FarEye has unveiled an artificial intelligence-based dynamic routing solution for the trucking industry.
This solution aims to tackle the pressing challenges faced by companies in the sector, offering a range of benefits including reduced miles driven and increased operational efficiency, the provider of delivery management solutions said in a Tuesday (Aug. 22) press release.
The core of FarEye’s solution lies in its AI-based dynamic routing optimization engine, according to the release. This engine analyzes real-time data and takes into account various factors such as truck road restrictions, tolls and freeways. By considering these elements, the engine generates optimized routes that minimize miles driven and fuel consumption. Additionally, it ensures regulatory compliance.
Gaurav Srivistava, chief product and technology officer and co-founder of FarEye, said in the release that this route optimization solution represents a leap forward in addressing the challenges faced by the trucking industry. By using AI to optimize routing decisions, FarEye can assist its customers in reducing their miles driven by 8% to 12%. This reduction leads to cost savings and enhances overall business performance.
In addition to its AI-powered routing capabilities, FarEye’s solution provides analytics and insights for optimizing operations, according to the press release. With this platform, dispatch planning time can be reduced from hours to just 30 minutes.
The company’s technology reduces costs for individual businesses and has positive implications for driver productivity and retention within the industry, the release said. The solution enhances the working environment for truck drivers by streamlining operations and ensuring they have optimized routes with minimized idle wait times and disruptions.
FarEye’s route optimization solution aligns with the company’s broader strategy of providing innovative and cost-effective solutions to the challenges faced by the trucking industry, per the release.
Delivery preferences, speed of delivery, cost of delivery and inbound supply chain are increasingly seen by businesses as competitive advantages, FarEye CEO and Co-Founder Kushal Nahata told PYMNTS in an interview posted in July 2022.
As a result, the role of logistics and the supply chain is fundamentally different from what it was five years ago, Nahata said at the time.
“It used to be looked at as a cost function; it has now changed to a revenue function,” Nahata said. “That has dramatically changed everything around that.”
Credit: Source link
