WACO (EGM) makes digitization a reality for SME's

Published: Wednesday, November 13, 2019

Digitization has moved beyond the experimentation phase and is now delivering real results to logistics companies who have embraced it, Lars Jensen, founder of SeaIntelligence Consulting, told delegates at WACO’s Extraordinary General Meeting (EGM) in Bangkok, Thailand.

“Digital and IT tools that deliver digitization solutions have reached maturity and are being put to use by small and large logistics players,” said Jensen.

“Forwarders now need to start looking at the tools that are available to them and make informed decisions on which tools to use for targeted enhancements to their business processes.”

WACO organizes two annual events for members, and this is Jensen’s second appearance this year as keynote speaker.

“Freight forwarders should now be asking themselves the questions; what digital tools work, what features do I need in these tools, and how is this going to change the way I need to do business?” said Jensen.

“It’s time to take the conversation away from buzzwords and technicalities and talk about how digitization can work for your business, and what results digitization will deliver.”

Earlier this year Jensen told delegates that now was the time to embrace digitization or get left behind, at WACO’s Annual General Meeting (AGM) in Limassol, Cyprus.

This year’s EGM hosted 97 delegates who took part in over 1,300 bilateral meetings.

“The WACO EGM and AGM give members valuable opportunities to grow their business, through networking at bilateral meetings, and insights into the latest trends at talks and workshops by industry thought leaders,” said Richard Charles, Chief Executive Officer (CEO), WACO.

“As global political instability continues to impact trade, it is now even more important that independent freight forwarders take full advantage of the benefits digitization has to offer.”

Digitization and digitization sound similar but are used to describe different processes.

Digitization is the process of turning analogue information into digital information, for example using Electronic Air Waybills (eAWB)s instead of paper Air Waybills (AWB)s.

Digitization tools and systems use the data created through digitization to provide insights and enhancements to business processes.

Jensen has a career spanning 18 years in the shipping industry and since 2011, Jensen has acted as an independent strategic analyst, advisor, and thought leader in the container shipping industry.