In a new survey released by Sea Asia 2017, maritime leaders have revealed that a severe skills shortage is preventing the industry from effectively harnessing Big Data and ultimately negating performance and cost-saving potential.
According to the survey, 63 per cent of the leaders believe the lack of access to Big Data is holding back their ability to utilise it, with only 12 per cent saying they are currently compiling, analysing and storing Big Data. The leaders also identified that the key areas where they see potential benefits from the use of Big Data are real time information on vessel performance (77 per cent) and cost savings for their respective companies (70 per cent).
The survey, conducted ahead of Sea Asia 2017, was carried out among maritime leaders to gain insights into key trends in the industry. The trends highlighted in the survey will form part of the discussions taking place at Sea Asia 2017.
Recognising the benefits that Big Data brings to the industry, Mr Oh Bee Lock, Head of Group Technology at PSA International Pte Ltd, said leaders need to start looking more closely into how data analytics can augment human decisions, while bringing the current and future workforce up to speed.
"There is no question that Big Data will transform the port and logistics industry substantially. From enabling cargo visibility to the development of self-piloting ships, the benefits are clear. With technology changing rapidly today, the industry will develop slower than others if it does not harness and use Big Data successfully.
"The next step must be for us to prepare the industry to fully integrate Big Data analytics into the working environment. We need to look into developing the skills of our current workforce to ensure that there are professionals who are trained to collect and use the large amounts of data in the industry, and make it more interesting for Big Data professionals to join the industry.
"Only with a competent set of professionals can the opportunities provided by Big Data be leveraged effectively," said Mr Oh, who will be speaking at Sea Asia 2017.
A majority of the industry leaders surveyed also supported this sentiment. Half of the leaders (50 per cent) recognised the need for more skilled professionals, especially with the industry moving towards smart shipping, while 83 per cent highlighted the importance of focusing on developing the skills of current employees.
Mr Oskar Levander, Vice President of Innovation -- Marine at Rolls-Royce, highlighted that with the global move towards smarter technologies, it is crucial that all stakeholders recognise the need to change with the times and work together to keep up.
"Big Data has the potential to change and disrupt the maritime sector, changing the way services are offered and allowing new players with new and different skills sets to enter the market. The evolution of technology means that the competitive landscape for the maritime industry is also changing quickly. It is therefore crucial for the industry to come together and collaborate with one another and the government to accelerate innovation, improve processes and create value. This will help us navigate challenges to come," said Levander, also a speaker at Sea Asia 2017.
Seatrade Chairman, Chris Hayman, said the results of the Sea Asia 2017 survey highlight the industry's focus on the need to move towards Big Data and smart shipping. At the same time, it is clear that there is still a lot of work to be done to ensure they effectively harness the power of Big Data and new technology.
"Some of the key discussions that will be taking place at Sea Asia 2017 include conversations around the utilisation of Big Data and smart shipping technologies. At the 'The Fourth Industrial Revolution: Threat or Opportunity' session, we will delve into how technology and innovation can be leveraged as strategies for the maritime industry to move forward amidst today's challenges.
"As with previous editions, leaders from the global maritime scene will come together on the Sea Asia platform this year to also discuss and debate with one another on how the industry can leverage opportunities that come along with new trends impacting the industry," said Mr Hayman.