Expert Focus: How data can unlock a more efficient future for shipping
Data insights in shipping are too often fragmented and based on disconnected systems, but bridging those gaps allows operators to make more holistic decisions that will improve efficiency across the industry
MOST shipping companies are not getting enough out of the data that is available to them, according to Joel Meltzner, chief executive of Lloyd’s Register’s digital network i4 Insight.
By aggregating siloed data and using analytics, he argues that businesses can tap insights that will not just reduce their own overall operational expenditure but improve efficiency across fleets.
The challenge is how to look at all facets of a company’s operations to make decisions more holistically, looking at the impact across the business and not just in isolation of a particular department.
According to Mr Meltzner it is a process that requires shipping companies and charterers to think differently and embrace transparency and collaboration.
In this video he answers the following questions:
How can data aggregation and data sharing help shipping owners and charterers improve their operations?
Where do you see the maritime industry moving when it comes to partnerships vs ‘marketplace’ collaboration, which is more common in the industry and how will this influence industry developments in the years to come?
As maritime technology has advanced, more and more providers are giving shipowners business intelligence and information via dashboards alone. What are the risks and opportunities associated with this approach?
How do you think the increased awareness of greenhouse gases has impacted the way data analysis is utilised by the maritime industry?
The i4 Insight ethos was born out of a need to bridge gaps in the industry’s approach to data analysis and apply intelligent insight to fleet operations.
The company now leads Lloyd’s Register’s marine performance services business, recently bolstered by the acquisition of marine data intelligence company GreenSteam, which uses machine learning to improve vessel efficiency.
Together they form part of Lloyd’s Register’s plan to expand its technical advisory, commercial efficiency and voyage optimisation services.
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