Data Convergence
to Insight
G R E G WI L K I N S
V I C E P R E S I D E N T , G L O B A L C O M M E R C I A L S O L U T I O N S V E S O N N A U T I C A L
Agenda
•
Introduction
•
Why Are We Discussing Big Data?
•
General Example of Big Data
•
Shipping Examples of Big Data
•
Conclusion
Integrated Maritime Operations
System (IMOS) and Veslink
P LATF ORMS F OR COMMERCIAL SHIP P ING D ATA
Counterparties
Service Providers
Voyage Partners
Vessels Traders
Finance
Operators
Today’s Challenging Shipping
Market
•
8 years of market volatility
•
No clear indication it is going to improve
•
Low rates
•
Baltic rates vary around the globe
•
Global supply and demand changing dramatically
•
Bunker costs vary greatly
“Freight rates and secondhand values are expected to remain low during the next two to three years, while newbuilding prices are
expected to return to the lower levels seen in early 2013.”
- Danish Ship Finance (Danmarks Skibskredit A/S) Shipping Market Review, May 2015
Data Analytics to Make Decisions
“In a rapidly changing global business environment,
the pressure on organizations to make accurate and
timely decisions has never been greater. The ability
to identify challenges, spot opportunities, and adapt
with agility is not just a competitive advantage but
also a requirement for survival.”
Harvard Business Review 2012: “The Evolution of Decision Making: How Leading Organization Are Adopting a Data-Driven Culture”
How Are You Making Decisions?
In good markets,
only
the most disciplined will
ask
themselves how
they can improve.
In difficult markets,
everyone needs to ask
themselves how they can
improve.
Adapt or Die
data
data data data data data data
data
data
data data data data data data
data data data data data data data
data data
data data data data data data data data MORTGAGE
725
What is an example
of Big Data?
Credit Score
What is the Conclusion?
USA Credit Score
Excellent Credit 750+
Good Credit 700 – 749 Fair Credit 650 – 699 Poor Credit 600 – 649 Bad Credit Below 600
The Data
Volume
Collect lots of data and ensure it’s
comprehensive
Variety
Capture data from diverse scenarios, representing a broad
view
Veracity
Assess sources of
information and validate it’s correct
Velocity
Efficiently collect data in near real time
Ask Insightful
Questions
What could happen?
Predictive analytics
What action should I
take?
Decision management
What happened?
Discovery
1
Why did it happen?
Reporting and analysis
Four Shipping Examples
1. Examples of Key KPIs
•
Forecast vs. Budget for the year
•
Profitability of a particular contract
2. Client Example of Hull Cleaning
3. Integration with Business Intelligence
Tools
Example 1
Integration with Other Data to
predict price and exposures
Example 2
Example 3
Integration with BI Tools
(Tableau)
Example 4.
Sharing Data with Partners
International global materials
company Hires vessels in on spot or short TC basis
Sharing Data with Partners
International global materials
company Hires vessels in on spot or short TC basis
• Share ETA and Change
information with:
• Customers
• Internal Traders • Management
• Manage port costs and
agent information effectively
• Ensure visibility to
loading and off-loading data in a usable format
Sharing Data with Partners
International global materials
company
•
All done via email
•
Not standard nor
recorded
•
Not associated with
any context
•
No standard
process of
delivering
information to other
constituents
The Solution
International global materials
company
• Automate the process
of data gathering
• Standardize the flow of
information
• Store that information in
a standard format that could be easily utilized
• Visualize and report on
the information to all the recipients
• Automate the process
of delivering the information
Questions our Customers Use
Data to Answer
• For Operators:
• What is the profitability of a contract?
• How is budget performing against forecast? • What is the profitability of a particular route? • How is a vessel performing?
• Should I slow steam? • For Owners:
• Where is my vessel?
• How is it preforming vis-à-vis the contract? • Cash flow vs. budget vs. market?
• For Charterers:
• Are my estimates right?
• Where are my exposures to the market? • Can I do it more profitably vs. the market? • What is available in the market today?
