Greater efficiency and competitiveness in activities such as procurement, manufacturing, logistics and payments – that's the objective of a new integrated platform in the works. To be launched in October this year, TradeXchange is a cross-industry platform that facilitates Business-to-Business (B2B) and Business-to-Government (B2G) trade processes for companies based or conducting business in Singapore.
|Dr. Robert de Souza, Executive Director of The Logistics Institute - Asia Pacific (TLI-AP), welcoming the participants to the "Advances in Logistics ICT" seminar
The move is part of the Singapore Government's efforts to leverage infocomm to help the trade and logistics community under the iN2015 masterplan. Together with the Singapore Customs and the Singapore Economic Development Board (EDB), the Infocomm Development Authority of Singapore (IDA) launched a Call-For-Collaboration (CFC) in 2006 to invite the industry to develop B2B Value Added Services (VAS) on the TradeXchange platform.
Mr Chan Yeng Kit, Chief Executive Officer of the IDA said, "As the manufacturing and logistics sectors are important engines of our economy, infocomm will continue to be a critical enabler in these sectors. With a world-class logistics and infocomm infrastructure, Singapore can help to strengthen supply chains thereby enabling companies to meet increasing global competition."
Through the CFC, IDA, EDB and six companies will be investing S$4 million to develop solutions to streamline trade processes on the TradeXchange platform. The companies are AEB Asia Pacific, CrimsonLogic eTrade Services, Cyberlog Technologies, Gridnode, Kewill-IPACS e-Solutions, and Y3 Technologies. The aim is to provide seamless inter-connectivity among commercial and regulatory systems for the Singapore trade and logistics community. TradeXchange will provide services like filing of customs declarations and manifest submissions with other countries. TradeXchange will also allow companies to check schedule and book cargo space electronically with shipping lines. Companies will be able to electronically transfer titles securely and purchase cargo insurance online.
|Mr Chan Yeng Kit, Chief Executive Officer of the IDA, announcing the six companies to develop B2B Value Added Services (VAS) on the TradeXchange platform
Mr Chan announced this during his keynote address at the "Advances in Logistics ICT" seminar organised by The Logistics Institute – Asia Pacific (TLI-AP) as part of their Think Solutions Series programme. He noted that the logistics sector has always played a vital role in Singapore's economy, accounting for nearly 10% of national GDP, and that infocomm technology has played a key role in differentiating Singapore as a logistics hub.
Over the last three years, 10 supply chains have tapped on infocomm technologies to achieve more efficiency. Under the Collaborative Hi-Tech Manufacturing Plan (CHTMP) launched in 2004 by IDA, the high-tech manufacturing sector witnessed increased efficiency and reduction in operational costs. Companies are using electronic standards such as RosettaNet to enable S$3.2 billion worth of annual transactions. The 10 supply chain masters and their suppliers achieved cost savings of nearly S$41 million.
The CHTMP aimed to build ten end-to-end, integrated and responsive supply chains in the high-tech industry. IDA and the ten supply chains have invested more than S$14 million in project activities. IDA's related initiatives in Radio Frequency Identification (RFID) and Retail Electronic Supply Chain Management (Retail eSCM) Ecosystem have also brought about efficiency benefits to the logistics and retail sector.
Moving forward, IDA aims to further leverage infocomm in developing Singapore as a Supply Chain Nerve Centre and a world-class logistics infrastructure, in order to allow companies to manage global supply chains from Singapore.
As Mr Chan concluded, "Competition is intensifying and Singapore needs to find more innovative ways to leverage infocomm to strengthen Singapore's competitive advantage in manufacturing and logistics."