New York, NY, USA, February 11, 2019 - JOC is the authoritative provider of business intelligence, data, and events covering the global container shipping and logistics market. In their recent article "For shipping: Visibility via data trumps blockchain", JOC quoted Jaakko Elovaara, CEO of Youredi, on the implications of connectivity management and data cleansing in the container shipping industry.
As Youredi also wrote in the Global Logistics Trends 2019 and Supply Chain Technology in 2019: Do or Die articles, blockchain could be a transforming force in the logistics sector. However, while the JOC article underlines the magnitude of blockchain, it focuses more on how connectivity and better data quality could eliminate some of the challenges that maritime industry stakeholders have been struggling with.
Connectivity management and data quality
Connectivity and data quality could truly pivot maritime logistics into a more transparent and collaborative sector. According to the commentary, connectivity and data quality would equip industry participants with the much-needed supply chain visibility that would have a positive impact on costs and revenue.
The article discusses that companies, such as Youredi, have been helping maritime organizations to connect with anyone to receive and send information seamlessly. While having data at one’s disposal is critical, there should be more emphasis on the quality of the data:
"Cleansing data is an emerging specialty in its own right where raw data are run through multiple processes to improve their value" – adds Jaakko Elovaara, CEO of Youredi.
High-quality data enables improved analytics, forecasting, optimization, and decision-making and the data can have significant economic value for those that exploit the benefits of data integrations.
Data is fragmented across stakeholders and applications
Currently, the data is fragmented across trading partners and systems. For possible end-to-end visibility, it be vital to consolidate all the data in one place. Nevertheless, data that hasn’t been validated and enriched with the right information carries little to no value for the recipient.