Inventory Management : Addressing A Complex Problem With A Simple Solution

The complex problem

Inventory management is one of the most manual and operational workflows in the shipping industry. Lack of complete solution, time consuming processes and absence of standard operating procedures lead to inaccurate storage and consumption data. Insufficient or unavailable spare parts can lead to vessel downtimes that could cost the shipping company millions in delays and insurance claims. Holding excess inventory will incur significant carrying costs and spare part ageing and degradation problems. According to Clarkson’s Research, spares and maintenance costs in the shipping industry have been steadily on the rise and can constitute approximately 18% of a vessel’s Operating Expenses (OPEX). The manual processes cause additional burden to the crew’s productivity. The existing systems create redundant steps in carrying out the day-to-day operations and hours are wasted every day in finding and locating spare parts on ships.

Moreover, the supply chain disruptions in the last two years have made the task of procurement even more challenging and cost intensive. The whole cycle of events is causing additional pressure on the operating costs and workload on both ship and shore employees. The challenge is to have the right ecosystem between the various stakeholders to optimise the inventory levels across the fleet and increase productivity for both ship and shore employees.

 

PROPELLER: Simplifying complexity with innovation

SCNX is partnering with shipping companies in digitising their inventories and creating a personalised ecosystem that suits their needs and solves their problems. The SCNX PROPELLER Internet of Things (IoT) solution enables company-wide visibility throughout the supply chain. The PROPELLER product suite integrates seamlessly with existing planned maintenance systems (PMS) / nterprise resource planning (ERP) platforms and consists of three integrated software and hardware modules:

 

 

PROPELLER Ship: The portable onboard solution that enables engineers to carry out their inventory-related tasks and operations from any part of the ship or engine room. This system seamlessly works with the PMS system and helps to provide accurate inventory data and automate inventory management operations. This results in saving thousands of dollars in overstock and man hours.

PROPELLER Shore: The high-end data engine for the shore buyer and procurement teams that aggregates vessel data and uses AI and ML to generate dashboards with actionable insight.  Propeller Shore’s valuable recommendations include opportunities for bulk procurement, bundling opportunities and pricing trends to help customers manage and control budgets.

PROPELLER Supply: Currently in pilot with selected suppliers, this module integrates the supplier ecosystem that allows pre-tagging of the spare parts and provides shipping status updates along the supply chain. This leads to better transparency of goods arriving on board

 

How PROPELLER works:

Onboard workflow is simplified through industry grade IoT tablets with integrated cameras and scanners and RFIQ/QR codes to facilitate accurate inventory updating on the go. Data automatically synchronises with PMS or ERP platforms. Even when tablets are offline or out of range, inventory reconciliation can still be completed once later synchronised – providing total vessel coverage.

Captured data from PROPELLER Ship seamlessly feeds to onshore officers, fleet managers, and procurement teams via our highly secure cloud-based PROPELLER Shore portal. The information converts into actionable insights through AI and ML algorithms. Performance data and trends help vessel operators make better business decisions with fleetwide monitoring and analysis.

Users can quickly gain highlighted inventory details from the ease of a dashboard, such as critical spares levels, parts that need restocking, purchase orders pending delivery & check-in, and equipment tagging/scanning activity. Accurate data and visibility provide competitive advantages while identifying opportunities for inventory optimization.

The digitalization of inventory ensures:

  • An accurate digital starting point for inventory data consisting of right inventory levels, spare-part pictures and digital manuals.
  • Instant savings of over 25% of annual procurement spend proven by our experience of deployment over 50 vessels.
  • Reduction in spare part ageing enabled by FIFO (First in First out) recommendations.
  • Elimination of overstocking leading to reduction in operational expense.
  • Strong boost in productivity by automating manual processes such as stock reconciliation.
  • Establishment of standard SOP’s that ensures sustainable communication and data between ship and shore teams.
  • Continuous cost saving opportunities across the fleet through intelligent recommendations.

