Markora, as a provider of maritime services, has examined the procurement and payment processes in the maritime industry. The company offers solutions to improve these processes by identifying existing issues in invoice and cost management. When a ship needs a spare part, ground staff are responsible for finding a supplier, comparing prices, and ensuring the necessary documentation is in place. In the meantime, if anything is not done correctly, they must communicate with the supplier and the ship.
Challenges in the Procurement Process
Markora estimates that a ship manager receives an average of about 50 invoices per month for each ship, leading to approximately 20,000 hours of annual work for a fleet of 200 ships. Many of these invoices are not approved on the first review, resulting in more time and resources spent on information exchange and supplier follow-up. This ultimately leads to increased costs and delays in payments.
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Optimization Solutions
Markora, through the use of intelligent automation, enables improved communication between the various stages of procurement. This method delegates decision-making to those who need to make them. For example, in a typical order for a ship in Japan, four out of six items fall under the existing contract, thus eliminating the need to send for pricing. The remaining two items are sent to the supplier network, and three suppliers respond.
This system can also validate transaction data and check for discrepancies before payment. This means less time spent on follow-up and more on negotiation. Ultimately, this process can reduce costs and increase efficiency in the maritime industry.
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