3 Ways To Shore Up Your Maritime Performance

By | 07/08/2018

Maritime transport is the backbone of globalisation and trade. In recent years, international seaborne trade has seen substantial growth even as it battles to increase utilisation rates, cope with the introduction of “mega-ships” and accommodate customer demands for increased visibility and velocity in the supply chain.

Having a well-supported technological solution that supports all business needs means you can focus on your core business and avoid diverting human and financial capital from delivering value to your customers. Here are 3 ways to shore up your maritime performance to remain competitive.

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Build Business Intelligence

With the massive amount of information that is being processed daily, accurate information in real-time is critical so that organizations can use this information to make the right business decisions for accurate resource allocation and business planning.

Maritime shipping companies can leverage Big Data through a cutting-edge system to conduct multi-dimensional analysis and simulations for optimum performance. A robust system should unlock dynamic pricing options and contract portfolio optimization so that operators can enjoy significant revenue enhancements, while at the same time minimizing costs burdens through features such as advanced cost modelling and empty repositioning.

Harnessing inbuilt business intelligence tools to optimize decision making can lead to a huge pay-off for a smart shipping company as it gives the key stakeholders insights into business performance. This also helps manage trading and operational risks in a single platform which reduces unnecessary costs and minimize wasted time.

 

Build Commercial Intelligence

Shipping companies are always looking to optimize container load factors on vessels without compromising on revenue opportunities. Having an advanced service network management solution means that every piece of information is logged for greater efficiency and full transparency for the key stakeholders of the shipping company. Time is money and shipping companies can now have greater control over their costs, route and cargo selection, and improved visibility of revenue and yields.

Intelligent algorithms coupled with improved visibility over every process throughout the maritime supply chain can contribute to the organisation’s commercial objectives, from vessel scheduling to  constraint and exception management. This results in a collaborative experience for key stakeholders, as they strive to achieve operational performance and commercial accuracy.

 

Build Service Intelligence

Delivering a good customer service experience is one of the key ingredients to what keeps any business thriving. According to Forrester’s 2017 Customer Experience Index, the quality of customer experience has plateaued or declined in some industries, and these declines will contribute to a net loss.  Customers are also turning to solution providers that can confidently offer real value along the maritime supply chain. Therefore, an end to end solution that tracks expenditures such as terminal and port handling charges, vessel transportation, equipment handling fees, documentation and administration charges, reduces the incidence of erroneous manual data inputs.

At the end of the day, it is essential that the shipping company demonstrates its commitment to understanding customer’s needs.

Indeed, digital transformation is a critical requirement for smart maritime shipping companies struggling to meet rising customer expectations and service quality expectations. Staying on top of the changing trends of the global market and leveraging the right solutions provider and technology is critical in establishing business and operational success.