SANTA CLARA, Calif., May, 2, 2017 /PRNewswire/ -- Based on its recent analysis of the dynamic supply chain tracking solutions market, Frost & Sullivan recognizes FourKites with the 2017 North American Frost & Sullivan Award for Entrepreneurial Company of the Year. FourKites has built a unique solution that addresses the blue ocean of opportunities in shipper supply chain management (SCM). In the three years since its inception, FourKites has garnered a clientele of more than 30 of the leading shippers and third-party logistics providers (3PLs) in North America. It also received $16 million in funding from various venture capitalists, underlining the immense confidence of investors in its business model.
FourKites recognized that conventional freight tracking processes have massive blind spots that cost shippers heavily. In response, it started building software that would modernize information sharing in the $800 billion logistics industry and support high-quality, real-time data exchange among shippers, carriers, and 3PLs. Blue-chip shippers have been deploying FourKites' solution to gain real-time visibility into and orchestration of their freight. In addition, eight of the top 30 3PLs rely on FourKites, thus unifying a host of systems to better control supply chain visibility.
"Instead of merely being a visibility platform, FourKites' solutions offer real-time, actionable tracking data, and, more importantly, the orchestration tools to manage exceptions," said Frost & Sullivan Industry Analyst, Silpa Paul. "The company has invested heavily in its capability to connect previously disparate systems for providing real-time visibility. The company has more than 15 bi-directional, working integrations with leading transportation management software providers, and connections to leading carrier and broker dispatch systems."
Significantly, the company employs a people-powered, relationship-driven partnership model. The company collaborates with the customer to develop capabilities and solutions that deliver true value. It is not just a vendor application simply bolted onto a broader stack of technology, but an integral part of customers' business.
FourKites' value is further evident in its provision of a complimentary Visibility Assessment that applies anonymized customer data to a series of ROI categories, such as:
- detention cost savings,
- inventory reduction at distribution centers, and
- efficiency gain/loss of inbound track and trace.
"FourKites is now a disruptive brand that enhances downstream production management and pushes both customers and partners to creatively apply modern technology," noted Paul. "Meanwhile, its people-centric business model can remove supply chain and logistics inefficiencies to deliver a rich client experience."
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in products and technologies and leadership in customer value, as well as speed in response to market needs. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
FourKites is re-shaping the logistics industry for real-time transparency and efficiency. FourKites provides comprehensive real-time tracking and supply chain visibility solutions across transportation modes and digital platforms. Using FourKites, blue-chip shippers and 3PLs can share the same, real-time shipping location and status information - from more than 50 onboard GPS/ELD systems used by fleets to individual owner-operator smartphones and flip phones. FourKites helps enterprise customers save time and money across the transportation spectrum. Best of all, nothing falls through the cracks. Learn how FourKites real-time visibility and orchestration solution can help your business by requesting a demo at www.fourkites.com
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SOURCE Frost & Sullivan