 

What our customer’s say:

PROPELLER is improving well-being and vessel morale by simplifying onboard and shoreside workflow with fun and easy tools to use. “Crews say the PROPELLER portal and tablet are user-friendly, and it’s like playing with a game on their phone. Finding parts is like using a metal detector that pings the location. Engineers can become fluent with the app in a few hours. Even staff who are reluctant at first appreciate using it. They also love the digital equipment manuals stored on the tablets,”

 

Conclusion:

IoT technology has huge potential to unlock value in the shipping industry. According to Mckinsey&Company, over 10% of maintenance costs and 50% of downtime can be addressed with IoT systems. SCNX is challenging the status quo by building systems for frontline workers that focus on user-friendly experiences to improve working conditions and productivity. Utilising cutting-edge digital tools and mobile scanning technology, SCNX simplifies complex inventory management with benefits that scale up the entire value chain.

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    2.2 To assess your application for a role at Magellan X ► to assess your application prior to entering into an employment contract with us and pursuant to laws to which Magellan X is subject (e.g. in relation to equal opportunities). This processing is a necessary pre-condition of entering into any future contract with you and for Magellan X to fulfil its employment duties with respect to other employees and you (should you be employed by Magellan X). If you are unable to provide us with the Personal Information we request for this purpose, we may be unable to assess your appropriateness for the job applied for or to communicate with you.

    2.3 To provide you with marketing materials ► to provide you with updates and offers, where you have chosen to receive these. We may also use your Personal Information for marketing our own products and services to you by post, email, and phone and, where required by law, we will ask for your consent at the time we collect your data to conduct any of these types of marketing.  We will provide an option to unsubscribe or opt-out of further communication on any electronic marketing communication sent to you or you may opt out by contacting us as set out in the “Contacting Us” Section 4.2 below.

    2.4 For research and development purposes ► to analyse your Personal Information in order to better understand your and our clients’ business and marketing requirements, to better understand our business and develop our products and services;

    2.5 To monitor certain activities ► to monitor queries and transactions to ensure service quality, compliance with procedures and to combat fraud;

    2.6 To inform you of changes ► to notify you about changes to our services and products;

    2.7 To ensure website content is relevant ► to ensure that content from our websites is presented in the most effective manner for you and for your device, which may include passing your data to business partners, suppliers and/or service providers;

    2.8 To re-organise or make changes to our business ► in the event that we: (i) are subject to negotiations for the sale of our business or part thereof to a third party; (ii) are sold to a third party; or (iii) undergo a re-organisation, we may need to transfer some or all of your Personal Information to the relevant third party (or its advisors) as part of any due diligence process for the purpose of analysing any proposed sale or re-organisation. We may also need to transfer your Personal Information to that re-organised entity or third party after the sale or reorganisation for them to use for the same purposes as set out in this Privacy Policy.

    2.9 In connection with legal or regulatory obligations ► We may process your Personal Information to comply with our regulatory requirements or dialogue with regulators as applicable which may include disclosing your Personal Information to third parties, the court service and/or regulators or law enforcement agencies in  connection  with  enquiries, proceedings or investigations by such parties anywhere in the world or where compelled to do so.  Where permitted, we will generally direct any such request to you or notify you before responding unless to do so would prejudice the prevention or detection of a crime.

    3. Transmission, storage and security of your Personal Information

    3.1 Security over the Internet

    No data transmission over the Internet or website can be guaranteed to be secure from intrusion. However, we maintain commercially reasonable physical, electronic and procedural safeguards to protect your Personal Information in accordance with applicable privacy and data protection laws.

    All Personal Information you provide to us is stored on our or our subcontractors’ secure servers and accessed and used subject to applicable security policies and standards.

    3.2 Sharing Your Personal Information

    We may disclose Personal Information for the purposes we explain in this notice to service providers, contractors, agents, advisors (e.g. legal, financial, business or other advisors) that perform activities on our behalf and to other third parties in connection with our legal and regulatory obligations (as described above).

    Our Website may contain links to other third-party websites. If you follow a link to any of those third-party websites, please note that they have their own privacy policies and that we do not accept any responsibility or liability for their policies or processing of your Personal Information.  Please check these policies before you submit any Personal Information to such third-party websites.

