CoLane (formerly Fraight AI), the modern day 3PL, has been selected to speak at the invite-only 2019 J.P. Morgan Aviation, Transportation and Industrials Conference on March 7 in New York.
“Transplace has been valued at over $2 billion, while Turvo and NEXT have raised over $200m — to be included alongside these companies is humbling and affirming,” Holcomb said. “We’ve been invited specifically to talk about how we’re making the supply chain less dependent on paper and phone calls and more focused on harnessing data and analytics.”
CoLane is automating the match among loads and trucks so it’s done in minutes. CoLane then automates the scheduling and coordination between the customer and carrier. When this process is done via phone, as is the norm, matching and coordinating can take hours. That’s because the industry is so fragmented: There are more than 500,000 carriers to choose from and more than 450,000 of them operate six trucks or less.
CoLane is targeting its services at large enterprise customers that, while primed for automation, are not interested in waiting for their enterprise to adopt a new system. These customers ship consistent volumes of full truckloads on the same routes, over and over. Much of this automation operates behind the scenes, handling repeatable and simple tasks, freeing up the Fraight team to focus on more complex challenges.
For instance, the company is building a virtual assistant, named Archie, to handle continuous communications with tens of thousands of parties, including drivers, at a time. These communications occur via email, text and even fax, which remains a common tool in the trucking industry, without drivers ever knowing the transaction is automated.
“Traditional technology has been unable to make an impact,” Holcomb said. “The freight industry is decades behind and everyone knows it. We're honored by the invitation, and excited to discuss how recent advancements can do more than just get us caught up, they can move us all forward.”
CoLane’s technology also is designed to learn and anticipate its customers’ shipping needs and even problems. For instance, CoLane’s algorithms will be able to digest billions of data points and use them to predict when a customer might be ramping up production at a time when truck supply is scarce, and then proactively source trucks so the customer doesn't even notice.
Such insight will not require an app or download. Studies have shown that less than 1 percent of freight flows through freight-matching apps.
CoLane’s customers range from Fortune 50 companies to growing startups across the United States.
CoLane is the modern day freight broker. We automate the discovery and coordination of full truckload carriers for enterprise customers that ship consistent volume on dedicated lanes. As an artificial intelligence company, data and pattern-recognition are at our core, enabling our team to provide visibility on everything from load location to strategic insights. CoLane adapts to your team’s workflow, delivering the benefits of technology to your inbox or phone without the pains of new systems.