Centersource, a timber trade and technology company has launched Timber Exchange, a comprehensive marketplace and digital toolset for Forwarders, Sawmills, Importers, and Forwarders. Timber Exchange arrives just in time to help timber supply chain companies navigate the latest round of COVID-19-driven volatility, providing companies with the tools to remain profitable in a challenging market. The digital platform provides users a … Read more here..
Industries across the world are witnessing a wave of digital transformation through disruptive technologies that promise to change the whole landscape of how things are done.
As an industry, forestry has not been left behind, and digital transformation has made its way into it.
However, technological advancements have surprisingly not made many changes in the processes within the industry.
- We indeed have various software to speed things up with operations but are we really automating processes?
- Have we been able to eliminate brokers or intermediaries who claim to facilitate processes within the industry but actually add layers that translate to complexity?
BIC (Bureau International des Containers) and DCSA (Digital Container Shipping Association) today announced completion of their collaboration to standardize the codes used to identify facilities such as depots, container yards, M&R vendors and other supply chain container facilities.
A research report by Paul Zhang, Founder & CEO of FreightPaul, a Chinese digital freight forwarder explores the digital landscape among Chinese freight companies including the various digital tools used by these companies..
The report outlines the process of digitalization in the freight industry of China and how usage of digital tools such as cloud computing, data analytics, and artificial intelligence techniques is enhancing the service of transportation and speeding up the process of movement of goods from warehouses and factories to the final consumers.
Fonterra, one of the world’s leading international dairy processors, has completed its first e-presentation for a shipment from New Zealand to China using WAVE BL’s blockchain-based technology with HSBC as the banker.
This fully digital end-to-end Letter of Credit presentation, in which digital documents were cryptographically signed and presented using WAVE BL’s platform, is an example of the regular flow of documents between companies and banks during the international exchange of goods.
Contour, the Singapore-based global trade finance network has today announced its partnership with CargoX, a blockchain platform for transferring documents and data including a certified electronic bill of lading solution.
The news follows Contour’s transition to full production, with the network supporting electronic bills of lading as part of digital transformation of trade.
Integrating visibility into your supply chains is no longer a luxury, but has become a necessity – especially considering the intermodal activities that are required in the global market place of today..
Since the time the need for real time visibility and the accrued benefits came to light (just under a decade ago!), there has been a huge rush and demand from customers who are clamoring for more information – they want more data, more visibility and quickly..
Customers today require authentic and visual data to see how their products are moving, identify bottlenecks in their supply chain, and correct for where avoidable costs like demurrage, detention and storage are being incurred..
Ocean Insights & FourKites will be discussing all of the above and more, in a webinar titled, “The ROI of Integrating Visibility into Your Door to Door Supply Chain”..
Timber is one of the most common and popular forestry products shipped around the world, in various forms, using general-purpose ships, specialised log carriers, and also in containers..
The global export value of just Sawn Timber Softwoods (one of many different types of timber and forest products) is reported to be around $22 billion out of a total forest product export value of around $270 billion..
Due to the nature of the commodity, timber is usually moved in large quantities across various trade lanes and there are several processes to be followed for the shipment..
Right from order placements, creating the required documentation, transferring the same, booking the cargo with the lines, monitoring the movement of the same and ensuring the supply timelines are met, there are many intricate processes involved..
Many of these processes are still done manually, which results in inefficiencies in the business..
As per industry research, people spend a lot of their daily time on below points
- 40% of their time trying to calculate CIF prices for the product
- 25% sending offers
- 65% drafting documents
- 40% sharing information and trying to stay up to date
- 20% tracking and tracing their shipments
- 80% of those interviewed said they use Excel or Shared Folders to organise their shipment deals and files
- 100% said they communicate using phones and email
- 100% rely on free-tools (not always the most reliable) to track shipments
- 64% of the respondents said sharing or collecting market updates is their largest problem
What if there is a platform that says you can do all of the above seamlessly and more efficiently..
As per Centersource, their Timber Exchange platform can do all of the above and even save you money while doing it.. Here is my review of their platform..
With two more major shipping leaders actively sharing information, data on nearly half of the world’s ocean container cargo is now available on a single blockchain-based data platform..
Major global container carriers MSC Mediterranean Shipping Company (MSC) and CMA CGM announced on the 15th of October 2020 that they are now integrated onto TradeLens (www.tradelens.com), helping ensure a more fully integrated, timely and consistent view of logistics data for their containerized freight around the world.
Digitalisation is the use of digitisation (the transition from an analog format to a digital format) and digital technologies to convert your business to a digital business..
Digitalisation has been the buzzword in the shipping and freight industry in the last decade.. Its influence and coverage in the industry is increasing day by day..
Apart from the increase in efficiency and speed to market, one of the main advantages of digitalisation is cost saving..
There are several areas where cost can be saved using digitalisation.. Central among this cost saving opportunity is Time which is an important commodity and when it comes to shipping and freight, time is really money..
Digitalisation can assist customers a great deal in terms of saving cost on avoidable costs..
Ship agents and shipbrokers have been active in the industry since the beginning of commercial shipping and that coffee shop in London and have been playing an important role in the provision of services to various ship and cargo owners..
Digitalization is now changing the environment in which ship agents and also ship brokers operate, and we are seeing new and adjusted services emerging as ship agents and shipbrokers continue to strive to enhance service levels and provide added value to their principals..
This article by Mikael Lind, Research Institutes of Sweden (RISE), Jonathan C. Williams FICS, FONASBA, Sue Probert, UN/CEFACT, and Juan Carlos Croston, Manzanillo International Terminal (Panama) takes a look at how the traditional roles played by the ship agent and shipbroker might change in this digital shipping environment..