SINGAPORE: A new data platform for the logistics sector that allows various players along the supply chain to keep track of cargo movements was launched by Senior Minister of State for Trade and Industry Dr Koh Poh Koon on Thursday (Nov 9).
Through the Transport Integrated Platform (TRIP), data will be collected from depots, port authorities and freight forwarders and shared with all of them to minimise unproductive trips and delays.
Currently, there's no common digital system that allows data sharing for various industry players. Instead, players use a variety of disparate systems that may be incompatible with each other, hampering communication between them.
According to the Container Depot and Logistics Association, the new platform will help to reduce cost from unproductive trips and delays by 30 per cent.
To kickstart the data platform, 25 companies will take part in a one-year pilot co-funded by SPRING Singapore.
Speaking at the Container, Logistics and Transport Business Forum, Dr Koh said logistics companies must continue to adapt to a rapidly changing landscape, in order to maintain Singapore's edge in the competitive global arena.
He also encouraged more companies to adopt digital solutions to improve productivity and keep up with customer demands.
"Within Asia, the growth of the logistics sector will be propelled by the booming middle class, enhanced physical and digital connectivity, and an expanding network of trade agreements in the region. The Internet of Things, predictive analytics, and blockchain are just some examples of technologies that may potentially revolutionise the logistics industry," he said.
Dr Koh noted that the logistics sector accounted for more than 7 per cent of Singapore’s GDP in 2016 and employed over 200,000 workers.
He stressed that a strong logistics backbone is" critical" to the functioning of many other sectors, particularly manufacturing, trade, and retail.