(AUREA 2015 AWARD NOMINATION): TruckTrack - Software for transport companies’ management

Belgrade-based startup, TruckTrack, developed a specialized software for development of operations at transport companies which comprises all working procedures. Since it is obvious that transport services prices will not increase, it is necessary to look for the methods to cut operational costs so that higher profit could be generated and so that market share would increase. The idea is that system replaces all the paperwork companies have at the moment, to provide them insight into their entire business as well as in advanced analytics.

TruckTrack develops procedures both in large and small, to transport companies with only one driver. Instead of thousands of papers, calculations, receipts, notes ad reminders, user TruckTrack inserts in a simple way his routes, makes calculations and pays drivers where system reports when a deadline nears an end and with mobile application which supplements the system, communication with drivers is simplified significantly. The project was inspired by a mother of a founder who runs her own truck company in Belgrade. Primarily developed for Serbian market, potential of the project was recognized by foreign investment funds only a few months later so Truck Track started working globally as well. They are the first software company from Serbia which stepped into London-based Investment fund Seedcamp, so apart from Belgrade, almost two years ago, the London office was set up as well and the program was further developed for transport companies in Great Britain.

In early 2014, TruckTrack received an investment o EUR 260.000 from Passion Capital, another very influential and successful VC fund from London. Still, due to huge interest and market potential, in mid-last year they continued development of the system for American market which has more than half a million transport companies and with the capital turnover of more than USD 600 billion annually.

The software was designed so that, with minimal adjustments, companies from other countries can use it as well. The project is still in beta version and is used by 350.000 transport firms in USA and approximately 2000 worldwide.

The firm was registered in America and 7 young engineers from Serbia works on software development.

INNOVATION

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Truck transport is one of the things an everyday life became impossible after only a few days. Therefore, income in this economic area is huge. Despite that fact, these companies are offered systems which are entirely aged, not innovative and difficult to use or too expensive and in most of the cases, all of that together. TruckTrack changes the way transport companies currently operate.

Designed to develop and comprise procedures of both big and small to transport companies with only one driver, instead of thousands papers, calculations, receipts, notes and reminders, user of TruckTrack inserts his routes in a simple manner, makes calculations and pays drivers where system reports when a deadline is nearing an end.

It comprises 3 basic parts: dispatching which monitors and defines trucks routes for the ones who regulate routes, a part which deals with accounting and the third part which monitors regularity of vehicles, working hours and health of drivers. The system is supplemented by a mobile application which communicates with a driver and makes it much simpler. A driver gets all instructions at one place and it is not necessary to communicate with back office a few times a day with respect to information of whether he arrived for loading, if he has all the papers and similar since everything is immediately visible in the application ( both web and mobile).

The idea is that system replaces all the paperwork companies have at the moment, to provide them insight into their entire business as well as in advanced analytics. There is software specialized only in truck maintenance of contact with software but there is no software such as TruckTrack which regulates at one place everything which needed a bunch of papers and which gathers all the paperwork in the system.

Apart from that, this is one of the rare products which is completely cloud based which means clients can access application from all devices, without the need for additional costs for servers, licensed computers and similar.

The essence of the software is the same for every country and with minor adjustments it can be used anywhere. As for now, it is available in English, Serbian, Spanish and French.

SOCIAL RESPONSIBILITY

Transport business is very complex and comprises a large number of factors which lead to risk in business TruckTrack is there to show and prevents the risks by significantly simplifying business for SEMs operating in truck transport. Since it is obvious that transport services prices will not increase, it is necessary to look for the methods to cut operational costs so that higher profit could be generated and so that market share would increase.

TruckTrack software provides transport comprises insight into entire business such as with which clients company has done business with so far, what the average payment was, whether there were delays, which truck spends and how much fuel, when regular service is due, what was changed, whether drivers are paid, how much they drive and similar

Since fuel makes 80% of all the costs these companies have, the objective is to decrease consumption and prevent misdealing of drivers (who often steal fuel) so the software as one of the reports comprises report on how much fuel exactly should be spent on the given route. Thus, although there is no direct savings, misdealing and additional costs are prevented.

The system changes all the paperwork companies have now so instead of bunch of papers, one software regulates it all and thus forests are protected.

Unlike competitors, large desktop software which cost even up to USD 20.000 per month, within TruckTrack system, a user pays per month, per truck the company has. Price will be USD 10 per truck a month. Thus, companies will save time, resources and paperwork and software practically replaces an employee which generates financial savings.

TruckTrack software was entirely developed by experts from Serbia (Serbian "know how"). With its development, the company supports young and educated staff who creates global product, export-oriented and 7 highly-educated engineers has currently been working on its development.

FINANCIAL POTENTIAL

Transport business is huge and essential. Practically everything we see was transported by trucks and civilization depends on this industry which is why profits are huge. In the world, however, there is no predominant software which would define the operations of these companies so important of TruckTrack software was recognized even by the biggest world investment funds.

The company has started developing software in 2013. The first investment from Seedcamp, totaling EUR 25.000 arrived in the summer already and thus Truck Track" became the first Serbian startup in the Seedcamp program. In early January 2014, they received EUR 260.000 from Passion Capital, another very influential and successful VC fund from London, which, in three years since it was set up, poured more than EUR 7 m in more than 40 firms, which provided further investing of over EUR 40 m. Passion Capital is a venture capital fund dealing with investing in companies in early developmental stage and was set up by some of the most successful English investors, Eileen Burbridge, Stefan Glaenzer and Robert Dighero with the support of the British government.

Primarily, the software was developed for Serbian market, then for Great Britain and even thoug it is available for anybody, at the moment, due to large interest and increasing market, they focus on problems firms in America encounter. As for now, in this country, almost half a million transport companies operate, 90% of them small companies which are ideal users of this software. Market has still been growing and annually the industry’s turnover reaches USD 600 billion.

Software has still been in Beta testing stage and payment collection is expected in the spring. TruckTrack in USA has approximately 350.000 registered users as for now and with 20 of them they cooperate tightly on daily basis for software testing.

There are 2000 transport companies worldwide which use the software. TruckTrack was designed so that firms from our country can use it and apart from America, as for now, is coming from Argentina, Romania, France. The application is multi-lingual and the software is as for now available in English, Serbian, French and Spanish.

Bigger companies such as logistics companies and loadboards in USA with which they cooperate also, saw that TruckTrack develops trucking companies. They have been negotiating with one large logistics and Broker Company from America with 10.000 trucking companies for clients and which is interested to make specific job market with TruckTrack. Apart from that, one of 5 biggest job markets for transport in America is interested in cooperation with young programmers from Serbia who believe that they will define cooperation with these players at the American market by the end of the year.