The Lloyd’s List Podcast: Getting to grips with data
Data is widely regarded as the new crude oil. Like crude oil, data in its raw form has little intrinsic value. All data is noise until you discern what’s interesting. Only when you apply technologies and processes to transform it into actionable intelligence does data become the basis for improved safety, sustainability, and profitability. This podcast explores the process and sees the future of maritime digitalisation
Maritime businesses have been amassing data for years, in dozens of silos. The question is, how to access data and how to use it
THERE is a logic in the progression from data through to digitalisation, from digitalisation to decarbonisation, and from decarbonisation to sustainability.
After talking about digitalisation for the past decade, the time has come for shipping to understand the opportunities now opening up to companies willing to invest in data analysis.
Maritime businesses have been amassing data for years, in dozens of silos. Few of the silos communicate with one another. This podcast explains how to access data and how to use it.
It digs into the benefits of Software-as-a-Service (SaaS) and joins the dots between SaaS and actionable intelligence.
David Levy, from OrbitMI, offers concrete examples of how actionable intelligence can be used to improve operational efficiency and reduce emissions, and argues that SaaS solutions can give smaller shipping companies an edge over their larger competitors.
With significant milestones rapidly approaching in 2023 and 2030, ahead of the IMO’s 2050 ambitions, it’s important that operators get to grips with their data before the data gets to grips with them.
“Software exists to improve and accelerate business processes,” Mr Levy says.
“Some software does it better than others. But what takes time — as with anything new — is understanding what you’re looking at and how best to use this new source of refined information that has been put at your fingertips.”