Vorto announced the launch of 5F, the fully-integrated transportation platform set to create more opportunities for drivers and reliable capacity for shippers and brokers.
Through the 5F platform, Vorto produces operational efficiencies for the whole trucking ecosystem. Brokers and shippers gain access to the largest platform of cross-industry owner operators. Asset owners gain networks of both owner operators to lease to and maintenance yards to manage and maintain assets, all in one place. The platform is focused on maximizing the utilization rate and earnings for drivers, while reducing cost inflation for shippers and brokers.
On Halliburton’s recent Q4 earnings call, CEO Jeff Miller said, “… in 2021, we expanded our collaboration with Vorto and now benefit from 5F, the largest integrated transportation platform in the oil and gas industry. This platform has several thousand drivers, hundreds of carriers, and a chain of asset-management yards. It allows us to effectively manage trucking inflation and availability constraints and significantly reduce logistics-related, nonproductive time.”
Low pay and inconsistent work has caused drivers to flee the industry, exacerbating existing problems within the supply chain. With massive optimization challenges and the overall shortage of resources, there’s a critical need for a true end-to-end solution. Through its user-friendly app (available for free on iOS and Android), 5F connects shippers, drivers, asset owners and infrastructure owners on a single platform. Focused on making trucking a more sustainable and consistent career, 5F “gives drivers the wheel” to create their own schedules and build wealth.
When drivers sign up for 5F, they benefit from:
- Increased Pay, Next-Day: 5F automates the overhead costs of a trucking company, which means they are able to pay drivers 92.5% to 95% of the load price versus the 75% to 80% standard of the industry. It also pays them the next day, rather than weeks later, allowing drivers to more easily manage their cashflow.
- Maximized Driver Utilization Rates: Because the app is connected to Vorto’s proprietary AI, 5F predicts the shipping demand and matches drivers with the best loads so they can make more money. Using this AI, deadhead and idle time of drivers is reduced from 50% to 10%.
“The ‘driver shortage’ is really more a function of poor utilization causing inconsistent and low income, making the industry less attractive to new generations. Since the supply chain is so dynamic, it’s impossible to manually optimize drivers’ utilization rates and incomes. As a result, they play musical chairs with carriers in search of better income, which creates significant driver churn and volatility for shippers and brokers,” said Priyesh Ranjan, CEO of Vorto. “Launching 5F is a natural extension of Vorto’s AI technology suite. By maximizing the driver’s utilization rate and income with AI, we are able to reduce driver churn and provide stable and lower cost freight to shippers. We have been able to move the same amount of freight with up to 60% less trucks by reducing deadhead and idle time for drivers.”
