Digitization is rapidly transforming the ocean container shipping industry, according to ocean shipping electronic marketplace INTTRA.
In a new whitepaper – “Blueprint 2032: How Technology Transforms Ocean Container Shipping”, INTTRA reports that the pace of technology innovation is accelerating as businesses seek new and more efficient ways to optimize.
INTTRA sees three technology trends converging near term that will move the ocean container shipping industry forward. They include network integration across systems, applications and partners, real-time status of containers and cargo and artificial intelligence.
“Digitization is now a competitive necessity. We’ve reached a tipping point in the global shipping industry when information technology is now the primary means for CEOs and their companies to achieve and increase long-term profitability,” John Fay, CEO of INTTRA, says.
“We are now about to enter a new and exciting phase in ocean shipping empowered more by networks and greater interconnectivity. Data analytics will be an exciting part of this transformation,” Inna Kuznetsova, COO and President of INTTRA, comments.
“Establishing a neutral digital network is the next big step. Connecting the ocean shipping community in a networked environment with technology such as Blockchain will lead to expansion and exchange of analytics across multiple vendors. Operational, financial and informational work streams will be integrated, which will trigger breakthroughs in cost reduction and operational efficiency,” Kuznetsova adds.
Earlier this week, Maersk Tankers, part of Danish Maersk Group, said that digitization continues to be part of the company’s commercial decisions. The company revealed that advancing its digital commercial platform to help it take advantage of market opportunities will continue to play a key role.
What is more, Maersk and American technology company International Business Machines Corporation (IBM) unveiled plans in March to develop a blockchain solution to help digitize the global supply chain for the shipping industry. The duo intends to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new solution, which is expected to go into production later this year.
Last month, Maersk selected Microsoft to support Maersk’s carrier performance, equipment utilization and supplier performance. In addition, Microsoft Azure has been selected as the digital platform of record to power Maersk’s app store and help fuel business model innovations.
In total, Maersk estimates that the power of data will help save tens of millions of dollars to the bottom line annually.