New industry-wide initiative to dramatically reduce supply chain costs
HERE Technologies, a global leader in mapping and location services, and FreightVerify, a cloud-based supply chain technology company, today announced a strategic collaboration to radically transform how the automotive industry optimizes their logistics and supply chain.
The companies, building on their existing offerings, intend to deliver for automakers a comprehensive solution for real-time tracking, logistics optimization, and the opportunity to successfully participate in new logistics sharing models.
“Logistics is poised for radical disruption due to advanced collaborative technologies,” said, Lorne Darnell, Founder and Chairman of FreightVerify. “One of the fundamental requirements necessary for these new business models is real time end-to-end visibility of shipments across the supply chain ecosystem.”
The combination of HERE’s industry leading, geolocation technologies with the innovative FreightVerify logistics solution will enable a new disruptive exchange model within the global automotive supply chain. OEMs for the first time will have the ability to share freight loads on-demand.
“With millions of moving parts, automotive supply chains are incredibly complex,” said Leon van de Pas, SVP Internet of Things at HERE Technologies. “Our proof of concepts with two OEMs have shown that tracking technology boosts supply chain efficiencies. By teaming up with FreightVerify, and linking our complementary capabilities, we can now together deliver a powerful commercial solution to the industry.”
In their preliminary agreement signed today at CES 2018 in Las Vegas, the companies outlined several initiatives.
In the first phase of deployment, the companies will provide a visibility solution allowing an OEM to use real-time tracking technologies and analytics to keep close tabs on inbound and outbound logistics. This means the OEM will be able, in real-time, to track inbound materials and parts from origin to ocean container, to train car, to truck, to warehouse; track materials as they move within and between production sites; and track finished vehicles as they move from factory floor to dealerships, fleets, and other end customers.
The second phase will focus on deployment of on-demand load sharing services. Dr. Yossi Sheffi, FV co-founder, MIT professor, and Director of the MIT Center for Transportation and Logistics, has projected that enabling freight matching services over a network will help OEMs reduce costs by more than 24%. These services will allow the optimization across the many fragmented logistics networks in place today, in addition to enabling carriers to optimize their own operation, reducing supply chain costs even further.
About HERE Technologies
HERE, the Open Location Platform company, enables people, enterprises and cities to harness the power of location. By making sense of the world through the lens of location we empower our customers to achieve better outcomes – from helping a city manage its infrastructure or an enterprise optimize its assets to guiding drivers to their destination safely. To learn more about HERE, including our new generation of cloud-based location platform services, visit www.here.com and 360.here.com.
FreightVerify is a supply chain technology company that provides real-time transportation visibility and business intelligence for global enterprise clients. As a neutral and independent third party, FreightVerify simplifies complex global supply chains through a common design language to leverage new and emerging tracking technologies. To learn more about FreightVerify, visit us at www.freightverify.com