IQAX
Digital Logistics Solutions Creating a Harmonized Global Trade Environment

The advent of smart transportation solutions has led to the gradual rise of digital twin technology in the supply chain sphere. The data from systems that range from GPS monitoring on shipments to IoT sensors on cargo, machinery, and equipment can be used to form an accurate virtual model of operations. Historically, warehouse and supply chain managers have relied on manual processes to manage logistics prone to disruptions such as demand fluctuations, product shortages, logistics bottlenecks, uncertainty in obtaining raw materials, and shipping delays. To eliminate the drawbacks of traditional logistics tracking methods, an innovative digital solution provider serves the logistic industry to help create a harmonized global trade environment. Hong Kong-based IQAX brings a deep understanding of ocean shipping and a strong heritage in global trade digitalization to deliver logistics visibility. IQAX relies on blockchain, IoT, big data, and AI techniques to build intelligent solutions for the industry and serve its customers.

IQAX facilitates access to a broad range of data and responds instantaneously to supply chain disruptions. Leveraging the unique capabilities of blockchain technology, IQAX is launching solutions to build industry-leading technological expertise: an ecosystem that transcends the limitations of the parallel working paradigm to deliver predictive analytics, end-to-end visibility, and digitalized process management throughout the entire supply chain.

Today, every customer and supply chain stakeholder needs to monitor the status of vessels across the globe, and the Automatic Identification System (AIS) provides access to live vessel information.

Additionally, IQAX has developed a digital twin platform that combines vessel IoT data with schedules, container, and shipment data to deliver live vessel statuses, allowing decisionmaking based on real-time information. IQAX leverages digital twin to detect and fill gaps in the original data. In addition, to identify potential delays and predicted the updated ETAs and ETDs based on latest and complete data, the firm provides a real-time ocean shipment visibility platform – the IQAX TrackIt.

Most platforms display the latest vessel schedules’ ETA at the next port when a shipper looks up their cargo status and expected arrival time. IQAX TrackIt, on the other hand, can alert the shipper in advance to the route change that will have downstream impacts giving the shipper more time to respond and communicate changes to customers and other parties waiting for the cargo.

Furthermore, IQAX uses a digital twin to fill in gaps and imperfections that exist in the world of data while providing the best quality view into the past, present and future. This facilitates ongoing innovation and digitization initiatives such as real time supply chain network optimization or in-transit inventory optimization and makes it possible to overcome hurdles created by the availability or quality of data from their partners.

Each potentially delayed shipment, if tracked, can mean avoiding tens of thousands of dollars in detention and demurrage charges, chargebacks, lost sales, or factory waiting times. Integrating the highly interactive maps and dashboards beyond the logistics teams to sales, purchasing, and support can further improve communications and elevate customer service.

Last year in January, one of the container ships at Port Kaohsiung in Taiwan collided with a crane and affected terminal operations, cargo, and other container vessels that relied on that container terminal. IQAX provided the latest status at the terminal such as vessels stuck at the terminal; heading to terminal; or changing route. to the client in real-time using IQAX TrackIt. IQAX tapped into the enormous amount of data and leveraged the digital twin platform to predict the cargo movement more accurately than other sources.

IQAX reconciled data accuracy from continuous updates of different source data to output, harmonised shipment tracking data, providing customers with the most reliable and the possible options such as whether their cargo is able to take the planned vessel, what other vessels customers can consider, etc related to shipment routing and associated vessel’s arrival or departure. IQAX combined proprietary machine learning-based techniques and live data such as carrier published vessel schedules, ports terminals information and vessel IoT to output predictive vessel berthing time in Port Kaohsiung in Taiwan to give customer insights on berthing situations to better arrange the downstream transportation.

As IQAX continues to grow year on year, they focus on collaborating with industry players in the global trade value chain to bring tangible solutions that solve real business challenges. Treading ahead, IQAX aims to build effective solutions that can operate alongside multiple systems to deliver real-time predictive analytics regarding cargo movements and payments.