Digitalisation is sweeping all aspects of the maritime sector. From investment decisions to day-to-day operations, high-quality and reliable data is becoming a hallmark for shipping players as they look to become more efficient.
New platforms that take advantage of this data are now ingrained in the sector. The latest innovations, born out of either necessity or inspiration, are bringing new ways of thinking and working to make shipping companies more effective.
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Crucially, these platforms are creating new types of value for shipping players. By leveraging automation and machine learning to remove cumbersome and time-consuming processes, digital platforms enable users to focus on more meaningful tasks.
Ensuring that bills are paid is by no means anybody’s favourite activity. However, with shipping companies having hundreds of invoices to pay at any one time, digital platforms are looking at how to streamline this incredibly mundane yet critical day-to-day activity.
Forward-thinking shipping invoicing
This is particularly useful for the procurement cycle. With vessels receiving hundreds of items during every port call, invoices and delivery orders can mount up fast. As fleet sizes in some cases reach hundreds of vessels, checking these all match up to ensure everything is accounted for is an onerous task and one that is prone to significant human error.
This is especially the case as paper-based purchasing orders, legacy software and infrequent data updates are still commonplace in the shipping industry, which is renowned for its slow adoption of technology and conservative mindset.
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By GlobalDataDigital e-invoicing software that uses machine learning to automatically identify invoice items and employs automation to map them with relevant delivery orders offers a huge advantage when it comes to time saved and reduction of errors.
Data from the Procureship platform has shown that e-invoicing can speed up the collection, matching, and submission process of procurement invoices by more than 60%. This removes a great deal of cumbersome and manual work from procurement, buying, and finance teams, which traditionally are still tackling stacks of paper invoices one at a time.
Unfortunately, the sight of finance teams still using a ruler and a pen to cross-check invoices against delivery orders remains commonplace in today’s modern shipping sector. The question remains, does the time spent tackling these paper invoices instead of using a digital platform bring the same amount of value to a shipping company?
Day-to-day value
It is important to understand how digital platforms can bring value to daily operations by tackling traditionally painful processes. Something as simple as allowing automation to speed up invoice checking frees up team members to focus on business development or finding greater insight into the data they have access to.
Value can also mean knowledge. Shipping companies rely on data more than ever but having the time and resources to understand that data gives it greater value and provides the user more decision-making power.
Naturally, there are concerns about fully embracing machine learning technologies within the maritime sector. Yet the benefits vastly outweigh the challenges. What is important is that the purchasing and finance teams understand that, while technology is built within the engine room, they still have their hands firmly on the wheel.
Procurement remains a business-critical part of a shipping company’s daily operations. Making that process as seamless and efficient as possible is the best way to drive forward and remain competitive in the current landscape. Digital platforms are doing just that but only if they are used effectively.
Invoicing is a small but vital part of that wider procurement process. By making it less time-consuming and giving team members the space to be more client-focused, shipping companies will gain the confidence of their customers and partners as forward-thinking organisations that put their needs at the forefront. After all, less paperwork is best for everyone.
