DATA analytics by Advantum

Advanced analytics in the shipping industry

Data is an invaluable commodity. As such, there is an ever-increasing focus on harnessing this raw material to gain valuable insights in order to make sound business decisions.

Technology can consume data and derive meaningful intelligence in the form of data-driven forecasts and recommendations. It is quite impossible to obtain viable, cost-saving results without the right data. This is accomplished using advanced analytics such as:

• Big Data (organization of and access to large amounts of data from a range of sources) and
• Data Science disciplines such as Predictive Analysis (predicting future events) and Artificial Intelligence (simulating human thought processes and decision-making)

Data is becoming the focal point of discussions within industries, where strides have been made to automatically capture traditional structured data such as text and share it between systems. Based on the increased availability of information of all kinds via the internet, the discussion has now expanded to include Big Data, which is the new terminology on everyone’s lips. Big Data deals with the analysis of data from both structured and unstructured forms. The broad nature of these datasets requires a non-traditional approach to analysis and control.

Lifecycle

The shipping industry handles large volumes of data on an ongoing basis. Details of the shipping lifecycle are generated, tracked and updated real-time at various points before being archived: arrival/departure times, cargo manifests, barcode scans, photographs of cargo items and much more. There is an increased interest in taking advantage of these pieces of data to grow and manage stakeholders’ wants in the industry. Therefore, Big Data provides access to a vast array of possibilities. Predictive Analysis enables a scientific approach to achieving operational efficiency, such as intelligent tracking of incoming vessels versus available port facilities, leading to timely and optimal berth and terminal allocation decisions; similarly, Artificial Intelligence can assist in identifying cargo damage from video footage at checkpoints or provide better visibility to support yard management operations.

Keeping an active eye on a vessel and its contents is a complex, error-prone undertaking. Challenges such as delayed transit and misplacement of containers in and outside of warehouses or terminals are a constant threat to cargo safety and security. Real-time analysis of data can provide shipping stakeholders with valuable insights into multiple stages of the shipping process, facilitating critical checks and balances automatically with minimal human intervention (except where issues are detected). Specially designed systems can quickly obtain and integrate important information using electronic data interchange (EDI) processes, barcode and radio frequency identification (RFID) technology and optical character recognition (OCR) processing and use it to generate useful key performance indicators (KPIs), insights and alerts that can be accessed by management teams via real-time dashboards.

A port management system that harnesses Big Data Analytics will enable enhanced vessel and container tracking, helping to mitigate the inherent risk associated with the complexities of vessel, yard and gate management. Operational efficiency will be supported by dynamic demand forecasting, placement decisions that minimize unnecessary moves and robust cargo monitoring and delivery systems that ensure that correct cargo location and status can easily be ascertained.

Unprecedented

This era of globalization and unprecedented technological advancement is revolutionizing the way we do business. Adopting a well-tuned, data-driven approach to port and freight management will greatly enhance competitive advantage by providing the necessary transparency as well as monitoring and measurement tools to effectively manage risks while maximizing throughput and operational efficiency.