While traditional voyage management considers the various elements of a voyage in silos, the integrated approach takes a more holistic stance, giving thought to the interactions and interplay between processes, people, and systems. Data from multiple sources and systems is synchronised, and processes are streamlined. As a result, decisions are made based on complete and real-time information, providing a more efficient workflow from pre-fixture to post-voyage analysis. Based on the findings in our latest report, Chartering a Profitable Course: Achieving Excellence in Commercial Voyage Management, we recommend several steps to be taken to improve the efficiency and profitability of a voyage with an integrated management approach.
Recommendation 1: Choose a solution provider that will help you to understand your data.
Firstly, choose a vendor that has the knowledge and experience to understand the complexities and requirements of all the stakeholders involved in a commercial voyage chain. Secondly, ensure that your chosen vendor can manage, validate, and help you understand and use your data to enhance productivity and improve profitability.
A vendor that can demonstrate how the insight and analytics delivered by their platform will help various individuals across different departments to improve their job performance is key. It is sensible to ascertain whether your vendor or solution provider can cater to specific insights for different customer personas to help improve decision-making across the organisation.
This will help to deliver clarity around individual objectives and ensure everyone is aligned towards the common goal of conducting a profitable voyage. In turn, this enhances collaboration and ensures that all stakeholders are focused on maximising overall voyage efficiency and profitability.
Recommendation 2: Optimise the ecosystem for a better human experience.
Adopting an integrated approach to voyage management significantly alters how departments collaborate towards shared voyage goals, including pre and post-fixture obligations. It is vital to anticipate how these new systems will transform the working experience and ensure that both individuals and the organisation as a whole are equipped for these changes.
An over-reliance on multiple, disjointed technological solutions can lead to challenges that may overshadow their benefits. To avoid this, it is essential to foster an ecosystem where technology complements human skills, enhancing the synergy between digital tools and human input.
Not only does this include training the commercial voyage management teams on new systems, but also ensuring they understand how to leverage features of these tools in their day-to-day responsibilities. Digital optimisation initiatives within this ecosystem can yield substantial near-term benefits with considerably lower risks than more extensive digital transformations.
Recommendation 3: Leverage Commercial Voyage Management as a Service.
Commercial Voyage Management as a Service (CVMaaS) offers a robust solution for companies, particularly new entrants or those seeking to restructure their existing commercial voyage management setup. Such turnkey solutions combine skilled professionals, proven processes, and integrated platforms into a cohesive service offering, eliminating the need for companies to hire talent, set up, develop, or subscribe to multiple software solutions.
CVMaaS is also beneficial for companies that may not have the resources to manage seasonal spikes in their fixture activities. By adopting this model, companies can leverage industry expertise and effectively capture tangible savings through economies of scale. This approach allows companies to direct more resources toward core business growth and strategic expansion, optimising overall efficiency and resource allocation
For a more detailed understanding and exploration of the topics covered in this article, refer to our report, Charting a Profitable Course: Achieving Excellence in Commercial Voyage Management, commissioned by GeoServe.
You can download the full report below:
