Freight market set to unlock real-time data benefits

New technology enables connectivity and collaboration across the industry, unlocking true value of data

SINGAPORE, 9th March 2021 | Press Release

Chinsay, the pioneering platform for the generation of freight and commodity contracts, is announcing today the launch of a new deployment of its Intelligent Contract Platform (ICP) for the freight industry, ICP.Freight . The new platform enables users to capture, reuse and leverage data intelligence from the trade process for competitive advantage.

For the first time, the freight industry can benefit from a technology built specifically to address the repetitive and error-prone manual processes with which it has always struggled. ICP.Freight unlocks data that is usually contained within emails and documents, moving the industry’s focus from collecting and locking away data for the purpose of building a reference document, to turning it into a valuable asset, which can be used to increase efficiency, reduce risk and gain business insights.

Key benefits of using ICP.Freight:

Access to a collaborative workspace in real time – collaborate online with stakeholders and obtain validated contract data.
- Trade with internal stakeholders to secure and execute freight.
- Submit market orders/vessel, trade by exchanging bids and offers within the platform.
- Seamlessly create recaps, contracts and integrate with your VMS.
Customisable workflows and rules – enable a dispersed workforce to work in a connected manner with specific controls and rules in place, which trigger notifications, reviews and approvals.
Data flow and reuse – bring together data sources during the trade process and ensure it is structured correctly for reuse, to automate actions, and integrate with adjacent technology.
Reporting and visualisation – gain a real view of the business by unlocking data, allowing it to inform decisions.

Colin Hayward, CEO of Chinsay, said: “ICP.Freight provides an integral experience to all internal and external stakeholders. The new offering eliminates the need to produce a document to share for input or validation, providing an innovative, real-time solution for the industry. Some of our new clients have already shown an interest in ICP.Freight and its powerful new capabilities. We, at Chinsay, are driven by providing ongoing value to our clients, and are determined to enable an ecosystem of multiple industry and technology players, and continue unlocking innovation for the sector.”

He added: “ICP.Freight is now available alongside the Recap Manager, which standardises the process of creating, validating, archiving and sharing freight contracts, allowing both existing and new clients to choose the product that is right for them.”

Chinsay’s new offering further reinforces the company’s ethos of combining cutting-edge technological solutions with industry knowledge, while seeking to collaborate and integrate with other leading industry solutions to deliver significant efficiencies to clients. ICP.Freight is the result of ongoing evolution of Chinsay’s two primary products, the Intelligent Contract Platform (ICP) and Recap Manager. ICP.Freight is a new offering, specifically aimed at companies looking to have a more efficient and connected way of working with a disconnected workforce.