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On August 21, 2024
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Ryder points to the benefits of using AI computer-vision at warehouse yards
Ryder System (NYSE:R) updated on Wednesday on a successful pilot program aimed at automating and optimizing warehouse yards, where manual processes can hinder supply chains. The company partnered with AI platform specialist Terminal Industries on the program. The pilot leveraged Terminal's computer-vision technology to automatically index and analyze trucks and trailers flowing in and out of the warehouse yard. Since January, the ongoing pilot at a Ryder (R) e-commerce fulfillment center in City of Industry, California, has processed more than 10,000 truck detections, achieving 99% accuracy in capturing license plates and Department of Transportation numbers. "We have not seen this kind of accuracy with computer-vision technology previously, so this is a significant milestone in the race to modernize what is currently a very manual and inefficient process across the industry," noted Ryder (R) Chief Merchandising Officer Karen Jones. "It's one thing to build a text-recognition algorithm that works on static objects or in an academic setting, but it's quite another in the real world, where we're dealing with obscured license plates, handwritten DOT numbers, inclement weather, and any number of scenarios that affect visibility for cameras," added Jones. In July, Ryder (R) and Terminal launched a second pilot, using Terminal's technology on mobile tablets to auto-capture available inventory at a Ryder truck rental and maintenance facility in the Dallas-Fort Worth area.
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Ryder and Terminal Digitize Yard; Achieve 99% Accuracy with AI Computer-Vision - Ryder System (NYSE:R)
Pilot program part of co-development effort to automate and optimize warehouse yards, where manual processes can hinder supply chains Ryder System, Inc. R, a leader in supply chain, dedicated transportation, and fleet management solutions, and Terminal Industries ("Terminal"), which develops artificial intelligence (AI) platforms to digitize yard operations, announce the first successful pilot program leveraging Terminal's computer-vision technology to automatically index and analyze trucks and trailers flowing in and out of the warehouse yard. Since January, the ongoing pilot at a Ryder e-commerce fulfillment center in City of Industry, California, has processed more than 10,000 truck detections, achieving 99% accuracy in capturing license plates and Department of Transportation (DOT) numbers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240821139395/en/ Terminal's AI-powered computer-vision technology automatically indexes and analyzes identifying information from a Ryder truck approaching a guard gate during a pilot program at a Ryder e-commerce warehouse yard in the City of Industry, Calif. (Photo: Business Wire) "We have not seen this kind of accuracy with computer-vision technology previously, so this is a significant milestone in the race to modernize what is currently a very manual and inefficient process across the industry," says Karen Jones, CMO and head of new product development at Ryder. "It's one thing to build a text-recognition algorithm that works on static objects or in an academic setting, but it's quite another in the real world, where we're dealing with obscured license plates, hand-written DOT numbers, inclement weather, and any number of scenarios that affect visibility for cameras." To compensate for common errors in recording this data, Terminal's computer-vision technology uses machine learning by adding incremental knowledge to continuously improve. And integration with third-party databases provides full vehicle profiles beyond what cameras can see. "We are building the language of the yard," says Max Constant, CEO of Terminal. "Ryder's data is a gold mine for training. Most people believe more data is the answer, but it's really about having the right data - the noisy, real-world data. That's a major key to developing our core technology, so we can leverage this powerful tool - not just for one use case but across a broad range of applications to optimize yard operations in ways not yet evident in the industry." In many yards today, operators manually record license plate, DOT, and trailer numbers; ensure trucks have appointments and are hauling the correct trailers; and keep accurate inventory of available vehicles. This manual process can lead to bottlenecks, delays, increased driver and labor costs, and idle assets. According to the American Trucking Associations (ATA), trucks move more than 72% of all freight by weight, equating to more than $10 trillion annually. Yet, Terminal estimates that more than 90% of yards lack the technology to operate efficiently, costing the industry up to $146 billion each year. "While there are many emerging players and technologies focused on solving specific pain points, Max and his team see a much bigger picture. Ryder shares that vision, and we look forward to exploring the areas where we can leverage Terminal's core technology to bring that value to our customers," adds Jones. In July, Ryder and Terminal launched a second pilot, using Terminal's technology on mobile tablets to auto-capture available inventory at a Ryder truck rental and maintenance facility in the Dallas-Fort Worth area. Last summer, Ryder's corporate venture capital fund RyderVentures participated in Terminal's seed funding round which raised a total of $31 million. About Ryder System, Inc. Ryder System, Inc. R is a fully integrated port-to-door logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, contract manufacturing and packaging, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, nearshoring solutions, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world's most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 250,000 commercial vehicles, services fleets at 760 maintenance locations, and operates nearly 300 warehouses encompassing more than 100 million square feet. Ryder is regularly recognized for its industry-leading practices; technology-driven innovations; corporate responsibility; environmental management; safety, health and security programs; military veteran recruitment initiatives; and the hiring of a diverse workforce. www.ryder.com About Terminal Industries Terminal Industries develops novel AI platforms that digitize the yard. Terminal is headquartered in Austin, Texas, with offices in San Francisco and UK. www.terminal-industries.com Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to Terminal Industries and the current and future capabilities of artificial intelligence ("AI") and other related technologies, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. ryder-org View source version on businesswire.com: https://www.businesswire.com/news/home/20240821139395/en/ Market News and Data brought to you by Benzinga APIs
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Ryder System, Inc. implements AI-powered computer vision technology in warehouse yards, achieving 99% accuracy in asset tracking and significantly improving operational efficiency.
Ryder System, Inc., a leader in supply chain and transportation management solutions, has made significant strides in revolutionizing warehouse yard operations through the implementation of artificial intelligence (AI) and computer vision technology 1. This cutting-edge approach has resulted in remarkable improvements in efficiency and accuracy, setting a new standard for the industry.
At the heart of Ryder's innovation is the use of AI-powered computer vision, developed in collaboration with Terminal, a technology company specializing in logistics solutions 2. This technology has enabled Ryder to achieve an impressive 99% accuracy rate in tracking assets within their warehouse yards, a significant leap from traditional methods.
The implementation of this technology has brought about a transformation in how yard operations are managed. Key benefits include:
Ryder reports substantial cost savings and efficiency improvements as a result of this technological integration. The company has seen:
The success of Ryder's AI-powered yard management system is likely to have far-reaching implications for the logistics and supply chain industry. As companies increasingly seek ways to optimize their operations and reduce costs, Ryder's approach serves as a compelling case study for the potential of AI and computer vision in transforming traditional processes.
Looking ahead, Ryder plans to expand the implementation of this technology across more of its facilities, further solidifying its position as an industry innovator [1]. The company's success with this initiative may well spark a wider adoption of similar technologies throughout the logistics sector, potentially reshaping the landscape of warehouse and supply chain management in the coming years.
Ryder System, Inc. has acquired Pit Stop Fleet Service, a mobile maintenance provider, to enhance its fleet management solutions and expand its geographical reach.
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