Flexport: Silicon Valley’s Solution To Supply Chain Chaos

Flexport: Silicon Valley’s Solution To Supply Chain Chaos | Forbes

Рет қаралды 67,877

Күн бұрын

Flexport owns no trains, planes or ships of its own. But as one of the fastest-growing players in a space called digital freight forwarding, Petersen’s eight-year-old company is already the world’s seventh-biggest buyer of cargo room on such trans-Pacific routes. Pretty much any Asia-bound ship will have at least a container or two filled with California almonds or auto parts put there by Flexport’s software.
Backed by some of Silicon Valley’s most prominent VCs and tech billionaires, including Peter Thiel’s Founders Fund, Yuri Milner and Masayoshi Son, Flexport was founded in 2013 to automate paper customs forms. It now does much more, helping customers like Georgia-Pacific (Brawny paper towels, Angel Soft toilet paper), plumbing fixtures maker Gerber and speaker maker Sonos handle all the headaches of shipping inventory from factory to warehouse to store. Flexport’s software analyzes and optimizes a customer’s supply chain, then automates it, often coming up with ways to shave days off delivery and save customers millions in late fees. Flexport’s centralized tracking and messaging cut out thousands of emails, saving clients an average of four work hours per week. For a price, Flexport will even offset their carbon footprint.
Shipping is a huge pond. Global spending on logistics reached $9 trillion in 2020, about 11% of the world’s gross domestic product, according to consultancy Armstrong & Associates. Third-party logistics, of which freight forwarding is a big part, amounts to nearly $1 trillion. In the U.S., it’s a $230 billion business, good for 1.1% of national GDP. Demand is at a record high-global trade volumes rose 8.3% in 2021, according to Allianz subsidiary Euler Hermes. Americans spent 20% more on goods last fall than in February 2020.
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Пікірлер: 90

@projekts5047 2 жыл бұрын

Yo Forbes, can u start explaining some of the solutions that these companies you guys feature are offering? So we can really understand the value creation and look more into it. High level "x company is solving y problem" is not that useful

@Akazainul 2 жыл бұрын

Why do that when you can profit from trendy buzzwords and catchy titles

@projekts5047 2 жыл бұрын

@@Akazainul Yeah like they just make one headline into a video. Like it’s nice to see the founders and I’m not skeptical about the success of the company because that is verifiable. But there’s nothing actually explained. About how exactly, even a small example of a solution the company is offering

@gumpybugger1843 2 жыл бұрын

@@projekts5047 basically, a classical example of Muskie Vapourware.........

@iamju1212 2 жыл бұрын

My thought exactly. Without it, the video feels like paid ad.

@edenbh3609 2 жыл бұрын

Flexport is not solving anything Dont believe me check yourself . They are more expensive than traditional fright forwarders. Its a joke how they brand it as high-tech

@kerrymoy5104 2 жыл бұрын

Very interesting! Thanks for sharing.

@uxbykilian3148 2 жыл бұрын

He sounds like and somehow looks like Tony Robbins, great company.

@davecollins1998 2 жыл бұрын

Fascinating

@jleigh404 2 жыл бұрын

I have been in the logistics industry for 24 years and have crossed paths with Flexport. Alot of fluff supported by investors bells and whistles with a very under experienced staff. They glorify themselves through marketing and includes mostly employees with masters degrees in anything but supply chain. Hot air. Never trust a start up that is based on investor backup only and really seek out industry expert professionals, and company’s that have zero to little outsourced funding and have true growth based on performance. Flexport truly needs to get more experienced staff and higher ups, the supply chain industry is one that is very easy to fake it until you make it, but that can only go so far. Also this Forbes article explains nothing about the actual supply chain issues and how they, well HE, self proclaimed hero plans to fix it?

@punspanini 2 жыл бұрын

I mean you call them nothing while they are on track to make $ 5 Billion in profits with more than a billion dollars cash. At the same Amazon's Consumer chief is now joining as the new CEO. I'll say they are doing pretty great for a company being called "fluff supported by investors"

@jleigh404 2 жыл бұрын

@@punspanini how much do they owe investors?

@CarlosMendez003 5 ай бұрын

You do know that freight forwarders (at least in the U.S.) have made record profits in the past 4 years.

