Technology to track freight shipments, communicate with carriers and automate supply chains is being reshaped by artificial intelligence, and the success of logistics service providers depends largely on providing unique data and hiring good people, according to an industry CEO.
Autonomous software programs, called AI agents, can analyze data, make decisions and execute complex workflows without constant human supervision, said Jett McCandless, CEO of Project44 and LSP44, who is investing in AI to improve real-time shipment tracking while reducing operating costs.
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The freight world is a global ecosystem of sprawling networks that make up the industry’s supply chain, McCandless said Wednesday at the F3: FreightWaves Future of Freight Festival at The Signal in Chattanooga. FreightWaves is owned by Craig Fuller, who also owns the Chattanooga Times Free Press.
In 2023, the U.S. transportation system moved an average of 55.5 million tons of freight a day, with a value of $51.2 billion, according to the U.S. Department of Transportation‘s Bureau of Transportation Statistics. The bureau estimates that daily demand between 2024 and 2050 will increase about 1.2%, or by about 660,000 tons.