Maritime shipping is considered the most integral leg of the supply chain.
Today, 90 percent of goods are transported by ships; therefore, impediments to ocean carriers’ workflows will have rippling effects felt across the trade landscape: delayed cargo, shortages in essential goods, higher trade costs, and, over time, slower economic growth.
The struggle with reliance on paper-based transactions leads to challenges with efficiency and is at the heart of what is at risk.
Like in the world of banking and finance, online transfers are a common reality for most people worldwide. “So why wouldn’t we do the same thing in shipping? There’s a huge opportunity to do this smarter, with better quality and less manual work,” adds Thomas Bagge.
The digital alternative for trade documents to pass through the ecosystem requires all institutions along the supply chain to join a cohesive network of partners to achieve true standardization.
“We need to invite everybody on board this initiative,” Luciani says.
“Digitalization is a journey, and the idea behind that is of course to please our customers, but it’s also to help us become more efficient,” added Andre Simha, “Now we’ve come to a step where we need to progress this much faster because in the end, everybody benefits. So the fact that we are collaborating, bringing partners, and doing this together with DCSA, really demonstrates that we are doing this for the greater good.”
Watch the full Cool Logisitcs Panel discussion and the Q&A that follows here.