The AI-powered tool provides a new standard of accuracy in supply chain management, which is proving to be critical to companies across verticals in this era of constant logistical challenges
LONDON, Oct. 20, 2022 /PRNewswire/ — Windward (LSE: WNWD), the leading Maritime AI™ company, announced today 18 new customers who will be using the company’s recently launched Ocean Freight Visibility (OFV) solution to accurately predict vessel and shipment estimated times of arrival (ETAs) to mitigate supply chain disruptions. In a new reality of supply chain opacity and delays, the new customers come from a wide breadth of industries including freight forwarders, cargo owners, shippers, booking platforms, and others throughout North America, Asia, and Europe.
Ocean freight is responsible for the transport of 90% of global trade, yet ocean freight reliability is below 50%, despite a slight improvement this year. With events like port congestion and severe weather conditions having drastic impacts across the globe and delays causing billions of dollars in losses, some are making the expensive move from ocean to air-freight to meet deadlines. Windward’s OFV solution empowers users to overcome delays by providing them with the tools necessary to better predict, plan, and proactively mitigate supply chain risks. The solution provides container and vessel ETA predictions based on deep learning and machine learning subsets that is 80% more accurate than carriers’ ETA predictions and cuts down the number of ETAs that are off by 5+ days by 50%.
“The realities we have seen over the past years, whether related to port lockdowns or vessels getting stuck and blocking canals, have highlighted the importance of supply chain visibility and how disruptions affect everyone in the ecosystem down to the consumer,” said Ami Daniel, Co-founder and CEO of Windward. “That is why Windward’s OFV solution is so critical for so many. Essentially any company dependent on the transportation of goods via the seas needs to know when their shipments will arrive and be informed of any delays. Only the power of big data and AI can provide the level of accuracy that can enable stakeholders to overcome this challenge, providing them with the tools to make decisions with enough time to mitigate risks. Even as the economy slows down, inventories are up and freight rates are down – trade continues and ocean freight is the key way to get things around the world”
Windward’s OFV solution utilizes advanced behavioral models and fuses multiple data sources, including data from more than 120 carriers, over 1,400 ports and terminals, 5,500 container vessels, sailing schedules, meteorological data, location, and AIS data, enabling greater resiliency in the face of supply chain uncertainties.
Windward (LSE: WNWD), a publicly traded company on the London Stock Exchange, is the leading Maritime AI™ company, enabling organizations to achieve business and operational readiness. Windward’s AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, business, and the supply chain. For more information visit: https://windward.ai/.