Overhaul, the global leader of in-transit supply chain risk management, has officially confirmed the acquisition of FreightVerify, an end-to-end supply chain visibility platform best-known for its precision in the context of solving complex logistics challenges across markets such as automotive and healthcare.
According to certain reports, the combined organization will unlock for its users a comprehensive, intelligence-driven platform, designed to help global brands achieve warehouse-level control over goods in motion, and therefore, protect supply chains from delays, while simultaneously enabling customers to act before disruption hits.
For better understanding, the importance of these solutions becomes even more pressing when it comes to high-consequence cargo across the high-tech, consumer, automotive, healthcare, and life sciences industries.
“The auto parts business is extremely competitive,” said Darren Anderson, General Manager at Lehmer’s GMC in California. “The way you differentiate yourself in the part business is having parts on hand and maintaining your inventory turn so you are not stocking parts you don’t need but always have the ones you will need on hand. FreightVerify’s PartView allows us to track the part so we can give an accurate expectation to customers as to when it will arrive so we can perform a repair. This is critical to providing great customer service.”
Talk about what made FreightVerify an ideal candidate for acquisition, the answer resides in its advanced platform, which effectively facilitates item-level tracking, down to individual products, SKUs, and attributes.
The stated platform has, markedly enough, tracked over 100 million shipments and engages 70,000 monthly active users, ranging from executives to frontline operators. The platform’s value and usability is also in the process off strong adoption, already deployed by six of the world’s largest automotive manufacturing companies.
To further contextualize the importance of such an effort, we must take into account how, going by Guidepoint’s word, over half of the 100 surveyed manufacturing, retail, and shipping companies have experienced material implementation delays and cost overruns when adopting legacy visibility solutions.
“The market has evolved, and the next generation of supply chain solutions needs to address not only in-transit risk but also connect to the impact on inventory outcomes and customer experience,” said Barry Conlon, Co-Founder and CEO of Overhaul. “Our approach ensures any delayed shipment can be linked to its contents to proactively prevent and act against downstream issues that would disrupt factories, stores, and customer orders. This acquisition doubles down on Overhaul’s commitment to delivering actionable solutions,” says Conlon. “It’s precisely the kind of effective, uniquely capable investment we’re excited to make.”
In case that wasn’t enough, FreightVerify is also facilitating inventory control and optimization in the healthcare industry. You see, the company’s solutions now make it possible for statewide U.S. healthcare systems to track critical supplies, both in motion and static, across warehouses and medical facilities, all for the purpose of increasing utilization, cutting costs, and scaling up patient care.
FreightVerify’s tools are even used by medical device companies to ensure timely delivery of implants for surgery, improve billing, reduce waste, document chain-of-custody events, and at the same time, recycle instruments for reuse.
As for the Overhaul’s future plans with its recent acquisition, they include unifying FreightVerify’s complementary capabilities, talent, and technology to deliver even greater value for customers. The idea here is to help global shippers and manufacturers in the context of availing deeper control over inventory in motion, manage risk proactively, and meet rising customer expectations.
Making the given development even more important would be Overhaul’s own stature.
Founded in 2016, Overhaul’s rise up the ranks stems from in-transit supply chain risk management platform, which effectively combines real-time data, contextual intelligence, and actionable alerts to prevent disruption or loss. This involves leveraging a device-agnostic approach and deep expertise in cargo security, compliance, and logistics to bolster outcomes.
Overhaul’s excellence in what it does can also be understood once you consider it is currently trusted by the likes of Microsoft, Bristol Myers Squibb, CEVA Logistics, and Arvato.
“FreightVerify’s solutions are dramatically transforming how medical devices and healthcare supplies are managed. The benefits are huge and accrue to healthcare providers, device manufacturers, and patients” said David McGuffie, President at FreightVerify.
