Maritime Big Data Analytics poses the question of what Ship Owners and Operators such as yourselves can achieve in Ship Chartering & Vessel Operations given 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.
Over 100 million touchpoints of big data are generated from ports and vessels every day, within which lays different commercial, operational, and financial datasets. Maritime businesses need to analyze this data to their advantage, to increase overall performance.
Making impactful 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.
Effective Data Analysis to enhance Ship Chartering and Voyage Estimations
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.
When Charters can perform data analysis inhouse from an integrated single-source chartering platform, real-time accurate and actionable data can help them choose the right vessel with the least amount of risk involved.
Your maritime business will increase its competitiveness in the marketplace when your Charters can analyse voyage data and estimations against data such as P&L and freight forecasting, increasing the available options to them. Making more informed decisions possible, that will help achieve optimal planning.
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.
Performing Data Analysis to secure a maritime business’s financial position.
To help ensure a maritime business secures its financial position in the market, all financial data needs to be visible across all departments and stakeholders.
Integrated Chartering, Operations, and Financial solutions that allow the generation and detailed analysis of financial reports such as voyage profit and losses, balance sheets, and cash flow are an enabler for the sharing of financial data and departmental collaborations across a business. All departments become aligned and are striving towards achieving the same financial objectives.
Integrated Software for Shipping Companies
For any Ship Owner or Operator to successfully perform practical data analysis to support an effective decision-making process, real-time data needs to be accessible from a singular integrated source of truth, allowing deeper dives into granular data sets. Making it possible to identify trends, maximize opportunities, and increase operational efficiencies & departmental collaborations across your business.
By deploying digital solutions that are a part of an integrated data environment empowers your business to gain complete control over chartering, operations, voyage, and real-time financial data. Ship Owners and Operators are provided with the tools for scalability, flexibility, and a clear overview of how the fleet is performing, paving the way for optimizing opportunities in the market and future business expansion.