During the last two years, the global pandemic has underscored the importance of changing constantly to adapt, survive and grow. This year, many firms were hoping for stability by planning carefully. Although forecasting what will happen in 2022 -2023 is challenging; there are several patterns that we can analyse and plan for. In this article, we will examine the 4 leading maritime trends that have a huge impact on the market and operational aspects of businesses.
Artificial Intelligence (AI)
According to the McKinsey Global Survey, the use of AI in typical business processes has increased by nearly 25% year on year. Organisations of different industries in general and maritime industry in particular have employed AI across several areas of their business for years.
AI can be used in the maritime industry for a variety of applications. For instance: route optimisation, autonomous navigation, weather monitoring, freight pattern analysis, and operational analytics. It is because AI can learn from a massive amount of data available in order to generate actionable insights. Aside from that, AI in underwater robots and vehicles can aid in meticulous projects, such as underwater repair.
Digitalisation is one of the most well-received maritime trends, as it helps enterprises enhance efficiency and adapt to increased market demand. Besides, advanced business management software will assist maritime firms in tracking, storing, and delivering insights into all data related to their business.
First, marine companies should consider changing the way they process data. Manual data processes are inefficient and vulnerable to forgery. A fully integrated ERP solution alleviates this by ensuring transparency through secure data storage. Storing data on the system ensures its safety and can provide visibility into transactional and financial operations.
Second, after you have all your data stored in a safe place, it’s time to distillate them. Condensing data correctly is vital to establish a resilient and responsive business model. An ERP system can generate reports with accurate insights, which sheds light on the business’s expenditures and profits over time. As a result, this information can motivate the company to produce more compelling business solutions.
More Environmental-friendly Actions
Transportation in general and marine transportation in specific have a negative impact on the environment. Fuel, oil, and waste effluent spills contribute to increased pollution and environmental damage. Therefore, organisations, governments, and scientists are rusting to study alternative energy management solutions to reduce carbon footprint.
Thankfully, many efforts have been done to reduce international shipping’s carbon footprint and improve its environmental performance. The IMO’s initial strategy, adopted in April 2018, to reduce annual greenhouse gas emissions from ships by at least 50% by 2050, is a significant development. Concerning air pollution, the global sulfur limit of 0.5% in fuel oil went into effect on January 1, 2020. To ensure that the global sulfur cap is consistently implemented, ship owners and operators should continue to consider and implement various strategies. For example, installing scrubbers and switching to liquefied natural gas and other low-sulfur fuels.
By combining 16 different forms into one, digitalPORT@SGTM speeds vessel, immigration, and port health clearances across numerous agencies. More than 550 shipping companies’ shipmasters,…can submit, monitor, and get clearance for incoming and departing ships using the platform. The industry can thereby save up to 100,000 man-hours annually.
This digital port program enables just-in-time operations for the best vessel passage planning at the Port of Singapore, optimising port resources and boosting efficiency through artificial intelligence. The single digital shopfront for booking marine services is digitalPORT@SGTM.
These are just a few of the current maritime trends that will trigger the industry in 2022-2023, making the industry a true land of opportunity for businesses of all sizes. Marine firms should stay nimble and accelerate suitable changes in order not to be left behind.
Synergix Technologies has been providing ERP systems in Singapore for over 32 years. We have assisted over 600 SMEs in effectively dealing with business issues. Because we are an IMDA-approved vendor, qualified firms can get funding for up to 70% of the qualifying cost when adopting Synergix ERP Software. Please contact us for a free consultation!