The maritime industry is rather conservative; most industry stakeholders should be able to agree on that. As the concept of big data was introduced in 2014 following was a wake of skepticism. But as the years have passed, big data, it appears, is beginning to make its impact, having been included in the Lloyd’s Register Global Marine Technology Trends 2030.
So why the skepticism? You see the challenge lies in collecting and processing a large amount of raw data to get comprehensive insights. Further it is not only collecting but also making sense of data. But when sense is made, what may be gained and improved from big data is everything from informed decision making, fuel cost savings, on board safety or greater control of business practices. The main issue is to get “on board” and start collecting the data, which future modeling will be based upon.
A couple of years back when the price of marine fuel oil was high ($800/t) the return on investment on big data solutions was quite swift. Even small changes could lead to big reductions on fuel costs as ship management improved to more efficient levels. Today’s prices make a fast return on investment futile. And while that may be discouraging and some operators find, not worth their while, some market segments in the marine industry are hit so hard by the marine fuel oil price decrease others by the overcapacity in the freight market, that management of the bottom line is crucial for survival.
The benefits of big data-powered-efficiency will become the norm. Regulation is pushing for it: E.g. via the global sulphur cap, Tier III NOx emission reduction and the EU's MRV. As such it is recommended for ship owners to get the grips of what big data can offer so that when it becomes the norm, they have been set up for success.
Read the full article at shipandbunker.com.
At Insatech Marine our look upon big data and what it can achieve is very positive. With our three different systems, which measures and tackles big data of your own consumption, decision making and awareness are the key.
Click to the right on each system to read more.