In a recent article we published the results of a survey of new clients, having asked what it was they liked most about CompassAir and what they thought were the most valuable features. Having launched CompassPulse in the first half of 2022, we thought we would pose similar questions in relation to this suite of products for SnP brokers that utilise artificial intelligence. The reception for these products has far exceeded our expectations and we thought it would be helpful to share the feedback.
For those not familiar with CompassPulse, it is a suite of products specifically designed for Ship Sale and Purchase (SnP) brokers that takes advantage of the extraordinary value Artificial Intelligence (AI) can create for an organisation. It works “out of the box”, covering any number of mailboxes (both shared and personal), and can work fully integrated with the de facto standard of the SnP market, CompassAir messaging software. It also works with any other email client (e.g. Outlook). In other words, you don’t have to use our messaging software to take full advantage of CompassPulse.
The following are some initial observations on the most common benefits our clients feel CompassPulse has delivered since it was introduced:
1 “Teams working faster and more efficiently”
Amongst other things, both CompassAir and CompassPulse add value by automating tasks.
It almost goes without saying that by automating all those tasks in a workflow that are capable of being automated means that more time is then available to address the remainder, i.e. those that cannot be automated.
In practical terms this often means appropriate skills can be applied in a more focused manner, the result being that outcomes are achieved faster, and with CompassPulse automation being almost instantaneous, the goals of teams and their workflows are being achieved that much quicker.
2 “Eliminating repetitive tasks”
Smart automation has always been a guiding principle in the development of CompassAir. CompassPulse is no exception, releasing the extraordinary value that can be created by using Artificial Intelligence.
Those tasks that CompassPulse can undertake include the following:
• identify ships mentioned in emails and update the vessel database accordingly (ShipLink)
• identify Purchase Enquiries (P/Es), noting the details such as ship type, size and age, with CompassAir then making recommendations of matching ships (Enquiry Recorder)
• record incoming Advices (Advice Recorder), popular with those brokers who prefer not to update records manually such as with inspectable positions, itineraries and delivery dates
• updating the vessel database to show vessels that are now for sale (ForSale Tagger)
• matching existing P/Es to incoming Advices (Enquiry Proposer)
Replacing repetitive tasks that are currently performed manually has proven to save time, whilst simultaneously improving productivity and accuracy.
3 Competitive “advantage by being able to respond quicker”
CompassPulse is working 24/7, reading and understanding the content of emails as soon as they arrive in your inbox. For example, not only are brokers notified of incoming Purchase Enquiries immediately they are received, CompassAir software straightaway scans the vessel database for matching ships that, importantly, are available for sale, and makes recommendations ranked according to how closely they match.
What this means is that brokers are able to respond to opportunities much faster, essentially before those competitors who continue to rely on manual searching and matching of available ships. An example given was being able to respond to a P/E from the UAE received on a Sunday, when previously this would have had to wait until at least the Monday.
4 “Better use of people skills”
Recruiting and keeping highly skilled staff is challenging for all organisations, from the smallest to the most recognisable names. It goes without saying that by eliminating manual processes skills can then be applied to those activities that add the most value.
It’s not just administrative staff who can utilise their time more productively. Take the obvious example of the SnP broker who has to trawl not only through incoming Purchase Enquiries, but also the vessel database to find ships that match requirements. By getting CompassPulse to do this (in seconds, upon receipt of a Purchase Enquiry) meant the broker’s skills could be put to much better use, elsewhere in the SnP workflow, where their skills generate a better return on time invested, e.g., contacting new clients or highlighting opportunities to existing clients.
5 “Consistency and accuracy”
Although well below human ingenuity, unlike manual processing, software suffers neither from distractions nor fatigue. It is able to repeat the same process over and over again without tiring, instead maintaining a consistently very high level of accuracy.
Phone calls, emails, discussions with colleagues, they all serve as distractions in a busy office. According to a report from Loughborough University, the mean recovery time from an email interruption is 64 seconds, so with an average of 87 emails a day, employees spend up to 90 minutes a day – or 7.5 hours a week recovering from email interruptions alone. Disturbances and manual processes do not make for good bedfellows, with both speed and accuracy suffering.
CompassPulse is working 24/7, without suffering either from distractions or tiredness, and delivers accurate, consistent recommendations to brokers regardless of the time of day or day of the week, important when working in a market that never closes.
With CompassPulse working around the clock, what this also means is that important emails won’t slip by unnoticed. Never again will an opportunity be missed with CompassPulse reading every email, identifying and understanding the content then bringing it to the attention of users, all in a matter of seconds.