Maintain Cost-Efficient Bunker Consumption Through Shipping Software

Carrier operators are recently shaken up by significant developments involving one of the world’s largest oil suppliers. The shock comes after Denmark-based oil supplier OW Bunker has filed for bankruptcy this year, citing up to $750 million in debt due to alleged fraud. Analysts say this will spark a domino effect as carrier managers are hard-pressed to find alternative suppliers and make up for exposed amounts. Increases in the market price of fuel are also feared. This spells only tough times ahead for many carrier operators, especially those without shipping management software.

It is essential in the maritime services sector to adopt cost-efficient ways to stay afloat in such a volatile industry. It is volatile in the sense that it experiences numerous events that challenge profitability, such as OW Bunker’s filing for bankruptcy. Such scenario has prompted an increase in the demand for effective marine software solutions.

However, companies that already have integrated shipping management software are well-prepared to meet such challenges and shipping software companies have already churned out a variety of cost-saving solutions that profess better management of bunker consumption regardless of various scenarios.
Prior to the development of integrated shipping software, carriers relied on structural modifications to render their vessels more fuel efficient. For instance, modified fins can be considered for better speed regulation. The downside to this is that modification costs a fortune and takes a long time to install. Modern shipping on the other hand relies on digitizing speed calculation and management through intelligent voyage calculation. The system automatically estimates and determines ideal vessel speeds. It makes complex calculations that can accurately identify fuel-efficient speeds without compromising on-time deliveries, in a sense leading to bunker savings.

Other factors such as weather conditions and technical failures also pose risks to effective fuel consumption. Operators are powerless with regards to these, which is why they need a shipping software system that mitigates the effects of such scenarios. An intelligent voyage calculation system can make precise estimates as to current position and voyage duration. It then recommends a wide-range of actions that the crew can undertake to keep fuel intake within ideal limits while minimizing, if not eliminating, delivery delays.

Marine software solutions also allow for effective fuel management. There are software options that feature accurate fuel usage estimates using sophisticated operations. The software determines the actual consumption needs of the vessel, singling out the “cappuccino effect” which usually happens when filling up the vessel’s engine. With sophisticated bunker management software, monitoring bunker activities can work like a breeze. Carriers can breathe a sigh of relief knowing that they are consuming bunker volumes actually needed for particular voyages. Imagine the savings it entails!

Commercial shipping management has come a long way. From making manual estimates on bunker consumption, carrier operators now use marine software solutions to face a variety of challenges to their revenue generation. Despite difficult times ahead for the bunker fuel market, carrier operators can continue making money through automated fuel management processes.

Retail Market: Thrust in Software Solutions

Here is a list of various retail management software used in different departments of retail industry to enhance the performance and profitability of stores.

  • ERP Software-as-a-Service (SaaS)
  • Point Of Sale (POS) Solutions
  • Inventory Management & Control
  • Supply Chain Management
  • Reports On Performance
  • Customer Solutions
  • Accounting & Financial Management
  • Mobility Solutions
  • Social Networking
  • Business Analytics
  • Affiliate Marketing

Cloud solutions & Software-as-a-Service (SaaS)

E-tail and retail companies gets cloud support by leveraging the powerful ERP solutions. Retail operations can be managed online using a centralized database without making investments in infrastructure like server, firewall, licensing, anti-virus, etc. This software is easier to install and provides a number of benefits which include offline storage support (without an internet connection), push notifications, and supports multiple mobile platforms like iOS, Android, etc.

Point of Sale (POS)

POS software solution helps retailers to face some of the difficult challenges of retail market. A right POS software provides better shopping experience, improves productivity and drives sales of customers. Point of sale includes payments, cash management, security control, and employee management.

Inventory Management & Control

Retail business is supported by a robust inventory management and control software offering multiple channel and multiple location support. This software is flexible and can manage orders, billing, pricing, shipping and sales. You also get SMS alerts if a specific order level for each item is reached and also helps you to track the goods in various warehouses or locations.