@SubscribeSamriddhi 4 ай бұрын

Can you please now explain the condition? How's it according to your last 1 year verdict vs now

@22fdominguez 2 жыл бұрын

What is the difference between this and a Port Community System? Seems like they are literally doing the same thing. Integrating all logistic parties into a more automatic way of exchanging information, to have a more efficient flow of data and cut on time and costs...

@rajinair5223 2 жыл бұрын

Very nice 👌

@chetanesque158 2 жыл бұрын

yea, funding from Silicon valley, you say?? that needs to be promoted!! the whole world doesn't know what to do with shipping industry, the whole world is waiting for you-- you are the One! the one who will set things in order!!!

@amaarmarco530 2 жыл бұрын

Sure thing honey ,they need a promotion to you to be be successful , that's why they've about 2 Billion in Funding in about 7 years , You know what does that tell yeah ? it tells yeh* that they're PRETY Famous with Shipping/logistics companies already , you Know THEIR Customers .#think be4 u speak dumdum

@RayfilWong 2 жыл бұрын

🚀 More effective for Forbes to share 30 second elevator pitch of Flexport to a high schooler so we understand the pain point being solved and solution.

@BillMcK Жыл бұрын

It starts and ends with end to end visibility/transparency.. tons of potential as these tech solutions continue developing

@AxebpoIndia Жыл бұрын

True, Supply chain is in chaos. Working with experts like Flexport helps. Additionally with expert back office support specialising in Forwarding / Logistics business..it becomes much easy to manage.

@ugochukwuharbor5519 2 жыл бұрын

Quite genius!

@kunalmandhare3144 2 жыл бұрын

Wait how is this company different than the likes of Kuehne + Nagel? Which has been doing the exact same thing for years now.

@amaarmarco530 2 жыл бұрын

Customer Focus is different dum dum , this question is like asking , wait , how a Lambo is different than a Ford ? , Ford has been doing it For YEARS , The Customer Focus is Different sweet-heart , Focus dum dum.

@jleigh404 2 жыл бұрын

Flexport is technically a carrier that provides transportation for companies like Kuehne and Nagel and NVOCcs and BCOs. I watched them since start up, they basically started with smaller customers that are usually geared towards what Americans would think is a cool new customer, which barely pays the bills, and just rely on investors. Their growth happened fast because they are masters at on boarding investors and blowing up media outlets like LinkedIn and Twitter. In this industry you cannot survive on investments only.

@nickcoverdale6126 Жыл бұрын

@@amaarmarco530 Hi you don't have clue , you are the dum dum

@jasperyildirim5108 2 жыл бұрын

Paid advertisement more so than a revolutionary firm

@amaarmarco530 2 жыл бұрын

it doesn't matter, if they deliver then they deliver , And they Do .

@jasperyildirim5108 2 жыл бұрын

@@amaarmarco530 they do 90% of what a normal freight forwarder does they claim capabilities beyond their scope in the Logistic industry… for me it matters

@amaarmarco530 2 жыл бұрын

@@jasperyildirim5108 " claim capabilities beyond their scope" , Example ?

@jasperyildirim5108 2 жыл бұрын

He mentions using technology to Increase throughout via machine learning… there are technology that does this. Ports don’t use freight forwarder data for this they using shipping line data with their Terminal Operating Systems notably Navis4. Freight forwarders won’t have any impact on such use of tech. Also the reason innovation is stifled in US ports is due to union push back of automation or semi-automation. If you are in the industry you’d understand he’s mentioning sensitive touch points of an industry where freight forwarders don’t have too much input but markets them as matters they are solving. Flex port just built interfaces to include the typical customs, financing, and insurance services/products for their customers

@devalux43 2 жыл бұрын

Welcome Dave clarke

@randyc9700 2 жыл бұрын

Don Henley- New York Minute

@AtillatheFun 2 жыл бұрын

I am going to use my amazing data analysis skills (being a BBA Finance major with tons of time in excel) to totally revolutionize an industry like this dude. I am going to optimize air travel by placing people onto other peoples laps. The data analysis comes in cause we are gonna have one dude at the front of the plane guessing peoples weights and I have to put those estimates into an excel sheet and pair people up accordingly. Can I have an interview now forbes? Also forbes is going through some shizz rn cause their crypto security expert just got arrested for laundering stolen crypto. GG

@Munni712 2 жыл бұрын

Where is the solution?

