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How Can The Shipping Industry Benefit From Big Data?
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How Can The Shipping Industry Benefit From Big Data?

Before, most businesses used traditional methods to gather and assess data from sources such as warehouses. Now, big data has taken over these tasks.

Big data offers several important uses across the shipping and logistics industry. Here are four ways the shipping industry can apply big data:

1. Chartering

Big data analytics can provide readily available yet accurate information to help shipping agents and operators track vessels with speedy and improved decision-making. Being able to make immediate decisions can be vital for daily vessel operations.

Devices such as sensors, GPS devices, and control panels can help facilitate this process. Because chartering depends mainly on receiving information through different sources like ship owners and brokers, utilizing cutting-edge tools and devices will improve results.

2. Operations

The speed of operations and maintenance can benefit from big data as well. To improve speed, operators need to optimize different factors like engine wear. Through the application of big data analytics, vessel owners can pinpoint the right speed for fuel consumption. Moreover, using vessel performance data can help make the right decision about maintenance like propeller polishing, hull cleaning, and more.

3. Voyage Operations

Big data analysis can help with different voyage operations like cargo handling, estimated time of arrival (ETA), route tracking, and berth allocation. In addition to these, terminal operators and others in the shipping industry can use advanced data processing techniques through big data to determine the ideal routes for vessels in real-time. Continuous assessment of changing conditions such as weather patterns and vessel performance can also make sure more vessels will reach their destinations on time.

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4. Vetting

Through the vetting process, vessel operators and owners can make sure that their fleets are acceptable for use and get feedback from different entities like terminals, inspectors, and port state authorities. With the right data analyses, vetting entities and charterers can quickly and easily assess vessel information from different sources to determine vessel preparedness.

Major Challenges to The Adoption of Big Data

However, there are several hindrances to adopting and applying big data in the shipping industry. Here are some of the main challenges:

  • Cyber threats
  • Misinterpretation of data
  • Lack of funding for investment
  • Absence of cross-enterprise technology solutions
  • Limited experts skilled in big data solutions

As countries around the world adopt more sophisticated technological solutions, the shipping industry will also see support in areas like transport and logistics. By adopting improved data collection and processing methods, the transportation of goods will increase in efficiency globally.

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