The Commercial Advice (Advice) processing workflow consists of the following stages:
1. Recording: An Advice is received in the form of an email. It is either recorded by CompassPulse automatically or entered manually via the Advices tab for the relevant ship in the vessel database.
2. Preparation: The Advice is then either processed or ignored, processing being to find matching Purchase Enquiries (P/E) (CompassAir automates matching, and with CompassPulse, the broker is immediately notified of matching P/Es, as soon as the Advice is received), to investigate further and then make a decision on whether to take action or not.
3. Action: To respond to a matching P/E if considered appropriate or to record a ship against a P/E for action at a later date.
Scenarios for Commercial Advice Processing
1. The broker wants to respond to matching P/Es with the details of the ship referred to in the Advice
Once the Advice has been recorded (either manually or automatically by CompassPulse), it is accessible in one of two ways. The first is directly from the incoming email by clicking on the ship name (which will be shown at the top of the email if CompassPulse has been activated – i.e. ShipLink or Advice Recorder). In this case the full ship details from the vessel database are displayed in a second tab. Within this screen, the Advice can be edited using the “Advices” tab.
The second method is via the Ships icon on the left hand menu bar (which opens the Ships screen), then searching for the ship name shown in the incoming advice.
CompassAir automatically attempts to match relevant P/Es (if CompassPulse is installed, the user is immediately notified of such matching P/Es) which are then displayed on the “Matching P/E” tab.
Some P/Es will be a better match than others, and to distinguish between them each P/E is scored, the best match being five stars (see below for more information on ranking).
From the list of suggestions, the broker can respond directly to the P/E by first selecting a P/E and then, by right clicking it and selecting “Propose” a new message containing the ship information will be created (the ship reference will automatically be added to the message header along with the P/E reference number). Once sent, the message can be found on the “Messages” tab for the ship in the vessel database as well as on the “Messages” tab for the P/E (all P/Es are accessible using the left hand menu bar, using the Purchase Enquiries icon which opens the Purchase Equiries screen). Having been proposed, the P/E is then moved from the “Matching P/E” tab to the “P/E” tab for the ship in question.
Having proposed a ship, the “Relation Status” shown on the “P/E” tab is automatically changed to “Proposed” (this is different to the P/E “Status” which is changed by editing the P/E, and includes completed, failed, working etc.). This “Relation Status” can later be changed (right click on the respective row and select “Edit”) to either “Rejected” (the potential buyer does not consider the ship to be suitable) or “Interested” (an initial positive response to the proposal ready for discussions to move to the next stage). If the broker subsequently considers a ship to be unsuitable it can be deleted from the “Ships” tab.
Using the “Refresh” button (shown below in red) will update all fields after changes have been made.
See 3 below where a broker can add ships to a P/E but delay proposing them. In other words, they are added to the “P/E” tab pending a decision on whether they should be proposed or not.
Following the same procedure and using the same right click drop-down menu, the P/E source email can be opened, the P/E can be opened in a separate tab, etc.
2. The broker wants to see details of the matching P/Es before responding to them
Further information about each P/E is available by right clicking on the P/E and selecting “Open Detached”. In a new tab there will be displayed full details, including matching ships, ships that have been shortlisted, messages relating to the P/E etc.
Alternatively, details of the each P/E (or multiple P/Es if selected using the tick box) can be displayed in list form from either the “P/E” or the “Matching P/E” tabs. Further details about each P/E in the list (including related messages, files, etc.) can then be viewed by clicking on it or from the right click menu choosing “Open Detached”.
3. The broker wants to shortlist one or more “Matching P/Es” for the ship without proposing it at this stage
A shortlist from the “Matching P/E” tab can be created by right clicking on the relevant P/E (or selecting multiple P/Es) and selecting “Add Ship”. This moves the selected P/E(s) from the current tab to the “P/E” tab (the date and time this occurs is recorded in the “Related On” column). From this list P/Es ships can be proposed or the P/E source email opened in the same way as above. When a ship has been proposed, the date and time of the email is recorded in the “Last Sent” column and the “Relation Status” on the P/E tab is shown as “Proposed”.
Those P/Es appearing under the “P/E” tab of a ship will now also have the associated ship name and details recorded under the “Ships” tab in the P/E.
4. The broker wants to search for “Matching P/Es” from the Purchase Enquiries tab
As mentioned above, CompassAir automatically matches P/Es to the ship specifications shown in the Advice.
Alternatively a broker can search for matching P/Es directly from Purchase Enquiries, i.e. the list of P/Es accessed via the left hand menu bar Purchase Enquiries icon which opens the Purchase Enquiries screen, inserting the ship specifications in the relevant fields.
The matching P/Es can then be opened individually (by right clicking and selecting “Open Detached”) or in (short) list form using the check boxes.
On opening the P/E, CompassAir will have already matched the ship to the P/E and listed it under the “Matching Ships” tab. The ship can then be proposed or alternatively added to a P/E by right clicking and selecting “Add to P/E” (for consideration at a later stage). Having opened a P/E detailed information about that P/E will be shown on the left, details that can then be edited as necessary and saved. The updated P/E will appear simultaneously on the “P/E” tab of the ship as recorded in the vessel database.
(see also the Purchase Enquiries workflow to discover how to find ships that match any selected P/E)
5. The broker wants to see a list of Commercial Advices received during the day
From the “Ships” tab a list of the day’s Advices can be produced by adding “Today” (or alternative time periods) in the “Last Advice” search field, leaving all other fields blank.
Matching and filtering Purchase Enquiries against incoming Commercial Advices
As mentioned above, with CompassPulse activated, all incoming messages that are recognised as Advices are recorded as such and the broker is immediately notified of matching P/Es, possibly even before they have seen the incoming Advice.
Even without CompassPulse, once an Advice has been recorded (this time manually), CompassAir will match P/Es to the ship details and rank them, five stars being the best match.
CompassAir performs an initial filtering to produce a list of matching P/Es that for example
1. are of the requested Type and Subtype (if defined)
2. have a DWT between 90% of the minimum P/E DWT and 110% of the maximum P/E DWT
3. were built between minimum P/E YoB minus 3 years and maximum P/E YoB plus 3 years
The amount by which the criteria are flexed is determined by the user’s preference. For example, using the above parameters (plus or minus 10% of DWT and plus or minus 3 years), if the P/E specified a ship as “DWT 30-40K, built 2000-2003” then the initial filtering will return ships that have been classified as “For Sale” in the last 90 days, with the following characteristics
1. are between 27,000 and 44,000 DWT
2. that were built between 1997 and 2006
Once this initial filtering has taken place, CompassAir ranks the P/Es. If, for example there were five criteria that were fully satisfied, five stars would be awarded. If only two were satisfied, then two stars. Three out of three would be awarded five stars, and so on. This allows a broker with limited time available to focus on the most relevant P/Es, in preparation for responding to the Advice.
These matching P/Es are then displayed on the “Matching P/E” tab of the ship in the vessel database.