Our objective was to develop an AI/ML solution that could predict the market price with an accuracy rate of over 90%, helping the client arrive at the best carrier cost and shipper price, leading to optimal margins. The client also aimed to increase the bid-win rate from 1% and to procure better carrier costs, considering lane and load attributes, while offering better shipping prices to boost gross margins per employee.

Futurism developed a novel dynamic pricing model powered by AI/ML to help predict the market price that gave maximum margin using cognition and hyper-automation. We utilized an advanced ensemble-based machine learning approach with multiple models implemented across lanes and considered relevant features. We leveraged the power of AI to reduce manual effort and time consumed in determining the market price. The solution was hosted on cloud, and the entire pipeline was automated, from extracting data from legacy systems, data quality, transformation and loading, feature engineering, modeling, to integrating with the consuming systems.

Futurism's solution predicted the carrier cost with an accuracy greater than 90%, leading to the following benefits:

• $19M annual savings with a 12% increase in prediction accuracy

• Bid-win rate increased from 1% to 3%

• Increased Gross Margin per Employee per Day (GMED) from $200 to $900 using cognition and hyper-automation