@gumpybugger1843 2 жыл бұрын

not with these idiots.......we are going to have wait until things naturally set down and shake themselves out.....not gonna happen over night.....far too many factors in play worldwide right now.

@MrLlcoolveer 2 жыл бұрын

The old V.O.C stock mentality ✌ Like the Eindhoven Brainport, very wise 👌

@JashJacob 2 жыл бұрын

What's new? sounds like a PR video.

@Virtualvinyilradio 2 жыл бұрын

The video starts after 5 minutes. Bunch of fluff.

@youmeandeveryone5893 2 жыл бұрын

I just wanted to know, how I can participate in this innovation? Who to show innovation?

@madelynperez7283 2 жыл бұрын

As someone who works in supply chain/freight forwarding, I can say this: flexport is not doing anything different than what other major FFs are doing. Most have the same customer facing software that Flexport loves to boast about. & from I’ve seen, their data is not really all that automated. They still rely on data entry teams, so essentially it’s the exact same product, just marketed differently…. None of which is worthy of a video. This just seemed like one big ad!

@Virtualvinyilradio 2 жыл бұрын

Exactly- so it’s an online TMS. we get it, everyone has one.

@joramkallai8636 2 жыл бұрын

I totally disagree, your viewpoint is too narrow and not of the perspective of the customer. As a business owner who imports over 100 TEU annually their way of doing business is a gift from heaven and the simple dashboard with overview and instant acces and overview of the situation that you can share with other team members and suppliers saves up a lot of time and is truly a relief. Modern fighter jets can share data and radar data instantly as the jets can link their data and share their radar contacts. Flexport does the same. Any fighter jet going into an air to air fight without a radar data link will be at a disadvantage. This is because the fighter pilots would have to verbally communicate the data to share it vs having it on display instantly. Even if the data is not automatically pulled from a source, the overview and the reasonable accuracy of the data is the main point. The availability of all this data saves time and you can make immediate and effective supply chain decisions.

@amandalee2856 2 жыл бұрын

Next WeWork for sure. I work with several companies that do this, so not sure what this video was about.

@GabrieleLazzati Жыл бұрын

This looks like a bigger bust than we work

@hayinka7691 2 жыл бұрын

Bezoz will probably acquire this

@maxverdi4007 2 жыл бұрын

Is it really solving supply chain issues? Or is it part of the supply chain issues? Last I checked Flexport is not a new company and freight forwarding hasn’t changed much since they came on the scene. Just another Silicon Valley company promoted by their own.

@romanerrandonea7791 2 жыл бұрын

Hola, soy el CEO de Elexion, una plataforma de intermediación de información. ¡Estamos interactuando con personas en Silicon Valley para conocer los problemas emergentes al comunicar esta información a los empresarios latinoamericanos para que ellos selecionen que problemas desean resolver. Si eres ciudadano de silicon valley Nos gustaría saber los problemas que se están dando. Escribenme!

@BigDataLogin 6 ай бұрын

wow

@edwinbrace4681 2 жыл бұрын

Flexport is not doing anything new, companies outside the U.S do this much much more effectively

@ryank3281 2 жыл бұрын

So what is Flexport?

@YassineChakik 4 күн бұрын

a freight forwarding company

@Only4hands 2 жыл бұрын

We need robots at the port to unload from the vessels faster. Just like Rotterdam and Shanghai.

@Virtualvinyilradio 2 жыл бұрын

This is a better solution than this video.

@williamhoward5100 2 жыл бұрын

Yes American infrastructure is behind other parts of the world. It’s all about those long shore man jobs

@gumpybugger1843 2 жыл бұрын

@@Virtualvinyilradio the video is a joke.......just another Musk like joker....talks a good game, sound cool.....but in the end, he like Musk are only talking out their asses.

@gumpybugger1843 2 жыл бұрын

@@williamhoward5100 nope, while I agree both the Canadian and US infrastructures could use massive overhauls, the issue isn't that this time, it a capacity crunch with both road and rail cargo haulers......there is just way too much freight to be moved and severe lack of drivers, trucks, and trailers. As for rail, they can only run so many trains on their lines and pull so many containers per train.....many rail lines are at or near full capacity.

