- Vector, a new standalone company, builds on the success of the truck freight contracting app platform launched in 2020, offering its services to other companies.
- Vector’s app has proven ability to contribute to improving truck drivers’ productivity by reducing idle time.
São Paulo – May 6, 2021 – Bunge, a world leading agri-food company, and Target, a South American logistics and technology solutions provider, are partnering to form Vector, a new enterprise focused on digitizing truck freight hiring and other services in Brazil. The two companies successfully collaborated in the creation of the freight contracting app Vector, launched last year and used in Bunge's operations in Brazil. Named after the app, the new standalone company will now offer the platform’s logistics services to other companies. Vector can help increase drivers’ productivity by mapping logistics flows and process integration to finding synergies that reduce idle time for them while reducing logistics costs for companies.
Vector’s platform is the only tool of its kind that integrates with the shipper’s operating system, communicating with the loading and unloading locations. This allows the scheduling of freight as well as the distribution of all the transport documents, ensuring loads for drivers without the need for contact between the parties. The tool also eliminates a physical step since the loading order is issued digitally at the time the freight is accepted by the app.
"Based on the data we have since the app launched, we know that the tool not only creates efficient collaboration between companies and drivers, it also improves truck drivers’ quality of life. We will work to ensure they are able to schedule more trips and increase their productivity," explains Javier Maciel, CEO of Vector.
In the year since it launched at Bunge, the Vector app has digitized nearly the entire process of contracting truck freight for the company, which moves about 25 million tons of grain a year in Brazil. Today, the app accounts for 97% of the volume that Bunge transports by road in Brazil. The tool has registered 48,000 truck drivers and has organized 557,000 trips, with 57,500 downloads and US$ 480 million in freights payments.
"We are leading a digital transformation movement in our core business and we needed a solution that went far beyond a simple freight shop window, one that would support us in automating interaction with our logistics partners. The combination of Bunge's scale and in-depth knowledge in commodity handling with Target’s experience in service, agility and responsiveness were essential for creating the successful Vector app, which has now become an independent company," says Makoto Yokoo, Bunge's Logistics Director.
Vector’s corporate structure requires it to accept other large shippers as partners. The company also plans to offer owner/operator drivers and small transport companies access to more competitive costs for products such as automotive parts, or maintenance services, including finance for working capital, cargo insurance, and payment means. By joining this collaborative ecosystem, drivers become part of a community that Vector will use offer opportunities that truck drivers do not have access to when working alone.
At Bunge (www.bunge.com, NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across more than 350 facilities located in more than 40 countries.
At TARGET (Technology Applied to Risk and Transportation Management – www.targetamericas.com) we provide services and products through innovative and tailored technological solutions within Road Safety, Traffic, Transportation and Logistics, always bearing in mind our single client’s specific needs. We believe a world free of accidents is possible and to reach this goal, we work together with our customers, partners and users to constantly improve transportation operations through process automatization and logistics optimization. With over 15 years’ experience in the Americas, we value people, understand processes and trust issues related to road safety and traffic call for a simultaneous technical, human and environmental approach. Acknowledged as one of Latin America’s main management system providers, we help companies prevent accidents by administering the information obtained from drivers, units and the environment in an intelligent and innovative way, allowing timely decision-making to save lives and improve operations.
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.