The maritime industry’s financial leaders are faced with a sea of rapid technological and regulatory change, a lack of access to real-time information, questions around digital system integrability and operability, and the ongoing challenge of balancing financial constraints with the demands of the business.
Combine this with the many stakeholders involved in a single ship’s voyage and the niche environment that it operates in, and it can be a challenge to determine if and how investments in digital solutions will bring a good return. Our guide, Navigating New Financial Seas, created in collaboration with Marcura seeks to provide a brief dive into the various digital solutions used from pre-fixture to post-fixture, to improve efficiencies and ultimately cost. In this final two in this series of twelve, we discuss the second, third and final recommendations for financial leaders that we believe could help them make more sense of the complex digital solutions landscape.
Prioritise solutions that are high-impact, agile, and scalable.
Digital solutions need to be integrable and scalable. If they aren’t integrable, modifications to the existing infrastructure will be required and have a negative financial impact.
The digital scene in maritime is ever-changing. It’s moving at an alarmingly rapid pace and there is an ongoing risk that shortly after a solution has been implemented, it will need upgrading. A way to limit costs here is to pick a digital tool that can be upgraded in phases. This allows for incremental investing.
A solution can be implemented and monitored and if it’s doing what it set out to do, then further investments can be made. Because of the pace at which digital tools and technologies evolve, this is one of the most critical considerations.
Digital solutions also need to be agile to meet the constantly changing regulatory requirements. The last thing you want is to invest in a solution and then find that due to regulatory ambiguity, that particular tool becomes non-compliant in certain situations. Digital solutions that are agile are more likely to respond well to new demands asked of them and will be a safer investment for the future. This is especially true in an industry that is increasingly targeted by cyber-attacks. Does the solution support not just current but also future threats?
Collaborate and adjust.
It’s easy for different departments in an organisation to focus purely on their goals and progression towards these. They may have forgotten to consider how other departments could benefit, or even be negatively affected by the introduction of a new digital tool.
This could lead to problems and drive further silos and departmental fragmentation. Driving a collaboration between IT, business, and other departments is essential to ensure that digital solutions are integrated effectively and support cross-functional needs. This is necessary for aligning financial goals with technical capabilities and operational requirements.
Part of this requires consistent performance monitoring and adjustment. Regularly review the performance of digital initiatives against set objectives and key performance indicators (KPIs). Be prepared to adjust strategies and investments in response to changing market conditions, technological advancements, and business performance.
For a more detailed insight and understanding of the areas in this article, please refer to our thought leadership report in partnership with Marcura, Navigating New Financial Seas. This comprehensive guide demonstrates how digital solutions can optimise shipping operations from the pre and post-voyage fixture stages, through to the voyage itself, to ensure financial success. The full report can be downloaded here.
