We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » The maritime industry's digital future
Forward Thinking

The maritime industry's digital future

July 9, 2018
Supply Chain Quarterly Staff
No Comments

Analysts from the technology advisory firm ABI Research predict that digital technologies will radically transform the maritime industry over the next five years. In the 32-page report, The Digital Transformation of Maritime Freight, ABI researchers Susan Beardslee and Dominque Bonte, argue that there are huge opportunities for digital solutions to improve efficiency, visibility, environmental health, and security in the ocean shipping industry.

This is good news because if any industry is ripe for innovation and transformation, it is maritime shipping. Transport times are long. According to the report, it typically takes about a month for maritime cargo to get from China to the Eastern United States, Northern Europe, Eastern Africa, and South America. Furthermore, delivery dates are variable. Five to ten days can be added to schedules due to loading and unloading at the origin and destination ports.

And it's not just physical movements that are inefficient. The report estimates that, in 2017, the global container shipping industry processed nearly 1.26 billion freight invoices. And yet, payment methods are currently "slow and antiquated," according to Beardslee and Bonte, as the industry still primarily relies on bank transfers and checks.

 

Digital technologies such as procurement platforms, blockchain, and freight marketplaces, however, could significantly speed up the payment process. Other digital technologies could make big improvements to delivery times, environmental health and safety, and visibility. A few that Beardslee and Bonte believe are poised to disrupt the shipping industry in the next five to ten years include: big data analytics, electric vessels, assisted and automated operations, drones, robotics, and virtual and augmented reality.

However, the analysts do not believe that all digital technologies will have as quick an impact. For example, they say that the industry will take longer to adopt 3D printing and autonomous ships.

There is one major challenge that stands in the way of a successful digital transformation of the industry, according to the report authors: the total lack of data standards. Even digital providers have to scour masses of spreadsheets daily for pricing, they say. To solve this issue and create much-needed standardization, veteran companies must work with partners within the industry, outside experts such as technology startups, and even competitors, says Beardslee.

The Digital Transformation of Maritime Freightreport is part of the ABI Research's Intelligent Transportation & eFreightresearch service.

 

Logistics
    • Related Articles

      Future continues to look bright for transportation, logistics industry

      Creating the supply chain of the future

      Digital strategies, sustainability, securing the workforce rank as top issues

    Recent Articles by Supply Chain Quarterly Staff

    Investors predict rising business in rail freight

    Manufacturing, B2B ready for AI overhaul

    FTR: trucking conditions remained in “solidly negative territory” in July

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Positive drug tests in U.S. workforce rise to 20-year high as marijuana is legalized

    • Wabash opens trailer manufacturing facility in Indiana

    • Six defining challenges of omnichannel fulfillment

    • Postal advocacy group says “excessive” July 9 stamp price hike will hurt consumers

    • CPKC and CSX buy rail assets from Genesee & Wyoming

    Featured Video

    8757b894 244c 4429 b5d8 e6df7b479d82

    Penalties for Wood Packaging Material Violations

    Viewer Contributed
    Our Services Include: Customs Broker Denver Freight Forwarder Denver Global Logistics Denver Cargo Insurance Denver Customs Bond Denver Customs Clearance Denver Customs Duty Denver Isf Filing Denver More details: Phone : 281-445-9779 Email: info@gallaghertransport.com Website: gallaghertransport.com

    FEATURED WHITE PAPERS

    • Five questions to ask before electrifying your indoor forklift fleet

    • Operator assist system myths busted

    • Three layers of forklift safety: Promoting operating best practices

    • The Complete Guide to Automated Packaging

    View More

    Subscribe to Supply Chain Quarterly

    Get Your Subscription
    • SUBSCRIBE
    • E-NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing