What can GANDALF teach us about Digitalization & Collaboration?

Looking back on the Singapore Management University course on “Digital Transformation” and being a #lordoftherings fan, one of the acronyms has stayed with me - GANDALF. The case involved DBS Bank in Singapore which wanted to be the “D” of “GANDALF”. What does GANDALF stand for? G is for Google, A for Apple, N for Netflix, A is Amazon, L being LinkedIn and F for Facebook.

So, what can Shipping learn from GANDALF? I have been fortunate to be involved in both commercial and technological transformation of dry bulk shipping in my previous companies as well as in my new role as CEO of Wiz Bulk. Over the past few years, the industry has moved away from silo-based approach to more collaborative approach – most due to advent of new technology as well as entry of non-traditional participants. This has been extremely positive and transformative.

Let us look at what we can learn from the GANDALF companies.

#google has been a trailblazer in terms of technology and has become a second nature. I remember picking up a fridge magnet humorously addressed to the younger generation – “Please respect your parents. They passed school without google.”. ?One of the google product that did not turn into a success was Google Glass – a smart and interactive frame to enable on the spot learning and real time collaboration. This has huge potential on board for surveys and maintenance, along with collaboration with shore-based personnel. The good news is that there are trailblazing companies which have started experimenting with similar technology and hope to see more.

What can one say about #apple ? When you think of Apple, two things instantly come to mind - Design and Ease of Use. The iPhone is just 13 years old but has become almost indispensable in our lives! The shocking thing is that all the various components like Camera etc. existed individually for quite some time but iPhone put them all together in a user-friendly way. ?What we can learn from apple is the ability to use and combine existing technology be it AIS, VMS or Blockchain, to design the most user-friendly tool for the end users and customers.

What can #netflix teach us in Shipping? Firstly, its success is a lesson that even giants will fall if they don’t continue to update and innovate. Blockbuster was a household name till Netflix came along and changed the rules of the game. Shipping companies must learn that size does not matter if you remain static. Secondly, Netflix exemplifies the value of content. The industry must learn that any IT product must eventually solve a pain point and enhance user experience. A flashy product does not mean a good one.

#dbs is a particularly interesting example as Shipping and Banking are both services. DBS is today’s world’s best bank for many years, and they have done that by challenging the traditional thinking and harnessing the power of data. They surveyed their customers and found out that they would rather do grocery shopping than come to the bank. They moved quickly into a digital bank and are driven by a motto – “Bank Less, Live More”, which seems counterproductive for a bank! But it has been a great success. Shipping industry is also serving a customer and that customer could be a mine, power plant or manufacturing unit. They would much rather focus on their core activity rather than shipping which is “necessary but not the core focus”. Shipping companies must learn from DBS to “make shipping simple” for their customers. ?

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#amazon is a pioneer in online marketplaces but what really strikes me is the level of transparency and “track and trace” value it brings to the customer. Quite a few shipping companies, even today, thrive on opaqueness and like to keep “data” to themselves. They must learn from Amazon that transparency equals trust. The “track and trace” function must be adapted by the industry so that the consumers can take suitable actions quickly and efficiently to unlock value. In this regard, Wiz Freight, the group that I will join in the coming weeks, has already achieved success in this arena in container shipping and is now looking to do the same in bulk shipping. I am excited to see what future brings.

Most obvious lesson to learn from #linkedin is what constitutes the heart of the industry - networking and relationships! ?With a slow demise of traditional mentoring, a collaborative shipping industry platform for industry professionals to share and vault their knowledge is crucial, especially the senior professionals whose unique knowledge will be lost as they retire and move on. It is also a very important way to attract young talent into the industry. Also don’t forget a platform like this can “follow” the person as he moves jobs. As they say, “Out of sight, out of mind”.

Finally, #facebook .?To me, Facebook has two unique USPs. First, it is a vault of memories and secondly, it enables social interaction 24/7 without the need of any other. Think about it, in traditional sense, your social interactions would involve communicating with someone but in case of Facebook, you can do it even if there is no one on the other end of the line! With very short memories in the Shipping industry, a Facebook like product to preserve memories of “dos and don’ts” will be extremely valuable and while a network is hard to develop, one must make a start to ensure that the new entrants get a place to share and interact as well as remember those aspects which tend to be forgotten very quickly in the shipping industry.

Technology and transformation have allowed shipping industry to build collaboration opportunities. Over and above GANDALF learnings, the industry must learn from affiliated industry such as trade finance, logistics and airlines. I hope to see more such collaborations and be a part of some of them. I look forward to a smarter, more transparent, transformative, and digitalized future of shipping.