Logistics firm LogiNext Monday said it has amassed more than 200 million data points by serving 638 customers by using big data, data analytics and internet of things. In the process, the company also traveled 3.6 million kilometers and saved more than $18 million of its customers money.
Its not a mean achievement if executed in just two years since inception. The company started with a mere 4 customers in 2014, that grew to 41 clients in 2015, finally having a diverse customer mix of 638 clients by 2016.
Since collecting data has always been a herculean task, LogiNext’s first plan of action included optimizing long haul routes. However, that yielded fewer data points for the company’s advanced software to analyze and LogiNext was thinking to invest in manufacturing telematics devices, in their bit to collect more data. Realizing the limitation of manufacturing devices in collecting data was the breakthrough for LogiNext. Subsequently, the company channelized its resources in creating an IoT platform carrying the potential of supporting 100+ hardware and sensors.
LogiNext started building other products, including first mile, last mile, on-demand, reverse and workforce management. This contributed towards the exponential growth of the data points for LogiNext, as they made a giant leap from 2 million data points in 2015 to a whopping 200 million, whilst allowing LogiNext to optimize movements more efficiently.
“We are extremely delighted, having accumulated over 200 million data points in the short time-span of 2 years. The success further propels us to further enhance the reach and accessibility of SaaS products, while cracking new algorithms and improving the existing solutions,” said Manisha Raisinghani, Co-Founder and CTO of LogiNext.
“Within the next financial year, we aim to achieve 100x data points, spread across the globe,” she added.
The five advanced software offered by LogiNext have fueled the growth of data, the company said in a statement.
These modular and configurable softwares offers features such as Real-time tracking, Real-time route planning, and Big Data Analytics. While these solutions provide the exact coordinates of anything or anybody moving in the entire supply-chain dynamic, the data for such solutions comes with the frequency of a data point in 30 seconds for the company. Furthermore, the company has created several geofences across the country, including cities, areas, hubs, and routes, to get the right data for completing the micro-level analysis.
By further processing the data collected, LogiNext is helping its partners and associated save millions of dollars and eradicate operational hassle of any sorts. Until now, by analyzing a vast pool of millions of data points, LogiNext has been successful in saving travel of 3.6 million kilometers, further resulting in saving USD 18 million for companies from different industry verticals and optimizing resources by approximately 10%.