Launch of Reasons For Delay AI Insights

RNS Number : 0576Q

Windward Ltd.

16 February 2023

 

16 February 2023

Windward Ltd.

("Windward", "the Company")

Launch of Reasons For Delay AI Insights For Supply Chain 

New capability leverages AI to provide customers and partners with additional ETA insights into supply chain delays, empowering stakeholders to mitigate the impact and take action.

Windward (LON: WNWD), the leading Maritime AI company, announces the launch of additional ETA ("estimated time of arrival") Insights and will now provide the reasons for delay of shipments. This new AI capability is included in Windward's Ocean Freight Visibility (OFV) solution, initially launched in February 2022,  and automatically provides customers with actionable visibility to mitigate the impact of delays and improve internal and external business operations.

Supply chain woes over the past few years have propelled the digitalisation of the supply chain industry, and maritime visibility has become widely accepted as a critical capability. Despite the recent improvement in ocean freight reliability, over 40 percent of shipments¹ are delayed, with 25 percent of these delays being due to complications during transhipment, and 19 percent due to rollovers caused by carriers who regularly overbook their capacity, relying on delayed deliveries to their Point of Loading (POL).

Windward's models, developed by maritime and AI specialists, are specifically trained to understand the multitude of factors affecting the movement of goods at sea. Using Deep Learning (DL) models, Reasons for Delay will automatically provide the cause of any shipment delayed by three or more days.  This allows supply chain partners - including logistic service providers, freight forwarders, cargo owners, shippers, container ports, terminals, liners, and more - to take the next step and utilise the actionable insights, to make more well-informed, fact-based decisions, and provide accurate updates for both internal and external stakeholders.

Windward's Reasons for Delay is an added capability on the Company's OFV solution, which offers Maritime AI Predicted ETA. This tool utilises robust datasets and behavioural models to provide accurate ETA predictions and real-time visibility into container and vessel journeys, enabling users to better predict, plan, and proactively mitigate supply chain risks. The Reasons for Delay capability identifies three types of reasons for delays: rollover, transhipment delay, and late departure, and will be available to existing and prospective customers via Windward's web application, Ocean Freight Visibility API, and daily email updates.

Ami Daniel, CEO and Co-Founder of Windward said:

"Visibility is critical to the supply chain. Knowing your shipment is delayed is a necessity, but knowing why your shipment was delayed empowers customers to take action and minimise the business impact of delays.

"The new AI-based iteration of visibility is actionable, and Reasons for Delay is Windward's next step to provide stakeholders with the tools to increase efficiency and decrease cost when it comes to their shipping operations."

¹ https://www.sea-intelligence.com/press-room/185-schedule-reliability-continue-its-upwards-trend  

For more information, please contact:

Windward Ltd.	Via Alma PR
Irit Singer, CMO
Canaccord Genuity (Nominated Adviser & Broker)	[phone]
Simon Bridges / Andrew Potts
Alma PR	[phone]
Caroline Forde / Kieran Breheny / Pippa Crabtree

About Windward

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange, is a leading Maritime AI company, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/.

Reach

This is a Reach announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Company's performance. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

 

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