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Accenture research identifies five key game-changing drivers that would transform the future business landscape for port operators.
The global shipping industry is experiencing an extended period of turbulence. The industry has not recovered since shipping volumes plunged during the global financial crisis. No longer earning windfall profits, port operators are now being forced to transform their business models. They have to accommodate shipping lines’ decision to slash costs and raise margins in the face of declining earnings.
In this environment, ports have to become more efficient to lower costs and increase performance for shipping companies. To achieve this, operators will need to invest in capabilities that reduce turnaround and waiting times for ships, and cut cargo holding times.
Our latest report delves deep into:
Five industrywide trends that affect the whole port industry regardless of location and strategies to to drive profitable growth
Detailed regional outlooks—Greater China and ASEAN
Approaches for ports in different growth stages
Watch our video—Achieving High Performance in Ports: Emerging Trends in Asia
Five drivers are changing the game for port operators.
Dynamic supply chain prompts customer centricity: Port operators need to make their business more customer-centric and ensure that they can flexibly respond to the needs of shipping lines at a lower cost. The goal is to improve customer stickiness—among direct customers (shipping lines) and end customers (shippers).
Impact of automation enables higher productivity: Automation technology can deliver a 30 percent boost in productivity. To stay ahead of the curve, leading port operators should continually update their use of automation to further raise the bar on productivity improvements.
Economic volatility offers an opportunity for operational agility: Port operators need to create agile and streamlined businesses that can quickly adjust to volatile economic conditions—thus improving operations and creating flexible cost structures.
Reduced time for profit maximization prompts business scalability: By developing nimble business models, operators can weather the cash-burnt period and scale up businesses to capture the profit-making window.
Talent shortage, immobility prompt process and IT standardization: Both emerging and established ports face difficulties when sourcing talent. Apart from efforts to attract and retain talent, ports can counter this by developing sets of IT-bound processes and apply them across to lessen the reliance on specific skills.
Depending on their stage of maturity, ports can face additional challenges. We recommend separate approaches for ports in different growth stages:
To capture the new business demand as quickly as possible, greenfield ports should focus on productivity catch-up with other established players.
While setting productivity standard is still important, more established ports should place greater emphasis on operational agility and customer centricity to compete in more mature markets.
For port groups aspiring to develop new ports, operators need to acquire a set of expanded capabilities to manage ports in multiple locations effectively.
Find out how Accenture Port Solutions can help you create the ports of the future.
July 16, 2013
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