@snowbee4991 2 жыл бұрын

What's the innovation in carbon emission reduction and waste management

@PBurns-ng3gw 2 жыл бұрын

Hey Morty, we need to **burp** we need to make money off this supply chain crisis, Morty. It's all over the news, Morty, but here's the **burp** here's the thing, I paid Forbes to film a story about my shitty idea, even though I don't even know what it really is, Morty. Machine Learning, Morty, that's what I told them, Morty, lots of opportunities in this industry. Machine Learning, AI, whatever, I feel like other companies have already been doing this for decades, but **burp** but the people who keep throwing me money don't know that yet, Morty.

@jasperyildirim5108 2 жыл бұрын

Underrated comment

@Tzars 2 жыл бұрын

I learned absolutely nothing from this video and was 🤬 after it ended for wasting my time

@saicaminc 2 жыл бұрын

Flexport will fail. Major steamship lines are blocking them since they are not taking contracts from freight forwarders. Silicone money is dumb money 70 percent of the time.

@paulxing8402 2 жыл бұрын

Nothing new , just a company invested by venture fund and still doing same things as other freight forwarders, just more digitized .

@TheThriftShopSampler 2 жыл бұрын

This guy should replace Secretary Buttigieg.

@kurochi89 2 жыл бұрын

Is it helping or do they just want in on the money to be made during this. These companies have zero incentive to change anything with all the money they are earning fro this whole thing. Like the oil companies. They claim they have to due to Russia but they are making historic earnings. They are all more likely hoping this keeps going like this for as long as possible so they can make as much money as they can. The rich keep getting richer and the poor keep getting poorer

@FilipeSilva1 2 жыл бұрын

Sorry. This is clear BS

@amaarmarco530 2 жыл бұрын

Why again dum-dum ?

@gumpybugger1843 2 жыл бұрын

@@amaarmarco530 coz it is....in fact I would go so far as to say as BS goes, it is PhD level BS.....piled higher and deeper........but what do I know....I've only 30 some years in the transportation and logistics industries.

@lashlarue7924 Жыл бұрын

So... they have an attractive UI? I utterly fail to understand the value-add. This company is all fluff and zero substance. I did hear a lot of kewl buzzwords though... 🤔

@KusalMunasinghe9211 2 жыл бұрын

Its nothing but rambling about 'oh how old Shipping industry is' ' after pandemic everything takes too much time' blah blah, where da F is the solution ? useless video.

@MGP_2024 2 жыл бұрын

Companies are using digital twins, artificial intelligence, information systems to make progress in scm

@amaarmarco530 2 жыл бұрын

in everything hun hun , and by the way , the AI is actually most of the time delivered by HUMAN observations to Search/Collect/Find a specific piece of into that they can improve on , Smart people are always going to make a difference ,regardless of industry.

@jackryan5268 2 жыл бұрын

Is he on drugs?

@goyakat2211 2 жыл бұрын

🦄🦄🦄🦄🦄🐃💩

@drewh3224 2 жыл бұрын

Are you advertising for Flexport? If it is so good at the logistic, why are we still having clogging of the supply chains and logistic? The answer is right under your pants!!

@amaarmarco530 2 жыл бұрын

yeah , because they RUN And OWN the World Trade system right ! , the losers , #You

@chaseberry6992 2 жыл бұрын

@@amaarmarco530 obviously, amaar works for flexport. Stop standing up for a trash forwarder like flexpoor

@gumpybugger1843 2 жыл бұрын

@@amaarmarco530 no, not losers......scammer most likely, but not losers...the real losers are the poor fools who not only buy into this BS, but invest good money into it.

@amaarmarco530 2 жыл бұрын

@@chaseberry6992 Poor losers ? Honey , it seems that you're not familiar with the hedge-fund space , they raised about a Billion last month , Now they are up to 2.3 Billion in funding , After you cross the 2-3 million dollar mark honey , there is no "Poor" person giving you money any money if ANY , Why ? Because at that point mid-to-big size Funds start to take notice and approach you personally to give you Capital , And I don't know about the mid ones, But Big Funds are usually ones who have 100M$ and more JUST for investments , Again JUST for Investments , Not operations , Management or Any Expenses.

@amaarmarco530 2 жыл бұрын

@@chaseberry6992 nah I don't , but its really hard to see some people wishing bad for a guy who built his company from SCRATCH in eight years , Not just that , its really hard to see delusional people not accepting that the judge for any product/service is usually the MARKET for that product/service , ie: if people are asking more of your Services , your growing And more people giving u Capita to grow and Vise-versa.