Posted on February 22, 2023
Every single voyage starts by making a decision about which is the right ship or the right cargo. Shipping professionals need the highest visibility into market information. Making the right choice is supported by knowing what has happened, what is happening and having the best view of what is likely to happen next. To do this well, teams need access to the best information turned into actionable data.
In this context, monitoring the execution of a voyage, its P&L evolution, and one’s overall fleet exposure for risk management is fundamental.
To address this, shipping companies typically use multiple systems. However, this introduces inefficiency through the disconnect between business goals, software, and data sets.
Creating strong links
We’ve recognized these challenges which need a solution. Our latest investment in Nextvoyage – a Voyage Management System provider of a live and full-featured solution – is to resolve these disconnects within cumbersome IT environments.
Nextvoyage is managed by individuals cumulating over 25 years of Maritime technology experience with a clear vision about the industry pain points. Their focus has been set on establishing strong fundamentals for freight management & accounting, also reducing related costs.
Our investment is just the first step of collaboration between our companies. We will both maintain independent operations, while working closely to deliver the best-in-class tools and data sets to avoid multiple repetitive workflows that are cost inefficient and error-prone.
What’s the endgame
Our mutual efforts with Nextvoyage will reduce manual actions and corrections, while providing the right data at the right time and in the right context. Informed and real-time decision making will deliver a new competitive edge for our mutual clients across the platforms.
This investment materializes a shared vision and values with Nextvoyage and is a natural move for our organizations. We realized that most operators have not achieved a best-in-breed architecture. Multiple repetitive, inefficient, and error-prone processes are a widely spread norm across the industry. By the time one has pulled data from multiple systems and sources, copied it into a spreadsheet or yet another software solution and reconciled it, this means lost time that could have been spent on more value-added tasks, especially with today’s pace of business.
Without spoiling it too much, we have a lot more to come aimed at solving the problems market players face with augmented visibility about the dynamics behind commodity movements and we will not spare any efforts to address these challenges.