Latest news with #MathewElenjickal
Techday NZ
07-05-2025
- Business
- Techday NZ
FourKites & Chorus launch digital twins for supply chains
FourKites and Chorus have formed a strategic partnership intended to provide enterprises with enhanced supply chain visibility and digital inventory management. The collaboration integrates Chorus' item-level sensors and artificial intelligence-powered orchestration tools with the FourKites Intelligent Control Tower platform, which together create digital twins combining real-time supply chain events with granular package insights. The partnership aims to reduce inventory carrying costs, prevent stockouts and overstock, mitigate theft and damages, optimise safety stock levels, and improve service performance. According to research from IHL Group, inventory distortion currently costs companies $1.77 trillion annually. Traditional tracking systems have struggled to provide real-time, granular information at the package or SKU level, leading to costly inefficiencies. The partnership seeks to address these gaps by leveraging advanced technology for more accurate and timely inventory monitoring. Chorus' Seeker labels generate item-level data on the condition and location of goods, offering the foundation for AI-driven inventory management that covers not just inventory at rest but also goods in transit. Meanwhile, Chorus' Trip Intelligence system extends visibility into ongoing fulfilment, providing asset-level estimated arrival times and real-time anomaly detection to help prevent delays or losses. By combining Chorus' sensing technologies and real-time analytics with FourKites' supply chain network and digital shipment twins, businesses can access what the companies describe as a "unified view of their supply chain" with improved accuracy, consistency, and reduced latency compared to existing tracking systems. Through the alliance, FourKites will launch two new modules within its Intelligent Control Tower. The first, Precision Inventory Twin, will enable real-time digital representation of physical inventory, including condition tracking. The second, Dynamic Inventory Orchestration, uses AI to automatically optimise where inventory is kept, reduce waste, and lower working capital requirements, all while targeting improved service levels. Mathew Elenjickal, Founder and Chief Executive Officer at FourKites, said: "For decades, companies have tried to solve inventory problems with software that can't accurately represent what's happening in the physical world. With Chorus, we're creating a dynamic digital twin of inventory in motion and at rest, enabling our AI engines to not just recommend better decisions, but autonomously execute them." The partnership's initial focus addresses two critical segments. The first is critical goods inventory management for sectors such as pharmaceuticals, high technology, and medical devices. In these industries, disconnected systems and inaccurate data have resulted in either over-supply or frequent stockouts, both with significant cost implications. The second segment is consigned inventory management for firms with substantial capital tied up in stock, where losses from product expiry and unnecessary buffer stocks can reach tens to hundreds of millions of currency units annually. Customers who implement the joint solution are expected to benefit from reduced product loss and waste through condition monitoring, lower safety stock levels while retaining service quality, improvements to working capital, automated inventory balancing and optimisation, and greater supply chain resilience via predictive disruption management. Suresh Vishnubhatla, Chief Executive Officer at Chorus, commented: "The future of the supply chain is autonomous, but autonomy requires the fusion of physical and digital worlds and properly informed ML models. By combining Chorus' item-level visibility and highly granular ML models with FourKites' AI-powered automations, we're creating a nervous system for the modern supply chain that can react and optimise without human intervention." The partnership comes at a time when supply chain volatility and complexity are challenging companies globally. Research from McKinsey suggests that digitising supply chains could reduce operational costs by up to 30% and decrease inventories by as much as 75%. The first integrated modules from FourKites and Chorus' alliance will be available for select customers in the second quarter of 2025, with broader general availability planned for the third quarter of the same year.
