Based in Mumbai, India – this company is a global leader in tyre manufacturing, with production facilities spread across Israel, China, Europe, India, South Africa, the USA and Mexico.
The brand specialises in application-specific tyres for the automotive industry and multi-purpose tyres for other sectors.
Between 23rd to 29th of March, 2021, a skyscraper-sized container ship named Evergreen became wedged diagonally in Egypt’s Suez Canal entrance. The blockade left about 200 ships stranded at either end of the canal, mounting further pressure on global trade that was already strained due to the pandemic.
So, what were the financial implications? About one million barrels of oil, 8% of liquified natural gas and a total of 12% of global trade are known to pass through the canal each day. Hence, the blockade amounted to a loss of nearly £7 billion of goods a day, approximately £290 million an hour.
The company’s both westbound and eastbound shipments came to a screeching halt, impacting cargo worth $18.5 million
There were delays in the delivery of finished goods, impacting eight customers across Europe and the US
The supply of raw materials to production facilities in India was severely affected, resulting in significant disruptions in the production cycle
The company was looking for a tool that would help them gain visibility into where their shipments were, for how long they would remain stranded and rich analytics to forecast what’s next. It was here that GoComet’s GoTrack Automated Shipment Tracking system stepped in.
Accurate real-time insights on vessels rerouting via South Africa and those waiting for the canal to reopen
Predicted delays and updated ETAs based on on-ground developments and advanced data analytics
Daily auto-generated reports on the status of the ships carrying the company’s cargo
With real-time data-driven insights, GoComet helped the brand make strategic decisions to weather the crisis
With to-the-minute visibility on shipment delays, the company could reallocate their resources and better manage production cycles. This resulted in savings of $800K
With access to auto-generated reports, they could share live tracking updates with their customers for their specific orders, paving the way for enhanced customer experience
The Suez Canal blockage is a fine example of how automation is revolutionising the way we deal with disruptive events. When the canal was blocked, we noticed that our customers rapidly turned towards GoTrack to gain real-time visibility over their affected shipments. It enabled them to make prompt decisions and respond to the crisis efficiently.