True digitization requires dependable and trusted data which enables a virtuous cycle where organizations use and share data to their mutual benefit. That cycle is broken when you can’t trust the data, and that lack of trust has widespread impacts in the supply chain. TradeLens recently trained our attention on four approaches to improving data that will form a much-needed foundation for industry-wide change.
Like with most business ecosystems, the functioning of global trade relies on efficient exchanges of information, especially of documents. While industries and ecosystems around the world are now digitizing associated processes and automating the bottlenecks, the business ecosystem of global shipping has been slower to realize innovation and digitization. TradeLens Workflows utilize blockchain smart contracts to automate and digitize multi-party interactions — this helps drive efficiencies across supply chains.
Container shipping experts know that valuable data is frequently locked in paper or unstructured documents, while clients and partners demand live, detailed updates on the precise whereabouts of their consignment, or other pertinent details. TradeLens is providing vendors a way to better support customers with secure, authenticated information with confidence and trust, not just between trade partners but with respect to cargo owners and the data shared.
The bill of lading is believed to be the most important transport document in international trade: a mainstay of the global supply chain that’s present from origin to destination and critical to customs clearance, financing and ownership of cargo. But for as much as shipping has changed over the decades, not much about the bill of lading (BL) has.
For a digitized supply chain setup, such as TradeLens, understanding the role of each network member in logistics is the key to enable them with the visibility to the right data. Further, addressing concerns with regards to data safety and visibility are at the core of establishing an effective collaboration across the industry.
Part of the digital growth plan for PT Salam Pacific Indonesia Lines is focused on connecting their regional supply chain business directly to the global market. To help achieve this goal the firm has joined TradeLens — part of a plan poised to enhance customer experience and allow for more efficient operations which can be translated into significant cost savings downstream.
ZIM is undergoing a new digital transformation, offering its customers and partners in global freight shipping and logistics a truly differentiated experience — with more data on their cargo, more quickly, conveniently, and securely than ever before.
The desire for streamlined regulatory compliance work, cut costs, and saved time are only some of the drivers behind the growth in digital trade ecosystems. Leaders in trade finance have been competing to develop platforms allowing them to focus on financing, rather than paper-pushing.
Whether it's global freight shipping or specialized parts procurement, mass market retail or niche e-commerce, the business of sourcing and delivering products has gotten faster, more granular, and more complex since the third-party logistics (3PL) field began its digital transformation.
Until now, it’s been hard to put a finger on just how much money trade facilitation initiatives such as TradeLens could save shippers. A new study by QBIS provides new indications.
