The revolutionary effect of disruptive technologies can be seen by analysing big data’s impact on several industries. When it comes to the shipping industry, big data has fundamentally changed business operations. You can take a detailed look at the impacts and benefits below.
What is Big Data?
Big Data is a comprehensive collection of data in any form that cannot be interpreted using standard methods.
Big data utilises both traditional and non-traditional sources of data and compresses it into a database from where data can be accessed and analysed.
Big Data is instrumental in identifying hidden patterns, connections, and predictions of several variables by utilising correlation and other analytical tools.
Why does Big Data matter for the shipping industry?
The shipping industry is a complex intermix of thousands of ships moving through numerous sea channels and networks across the globe. Not only is the shipping industry far more vulnerable to the forces of nature, but it also requires strict oversight of schedules. Most importantly, it requires you to handle and adapt to countless other variables and changing situations.
That’s where big data steps in.
Big data takes the influx of information from the shipping industry and converts them into actionable insights. With the help of AI, big data allows you to find patterns and determine the best solution for logistic issues.
There are numerous applications of big data for the shipping industry. The following are some notable examples, including:
- Chartering: provides users with real-time information about arrival and departure times, as well as determine accurate freight forecasts
- Operations: improves all aspects of shipping operations determining optimal speed to decisions regarding maintenance
The benefits of Big Data on the shipping industry
Big data can lead to drastic improvements in performance and help in more efficient decision making. The following list gives you a detailed look at the benefits and impact of big data on the shipping industry.
1. Accurate Predictive Analysis
Forecasting and making a prediction is a tricky challenge to navigate through. When it comes to the shipping industry, the countless variables are humanly impossible to track and analyse. However, with big data, you can get the most accurate information and forecast.
Big data delivers you predictive behaviour of customers based on their interests and purchase history also weather forecast as per historical data to avoid disasters. Big data allows the shipping industry to have better customer data as well as improved operations.
2. Improves Marketing Strategies
Big data has expanded customer understanding in a way that has never been possible before. Using demographic, socioeconomic information, and more, big data has equipped the shipping industry to create effective targeted ads and better segmentation.
Moreover, it allows you to identify emerging trends in both the customer and within the industry itself. Letting you adapt to new changes and demands to stay ahead.
3. Reduces Overhead Costs
It can get tedious and expensive to repeat the same tasks over and over again remotely. With big data, you can effectively automate several systems and operations. This will simplify shipping operations, reduce the need for onboard crew, travel time, and increase the ship’s loading capacity. It was leading to reduced overheads and a better bottom line.
4. Efficient Operations
The introduction of automation and big data can also help improve the overall efficiency of the shipping industry. Not only can it drastically improve decision-making by equipping you with real-time information, but it can also allow you to exert more control over your business operations.
Furthermore, when it comes to vessel operations, the impressiveness of big data cannot shine brighter. Letting you access real-time information about the vessel through GPS, big data allows highly accurate tracking of containers and enables better communication.
5. Better Fleet Management
When it comes to the shipping industry, the importance of ensuring fleet management cannot be overstated. A damaged vessel is a financial disaster waiting to happen and a safety hazard for the onboard crew.
Big data, however, can help you in the predictive maintenance of the fleet. Through analysing the mileage, the driving conditions, and other information such as weather data, you can accurately repair or replace damaged parts of the vessel before any accident.
Big data has opened new avenues for businesses, especially those operating within the shipping industry. It can optimise performance and allow better fleet and asset management. Through it, everything is linked and available at your fingertips. Despite the existing beneficial impact of big data on business operations, its potential is still unlimited. Get in touch with the team at Fleetyr to discuss what we could do for you.