Supply chain visibility platform provider FourKites has launched a tool that provides estimated time of arrival (ETA) data for air freight shipments, saying it can increase users’ confidence in a transport mode that is notoriously difficult to track even though it is typically used for the most critical shipments.
The Chicago-based company said its “Dynamic ETA for Air” product would allow shippers, carriers, and third party logistics providers (3PLs) to use predictive ETAs to optimize downstream planning, reduce the time and expense of manual track-and-trace efforts, and increase customer satisfaction.
The product arrives as brands are increasingly turning to air cargo to expedite their freight, since inventory delays continue to plague many supply chains. And they pay dearly for that speed: FourKites estimates that shipping via air costs 4-5X that of road transport, and as much as 16X that of ocean.
Despite the cost, shippers continue turning to air freight for their most critical or time-sensitive freight, including pharmaceuticals and medical supplies, perishable agricultural and seafood products, emergency shipments of spare parts, or simply goods for which customers demand the fastest delivery, FourKites said.
The company says its new product provides ETAs on 100% of air freight, and is accurate to within 9 hours, marking a large improvement over current systems that provide ETAs for just 40% of shipments with error rates of up to two days.
FourKites announced the tool after landing $100 million of venture capital in March, acquiring global trade data provider Haven Inc. in April and launching an ocean shipment management tool.
