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The Cost of Change in Maritime

The maritime industry is constantly evolving and changing with the introduction of new technologies and software systems. However, the cost of change in the industry can be quite significant, and there are several factors that need to be considered.

Cost of software

The first cost element that needs to be taken into account is the cost of software. As the industry evolves, many innovative technological solutions emerge, requiring industry leaders to make the right decision and choose the right tools. Maritime companies need to invest in software systems to help them manage their operations effectively. However, without an understanding of both technology and experience within the industry, it will be difficult to judge what is worthy of investment.

The cost of new systems can be quite high, and companies need to take into account many considerations before investing in them. They need to make sure that they are getting value for their money and that the software system they are investing in is the right fit for their business needs.

Cost of data

Data is a valuable asset for maritime companies, and there are many business models that are built upon the use of data. However, the cost of data can quickly add up if a company is requesting it multiple times or if a computer is continuously requesting the information. Moreover, the quality of data also needs to be considered. Companies need to make sure that they have a good model in place to manage both the cost  and the quality of data effectively.

Cost of change

The third and most significant cost element is the cost of change. Change management is always a difficult task for industry leaders, but it is a necessary step to ensure the industry can keep up with the supply chain’s growth. Implementing change within an organization can be quite challenging, and it requires effort, time, and resources. Maritime companies will need to invest in training their people, making sure that they have the right tools, and creating awareness about the value and impact of information. The cost of change is often perceived as one of the biggest costs, especially when starting, and it is crucial that companies manage it effectively.

Managing the cost of change is critical for the success of any maritime company. Companies need to plan and implement change effectively to ensure that they are getting value for their investment. They need to have the right tools, software systems, and data management strategies in place to manage the cost of change effectively.

Mai Zaki | Account Manager at Teqplay

Passionate about #portcall, #supplychain, #optimization, #digitalinsights, and the #maritimeindustry.