The long journey of digital transformation within shipping
The continued focus on operating more efficiently and profitably, paired with the added requirement to meet the growing digital demands of customers is putting the shipping industry under pressure. Profit margins are being squeezed by overcapacity and soft global demand while customers require faster, more streamlined services that include integrated, end-to-end logistical capabilities.
The industry is having to quickly evaluate traditional business methods and find improved solutions, utilising new technologies and new strategies such as revising their cost structures. This requirement to digitalise services is consistent with most other industries and shipping can lean on those around them to learn from their successes and failures.
It’s currently being approached in a reactive and piecemeal way, slowing down the digitalisation process, despite this being one of the driving forces that will shape the future of the industry. The consensus is that experiencing this change is inevitable but what triggers progress differs for each organisation.
The current winners are those who are utilising new and efficient digital platforms, delivering more value to the customer and benefits. Next time we’ll explore the strategies that are being employed by those who are leading the industry in this revolution…