Overhaul launches AI-powered cargo theft tool

US supply chain security company Overhaul has taken the covers off an artificial intelligence-powered software toolkit that it says can mitigate the risk of theft of shipments in transit.

The new platform – called RiskGPT – promises to help users predict, prevent, and respond to the threat of cargo theft or other shipment risks, according to the Texas-based company. The AI has been trained on Overhaul’s own databases of cargo theft intelligence, which were bolstered when it took over SensiGuard earlier this year. An estimated $1.2 trillion in cargo value is set to move through Overhaul’s platform this year.

“Global cargo thefts continue to rise, and AI has been crucial in giving companies more visibility around potential incidents,” commented Barry Conlon, chief executive and founder of Overhaul.

“But we wanted to take that a step further,” he added. “Even if you can predict an issue and report on it, how do you know how to actively correct it? RiskGPT will help users do that almost instantaneously, bringing our supply chain visibility and proactive risk management capabilities to new heights.”

According to Conlon, the company’s theft prevention success rates were already above 98% before the launch of RiskGPT.

Using the system, an operator could ask RiskGPT for example how to best respond to a specific customer event with unique circumstances, for example a driver stopping his vehicle at an unusual location or a known hot spot for theft.

Because RiskGPT’s model is trained on Overhaul’s extensive data, that operator will get a customized, detailed answer with a high degree of contextual accuracy that can quickly resolve the problem, and is then freed up to handle other issues. A demo is available here.

The AI will be available to an early access user group within Overhaul’s global operations centres this month and the company will be making it available more widely later this year.

Figures from CargoNet, which tracks voluntarily reported cargo thefts, $223 million-worth of goods were stolen in the US and Canada last year across nearly 1,800 incidents, which was a 15 per cent increase on the prior year.

The average value of cargo stolen in a theft was almost $215,000, up 20 per cent, with household goods and electronics the most targeted product categories.