Supply Chain Management

Supply chain solutions involves shipping products and services much faster, with better quality. The various components of supply chain management solutions are warehouse management, inventory management & control, wireless tracking, and point of sale solutions. Retailers can manage orders and stocks efficiently and can also make the supply channel very effectively.

Reports

Retailers can generate reports and analyze performance of stores, departments, customers, employees, stock, sales and products using the Reports software, which also helps retailers to maximize their efficiency and profits.

CRM Solutions

Customer Relationship Management (CRM) software allows retailers to capitalize on customers’ database and their history of transactions across sales channels and meet the challenges in retail market. CRM strategies provides a 360 degree view of customers and makes retail marketing solutions easy. It paves way for long-lasting and enduring customer relationships and is surely a loyalty addition for retailers and support them through some aggressive marketing campaigns and promotions at point of sale.

Accounting & Financial Management

All the accounting and financial needs of stores can be successfully managed, controlled and made easier with Accounting & Financial Management software. This includes bank accounts, inventory, vendor, billing; employees and payroll management which help retail companies to make some quick decision-making.

Web Store

Retailers can integrate eCommerce features to host their existing site adding online shopping, payment gateways, multiple language and currency options which are cost-effective and provides intuitive shopping experience to customers.

Mobility solutions

Retailers can harness the power of mobile technology on POS solutions to service customers anywhere, anytime – on the go. Mobile POS makes customer interactions engaging and they can get up to date product and store information by integrating GPS in smartphones and tablets. This helps retailers to provide high quality customer service, improve efficiency and increase profitability.

Analytics

With Analytics, business data can be transformed into meaningful information and enables retailers to take informed decisions and also gain a competitive edge over their rivals. Analytics software doesn’t need higher investments from retailers. It helps retailers to customize Analytics features thereby increase their sales volume, which will in turn increase their profitability and provide better ROI.

Affiliate Marketing

Retailers can create email marketing campaigns, search-engine optimization and affiliate marketing strategies which will increase revenues, reduce costs and improve ROI in real time basis. Discounts, deals, promotions, coupons, volume pricing and customer-specific discounts will drive sales exponentially and promote customer loyalty.

Facilitate Greater Productivity With Custom Software Solutions

While building and deploying an advanced application, executives and managers need to decide between purchasing or developing a software. The turnkey software applications come with a series of standard features for performing a set of standard functions. Thus, if you are somewhat struggling to meet the business requirements with the existing software application, then a custom software solution can serve you the best.

Having a dynamic software architectural approach helps in increasing the efficiency level throughout the entire organization, thereby saving your company’s money. Thus, shifting your focus to deploy intuitive applications acts as the ideal choice that hosts the following benefits.

Improving Collaboration and Communication

It offers solutions which, ensure prompt communication at every phase of the organization. It means the employees will be able to share ideas faster and interact with multiple clients and vendors via a unified platform. Furthermore, it helps the management to track the workflows better, share strategies, financial data, presentations and business forecasts effectively and assign work to employees systematically.

Improving Efficiency and Productivity

This software architectural approach helps in encountering the unique problems and fix them through deployment of technology. These solutions help in improving the productivity including automation of the company’s shipping process, proper management of the human resource and payroll issues and allowing clients to make quick purchases via an eCommerce platform.

Implementing Newer Customization

These solutions help in transforming through customization as because it’s better to use a software which, fits the business goals and requirements instead of modifying the business goals to suit a turnkey solution. New customization helps the business to grow rapidly.

Facilitating Greater Integration

Organizations mostly deploy different programs for performing different tasks. But, with custom software solutions, you will be able to integrate with the multiple processes. As a result, it helps in performing the tasks easier which, needed the usage of a set of different programs earlier, thereby helping in simplifying the amount of data.

Improving Scalability

With the progress of a company, turnkey solutions are able to cope with the expansive business operations. However, these solutions help the company to deploy the programs effectively which, scale to support growth of the organisation.

Different businesses need different solutions to meet different requirements. On the contrary, turnkey solutions do not come with ability of meeting the diverse and demanding requirements of companies across all industrial domains. Thus, developing and deploying a custom software will help you to meet the specific business needs and streamline your business efficiently.

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