Case Study: Tristar spearheads digitisation in Dubai
Digital technologies are affecting all aspects of the chemical industry along the supply chain. According to Frost & Sullivan, digital technologies will play a vital role in new product development in the chemical industry through digital innovation and there is perhaps no petrochem logistics provider in the region innovating more than Tristar Shipping, winner of Technology Implementation of the Year at the 2018 Logistics Middle East Awards.
Tristar’s approach to Blockchain is a perfect example of what Frost & Sullivan describe in their Chemical Market Report as a new in “chemical companies beginning to formalise more coherent and connected strategies around the theme of digital transformation”. According to the report, these companies are treating digital transformation as a strategic driver of growth, and are beginning to realise the potential that digital technologies offer.
“Tristar is amongst the first logistics organisations in the region to have a fully working Blockchain implementation,” says Eugene Mayne, CEO, Tristar. “As a result, we are recognised as an organisation that is at the forefront of the logistics industry with our innovative use of this cutting-edge technology.”
As a result, Tristar is able to differentiate itself from the competition and provide value-added services that other organisations currently cannot. It’s Blockchain logistics platform, enables it to provide customers with unprecedented insight into all warehousing and transportation processes in real-time.
“Other positive impacts include the reduction in workforce requirements, and the elimination of human error,” adds Mayne. In turn, this reduces Tristar’s operational costs and saves money. “There are many additional, as of yet, unrealised benefits to using this technology. We will, in future, be able to quickly identify inefficiencies in our processes, and work on eradicating them while providing verifiable ‘trusted’ records to assist customers during audits and other such similar activities.”
In effect, the implementation of Blockchain, creating a single point of access for all documents and records, and the managing of trusted data with little or no use of paper, has enabled Tristar to tie together existing platforms that cannot currently communicate with each other, and remove delays in invoicing and payment processes.
“Previous efforts that were focused on manually duplicating data on multiple systems have been eradicated enabling all transactions between us and our customers to be accessible in a single secure platform – encrypted using cryptographic hashes, and only available to parties with a private key,” explains Mayne. As the Blockchain project was implemented using AWS (Amazon Web Services) Tristar was also able to avoid capital expenditure on new server equipment and network equipment and bandwidth, while addressing additional pain points such as business continuity and anywhere accessibility.
The results speak for themselves, Tristar has increased efficiency and accuracy while simultaneously halving the time for delivery confirmation, as delivery is confirmed at the delivery point rather than when the driver returns to base.
“Because duplication of data entry on two systems is removed, we’re also seeing manpower time savings, with trip planning alone saving our warehouse managers up to two hours per day,” says Mayne. Accurate calculation of CO2 emissions on a per vehicle basis instead of a generic calculation has also improved sustainability initiatives, while through real-time inventory and reconciliation, the month-end reconciliation and invoicing process is vastly sped up.