project44 Cooperative increases transparency and predictability in freight booking
With the global supply chain strained and capacity at a record low, project44, the global leader in real-time supply chain visibility, today announced Cooperative – the first data-driven solution in the market to increase transparency in the freight management process.
As the core data pipeline for the supply chain and logistics industry, project44 is uniquely positioned to be the single source of truth for customers and the industry at large. As such, project44 data is in high demand and can be used in new ways to solve challenges that no other products in the market have solved. Cooperative is the latest example of how project44 is utilizing data in new ways to make long-standing industry processes easier, expand data points used for critical business decision-making, and deliver value beyond visibility to the market.
Cooperative by project44 was developed and tested with leading third-party logistics providers and leverages the world’s largest and most comprehensive network of truckload carriers, representing ~150,000 truckload carriers and more than 300,000 truckload shipments every week. Because project44 knows the time and location of every delivery, they can identify when and where a driver will become available to haul freight. project44 will never be a broker, but with increased transparency into the freight booking process now available through Cooperative, carriers can do more business with 3PLs and 3PLs can retain and maximize their trusted truck networks.
“The heart of our business is using the technology that serves as the industry’s connective tissue, and the most accurate logistics data available, to solve colossal supply chain problems that were previously thought to be unsolvable,” said Jett McCandless, founder and CEO at project44. “It’s exciting to co-develop this product with 3PLs and be the first to bring a valuable tool like Cooperative to market to enable 3PLs and carriers to overcome today’s capacity shortages and better serve their customers.”
Through the new Cooperative solution, 3PLs can gain real-time insight into terminating capacity and capacity that was previously hidden, cover more loads cost efficiently and automate processes. The added transparency helps 3PLs by increasing real-time data and revealing carrier performance by lane. Within the cooperative, 3PLs can continue to work with their trusted carriers or expand their network to leverage thousands of additional carriers when needed.
“The project44 solution provides a digital way to help us find capacity,” said Andrew Leto, founder and CEO at Emerge. “Cooperative makes us more efficient by bringing capacity that was once hidden to light, increasing volume and customer satisfaction.”
When 3PLs opt into Cooperative, they can query the entire pool to find out when and where terminating capacity will be available based on time, location, truck type and other criteria. The Cooperative API responds back with additional information such as the carrier identifiers, carrier names and contact information, and data needed to track the load. The project44 machine-learning ETA model generates results and responds back with that added data. Then, the 3PL identifies the best candidate to meet their needs and contacts the carrier to book capacity. Finally, the newly booked load is sent to project44 for tracking.
“Cooperative by project44 provides high-fidelity, real-time data to help us capture efficiencies and access more capacity without adding more work,” said Carson Holmquist, co-founder and CEO at Stream Logistics. “This solution meets an essential need at a critical time in supply chain by providing a digital way to match an available driver with available freight.”
Carriers also benefit from being included in Cooperative. With Cooperative, carriers become visible to a broadened network of shippers and 3PLs resulting in the opportunity to book more loads at better rates with fewer empty miles.
With Black Friday and the holiday shopping season fast approaching, the already fragile supply chain is poised to be strained even further. To help 3PLs navigate unprecedented supply chain challenges, project44 has made Cooperative free for the remainder of 2021.
