Maritime Big Data Analytics for Ship Owners and Operators provides answers for Chartering and Vessel Operations with the right insights and overview to push increases in operational efficiencies & revenue opportunities.
Industry leaders recognize the importance of Big Data Analytics and the role it will play in shaping the future of the Shipping & Maritime Industry. So if you aren’t thinking about how big data can transform your maritime business, then you could be a step behind the times and the competition.
Million endpoints of big data are generated from ports and vessels every day. These are usually different commercial, operational, and financial datasets. Maritime businesses shall analyze this data to their advantage, to increase overall performance.
Empowering decisions through Data Analysis
As you know, the ability to make informed decisions can make or break a successful shipping business model. Using high-quality data analysis in the form of business intelligence, dashboards, and reports in the decision-making process not only improves the quality of judgments but can guide decision-makers in the right direction.
From an overview, data analysis can support Ship Owners with technical management functions in the application and decision-making process for safety operations, compliance with external regulations, and planned maintenance. While, for Ship Operators, they are aided with operational and fleet planning functions and decision-making to help drive efficiencies in chartering, fleet allocation, maintenance & safety planning along with vessel performance & schedule management.
Below we look at how Charters and Operators can leverage data analysis in their decision-making processes to have the most significant impact on a maritime business.
The role of a Charter is to match vessels and cargoes at the best price, but when restricted to information purely provided by external sources such as brokers, the ability to plan optimally is hindered.
Performing Data Analysis to Streamline Maritime Operations and Voyage Management
The objective for your Operators and Voyage Managers is to achieve optimal vessel performance and streamline maritime operations. They achieve this based on complicated evaluations of fuel consumption and maintenance schedules and having access to estimated time of arrival (ETA) and cargo data.
Through using vessel reporting systems & data synchronization applications, along with analytical dashboards available as part of operations & voyage management system software, Operators & Voyage Managers can track vessels in real-time, removing the need to rely on legacy processes such as emails or phone calls.
Operators and Voyage Managers can perform data analysis and manage changes in speed, ETA’s and overall vessel performance in real-time and identify the ideal speed for fuel consumption against variables such as bunker spend and freight rates.
Your maritime business will increase its competitiveness in the marketplace when your Charters can analyse voyage data. Making more informed decisions possible, that will help achieve optimal planning.
Integrating data and software
For shipowner or Operator to undertake data analysis to support decision using, real-time data and data sets, it impossible to identify trends, maximize opportunities, and increase operational efficiencies & departmental collaborations.
By integrating maritime data from various sources, you are taking the next to data transformation across your business units.