In the first part of this two-part series, I discussed the significant impact of geopolitics and sustainability on the maritime shipping industry. As we move forward, it’s equally important to understand how digitalization is transforming the landscape and how Veson is positioned to lead this digital revolution. In this second part, I will share insights on the role of digitalization, key innovations, and Veson’s strategic vision for the future. Remember, while we can plan for foreseeable events, Veson stands out as a reliable partner in handling the unexpected, providing comprehensive tools and workflow support across the commercial shipping value chain.

The Role of Digitalization in Maritime Shipping

Digitalization is no longer a buzzword; it is a fundamental shift that is reshaping the maritime shipping industry. The integration of digital technologies into our operations allows for greater efficiency, accuracy, and transparency. I’ve seen several material changes over the past two to three years around how charterers and operators are using data to make more informed decisions. For instance, in the past, you had a voyage estimator to get the distance from point A to point B. Now you factor in real-time variables such as currents, weather patterns and port congestion into your decision making with tangible profitability impacts.

Data is already changing how people work, and I see a rapid increase in the volume of data available to market participants. The challenge now is how to turn that data into information and how to sift through enormous volumes of data to find the exact data you need for the decision at hand. That’s where modern technologies like machine learning and AI can come in.

At Veson, we believe that digitalization is the key to unlocking new levels of operational excellence and competitive advantage. By using digital tools, shipping companies can refine their workflows, enhance decision-making, and reduce costs. Our platforms are designed to support these initiatives, ensuring that our partners are well-equipped to thrive in a digital-first world.

Key Digital Innovations Shaping the Industry

Several digital innovations are currently making a significant impact on the maritime industry. These include advanced analytics, artificial intelligence (AI), and the Internet of Things (IoT). Advanced analytics enable companies to gain deeper insights into their operations, from fuel consumption to route optimization. AI eases predictive maintenance, improving fleet reliability and reducing downtime. IoT connects vessels, ports, and logistics systems, creating a cohesive and efficient supply chain.

Typically, the journey from machine learning to AI is cumbersome, but I think the way it’s playing out in the maritime industry is through structured versus unstructured data. There has historically been a lot of unstructured data in shipping, but we’re crossing that threshold where the chasm between structured and unstructured isn’t as large as it used to be. That’s one area where I believe our team at Veson is really leading the way. This challenge is one reason we acquired Shipfix at the end of 2023. Charterers get hundreds, maybe thousands, of emails on a given day. Capturing, processing, and driving action on these vast unstructured data sets is now beyond human capabilities. Shipfix can parse through the unstructured data in those emails, structure it, and then combine it with other structured data in context to distill beyond the human capabilities needed to transform it into actionable information.

Overcoming Digitalization Challenges

While the benefits of digitalization are clear, the journey towards full integration is not without its challenges. Shipping companies often face barriers such as high implementation costs, cybersecurity threats, and the need for workforce training. To overcome these obstacles, it is crucial to adopt a strategic approach. This involves investing in scalable solutions, prioritizing cybersecurity, and fostering a culture of continuous learning.

A lot of companies have entered the business intelligence and analytics space in recent years. Many of them were merged by larger vendors who can marry small platforms with large data sets. We also see (with increasing rapidity) the transformation of massive amounts of data into relatively digestible visual formats. The prevalence of these interactive visual interfaces has changed the game when it comes to what individuals can achieve. However, I do think there’s an opportunity to continue educating industry participants on the importance of data validation. As we continue adapting to evolving environmental and regulatory considerations, data has become more standardized and accessible. This enhanced transparency offers exciting opportunities for organizations to harness high-integrity information in their decision-making because while reliable data is powerful, reliable data in context is transformative.

Vision for the Future

I believe shipping is moving in a positive direction overall. Industry leaders are leaning into what technology can do for them and how it can make their operations and the industry more efficient and profitable. Moving forward, I think we’ll see a bit of a change in thinking, at least for a lot of Western companies, from letting the market guide our actions to a more coordinated approach to achieving common goals.

How we share information and some of the historical sources of competitive advantage are going to change. It used to be that your personal network allowed you access to a specific deal. This will always be true in some ways, but there’s going to be more readily available information that will change how we think about industry dynamics.

One of the opportunities for our industry is in improving the diversity of our workforce and harnessing our broader capabilities. Shipping has largely been focused on a few key industry players, but as the global economy changes, shipping, like all industries, could benefit from broader representation among decision-makers.

Above all, I envision a future where digitalization drives unparalleled efficiency, sustainability, and resilience in the maritime industry. Veson’s strategic roadmap focuses on continuous innovation, customer-centric solutions, and industry collaboration. We are dedicated to developing advanced tools that not only address current challenges but also anticipate future needs. By partnering with Veson, shipping companies can navigate the complexities of the digital age, prepared for both predictable events and unexpected disruptions. Our mission is to be the trusted partner that empowers our clients to achieve their strategic aims and lead the industry towards a brighter future.

Digitalization is a transformative force in shipping. By embracing advanced technologies and innovative solutions, organizations can enhance their operations and navigate the complexities of today’s world. At Veson, we are committed to supporting our partners through every challenge, providing the tools and ability needed to manage both foreseeable and unforeseen events. Together, we can drive the maritime industry forward, achieving new levels of efficiency, sustainability, and resilience.