    3.3 Export to other countries

    Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

    3.4 Retention of Personal Information

    Our retention periods for Personal Information are based on business needs and legal requirements. We retain Personal Information for as long as is necessary for the processing purpose(s) for which the Personal information was collected, and any other permissible, related purpose. For example, we may retain certain transaction details and correspondence until the time limit for claims arising from the transaction has expired, or to comply with regulatory requirements regarding the retention of such data. When Personal Information is no longer needed, we either irreversibly anonymise the data (and we may further retain and use the anonymised information) or securely destroy the data.

    4. Your Rights and Contacting Us 

    4.1 Updating Personal information

    We will use reasonable endeavours to ensure that your Personal Information is accurate. In order to assist us with this, you may notify us of any changes to the Personal Information that you have provided to us by contacting us as set out in the “Contacting Us” Section 4.2 below.

    4.2 Contacting Us

    If you have any questions in relation to this Privacy Policy, please contact our data protection officer at info@magellanx.co or write to us at: 83 Clemenceau Avenue, #17-05/08, UE Square Singapore 239920.

    4.3 Changes to our Privacy Policy

    We may change the content of our Website and how we use your Personal Information from time to time. If we change this Privacy Policy, we will update the date it was last changed below.  If these changes are material, we will indicate this clearly on our Website.

    European Appendix

    The European Appendix to this Privacy Policy applies if you are based in the EEA or the UK during your interactions with us (other than solely for travel purposes) and Magellan X processes your Personal Information as a data controller.

    It sets out the additional information that we are required to provide you under European data protection law (“EU DP Law”), including information about rights that you have in relation to your Personal Information that we handle.

    Why we collect your data, and who we disclose it to

    Under EU DP Law, we are required to inform you of the “lawful bases” on which we rely to process your Personal Information. Below we set out the purposes for which we collect and use Personal Information and the “lawful bases” that we use for each of the purposes mentioned in Section 2 of this Privacy Policy. You can find an explanation of each of the grounds relied on below:

    EU Use Bases Table

    Processing activity

    Reference to Privacy Policy

    Lawful bases

    Purpose for which we collect and use personal information

    To communicate effectively with you and conduct our business

    2.1

    –  contract performance

    –  legitimate interests

    (to enable us to perform our obligations and provide our services to you)

    To assess your application for a role at Magellan X

    2.2

    –  contract performance

    –  legal obligations

    –  legitimate interests

    (to enable us to fulfil our employment duties with respect to other employees and you (should you be employed by Magellan X))

    To provide you with marketing materials about Magellan X’s products and services

    2.3

    –  consent

    –  legitimate interest

    (to keep you updated with news in relation to our products and services)

    For research and development purposes

    2.4

    –  legitimate interests

    (to allow us to improve our products and services)

    To monitor certain activities

    2.5

    –  legal obligations

    –  legal claims

    –  legitimate interests

    (to ensure that the quality and legality of our services)

    To inform you of changes

    2.6

    –  legitimate interests

    (to notify you about changes to our products and services)

    To ensure website content is relevant

    2.7

    –  legitimate interests

    (to allow us to provide you with the content and services on the websites)

    To re-organise or make changes to our business

    2.8

    –  legitimate interests

    (in order to allow us to change our business)

    For compliance, including enforcing our rights, or as may be required by applicable laws and regulations or requested by any judicial process or governmental agency

    2.9

    –  legal obligations

    –  legal claims

    –  legitimate interests

    (to defend, prosecute or make a claim against you, to cooperate with law enforcement and regulatory authorities)

     

    Use Bases

    These are the principal legal grounds that justify our use of your Personal Information:

    Consent: where you have consented to our use of your Personal Information (you will have been presented with consent language in relation to any such use), You have the right to withdraw any consent you previously provided to us regarding the processing of your Personal Information, at any time and free of charge.  We will apply your preferences going forward and this will not affect the lawfulness of the processing before your consent withdrawal. You may withdraw your consent by contacting us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

    Contract performance: where your Personal Information is necessary to enter into or perform our contract with you.

    Legal obligation: where we need to use your Personal Information to comply with our legal obligations.

