Big data analytics provides live status updates for shipments
July 26, 2016
TransVoyant has introduced supply chain-focused live and predictive big data analytics for providing live status updates and predictions for shipments, orders and items.
Called Precise Predictive Logistics (PPL), it tracks the real-time behaviour and location of aircraft, ocean vessels, rail cars, lorries, ports, airports, routes and other supply chain nodes via the IoT.
"Supply chains that rely on latent status updates from legacy communication methods and networks, including EDI transmissions, are no longer competitive," said Dennis Groseclose, CEO of Virginia-based TransVoyant. "Latent status updates and poor predictability are forcing supply chain leaders to carry excess buffer stock, make bad inventory allocation decisions and preventing them from confidently promising inventory in-transit while quoting accurate delivery ETAs to customers.”
Furthermore, he said limited line of sight and no ability to predict the events that caused shipment delays and supply chain disruptions – weather, port congestion, traffic behaviour, natural disasters, road construction, labour unrest and so on – were also undermining supply chain performance.
“By continuously collecting live data and applying live and predictive analytics, PPL addresses supply chain latency, limited line of sight and predictability issues while enabling firm customer order commitments prior to taking inventory ownership," he said.
TransVoyant collects and analyses real-time big data, processing over one trillion events a day. This includes live tracking of all methods of shipping, along with the behaviour within and around all nodes of the supply chain, to include the myriad external events that cause delays and impact shipment performance.
PPL is piloting estimated times of arrival on shipments for Brooks Running. Under the pilot Brooks is finding that ETAs are far more accurate than what the company had been receiving from its carriers and 3PLs. Also, ETAs are significantly more precise ten days from arrival. This is particularly important to Brooks because it is the trigger the company would like to use to commit inventory in motion.
"Getting real-time status updates about the location of our ocean shipments and purchase orders will take our service excellence to the next level," said Chase Mueller, manager of supply chain visibility at Brooks Running. "Before TransVoyant, we received two status updates via EDI from our ocean carriers – vessel departed and vessel arrived, and even those messages were latent. With the PPL, we know exactly where each shipment is, and when it will arrive, at every defined pulse point of the journey. This should enable us to more effectively plan our downstream operations, optimise lead times, measure carrier performance, and provide enhanced service to both our trade and direct to runner business."
The system comes with pre-configured integration to a number of supply chain planning and execution systems along with a library of proven real-time and predictive insights to address supply chain and risk domains. This enables its live and predictive insights to be seamlessly factored into optimal planning, re-planning and execution.