As supply chain industry in India enter an era of consolidation, they are integrating advanced technologies such as robotics, artificial intelligence (AI) and machine learning. E-commerce and omni-channel retail demand new solutions that meet consumer expectations as well as deliver economies of scale. The logistics sector appreciates that one of the critical ways of achieving this is by reducing workforce dependency and making tasks simpler and more efficient.
Trucknetic is redefining digital freight industry by establishing a market place using artificial intelligence, automation, and other software services to efficiently connect shippers and carriers.
Armed with a host of tech features, Trucknetic aims to resolve the challenges logistics managers face in the wake of the current global crisis in the EXIM industry. The tracking system records multiple data points over the complete shipment journey.
The tech-first logistics company will employ machine learning algorithms capable of predicting shipment delays based on satellite tracking, port congestion, and other signals. It will thus offer access to predictive analytics to combat risks related to shipment schedules based on historical distribution.
Arham, Founder and CEO, Trucknetic said, “The COVID-19 pandemic has completely changed the dynamics of logistics sector whereby the need for real-time tracking and intelligent post-shipment solutions have become even more crucial. Tracking as a service is a new-age disruptive technology that will enable smart tracking and offer advanced predictive analytics, thus empowering exporters to undertake intelligent and informed decisions. It is now more critical than ever to be able to pre-empt logistics challenges so that the buyer-supplier relationship is not hindered by the uncertainties of today’s shipping industry. Enhanced visibility and real-time intelligence will help drive transparency and sustainability across supply chains, thereby paving the way for healthy business ties.”
“We were able to see the live movement of our cargo via a user-friendly dashboard. Awareness of all shipment status without visiting multiple websites and tracking via a single dashboard helps drive productivity and efficiency across the entire supply chain,” he added.
Freight does not take a break; neither does Machine Learning
The logistics businesses operate 24 hours a day, seven days a week, including holidays. Workers can only work a certain number of hours per day, resulting in service lapses and errors when responsibilities are passed from one person to another as shifts change.
Machine Learning models, on the other hand, do not take a break and operate continually. They can keep up with the speed of freight, ensuring that coverage and support are never compromised.
Modernizing the traditional supply chain
The supply chain is a complex network with several interconnected parts working together. Minor errors can lead to significant rises in costs. The visibility and insights offered by artificial intelligence (AI), machine learning and predictive analytics can thus improve business decisions considerably. These are providing supply chain players with agility, effectiveness and precision on an end-to-end basis.
Trucknetic aims to bring transparency and visibility in the shipping and logistics sector, modernize the operations across the supply chain and contribute to the government's Ease of Doing Business in India.
How Trucknetic revolutionizing the logistics sector?
Trucknetic uses artificial intelligence (AI)/ ML for demand forecasting which help it to seamlessly solve the problem of return load in real-time which ultimately helps to bring the cost of logistics in India down which is currently 14 - 18 per cent of GDP as an expense as compared to 8 -10 per cent globally. It is playing an important role in India’s booming e-commerce sector, which is still at an early stage and has a long runway of development.
With more than 63 million registered MSMEs in India, there exists a huge market opportunity for any logistics player to tap into this segment. Trucknetic has developed a database mapping a large number of MSME goods movement with the truck type, commodity and lanes.
With years of expertise in the MSME sector and highly experienced founding team from the logistics sector, Trucknetic has the right force to successfully ace the logistics market.
Trucknetic has a network of close to 200,000 fleet owners and 50,000 transporters which roughly translates to over 1 million trucks in our network. It has done a revenue of USD 3 million since December 2019.
Trucknetic's aim is to become largest Trucking company in India without owning a single truck by 2025.
The platform is highly diversified across commodities, truck types and lanes.
The company has more than 50000+ downloads on Trucknetic Carrier application and 15000+ downloads on Trucknetic Shipper application and has moved close to 100,000 metric tonnes of goods.
Trucknetic is one of the chosen startups in the Microsoft AI innovation - manufacturing and logistics cohort, in which Microsoft is helping the platform to build a proof of concept on solving the return load problem and demand forecasting using Artificial Intelligence and Machine Learning.
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