Better revenue generation through big data

New technologies mean that ports have the ability to better analyse shipping line behaviour to set fees, according to Kris Kosmala, general manager – Asia Pacific at Quintiq.

“Price optimisation is one of the things that is not looked at carefully. If you have the data about the lines’ behaviour you can use that for revenue generation.”

He warned that old thinking only leads to the same results: survival, not growth.

“IT thinking and tools have to change, we have to modernise thinking here,” he said. “If you decide like the rest of the industry you will always see the same results as your competitors. Why do you want to repeat what the other guys did? You want to be ahead of the pack.”

His sentiments were echoed by Dr Thomas Vitsounis, leader – ports, shipping & freight supply chains at DATA61. He told delegates that all ports should instil a data analytics strategy to make the best of the data available.

“Big data in new technology is about attitude and how you use these new great technologies. We have to always challenge ourselves and use logic to apply big data,” he said. “You can start small and grow as you go.”