Veson Video: Eagle Bulk Shipping’s Digital Transformation
How Eagle Bulk Shipping is Enhancing Connectivity and Efficiency with the Veson IMOS Platform
“How is technology transforming the maritime industry?”
When asked this question, the team of innovative leaders at Eagle Bulk Shipping reported that technology enables stronger connectivity, collaboration, and efficiency; which together propel sustainable growth and competitive advantage for maritime business.
Eagle Bulk has witnessed the effects of digital transformation on commercial maritime workflows firsthand, leveraging technology tools to modernize workflows and drive efficiency. Chartering team members operating out of different global offices work on the same estimate calculation together in real time; Operators make voyage decisions in context of real-time ETA updates and dynamic P&L breakdown; and Voyage accountants utilize real-time accrual and invoicing data to develop reporting dashboards without any manual data entry. At the heart of this operational efficiency is Eagle’s long-standing partnership with Veson Nautical.
“Veson has been a key part of our day to day operations for almost 10 years now. I’ve been involved with Veson at Eagle and at previous companies. I’ve also seen Veson’s competitors and I’ve worked with them in the past, and I’m quite confident to say that Veson is leaps and bounds compared to the competition,” says Marc Radulovic, Senior Operations Manager at Eagle Bulk. “It’s a platform that I spend anywhere from half of my day looking at and working in, and it’s integral to what I do on a day to day basis.”
Hear about Eagle’s experience firsthand – watch the full video success story.
A history of innovation
Eagle Bulk has a track record of prioritizing innovation in their business strategy. An Integrated Maritime Operations System (IMOS) user since 2010, Eagle Bulk completed a migration to Veson’s cloud-based Veson IMOS Platform (VIP) in 2018, optimizing workflows both within the company and with external integrations.
The company recognizes the impact digital tools have already had on the maritime industry, and intends to position itself not only to succeed, but to lead in an increasingly digital world. “Getting a ship from A to B, we’ve been doing that for hundreds and hundreds of years, so I don’t think there’s a whole lot that’s new there,” comments Radulovic, “but understanding how we can do it better and more efficiently is going to be the big take away for technology to assist operators like myself.”
Eagle Bulk took the next step in their digital transformation strategy with the migration from a hosted IMOS system to a web-based system that integrates and automates workflows. This has provided the company with unparalleled visibility into historical trends, future market opportunities, and side-by-side comparisons. “It’s about having that visibility on one screen, one platform for a lot of information that’s been great for us,” says Radulovic.
Migration to the Veson IMOS Platform
Transition to Veson IMOS Platform has enabled stronger connectivity, collaboration, and efficiency for Eagle Bulk, which translates into sustainable growth and a competitive edge for the business. Following a thorough implementation plan managed by a dedicated team of Veson Nautical consultants, the migration took place after working hours of the Stamford headquarters, and it was done before Eagle’s Singapore office opened.
“The transition to VIP was absolutely seamless,” recalls Aruna Gollamudi, Director of Finance, “we had a team of 3 people here and a team of 2 people from Veson. It was very well planned and thought out.”
Learn more about migration to the Veson IMOS Platform – download the VIP Migration eBook.
In the year since Eagle Buk migrated to VIP, the company has been able to streamline its maritime workflows beyond the capabilities of its IMOS system, leveraging cloud capabilities in order to make business decisions at the pace of business. The power of an integrated digital tool has allowed Eagle to eliminate inefficiencies and increase transparency.
“We have cut down on a lot of data entry errors. The data integrity has now shot up significantly in the sense that we can develop dashboards with real time data and not depend on somebody else to scrub the data in between,” says Gollamudi. Additionally, she explains that “before the integration, people did the invoicing in IMOS and then somebody in accounting had to again manually create the invoice within our accounting system. With VIP, accruals and invoices move seamlessly back and forth.”
“VIP has been something that we felt was a long time coming,” says Marc Radulovic. “We’ve been using VIP to push out data into other platforms via the reports and various API’s, which has been the most critical aspect for us as far as outside the company. Inside the company, it’s just about having that visibility on one screen, one platform for a lot of information that’s been great for us.”
Eagle Bulk believes that investment in digital technology improves understanding of key decisions, enhances collaboration, and yields meaningful business results. “It’s hard to say just one technology is going to change the entire maritime industry,” comments Joyce Wang, Business Application Manager at Eagle Bulk, “but I have to say the most significant one is definitely digital technology.”
“Digital transformation is a big deal in the maritime industry,” continues Wang, “Going forward, there is going to be a lot more new technology for data automation, so there will be a lot more manual work cut out that will save our time and efforts.” An integrated solution helps to capture and analyze data across all maritime operations, ensuring that Eagle Bulk can capitalize on time-sensitive market opportunities as they present themselves.
Eagle and Veson look forward to continuing the growth and success experienced in the past decade of partnership. “I see Veson, Eagle, and other third-party vendors we work with collaborating more on platforms and ideas and integration projects,” explains Marc Radulovic. “One of the biggest things that we have been focusing on as a company is how to evolve and how to integrate more systems for sharing of information and data.”