Why Software is about to change the marine industry.
The marine industry has always been socially driven. Social connections drive business in both the consumer facing and business to business sectors. This is an ecosystem that has stood the test of time and isn’t likely to change.
How this operates is very much under question though.
A huge proportion of marine businesses have failed to adopt technological innovations. Quite understandable when business is doing just fine without them.
The COVID-19 situation has brought to fruition a tipping point where software can now bring an unfair advantage over those who fail to adopt it. The choice is to adapt and survive, or forever struggle with ill-equipped systems.
This reality was always going to come about over time. The pandemic has merely accelerated this, with brutal consequences for many.
But let’s look to the future.
The digital scene was already booming, now it’s taking over the world... much like our viral friend.
Here’s a few points that touch on why software will have such a massive impact.
1 - Software technologies are now accessible on budgets found in startups and SMEs.
Advanced software has previously been extortionate, but software companies now leverage a model which makes commercial sense at scale. The result? Pricing has fallen, and accessibility has risen. Right now, making the numbers work is the easy bit.
2 - A software driven system reaches a level of accuracy and efficiency beyond capabilities of any human being.
It sounds obvious but so many leaders overlook this fact. The financial saving should be the bonus feature. For the data lovers amongst us, everything is quantitative so absolutely transparency is always there, just believe the numbers, not an opinion.
3 - Inefficiencies will finally be given (over)due attention.
The common topic of conversation right now is around remote working. This is just the start of a thorough audit seeking out inefficiencies. To keep on topic, if any process can be automated through software it'd be foolish for a business not to explore that avenue for reasons of functionality and economical efficiency.
To call this innovation is exciting but really the technology is there, it’s impossible to ignore it. With the marine industry the disconnect is simply knowing what’s available to solve which problem. It's as simple as that.
Which software is the right solution? That’s the real question. So, what’s out there?
Well first, start with two categories, save money or make more money.
For saving money: increase efficiency; a glowing example right now is payment processing. Businesses are turning to e-commerce and online payments, all too often overlooking a significant cost of taking payments. Saving 0.5% on that single task saves you 0.5% of total revenue to your business. The numbers soon add up.
For making more money: look for software that gives you an unfair advantage. Something you couldn’t possibly expect an individual to achieve. For example, there’s AI that, doesn’t want to kill the human race, but does want to optimise the conversion rate on your website. In real time, this tech places the most likely up-sells and cross-sells in front of the customer as they experience your digital customer journey. How good is it? This increases revenue an average of 26% for e-commerce platforms.
Automation, artificial intelligence, machine learning, big data you name it. More so than ever it’s ready to revolutionise the marine industry. Have no doubt, an ecosystem evolution is about to occur.
It really is an unfair advantage, just don’t be on the wrong side of it.