FarEye launches AI based dynamic routing tech to help online shippers
The growing online delivery market and internet reach has given rise to digital logistics businesses across nation. FarEye, a digital logistics startup has announced the launch of its AI-based real-time dynamic routing feature to empower on-time and cost-effective deliveries which will majorly impact the hyperlocal and grocery delivery industry that demands quick turn-around-time. FarEye helps shippers to reduce costs, improve service and drive innovation. The technology will empower businesses to minimize empty mile journeys, eliminate vehicle idling time and optimize the productivity of delivery executives by assigning them highly efficient routes.
“The food delivery market is on an exponential rise, with more than 2 million transactions made in a day in India alone. Globally, the online food delivery market is expected to reach US$ 112 Billion by 2023. In such a high growing landscape, businesses need real-time insights on routes, fleet productivity and ability to make changes on the go. Dynamic routing capabilities enable businesses to get more competitive by empowering them to deliver delightful customer experiences and boost profitability,” Kushal Nahata, CEO & Co-founder, FarEye.
Key Benefits of FarEye’s Real-Time Dynamic Routing
1. Increased visibility
2. Reduce Empty miles and boost fleet productivity
3. Optimize capacity utilization
4. Ensure profitability per order
5. Increase in on time deliveries and accurate ETAs
6. Insights into route wise performance
7. Greater delivery scalability
Inefficient route mapping, inability to deliver on time, poor productivity, increasing delivery costs, empty mile journeys, vehicle idling, and poor visibility has been weighing down the supply chain and logistics operations for a long time. FarEye’s real-time dynamic routing capabilities help enterprises by automatically dispatching on-demand orders. The orders are assigned based on capacity, driver proximity and service time constraints. It also ensures that ad-hoc delivery requirements and cancellations are met while keeping costs, SLAs and ETAs intact.
The key constraints of real-time dynamic routing includes driver-route mapping, pickup windows, delivery windows, no-entry time windows, tonnage, empty miles cost, running and waiting costs, etc. FarEye is a digital logistic start-up with a 280% increase in ARR year on year. Clocking triple-digit revenue growth since the past 3 years, FarEye is now targeting a 325% growth in revenue this fiscal. FarEye facilitates over 65 million transactions per day, enabling more than 150 enterprises across 20+ countries.