When the organizers of the 2017 South Carolina Logistics Tech Talk invited NYSHEX to speak, I couldn’t resist the temptation to indulge in some of my favorite (Southern) things and may or may not have offered harmless bribes to team NYSHEX to send me.
Organized by the SC Council on Competitiveness and held as a breakout session of the SC International Trade Conference, this inaugural event featured multiple large international transportation tech innovators who are driving efficiency in logistics.
It was an honor to represent NYSHEX alongside Boeing, Michelin, AT&T, Uber Freight, Volvo, Transplace and the North American Council of Freight Efficiency. Companies like these truly set the bar for utilizing technology, data and customer insights to eliminate waste from supply chains.
Six Sigma and Lean practices “stop at the dock”
One of the biggest highlights for me was a candid discussion about the lack of adoption of transformative technologies in the supply chain. The panelists and the audience chuckled at a statement that retailers know how long a shopper looks at a bag of Cheetos, but with ocean shipping we still haven’t fully grasped how to use data and technology to better serve our customers.
The panel opined that companies are doing more with less and it is perceived to be easier to continue with traditional ways of doing business rather than innovate. Importers and exporters want to invest in tech trends and new innovations, but they often end up postponing implementation due to competing priorities.
There is value in innovation but in logistics it is complicated
In the hundreds of meetings I’ve had with importers on behalf of NYSHEX, roughly 95% say they want to use the free, digital exchange to complement their current ocean freight procurement strategy. They see the value and the benefit instantly but often hesitate because there is a stereotype that tech innovation takes a lot of time and effort and there are too many other priorities.
This is ironic because 97% of CEOs believe that digital innovation is the key to future performance for their organizations. Leaders in our industry know it too, with many investing strategically in their digital future. And the value proposition of doing so is huge! Studies we did with NJIT indicate that waste created in the global supply as a result of inefficiencies in the ocean container market is valued at more than $23 billion. Among the biggest drivers of these inefficiencies are shipper no-shows, blank sailings, and increased safety stock to account for lack of reliability.
Digital innovation in supply chains starts now!
In the name of efficiency, we’ve made it super easy to get started with NYSHEX. Within hours of requesting free, no-obligation login credentials, shippers begin to benefit from this digital, additional procurement tool. Member shippers and NVOCCs avoid the estimated 145 hours of time it takes to obtain freight quotes and filing confirmations for container shipping. They avoid the additional cost to expedite freight which didn’t sail on time by having NYSHEX ensure accountability. They can even use the forward rate data which is free to all members to make the best purchasing decisions.
Being a Southerner I felt right at home in Charleston
Thanks again to the organizers of the SC Logistics Tech Talk. I am proud to have represented NYSHEX and was inspired by the exceptionally bright minds in that room.
If you're interested in learning more about how to introduce innovative and easy-to-implement shipping technology into your supply chain, schedule a demo with a member of our sales team.
Finally, now that I’m back in NYC, if anyone knows of a great place for shrimp and grits send me the recommendation! We can all use a little more comfort food in our lives!