Heale Labs plans incentives to data sharing
The logistics industry has traditionally struggled with effectively managing and utilizing data.
In an interview with FreightWaves, Todd Haselhorst, founder and CEO of blockchain startup Heale Labs, highlighted the problems he experienced in data management in his past supply chain work.
“We spent 35% of our budget just focusing on integrations, and we had all of these different data formats. … It was becoming very expensive for us to deal with different data standards between systems and was taking away valuable resources that could otherwise be used for innovation,” he explained.
Heale is addressing these problems through its platform, which connects systems, standardizes data formats and incentivizes the sharing of complete and accurate data sets.
Haselhorst said the key to Heale’s innovation is tokenized incentives. Users will download a digital wallet that integrates into their existing transportation management and enterprise resource planning system and when a shipment is created and added to the Heale network, the technology will collect and add that shipment data to the master shipment record.
Once the shipment is completed, the platform determines whether the users qualify to receive rewards from the network based on their actions and the data shared from the shipment. Rewards will be distributed via the digital wallet.
“We incentivize best practices during the shipments and sharing accurate data,” he said. “We reward [data providers] for the data cleanliness, paying bills on time, using electronic bills of lading and other practices. Ultimately this increases profit by eliminating errors, theft, fraud and waste from the shipment lifecycle.
The company’s incentive structure could motivate long-needed changes to address issues around data quality and security.
If the industry can solve these foundational data issues, it will open up new possibilities for advanced technologies like AI to optimize operations.
“We currently have partnerships with transportation management systems and brokerages that generate almost $2.3 billion in transactions, and we plan to launch the beta this summer. Once the network launches, that is when all of that shipment data will come into the network,” said Haselhorst.
Princeton TMX partners with Loop
Multimodal transportation management system Princeton TMX recently announced it has partnered with fintech platform Loop to enable shipper customers to audit their supply chains for improved procurement and planning.
“Loop adds a layer of financial management and audit capabilities. It benefits shippers through its AI-driven approach to audit and payment, ensuring accuracy in billing, reducing overpayments, and enhancing financial oversight in transportation,” Princeton TMX CEO Mark McEntire told FreightWaves.
McEntire explained that for now, the two products will not be integrated but will work in complement to each other.
This complementary partnership will automate cost allocation, identify cost savings opportunities, simplify exception management and automate general ledger coding for financial adherence.
“This partnership will set new industry standards for shippers regarding efficiency and financial management within transportation and logistics. It will enhance the competitiveness of Princeton TMX’s services in the market by offering current customers a wider range of tech-enabled solutions that address both operational and financial aspects of transportation management,” said McEntire.
McEntire joined Princeton TMX in September to improve the company’s existing technology and advise its growth strategy. Before joining the company, he spent 35 years in the industry working at J.B. Hunt Transport Inc., Penske Logistics, Transplace and Emerge.
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