Greater use of big data — performance metrics — and sharing of that information is going to play an important role in this industry going forward. Supply chain metrics are becoming more and more critical in decision making.
Use of data is an important part of our business model for sustainable growth. More than any time in our past, the Port of Virginia is collecting and analyzing data from all phases of our operations to improve delivery of service, drive consistency and plan for the future. Benchmarking and developing baseline information allows us to analyze on a micro or macro level while providing real, foundational information needed to make those strategic investments that will result in growth and improvement. The data, however, must also be shared so that partners in the supply chain can plan, invest and improve in parallel.
The opening of the Panama Canal is a good example of where data collection and sharing and/or transparency could benefit the industry. After the new locks open, a class of larger vessels will have another conduit to the U.S. East Coast. In Virginia, we are prepared for these vessels and our peers are readying themselves, but preparation on the maritime side is but one factor in the equation. As these vessels arrive, a robust infrastructure network to keep the increased cargo volumes moving will be necessary. Further, carrier consolidation and changes in the alliances will create ongoing and systemic challenges across the industry and supply chain network.
The challenges can be met and the network expanded if there is real data that drives discussion, planning and long-term strategic investment. To maintain efficiency, reliability and velocity, all partners in the supply chain are going to have to share data, collaborate and communicate and do so in the larger effort to ensure safe, cost-effective and unimpeded cargo flow.
John F. Reinhart, CEO and Executive Director, Virginia Port Authority