Moving into the Future with Maritime Companies - Big Data; You snooze, You lose.

Due to geopolitical circumstances and pandemic-related restrictions, 2022 has demonstrated to many Maritime Companies, especially with shipowners, marine consultancy, IACS, shipbuilders and OEMs, the importance of collaboration. 2022 has been a year filled with extreme transformations and complexities. Although it brought huge challenges to many maritime companies, it also showed how we can overcome supply chain issues if Companies are committed to working together. Moving into 2023, we anticipate an increase in consolidation from various aspects of the industry, including transition into clean technologies, and the utilization of big dMarata to facilitate efficiency and greener environment. Amid the need for rapid and fundamental change, discussions will continue into 2023, and carry forward to subsequent years to explore how companies can align environmental and commercial goals with profitable operations.

Data-driven technologies will be key to establish sustainable outcomes in the maritime industry, and its prominence will only grow as we move on. Making it harder for any company to turn a blind eye on the application. Results from Big data can help offshore operating facilities adapt to new reality. Suggesting new vessel design, how they are build, operated and maintained. Data is also used to predict equipment failure and when it can happen, according to different and ever-changing environmental exposure, suggesting new methodologies and frequency of surveys, operation and maintenance, especially with hull design, engines, propulsion and auxiliary systems, which can be carried out on retrofitting the existing fleet or adopting the new technology into newbuilds. As meaningful steps are needed to achieve this, collaboration will prove to be the key for success. In order to deliver one true source of data, organisations will need to embrace this on a unified and common platform, acquiring data from everyone in the supply chain network to connect with different stakeholders, and providing everyone with the same data-point to accelerate environmental results, coupled with operations efficiency for the benefit of profits.

Hence in our opinion, 2023 will be a year to enhance consolidation and work on a common information platform that can be trusted, and for all to make good use. A platform where critical information is put together, while protecting the confidentiality of data providers. Big Data initiatives still have a long way to go with the Maritime industry. Multiple challenges remains, that require a long time to find solution. This range from the lack of proper understanding for data and its origin for users (other than the data professionals) Unstructured data that comes in various formats like videos, documents text files or audios. Tool selection for big data for analytics and storage. The lack of data professionals, data security, and the Integration of data from variety of sources. These remain the biggest challenges to overcome before we can start to see real benefits and impact from similar sources.

We believe Big Data will be the future for maritime industry. The application of artificial intelligence is not a one night wonder. It requires a lot of time, financial investments, faith and combined effort from industry players to see it happen. The right use of big data will give any company the competitive advantage over its competitors by creating a more sustainable business, in terms of staying relevant with environmental and operating requirements. However, data application this is not a one night wonder. It takes time, combined effort from industry players, investments and faith in order to see results. We anticipate a lot more hirings for technology and data experts to join the industry in the years to come.?

Tay Jason; 18th February 2023