The Alliance for Action (AfA) on Supply Chain Digitalisation, a Singapore government initiative, has brought together public and private sectors to pilot a common data infrastructure to benefit the supply chain ecosystem, according to PSA International.
The terminal operator said the digital utility will facilitate data sharing and enable businesses large and small to ‘plug and play’ into the infrastructure easily. As
a start, the AfA will develop two solutions to strengthen trade finance and to help container flow node decongestion.
It went on to say the COVID-19 pandemic had accelerated shifts and greater regionalisation in supply chains and logistics. Businesses and governments have to revaluate their supply chains to increase productivity and efficiency and this lent more momentum to digitalisation.
“These fundamental shifts expose both vulnerabilities and opportunities for Singapore,” a statement read.
“For Singapore to remain relevant in the growing digital economy, it is laying a common foundational layer with digital utilities that enable businesses to move into the digital domain, build a stronger and more robust supply chain ecosystem for international trade flows, thereby advancing our position as a global supply chain and trading hub.”
It said a common data infrastructure will facilitate trusted and secure data sharing between industry players, to drive efficiency, productivity and resilience through information flows across the ecosystem. Development of the common data infrastructure will be guided by the principles of open, trusted and secure data sharing, scalability and interoperability with local and global data platforms and timely accessibility to all players across the value chain.
Furthermore, the common data infrastructure will augment existing data sharing systems and platforms by connecting the supply chain end-to-end, creating visibility and transparency, linking importers/exporters, shipping companies and financial institutions. It will provide both large and small companies with access to exchange data in an efficient, trusted and secured way.
As part of the pilot phase for the common data infrastructure, the AfA will be conducting trials with industry players for two use cases, one of which will look to solve issues around congestion in container terminals.
“COVID-19 has revealed both vulnerabilities and opportunities in the global supply chain ecosystem,” said Tan Chong Meng, Group CEO, PSA International.
“It is Singapore’s ability to rally together multiple stakeholders to co-create and bring a common vision of supply chain end-to-end visibility to fruition, that will set us apart as a trusted global trade and logistics hub.
“The development of a common data infrastructure is our opportunity to enable large and small businesses to optimise their supply chain flows through Singapore, promote long-term sustainability as a key nodal hub in the global supply chain, and at the same time, support Singapore businesses in expanding their export markets.”