Logistics and shipping firms will be able to securely share more data on the movement of goods when a new trade data exchange is rolled out in 2022, enabling them to optimise operations.
From pilots conducted so far, the Singapore Trade Data Exchange (SGTraDex) is expected to unlock more than S$200 million in value annually for the supply chain ecosystem, Deputy Prime Minister Heng Swee Keat said on Tuesday (Jul 13).
The movement of goods is often marked by “significant” inefficiencies such as depot and warehouse congestion, multiple shipping forms requiring similar information and inaccurate tracking of orders on the buyers’ end, said Mr Heng.
Describing it as a breakthrough, he said SGTraDex will allow stakeholders to “plug and play” and exchange information with other firms in a secure manner. Data that would have been previously unavailable or difficult to obtain, such as real-time cargo location, will also become easier to access.
The pilots showed that SGTraDex will help to strengthen the financing integrity of trade flows, optimise logistics functions across supply chain partners and improve visibility on transactions, the Infocomm Media Development Authority (IMDA) said in a media release.