    Legitimate interests: where we or a third party have a legitimate interest in using your Personal Information. We only rely on our or a third party’s legitimate interests to process your Personal Information when these interests are not overridden by your rights and interests.

    Legal claims: where your information is necessary for us to defend, prosecute or make a claim against you, us or a third party.

    Where applicable, we indicate whether and why you must provide us with your Personal Information, as well as the consequences of failing to do so. If you do not provide Personal Information when requested, you may not be able to benefit from our service if that information is necessary to provide you with it or if we are legally required to collect it.

    Export outside the EEA

    Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, including Singapore, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

    Where we transfer Personal Information from inside the EEA to outside the EEA, we may be required to take specific additional measures to safeguard the relevant Personal Information. Certain countries outside the EEA have been approved by the European Commission as providing essentially equivalent protections to EEA data protection laws and therefore no additional safeguards are required to export Personal Information to these jurisdictions (please see the full list here: https://ec.europa.eu/info/law/law-topic/data-protection/international-dimension-data-protection/adequacy-decisions_en). In countries which have not had these approvals, we will establish legal grounds justifying such transfer, such as EU Commission-approved model contractual clauses, or other legal grounds permitted by applicable legal requirements.

    Please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy if you would like to see a copy of the specific safeguards applied to the export of your Personal Information.

    Your Additional Rights

    If you have any questions in relation to our use of your Personal Information, you should first contact us as Section 4.2 (Contacting Us) of this Privacy Policy. Under EU DP Law, you may have the following additional rights in relation to your personal information to those set out in this Privacy Policy. Under certain conditions, you may have the right to require us to:

    • provide you with further details on the use we make of your information;
    • provide you with a copy of information that you have provided to us;
    • update any inaccuracies in the Personal Information we hold (please see Section 4.2 of this Privacy Policy);
    • delete any Personal Information the we no longer have a lawful ground to use;
    • where processing is based on consent, to withdraw your consent so that we stop that particular processing (please see Section 2.3 of this Privacy Policy in relation to marketing);
    • to ask us to transmit the Personal Information you have provided to us and we still hold about you to a third party electronically;
    • object to any processing based on the legitimate interests ground unless our reasons for undertaking that processing outweigh any prejudice to your data protection rights; and
    • restrict how we use your Personal Information whilst a complaint is being investigated.

    Your exercise of these rights is subject to certain exemptions to safeguard the public interest (e.g. the prevention or detection of crime) and our interests (e.g. the maintenance of legal privilege).  If you exercise any of these rights, we will check your entitlement and respond in most cases within a month.

    If you are not satisfied with our use of your Personal Information or our response to any exercise of these rights you have the right to lodge a complaint with a data protection regulator in your country of residence, place of work or where an incident took place.

    Contacting Us

    If you have queries about any part of this European Appendix, please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

    If after contacting us you do not feel that we have adequately addressed your concerns, you may contact the data protection regulator in your country (the EEA data protection regulators are listed here: https://edpb.europa.eu/about-edpb/about-edpb/members_en).

    Last Updated: 29 June 2022

    MAGELLAN X PTE. LTD.
    COOKIE POLICY

     1. Use of Cookies

    By browsing or using the Magellan X Website (“Website”), you consent to our use of cookies to collect information on your Website usage data and improve your online experience when browsing or transacting using the Website.

    A cookies is a small file placed on your computer’s hard drive that helps to analyse web traffic or let you know when you visit a particular site, and can include information about the way you use a website, your choice of internet browser, the type of device you are accessing from, and where you are in the world.  In particular:

    • Cookies allow web applications to tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences, but a cookie does not give us access to your computer or any information about you, other than the data you choose to share with us.
    • Traffic log cookies enable us to identify which pages are being used and help us to analyse data about webpage traffic to tailor services to your needs.  The information is used for statistical analysis, and the data is removed from the system thereafter.

    You can choose to accept or decline cookies in the course of browsing the Website.  Most web browsers automatically accept cookies, but you can usually modify your browser settings to decline cookies if you prefer.  However, this may prevent you from taking full advantage of the Website.

    2. Contact

    If you have any questions or comments about the Magellan X’s cookie policy, you can contact: info@magellanx.co