Singapore launches new data platform to bolster logistics sector

A new data platform for the logistics sector that allows various firms along the supply chain to keep track of cargo movements was launched by the Ministry of Trade and Industry (MTI) of Singapore (Photo: www.channelnewsasia.com)

Singapore (VNA) – A new data platform for the logistics sector that allows various firms along the supply chain to keep track of cargo movements was launched by the Ministry of Trade and Industry (MTI) of Singapore on November 9.

Through the new technology, data will be collected from depots, port authorities and freight forwarders and shared with all of them to minimise unproductive trips and delays.

According to Singapore’s Container Depot and Logistics Association, the new platform will help to reduce costs from such incidents by 30 percent.

Currently, there is no common digital system that allows data sharing for various firms in the industry. Instead, they use many disparate systems that may be incompatible with each other, hindering flow of goods.

The MTI said to start the new platform, 25 companies will join in a one-year pilot funded by SRING Singapore.

The logistics sector accounts for more than 7 percent of Singapore’s gross domestic product (GDP) and creates jobs for over 200,000 workers. A strong logistics sector is key to enhance activities of the country’s other fields, including manufacturing, trade and retail.-VNA