.B. Hunt 360box power-only service offering, will create a compelling value proposition for customers, foster growth opportunities for J.B. Hunt, and enhance service capabilities for BNSF Logistics' employee and agent model.
In 1989, J.B. Hunt and BNSF Railway reshaped transportation with an innovative double-stack shipping solution, a pioneering concept that seamlessly combined rail and trucking services. In March 2022, these industry leaders initiated a collaborative effort to increase the intermodal sector's capacity significantly. This ongoing partnership builds upon a longstanding business relationship and shared strategic vision focused on delivering efficient, value-driven solutions to customers within the North American supply chain.
As the transaction concludes, the brokerage operations of BNSF Logistics will become integrated into J.B. Hunt's integrated capacity solutions for segment reporting purposes. The acquisition will be financed using J.B. Hunt's existing cash balance and is on track to be finalized by the end of the year. It's important to note that BNSF Logistics currently offers value-added 3PL services for BNSF Railway. Upon the transaction's completion, a long-term service agreement will be established between BNSF Railway and J.B. Hunt, ensuring the continued provision of these vital services by J.B. Hunt for BNSF Railway. This strategic alignment is set to bolster operational efficiency, elevate service quality, and further solidify the commitment of both entities to the North American supply chain.
Interos | September 22, 2023
Interos, the AI-first operational resilience company, has introduced an innovative solution, Catastrophic Risk visualization and monitoring. This technology takes a proactive approach to supply chain resilience by allowing organizations to pre-plan months in advance, strategically mitigating the potential impact of a wide range of catastrophic risks, from hurricanes and wildfires to grid failures and disease outbreaks. This significant announcement from Interos comes at a pivotal moment, marked by an alarming increase in climate-related disasters, resulting in substantial financial losses and human impact.
In the United States and globally, 23 billion-dollar disasters total $57.6 billion in losses, as reported by NOAA.
Interos' groundbreaking technology addresses the financial aspect and aims to protect lives by shifting enterprises from lagging to leading indicators. It provides early assessments of suppliers exposed to various hazards, including weather patterns, climate fluctuations, communication vulnerabilities, infrastructure challenges, and healthcare capacity constraints. By combining immediate and seasonal hazard intelligence, businesses can proactively detect and prevent seasonal disruptions and disaster-related issues within their extensive supply chains. This innovative solution establishes Interos as a key player in enhancing supply chain resilience and mitigating unanticipated disruptions.
Jennifer Bisceglie, Interos Founder & CEO at Interos, said,
"Leaders throughout industries recognize the need to take control of risk in an environment where resilience delivers competitive advantage. If you think about large-scale, multi-year programs, enterprises need the ability to project where things are going with respect to weather, inflation, energy crisis and other trends to make better-informed business decisions based on impact to their supply chains ongoing operations."
[Source – Cision PR Newswire]
Organizations lacking sub-tier supplier visibility face substantial financial consequences, incurring a collective annual loss of $45 million due to delayed catastrophe response. This figure rises to $82 million, encompassing multifaceted supplier risk factors. Interos' recent report highlights a 33% increase in disruptions since 2022, spurring enterprises to prioritize early preparedness and crisis mitigation, potentially saving $37 million annually. Interos' technology reshapes supply chain risk management by integrating proactive resilience measures, expediting critical supplier processes and ensuring comprehensive risk management at scale.
Through the continuous mapping and monitoring capabilities offered by Interos, enterprises can proactively and effectively navigate the complexities of risk, ensuring supply chain resilience is upheld at both speed and scale. Interos' transformative technology equips organizations with the tools to safeguard their supply chains in an increasingly intricate and interdependent risk environment.
Interos is an AI-driven operational resilience company dedicated to helping clients attain Resilience by Design. Leveraging innovative scoring and relationship discovery technologies, Interos empowers customers to streamline risk assessment, detection, and response. As the world's inaugural and sole automated supplier resilience platform, Interos excels in the comprehensive mapping and monitoring of physical and digital supply chains on a grand scale. This proactive approach safeguards organizations against a spectrum of threats, encompassing regulatory violations, unethical labor practices, cyber threats, financial instability, catastrophes, and other systemic vulnerabilities.