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.
  • ::COVID-19 COVERAGE::
  • 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
    • Upload your video
  • BLOGS & MORE
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • SCQ Forum
      • Reflections
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • Upload your video
  • BLOGS & MORE
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • SCQ Forum
      • Reflections
    • 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

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

    Report: Technology is transforming the logistics industry

Recent Articles by Supply Chain Quarterly Staff

ProMatDX: Facility design in the age of “new” commerce

ProMatDX: Finding sustainable warehouse solutions

ProMatDX 2021: retailers turn to DOM and OMS software to meet shoppers’ high expectations

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

Report Abusive Comment

Most Popular Articles

  • COVID-19 and the health care supply chain: impacts and lessons learned

  • Domino effects of Suez Canal blockage could last for months

  • Do or Die for the Obsolete Supply Chain Management Practices in 2021

  • What type of supply chain strategy drives market cap leadership?

  • Demand for robotic goods-to-person systems to quadruple through 2023

Featured Video

6cabd6ef 64df 4460 bb11 e90c2bdea0a5

Identifying Intralogistics Solutions to Fit Your Operation: LinkedIn Live Ep. 4

Viewer Contributed
As technology evolves, the advantages of using semi- and fully automated solutions to increase productivity and address labor shortages are clear. However, before an organization jumps fully into automation, optimization is a key step that must happen first. Intralogistics solutions, such as Raymond’s iWAREHOUSE and...

FEATURED WHITE PAPERS

  • Special Report: Supply Chain Trends in Retail & Consumer Goods

  • Operations: Adapt Fast or Disappear

  • Using innovation to manage peak seasonal demand

  • Warehouse Management System Project Toolkit

View More

Subscribe to Supply Chain Quarterly

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

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing