7 Benefits of Data-Driven Decision-Making in the Maritime Industry

Dhe digital transformation of the maritime sector has accelerated in recent years, as ship managers, owners and operators understand the benefits that new technologies can bring. Maritime faces an evolving regulatory landscape, rising fuel costs and complex people management, and data-driven insights help improve speed, accountability and alignment of decisions with business goals and commercial.

Here are 7 key benefits that data-driven decision-making can bring to maritime organizations:

Sarah Barrett, Product Insights at Wärtsilä Voyage

1. Connect the dots
Data needs to be integrated and shared across the entire ship ecosystem – from engine room to bridge, to board room, ship to shore and across the supply chain. supply. Combining a range of data points into a single platform that provides transparency and insights across the entire ecosystem is critical during a time of increasing maritime complexity.

2. Compliance
Regulations are constantly changing within the marine industry. The incoming EEXI and CII regulations will trigger a huge wave of change in the maritime industry, with a vessel’s CII rating potentially becoming a ‘trade license’. Organizations will need to make quick, well-informed decisions that can cost-effectively improve their CII score to ensure compliance and keep operations going.

3. Transparency
Shipping has become more integrated into the global supply chain. Data transparency and knowledge of what data is collected, its quality, source and where it is stored is therefore invaluable. This ensures that the right information is shared to keep the supply chain running as smoothly as possible.

4. Liability
Reporting on ESG performance has quickly become a key priority for maritime companies, which is linked to environmental protection, crew welfare, accidents or pollution incidents. Being able to derive meaningful insights from the data and use it to inform decision-making is therefore essential to ensure that maritime organizations achieve good results.

5. Act quickly
No two days are the same at sea. Priorities change quickly, so it is essential that shipowners, operators and managers can make quick and informed decisions. Unlike manual processes, the data remains responsive to change and allows the crew to take quick and well-informed action. Ship priorities are easier to change in near real time, whether it’s getting to port on time or reducing fuel consumption.

6. Feedback loops
As expeditions become better equipped to process and analyze data and integrate it into platforms, staff will become better able to ask the right questions in the right way. From there, the platforms’ recommendations will improve, creating a feedback loop. Rigs and users will become smarter and more adept at tackling each ship’s key challenges.

7. Commerciality
Shipping is a competitive market and organizations must maximize their efficiency to ensure the highest possible profit margin. Today’s software algorithms can analyze data to make cost reduction recommendations that staff can use to improve efficiency. In the case of fuel, which is the biggest cost to operating ships, software platforms can free up money to reinvest elsewhere in decarbonization or other strategic goals.
Source: Sarah Barrett, Product Insights at Wärtsilä Voyage