Big data is emerging in response to the widely held belief that making informed decisions based on the analysis of available information is key to the success of any business.
Using analytics and algorithms to process the vast amounts of data generated by an industry, big data's proponents claim, allows stakeholders to make smarter decisions.
Much of the drive for big data is coming from classification societies and flag states. But it is also gaining traction with large shipowners, who are working with partners in both the shipping and technology fields to harness its power.
Saudi Arabian tanker giant Bahri brought together top players from shipping and technology at a forum held in Dubai earlier this month to share ideas on the potential benefits that big data could deliver for shipping.
Almost three years ago, Bahri set up Bahri Data to create data-driven platforms to help boost the company’s performance and give it an edge over its peers.
Heading this division is Anwar Siddiqui, a Silicon Valley data scientist who was brought on board around two years ago. He describes big data as a match made in heaven for the shipping industry, but one that has largely been ignored.
“If you look at another sector in transportation, such as the airline industry, it has huge data points and it is using this data to drive efficiency. In contrast, shipping has the data but does not use it,” Siddiqui says.
“At the end of the day, it is about value creation. The focus is not big data, but the return of capital employed."
The Bahri Data platform uses internal and external data covering revenue and cost drivers to produce predictive analysis to support planning, drive efficiencies and scope solutions to future scenarios.
On the technical side, for example, predictive analysis of the service life of parts allows the company to undertake condition-based maintenance, as opposed to planned maintenance, which should drive significant cost savings and reduce downtime.
Using big data to improve the efficient technical operation of ships is one of the benefits that is being actively developed by classification societies, such as DNV GL.
It has launched a data management platform, Veracity, which it is developing in conjunction with other industry stakeholders.
DNV GL group president and chief executive Remi Eriksen tells TradeWinds on the sidelines of the conference that an application developed by Bahri and powered by Veracity will pool different data streams on safety and performance of ships.
“It gives a good visual. Charterers, for example, can get historical data on the performance of a particular ship. A lot of the same information about a ship is asked for by different people in different ways. Platforms will be able to do this in real time, speeding communication,” Eriksen says.
