Data and analytics are changing how all business operates. It allows for processes to be checked, improved, and made more efficient, thanks to vast amounts of data generated by sensors and other technology. This has already been seen in traditional delivery companies, with faster routes being found and processes being streamlined.
The marine industry is going to be transformed thanks to the power of data, and analytics are only going to become more important to the growth of the sector. Data-driven analytics deliver concrete, actionable insight that make positive changes across the entire sector, and can increase overall efficiency by between 5 to 10%.
The shipping and logistics industry has already started using data to improve and optimise their ships, trade routes, and processes. However much more can be done to improve global trade.
The shipping industry generates roughly 100-120 million data points every day, providing ample opportunities for analysis and improvement. These data points create a network of information that can be used to improve their services in a variety of ways:
Modern ships are now enabled with tracking beacons, allowing companies to track ships and cargo in real-time, helping decision makers understand what’s happening at any given moment. This allows them to alter course, or see who else is in the vicinity.
Data can tell us how much power ships are using, and how energy can be used more efficiently. All ships have optimum speeds for fuel consumption, however because of the variety of factors that can influence this it is difficult to maintain. Analytics can help this, taking maintenance, cargo weight, and weather into consideration.
Predictive analytics can be used to proactively avoid delays before they start thanks to an influx of data. AI can be used to predict what might happen based on the shipping route, information received from other ships, and weather patterns, and then alter how the ship is being operated to ensure optimum performance.
Inbuilt sensors onboard the ship can provide real-time measurements of how components are performing. Sea-faring vessels require constant maintenance to maintain peak performance. Thanks to constant monitoring and analysis, if any parts need maintenance or replacing, it will be flagged automatically, minimising repair times and reducing costs.
Beyond that, satellite systems can track ships around the world, keeping them safe from pirates. Satellites provide a watchful eye over the global fleet, and can relay messages if needed.
Utilising all the data that ships generate will allow ship designers to create better more efficient vessels. Everything from weight to engines to cargo storage can be improved if there’s enough data to provide insight into how things could be done better.
This new technology will have to scaled to the industry at large in order to unlock its full capabilities.