With unprecedented changes in the global economy, the need for resilient supply chains has grown exponentially. Businesses seem to have learned the hard realities of effectively tackling supply chain disruption this year. While the need for supply chain resilience is now being stressed by enterprises globally, having a robust Ocean Freight Tracking System (OFTS) is an even bigger step closer to future-proofing supply chains. The global shipping industry is an asset-intensive industry that incurs high operational costs. Various factors, such as the cost of vessels, containers, and the fluctuation of fuel prices, drive the immense capital needed to run the industry. The supply-demand dynamics of various, ever-shifting global markets also influence operating costs. Therefore, there is always a rising need to strategically cut down on operating costs.
What is an Ocean Freight Tracking System?
An Ocean Freight Tracking System (OFTS) is a suite of digital tools that help streamline the supply chain operations. The host of utilities that an ideal ocean freight management system should include a unified digital platform for standardized & consolidated shipment data, container track and trace capabilities, sailing schedule data, analytics that aid decision making, comprehensive rate management, and seamless integration with other systems.
Why do you Need an Ocean Freight Tracking System (OFTS)?
A robust ocean freight tracking system ensures a digitized supply chain that is reliable and uses actionable data insights to align businesses with strategic goals, and guarantees supply chain visibility across stakeholders.
An ocean freight tracking system should aid the effective management of contractual and commercial relationships with customers. Ensuring the correct margin while quoting rates, establishing contractual rates, and delivering accurate bills of lading are necessities when operating a successful and healthy supply chain. These activities are primarily handled manually and are prone to error, which further accelerates costs for businesses. Therefore, the need for a comprehensive rate management system becomes evident. With better rates, better cost optimization can be ensured, thereby leading to improved savings.
Additionally, robust tracking and tracing capabilities are a necessity for any supply chain. The ability to provide synced carrier information with actual vessel whereabouts in real-time of shipments can save large bucks for a business. Container status updates, schedule changes, and delays must be made available for businesses to be able to manage daily operations effectively and to be prepared for any likely disruption. Furthermore, real-time information on the shipment status, location, and other details offer significant benefits for improving carrier contract negotiations, analyzing customer service, and creating a transparent and predictable pricing model.
Protecting Your Supply Chain with Enhanced Data Capabilities
The supply chain is arguably one of the most vulnerable aspects of any business as it is susceptible to black swan events, natural calamities, and other disasters. Unprecedented and uncontrollable factors pose severe disruption threats on supply chains, costing a company both time and money. Therefore, having access to data can mean better planning, risk management, and future-proofing of businesses. An ideal ocean freight management system will also provide critical data and analytics to help companies to plan more effective contingency plans to manage disruption. With the lessons learned from 2020’s supply chain disruption scenarios worldwide, the need for supply chain resilience is being stressed across every industry. To that end, predictive analytics derived from a Ocean Freight Management system can largely help businesses to decipher possible disruption and plan ahead of time.
Easy and seamless integration with other systems can allow the flow of information about shipments while in transit and can help shippers and carriers to plan better. Such a seamless exchange of information can help reduce risk and avoid paying extra demurrage or detention charges. API-based integrations, SaaS platforms, Robotic Process Automation, and other emerging advanced technologies help businesses digitalize supply chains in the most accurate means.
There are vast amounts of data generated across various touchpoints in a supply chain. This data is a gold mine of analytical insights that can provide critical business intelligence. When organizations start implementing comprehensive ocean freight management solutions that leverage critical freight data, enhanced visibility, informed decision-making, streamlined & leaner processes are the natural outcomes. With that, customer serviceability increases, and so does overall supply chain performance.
For instance, approaching ocean freight tracking from the standpoint of data analytics can significantly improve understanding of the entire supply chain and enable businesses to be better prepared for the future.
How Ocean Insights Can Help You Take Control of Your Supply Chain Costs
Even the smallest improvements in ocean freight management can translate to unmatched benefits for businesses. Improved workflows, better data quality, enhanced productivity are the basic benefits that can pave the way for conspicuous benefits for the supply chain.
The Ocean Insights platform connects carrier information to provide actionable data insights that help shippers and forwarders manage their ocean freight spend better. With predictive analytics enabled tools, Ocean Insights delivers accurate and reliable predictions of supply chain scenarios. A single dashboard approach provides all visibility data at one destination, making it user-friendly and, ultimately, easier to manage.
With the uncertainty of the future that is lurking on the horizon, companies need to act now and begin to take control of their supply chain costs. Now more than ever, organizations have succumbed to the volatility of the market with many either scaling back their operations or shutting their doors for good. On the flip side, those companies that have captured the true power of data analytics have the necessary insight into their operations not merely to survive, but to thrive during this unpredictable period. If your organization is ready to take your business to the next level and master your ocean freight supply chain, then it’s time to see what Ocean Insights can do for you.