02 May Supply chain data sharing is biggest box shipping challenge for carriers
Data sharing across the supply chain is the biggest container shipping challenge for carriers, a technology summit hosted by INTTRA revealed.
The summit, held in Hamburg, focused on moving from innovation to action and was attended by more than 130 senior shipping executives including container shipping lines, shippers and BCOs.
INTTRA chief executive John Fay said “It is clear, based on the feedback from our attendees and the momentum in our business, that the industry has moved over the digitalisation tipping point. This is the year of moving from innovation to action.”
One of the highlights of the event was the unveiling of a customer survey sent to attendees to understand their business challenges and appetite for digital transformation. This included:
IT innovation initiatives currently underway*
82% of responders said process automation and digitalisation.
53% are focused on blockchain.
51% are working to improve reporting and analytics.
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.
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 documents.
What are the biggest challenges you face turning innovation to action?
45% responded lack of IT resources inhouse.
42% responded lack of prioritisation.
40% said lack of budget.
*Participants were able to select more than one answer to these questions which is why the percentages do not total 100%.
INTTRA president and chief operating officer Inna Kuznetsova said “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,” added Ms Kuznetsova. “As supply chains get digitalised, new opportunities to connect various sources create a foundation for better visibility and optimisation. Our advances in network services, including API-enabled connections, help our customers to accelerate the digital transformation and overcome hurdles.”
INTTRA has announced a rates pilot intended to optimise the management of negotiated and contracted ocean transport rates. The current system for managing rates often leads to errors as high as 30-45% with incorrect freight invoices due to how contract rate changes are managed and communicated. The pilot programme follows a successful proof of concept that involved a major carrier and INTTRA’s Blockchain Network Services.