With IMO 2020 on the Horizon, Ocean, Port, and Intermodal Visibility Has Never Been More Crucial

The logistics and transportation industry has undergone more change in the last two years than in the previous 80 combined. The ELD and hours of service mandates, for example, changed the way many trucking companies do business. These changes are good for many reasons like overall safety and sustainability, but they require companies to rethink parts of their operations, sometimes leading to a loss in efficiency. It’s a big reason why efficiency gains and flexibility are so important for our carrier partners—in order to maintain profit margins while remaining in compliance during uncertain operating conditions, carriers have had to find ways to maximize the impact of each load.

With IMO 2020 on the horizon, ocean carriers are looking to do just that. project44’s Advanced Visibility Platform™ can help give them the crucial efficiency gains needed in today’s climate.

What is IMO 2020?

If you’re not familiar with IMO 2020, effective January 1, 2020, the International Maritime Organization has ruled that the marine sector must reduce sulfur emissions in international waters by over 80% which means ships much switch to lower sulfur fuels. These fuels, while more environmentally friendly, are more expensive. The result will be higher rates for ocean carriers, which will be felt across the entire supply chain. In fact, many logistics executives have indicated that they will pass IMO-related costs along to their customers, and industry analysts are predicting an up to 100% rise in diesel costs due to the shifting fuel market, which will have a significant impact on domestic land transportation. Add to that the fact that demands are rising, and we see a huge opportunity for anyone who can maximize efficiency.

project44’s Ocean Product Can Help Mitigate the Impact of IMO 2020

Our ocean product is capable of providing insights that were previously unavailable to ocean carriers and BCOs. We deliver accurate ETAs for when shipments will arrive at U.S. ports. We also have real-time data on the location and status of shipping containers as they are discharged, so our customers know if there is a customs hold that needs attention, when a truck needs to be dispatched, and when shipping containers need to be returned to port. Better ETAs and improved container tracking at the port saves shippers and their carriers time and money, and allow them to provide better customer service. The key to this is our ability to pull in high-fidelity data. We take that ocean, port, and intermodal data and stitch it together with the rest of the shipment’s journey to provide a full visibility picture.

The Advantage of Modern Connectivity

Our platform is built on top of APIs, making it easier to collect data, ensure its quality and timeliness, and share it with customers and partners through the Advanced Visibility Platform. Data is simply easier to work with when APIs are involved. They allow our platform to connect with all of the disparate systems involved in your supply chain and provide information in real-time. This gives you the ability to plan further ahead when things like changes in ETA occur. It also opens the door for advanced analytics.

Operational Efficiency Through Analytics

In addition to real-time shipment data, our ocean product factors in an enormous historical data set that takes into account over 10 years of ocean data. Our team of data scientists use that data for predictive analytics, efficient routing, and accurate ETAs. Tying this directly to IMO 2020, more efficient routing means using less fuel. Our weather tracking model enables us to predict disruptions before they happen, providing carriers with better route selection and speed. Cost reduction and improved efficiency don’t end after ocean carriage. In a world where the only constant is uncertainty, its important to build flexibility and reduce costs across your end to end supply chain.

Platform-Based Collaboration

The entire supply chain functions more efficiently when everyone collaborates. We can combine ocean data with the rest of our dynamic, multimodal supply chain data, giving our customers a single source of truth that they can share with their customers and partners. This is particularly useful at the port and intermodal levels. Our container-level tracking allows for a faster process from ship to truck or train. Upstream and downstream suppliers, manufacturers, and distributors can collaborate on forecasting, which leads to more efficient use of cargo space. Everyone is operating based on the same information, everyone cuts costs and gains efficiency, and everyone wins.

The logistics industry is changing rapidly in practically every area and that trend is going to continue. The best way to future-proof your operations so you can roll with the punches is to stay on top of trends in industry technology. With IMO 2020 looming in the near future, rates are sure to rise which will inevitably cost BCOs. Luckily, project44 provides the efficiency you need to keep costs low and gain efficiency.