Ocean Insights: Enhancing Visibility in Ocean Freight
In spite of millions of dollars of assets at stake, many logistics organizations still heavily rely upon manual processes to glean and enter data into their transportation management system (TMS) to operate their businesses. “While manual processes are time-consuming, inefficient, and add to the unnecessary cost, digital adoption is lagging, especially in ocean freight,” begins Dr. Felix Richter, CEO, Ocean Insights. With an appetite for changing the status quo, Ocean Insights is helping Beneficial Cargo Owners (BCOs) and freight forwarders digitize their workflow processes and plan and monitor freight operations effectively. “We provide effective data and solutions to curtail the IT and data complexity and automate container tracking processes,” asserts Richter.
For customers that have high volumes of containers with multiple carriers at any given time, it’s not only important to know the physical position of those containers, but also to track the ones that are highly susceptible to risks. To address these challenges, the company’s container track and trace solution alerts clients every time a container’s ETA is changed or if the container remains at a port for longer than expected. Through this solution, the company also delivers a complete suite of carrier and port performance statistics, which gives logistics planners access to powerful decision-making tools. The detailed figures provided by Ocean Insights put customers in a better position to make insightful decisions. Clients have the ease to compare the performance of China Ocean Shipping Company (COSCO) with Orient Overseas Container Line (OOCL), view the transshipment ports that incur the most delays, and determine purchase of more or less free-time from their carriers to avoid demurrage costs.
As there are over five million sailing schedule changes every day, missing or out-of-date information is no surprise.
We provide effective data and solutions to curtail the IT and data complexity and automate container tracking processes
Adhering to its promise of providing improved visibility and transparency in ocean freights, Ocean Insights also provides a container sailing schedule solution for operational and strategic supply chain management decision making. First, the company solves the data reliability issue present across the sailing schedule providers in the market. Ocean Insights has taken a unique and revolutionary approach while designing its container sailing schedule software and data structure and has brought in an adept quality assurance team to monitor, update, and curate the schedule data, round the clock. “We provide the most accurate and complete sailing schedule data on all shipping lines and services,” says Richter. The company provides these well-structured data through a powerful API that is easy to integrate with clients’ existing TMS systems as well as new software.
At Ocean Insights, delivering quality data is the priority. As customers covet to know if they are making the right choice early on, the company works closely with them to evaluate, integrate, test, and launch the Ocean Insights (OI) data into their systems, ensuring stability and trust in OI as a long-term partner.
Ocean Insights provides the added value that BCOs or logistics providers can quickly add to their portfolio to gain the ‘smart’ competitive advantage. As the industry is making an attempt to adopt digitization and establish standardization of processes, the company is continuously fine-tuning its ETA prediction capabilities. Ocean Insights is also delving deeper into its existing data to develop aggregated data products that shed light on shipping trends and statistics, witnessing tremendous potential in market intelligence. The company’s strategy is to broaden their value proposition for BCOs and freight forwarders, and enable smart decisions for operational cost saving, supply chain optimization, and network design.