The presentation addressed four key areas:

• Flattening of peaks and troughs in market trends.

• Increasing importance of human touch.

• How data is shaping standardization.

• And together, how these have created a new space for companies to venture into - optimization.

Some market leaders manage commercial activities and finances with the most advanced digital tools available, such as blockchain, IoT, algorithms and through digital ecosystems. We see the competitive advantage this has afforded these companies. However, inventory management and the logistics associated with the products they are producing, and selling are usually neglected by digitalization and often managed by manual processes.

How is your company managing its supply chain and logistics today?

An analysis of the existing digital solutions in the industry today has emphasized the need for improving collaboration, not just internally throughout the supply chain but also with external stakeholders. The norm of withholding information to profit is long gone. Market data is increasingly available and predictive models are becoming smarter; companies need to leverage on the collaborative aspect that digitalization is offering.

Improving collaboration enhances visibility and has proven to translate into tangible benefits - increased revenue, reduced costs, and savings on working capital. Just by virtue of being able to “see better” companies are empowered to stay one step ahead and a cut above their competitors when it comes to decision making.

In essence, digitalization is fostering transparency and collaboration in shipping markets and those who want to stay ahead need to capitalize on it instead of waiting for the majority to jump on board.

As Charles Darwin fittingly said, “It’s not the strongest or the fittest that survive, but the most adaptable to change.” – are you?