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Transformational technologies in shipping industry

October 29, 2020 MARITIME CYBER SECURITY

Digitalization is already changing the operations and strategies of shipping companies. First of all, the digitalization of shipping generates new business logic and new business models to create economic and social value. A wide range of decision support systems to optimize shipping operations, information systems for logistic support of ports and tools for policymakers are the legacy of modern digitalization of shipping.

Many orthogonal or interconnected technologies such as A.I. blockchain algorithms and platforms are creating a variety of digital solutions, such as digital assistants for transportation professionals or secure, decentralized cargo tracking processes. Digital technologies and solutions for shipping are also intertwined with related technologies and supply chain solutions.

A digital business strategy is coherently and consistently articulated along with simple “tactical and operational” goals to reduce costs, improve processes, or improve operational efficiency, as well as goals to interact with suppliers and customers, understand and support decision making. Streams of business model research and digital innovation have enriched the debate with new corners of value creation and digital value propositions, and data monetization.

Driver design is used to solve digital strategy. Drivers are understood as perceived or anticipated business benefits arising from digital delivery operations, intelligent delivery systems, or new business models such as blockchain-enabled smart contracts and open Internet courts for data exchange and delivery services.

In addition, the concept of value creation and digital business models are used; in particular, how the concept of value creation resonates and is implemented in the context of digital strategy in shipping, how it is understood by practitioners and to what extent it is a utilitarian, practice-oriented construct that allows for the actualization of digitization initiatives.

Digitalization can improve cost efficiency. For example, using FOS (Fuel Optimization System) to reduce fuel consumption and vessel performance monitoring. Or using Machine Learning algorithms to predict maintenance.
Instructions
Regulatory standards, industry associations and related industry institutions play a huge role in setting different rules, business and technical standards and optimizations, acting like external partner
Process improvements
All current business processes can be improved using technologies in case of safety, customer attraction, speed up processes and so on
Data Monetization
New business models can be created from datafication. All historical and real-time data can be used by third parties in their projects or on a daily basis.

Digital thinking is emerging to complement the traditional strategic orientations of existing shipping companies. Traditional shipping companies coordinate their business activities using a combination of incremental and radical digital business models, in which digital assets are the main strategic resource, together with traditional (analog) shipping business models. Strategic embeddedness and digital leadership are the defining factors of digitalization.

Digital governance is the result of a balanced portfolio strategy. The scale of digital transformation, options for repurposing the business model and “exploring the boundaries”, as well as the logic of prioritizing short-term improvements over paradigmatic digital projects and the possibilities of implementing their strategies (eg partnerships, creating new sites) entail different (often competing) business logic and innovation modes (exploration-exploitation).

Ability to leverage resources for ships / fleets with autonomous functions built into cyber-physical systems with IoT support, innovative artificial intelligence. business software or blockchain applications are intentionally planned and materialized in different orders and rhythms. Technology alliances and joint ventures are the primary forms of interorganizational collaboration used to address the uncertainties, knowledge dispersion, and resource complementarities inherent in digital transformation activities.

In Marine Digital we are solving every problem that may occur during vessel performance monitoring. This includes not only data gathering from different vessels, but also processing and interpretation of the received data, creation of convenient reports, delivery of charts to the vessel’s navigation system (ECDIS), as well as recommendations for the best route according to weather, fuel consumption and other data.
Source: marine-digital

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