Disrupting Indian, Middle & South East Asian logistics sector, the Unicorn aims to achieve 100x data points in years to come
Disrupting the world of logistics with Big Data, Data Analytics and Internet of Things, LogiNext has achieved a mighty milestone of amassing 200 million Data Points within the first two years of its existence. A proud member of the highly coveted Unicorn club for startups, LogiNext achieved this feat by collating data from its 5 most prominent SaaS products, whilst adding value to different industry verticals by optimizing their logistics.
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.
Simultaneously, owing to the growth in their clientele with diverse requisitions, 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. Starting with a mere 4 customers upon their inception in 2014, the company grew to host 41 clients in 2015, finally having a diverse customer mix of 638 clients by 2016.
Speaking about the achievement, Manisha Raisinghani, Co-Founder and CTO of LogiNext Solutions said, “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. Within the next financial year, we aim to achieve 100x data points, spread across the globe.”
The five advanced softwares offered by LogiNext have fueled the growth of data. 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%.
The enormous data and its subsequent correct analysis have been instrumental in solving inaccurate ETAs, delay predictions, route optimizations and optimum capacity planning of shipments and fleets. As it gets easier for LogiNext to collect data, they are able to analyze multidisciplinary operational problems and develop apt algorithms to solve them. Furthermore, the same allows the company to generate different reports for the clients to analyze every single shipment leaving the deck. The same shall allow enterprises to compare their performance as against the competitors or industry standards, further optimizing the resources. LogiNext further plans to achieve 100x data point by the next financial year, hence making an impact on the global supply chain and logistics industry.