This commentary appeared in the print edition of the Jan. 6, 2020, Journal of Commerce Annual Review and Outlook.
As a provider of technology solutions, I am optimistic to see what 2020 has in store for the maritime shipping industry. Despite all the doom and gloom about slowing freight growth fueled by macroeconomic conditions, trade war, increased regulations, etc., I attribute my positive outlook to the increase in emerging technology and new innovative solutions that are becoming more mainstream.
In 2019, we saw established maritime companies come together in significant ways to invest in technology solutions. These solutions enable data flow across organizations with the goal of disrupting the silos and gaining visibility and efficiency. We also saw unprecedented outside investments in companies providing technology solutions with the promise of illuminating black holes. These massive investments will continue to bear fruit in 2020 and we will see more industry players adopt these solutions.
Two of the solutions that we will see increasingly adopted are SaaS and cloud storage, as they are becoming mainstream in container shipping. Conversations have moved from questioning the viability of cloud storage to discussing data ownership, security, privacy, audits, and SLAs, which are all acknowledgements of the realities of the new world in which we operate. It is important that solution providers and procurement teams learn new concepts and terminology and not try to fit the new with their established and sometimes antiquated worldview.
We have always lamented the lack of standards and interoperability between various solutions, and while this remains to be true to a large degree, there is also a glimmer of hope. Maritime companies are increasingly open to API services that are foundational building blocks of stitching together bespoke solutions from different vendors.
Lastly, shipping executives have moved past using artificial intelligence as a buzzword to signify their interest in innovation to identifying real-world problems that are amenable to automated decisions. A recent survey indicated over 80 percent of executives believe automated decisions can improve operational consistency and increase asset utilization while simultaneously increasing safety and job satisfaction.