In the latest “Loaded and Rolling” podcast episode, Matt Foster, CEO of Freight Science, dives into the inception and evolution of Freight Science and how we leverage artificial intelligence and advanced analytics to optimize load selection and fleet management.
Matt details the inception of Freight Science and how it was born out of the need for better technology in the logistics space, a realization he had having worked in the industry since the mid-2000s. He recounts the early days of the company, highlighting the challenges and unexpected opportunities that arose, particularly during the COVID-19 pandemic, which allowed them to accelerate their growth due to the focused collaboration with their first customer, USA Truck.
Matt discusses the complexities of managing a trucking network, including the difficulties in load acceptance, capacity management, and understanding customer contracts, which are often overlooked in traditional transportation management systems. He emphasizes the importance of accurate data in making informed decisions, noting that Freight Science’s technology focuses heavily on data quality and integration, from EDI data to driver preferences and capacity forecasts.
One of the key innovations at Freight Science is their ability to forecast demand at the lane level and match it with available capacity, allowing carriers to optimize their networks proactively. Matt also touches on the importance of driver satisfaction in this process, explaining how Freight Science considers individual driver preferences and constraints when assigning loads, ultimately aiming to reduce driver turnover and improve operational efficiency.
Throughout the conversation, Matt highlights the significance of integrating ELD data, TMS systems, and machine learning to predict and optimize freight movements. He also discusses the potential future of the industry, where smaller carriers could have better access to direct shipper contracts, reducing their reliance on brokers and improving profitability.
The discussion reflects Matt’s deep understanding of the logistics industry and his commitment to leveraging technology to solve some of its most pressing challenges.
Enjoy the episode by watching the full video below.