Turning big data into actionable insights
Although the actual performance of two sister ships may differ by more than 30%, they are still regarded as equal in the time charter market. Differentiating factors affecting performance such as the technical state of the vessel, performance optimization, crew expertise and other factors are rarely taken into account in the evaluation of a vessel. Live data analysis has the potential to counter this, by allowing us to evaluate the actual value that a charterer is getting from the vessel she has chartered in.
When all data relevant to vessel performance is collected, structured, normalized and analyzed we are able to value the ongoing performance of a vessel in an unbiased and transparent way. This also provides owners with direct, specific and actionable insight that can be used to optimize the performance on the ongoing voyage, and lay the groundwork for future improvement measures.
High quality big data
The access to data in shipping has improved substantially over the last 5 years, with position data now available for all vessels, and we believe that this is only the beginning for our industry. The quality of location and weather data will continue to improve rapidly with the introduction of low orbit communication satellites and cheap and more accurate sensor technology will give us live and correct consumption data.
User feedback driving development
One of our digital initiatives – Perform – is now in ‘beta’-stage (under development). By actively seeking feedback from our existing pool of users, we ensure that the product development is based on user needs, and aim to deliver a product that solves the most relevant pain points for both internal and external customers.
Current version of Perform
Our focus today is to build a solution that not only collects and normalizes data, but also contributes to solve day-to-day performance tasks for ship operators. That includes daily monitoring of whether the vessels are in compliance with instructions, whether they perform according to description and information to prepare or avoid speed claims. We are currently finalizing a fleet monitor enabling users to get a quick overview of their fleet and relevant vessel information, and are in process of developing a more detailed vessel monitor that give actionable insights for each vessel.
Going forward, we will continue to increase the analytic capabilities of the solution, and continue to develop features that solve specific pain points for our users. The first version – aiming to assist the ship operators’ daily performance monitoring – will be released in Q1 2017. All players that are entitled to performance data can test perform here.