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Predictive analytics to drive container shipping industry forward

The digitisation of the ocean shipping industry often creates the suspicion that its business model threatens the traditional container shipping industry.

In INTTRA’s latest offering, Blueprint 2032: How Technology Transforms Ocean Container Shipping, the industry’s largest neutral electronic transaction platform, explains that new technology provides businesses with more efficient ways to optimise, rather than posing a threat.

“Digitization is now a competitive necessity,” says John Fay, CEO, INTTRA. “We’ve reached a tipping point in the global shipping industry when information technology is now the primary means for CEOs and their companies to achieve and increase long-term profitability.  We are enabling shippers to rethink processes, and to digitise their operations through our unique position as a neutral service provider.”

In the network platform’s whitepaper, several actions are outlined that will prepare shippers for the future, including the participation in industry-wide working groups to enable standardisation, digitising business processes, and investing in technology such as Blockchain – analytics and artificial intelligence to reduce costs and identify new opportunities.

“We are now about to enter a new and exciting phase in ocean shipping empowered more by networks and greater interconnectivity,” noted Inna Kuznetsova, COO and President of INTTRA. “Data analytics will be an exciting part of this transformation.”

Establishing a neutral digital network will be the next big step going forward,” she added. “Connecting the ocean shipping community in a networked environment will lead to expansion and exchange of analytics across multiple vendors.”

The platform sees three technology trends converging near term that will move the ocean container shipping industry forward:

  • Network integration across systems, applications and partners: Technology such as Blockchain will simplify transaction processes and reduce costs;
  • Real-time status of containers and cargo: Tracking devices connected by the “Internet of Things” driving greater efficiencies and improving shipment planning;
  • Artificial Intelligence: A.I. will enable companies to transition from big data to more accessible business analytics that will suggest higher probability outcomes.

“Operational, financial and informational work streams will be integrated, which will trigger breakthroughs in cost reduction and operational efficiency. INTTRA is the company that drives innovation as a neutral platform and can help lead this evolution,” concluded Kuznetsova.

 

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