Business Wire
05-05-2025
- Business
- Business Wire
FourKites and Chorus Partner to Tackle Multi-Billion Dollar Inventory Challenges
CHICAGO--(BUSINESS WIRE)--FourKites®, the leader in AI-driven supply chain transformation, and Chorus, a recent spinout from Alphabet's X, the Moonshot factory that is radically transforming how companies make, move and manage their assets, today announced a strategic alliance to unify the physical and digital supply chain. The groundbreaking partnership integrates package-level insights from Chorus' suite of proprietary sensors and AI-driven orchestration tools that track the status and movement of goods in real time with FourKites' Intelligent Control Tower™, enabling enterprises to transition from reactive tracking to autonomous inventory orchestration. "With Chorus, we're creating a dynamic digital twin of inventory in motion and at rest, enabling our AI engines to not just recommend better decisions, but autonomously execute them." - Mathew Elenjickal, founder and CEO of FourKites. Share Companies face critical inventory challenges with traditional tracking methods that fail to provide granular, real-time information at the package or SKU level — a problem that costs $1.77 trillion annually in inventory distortion according to IHL Group research. Chorus' advanced Seeker™ labels provide the item-level condition and location data that are the foundation for accurate, end-to-end, AI-driven inventory management. Chorus' Trip Intelligence™ extends the inventory reference frame to encompass ongoing fulfillment with accurate asset-level ETA and delivery risk mitigation through real-time anomaly detection. Combining Chorus' advanced capabilities with FourKites' real-time supply chain network and shipment twins provides an unprecedented level of inventory intelligence. This combined approach offers enterprises a unified view of their supply chain with significantly improved latency, accuracy, and consistency compared to conventional tracking methods. Through this strategic partnership, FourKites will offer two new modules within FourKites' Intelligent Control Tower that address critical challenges: Precision Inventory Twin™ — Creates a real-time digital representation of physical inventory with granular condition monitoring, enabling autonomous tracking and management of high-value goods across complex supply chains Dynamic Inventory Orchestration™ — Leverages AI to automatically optimize inventory placement, minimize waste, and reduce working capital requirements while maintaining or improving service levels "For decades, companies have tried to solve inventory problems with software that can't accurately represent what's happening in the physical world," said Mathew Elenjickal, founder and CEO of FourKites. "With Chorus, we're creating a dynamic digital twin of inventory in motion and at rest, enabling our AI engines to not just recommend better decisions, but autonomously execute them." FourKites and Chorus will initially focus on two high-impact areas where traditional approaches have failed: Critical goods inventory management for pharmaceutical, high-tech, and medical device companies, where disparate asset management systems, inaccurate stock levels and incomplete product information lead to over supply and stock outs - both disruptive and costly. Consigned inventory management for companies that have billions in capital locked in inventory, with tens to hundreds of millions in annual losses from expired products and unnecessary buffer stocks. Customers implementing the solution can expect: Reduced product loss and waste through continuous condition monitoring Lower safety stock requirements while maintaining service levels Significant working capital improvements Automated inventory rebalancing and optimization Enhanced supply chain resilience through predictive disruption management "The future of the supply chain is autonomous, but autonomy requires the fusion of physical and digital worlds and properly informed ML models," said Suresh Vishnubhatla, CEO of Chorus. "By combining Chorus' item-level visibility and highly granular ML models with FourKites' AI-powered automations, we're creating a nervous system for the modern supply chain that can react and optimize without human intervention." The partnership addresses increasingly urgent supply chain challenges, as companies struggle with unprecedented market volatility and complexity. McKinsey research indicates that companies with digitized supply chains can reduce operational costs by up to 30% while decreasing inventories by up to 75%. The first integrated modules will be available to select customers in Q2 2025, with general availability in Q3 2025. The companies will share more information at the Gartner Supply Chain Symposium — register to attend an exclusive event on Monday, May 5, 2025, from 7:30–10:00 p.m. at The Edison at Disney Springs. About FourKites FourKites®, the leader in AI-driven supply chain transformation for global enterprises and pioneer of real-time visibility, turns supply chain data into automated action. FourKites' Intelligent Control Tower™ breaks down enterprise silos by creating a real-time digital twin of orders, shipments, inventory and assets. This comprehensive view, combined with AI-powered digital workers, enables companies to prevent disruptions, automate routine tasks, and optimize performance across their supply chain. FourKites processes over 3.2 million supply chain events daily — from purchase orders to final delivery — helping 1,600+ global brands prevent disruptions, make faster decisions and move from reactive tracking to proactive supply chain orchestration. About Chorus Chorus transforms the way organizations make, move and manage goods with advanced sensor technology providing granular, parcel-level visibility. Leveraging proprietary sensor technology, AI-powered algorithms, and existing infrastructure, Chorus enables asset orchestration at an unprecedented scale. Chorus began as a project at X, The Moonshot Factory, an innovation lab that is part of Alphabet, Google's parent company. Visit the Chorus website for more details.
