Transmetrics, a company based in Sofia, Bulgaria which is a leading predictive analytics technology platform for the logistics industry, announces that Speedy has managed to reduce their overall costs by 7-9% thanks to the company’s solution. Speedy is a leading courier company in Bulgaria and it is also a member of the DPDgroup which is Europe’s second largest international delivery network.
Speedy oversees over 16 million packages annually with a network of seven hundred vehicles and ten major logistics hubs. The company struggled with capacity planning for their own assets as well as for third-party providers due to the company’s staggering growth rate and seasonal fluctuations.
As a result of the company’s growing problem they decided to hire Transmetrics to help them manage it. With the help of Artificial Intelligence, complex proprietary forecasting and optimization algorithms, Transmetrics was able to help Speedy significantly improve their capacity utilization and adjust their roots to make their operations more time efficient.
The announcement serves as further evidence for cargo companies that the implementation of Transmetrics’ predictive analytics tool could result in big savings. The tool can achieve this through a number of ways such as improving capacity utilization, reducing costs, and refining pricing strategy for customers.
Furthermore, by forecasting future shipping volumes and applying AI optimization, Transmetrics’ software can make sure that cargo transportation is always running to full or almost full capacity. The EDF has found that between 15-20% of the time trucks in the US are driving without any cargo and it is a similar case in Europe. We are talking about an industry which is valued at an eye-opening $2.7 trillion dollars.
Transmetrics also helped Speedy improve their pricing accuracy by helping them accurately measure the delivery cost of each parcel. This enabled Speedy to charge their customers accordingly.
“With the Transmetrics’ application, the benefits are very visible. Before using Transmetrics’ solution, the rate of fleet utilization was 72%. Currently we have above 82% [utilization] and we are expecting this to increase. We estimate the total cost reduction at 7-9%,which is a great result for us” said Danail Danailov, a board member at Speedy.
The co-founder and CCO of Transmetrics, Anna Shaposhnikova also spoke about the announcement with pure delight “we are very happy to see the results Speedy has already achieved by using Transmetrics and we are confident there will be even greater improvements to come for their operations. Transmetrics is dedicated to expanding our relationship with DPDgroup to further build on this success” she stated.
-This story was originally published on Startup Beat.