Blockchain is a focus for over half of IT innovation initiatives currently underway by senior shipping executives, according to INTTRA — the largest neutral network, software and information provider at the centre of the ocean shipping industry.
The finding that over 53% of the executives were interested in the distributed ledger technology came from INTTRA’s survey of 130 participants attending its Technology Summit in Hamburg, Germany.
Over 50% of the attendees were C level or SVPs, with 38% representing shippers and BCOs, 35% technology companies and 27% carriers.
The event was a forum for collaboration across container shipping intended to advance the digital transformation of the ocean freight industry.
John Fay, INTTRA CEO, said: “INTTRA is well positioned to drive the collaborative effort required to address industry challenges such as a contracted rates management network and data interoperability, as well as landside equipment optimization through Avantida.
“It is clear, based on the feedback from our attendees and the momentum in our business, that the industry has moved over the digitalization tipping point. This is the year of moving from innovation to action.”
Learn how AI can power growth in the ocean container shipping industry by reading a technical paper by INTTRA
Tech Summit survey takeaways included:
IT innovation initiatives currently underway:*
- 82% of responders said process automation and digitalization
- 51% are working to improve reporting and analytics
Biggest container shipping challenges for BCOs and Freight Forwarders:*
- 50% said managing demurrage and detention
- 43% said in-transit visibility
- 40% said managing rates and rate changes
- 40% said managing bill of lading and other shipping docs
Biggest container shipping challenges for carriers:*
- 46% said data sharing across the supply chain
- 31% said overcapacity on trade routes
- 31% said reporting and analytics
- 31% said no shows
What are the biggest challenges you face turning innovation to action?*
- 45% responded lack of IT resources in-house
- 42% responded lack of prioritization
- 40% said lack of budget
*Participants were given the opportunity to select more than one answer to these questions which is why the percentages do not total 100%.
Inna Kuznetsova, President and COO, INTTRA: “INTTRA can help address the needs discussed at our Technology Summit and highlighted in our survey.
“By listening to our industry, we can design products that elevate key issues for customers. A great example is an automated management of contracted rates that we are starting to pilot as a way to tackle a difficult challenge highlighted during the summit.
“Many customers name data sharing across the industry as another challenge.
“As supply chains get digitalized, new opportunities to connect various sources create a foundation for better visibility and optimization.
“Our advances in network services, including API-enabled connections, help our customers to accelerate the digital transformation and overcome hurdles.”