As Liner Shipping wrestles to manage the multiple challenges of this fast-changing sector, SEDGE has launched to empower liner operators to optimize decision making by leveraging Artificial Intelligence analytics.
Liner shipping is a highly complex, regulated, and fast-moving industry involving multiple-party transactions across international borders. Outdated legacy IT systems and manual tasks now leave many carriers unable to effectively manage rapid changes in charter schedules, bunker procurement, container leasing, and even fluctuations in port service charges.
“For far too long, shipping executives have made multi-million-dollar decisions without having the right data and analysis to assess and evaluate highly complex operations and proactively manage the associated costs and opportunities,” said Vijay Minocha, Chief Commercial Officer for Solverminds Solutions and Technologies.
“SEDGE’s cloud-based AI analytics online platform empowers liner operators to make evaluated decisions across a broad range of operational activities optimizing services to improve efficiency and drive down costs.” he added
Now data-led decisions can be made with confidence for vessel and port operations, sales and marketing, product development, fleet and service deployment, finance and accounting, and procurement of inland logistics.
Demand is now growing for Artificial Intelligence and Machine Learning to understand the complex patterns in shipping and perform advanced statistical analysis to powerfully visualize data, predict outcomes, and optimize decision making.
SEDGE allows carriers to quickly extract, transform and load data from multiple sources or integrate the solution to their own platforms. Data analysis can not only reduce costs but also optimize operational execution. An example would be optimizing port costs by evaluating and avoiding busy or congested periods and proposing alternate data-backed options.
SEDGE analysis can ensure the best price and vendor for container repairs or reefer monitoring as well as hedging on bunker supplies. Advanced data analytics enables comparisons with competitor and industry average costs.
“We see the rollout of AI for Liner Shipping as a strategic turning point for the industry, those that embrace the opportunities that SEDGE offers will reap the rewards and realise the tangible benefits to their operations and bottom line,” said Anthony Damian, Founder and Director of Solverminds Solutions and Technologies.
Shipping needs to embrace AI
“Shipping lines that fail to embrace AI could miss out on opportunities and streamlined operations, while their competitors realize the benefits. Carriers that integrate AI technologies into their organizations in 2021 will enjoy the increased efficiency and exponential value that come with artificial intelligence such as that provided by SEDGE,” concluded Minocha.