E198 ‘The New AI Era of Freight Management’ with Prodensus’ Frankie Bates

Today’s guest is Frankie Bates, CEO and Co-Founder at Prodensus. In the podcast, Frankie delves deep into the birth of his groundbreaking company, Prodensus, highlighting the innovative strides and the challenges of operating within the freight industry.

Frankie’s entrepreneurial journey began eight years ago amidst a challenge that many would deem insurmountable – merging an extensive Excel spreadsheet with 11 million rows of data. Faced with this complex problem, Frankie returned to his academic roots to explore machine learning. This educational endeavour transformed into real-world outcomes, as Frankie spearheaded a project harnessing machine learning to manage untenable data tasks.

The genesis of Prodensus, co-founded with Noel McGlynn, combines industry knowledge with a vision to revolutionise freight negotiations. Together, they tackle the inefficiencies of data management in freight, leveraging their skills to build a company capable of addressing these critical needs.

Frankie also emphasises how paramount accurate data is. He cites a cautionary tale about a major U.S. retailer that suffered a significant financial setback due to hidden errors in freight data. This example underscores the immense stakes associated with precision, as freight plays an integral part in the trillion-dollar logistics industry.

Prodensus’s impact is undeniably noteworthy. By alleviating the hefty burden of spreadsheet data management and interpreting complex freight contracts, they provide clients with significant labour cost savings and a clearer business strategy. However, as Frankie admits, the evolution of AI in data processing demands continual adaptation and innovation. His team tackles this challenge with a fail-fast approach, experimenting with various AI models to find the most effective solutions.

Frankie’s enthusiasm for technological advancement is evident, yet he acknowledges the diversity within his team. Not everyone shares the same passion, but having individuals who are technology-driven helps keep the company at the forefront of industry developments. Frankie stresses the value of those team members who actively engage with current technologies and trends.

Their efforts and adaptability were recognised when Prodensus won at the National Startup Awards. Marking a pivotal moment in the company’s growth, the award endorsed their shift towards AI data solutions and bolstered team morale, validating years of intricate work and algorithm development.

Concluding with future trends, Frankie discusses the significant global disruptions and evolving dynamics in logistics, such as the importance of optionality. With the increasing availability and cleanliness of data, companies are now looking for various strategic options rather than one-size-fits-all solutions. This flexible approach is projected to be a major trend influencing supply chains worldwide.

In conclusion, Frankie showcases the transformative journey of Prodensus and provides a glimpse into the potential future of the freight industry, a sector characterised by innovation and strategic adaptability.