Marcura’s director of strategic customer partnerships, Sigrid Teig, reflects on what she learned on stage at this year’s Geneva Dry.
In the rapidly evolving maritime industry, leveraging data intelligently is no longer just a strategic advantage—it is a necessity for growth and maintaining competitive edge. This was the central theme of the recent panel discussion at Geneva Dry, where industry experts, including myself, explored how to transform vast pools of data into actionable insights and define return on investment (ROI) in maritime digitalisation.
The importance of context in data utilisation
During the ‘Making Data Actionable’ session, the critical importance of context in data utilisation was highlighted. Quality, freshness, accuracy, and coverage are vital, but so is delivering data in context. In the maritime sector, the same data point can drastically alter decision-making processes depending on market conditions. This makes it essential to provide visibility into when data is relevant and when it is not to avoid paralysis by analysis.
As with any change management effort, you need top-down governance to successfully inject new data points into historically experience-based knowledge work such as freight pricing. But what we have found is that you also need bottom-up value generation. This perspective is particularly crucial when working with chartering managers and freight traders on decision support for freight calculations.
Ensuring that end-users can effectively interrogate and contextualise data is key in order to start making data-informed decisions. Establishing trust in new or unfamiliar data sources is the first step. Secondly, the output the data generates must at some level be almost instantly value-adding to the daily work and output of the end-user. If not, you quickly run the risk of becoming shelfware.
Bridging the data divide and defining value
The panel also addressed the data divide—the disparity in data access and utilisation between different operational nodes, such as on-ship and ashore. Manish Singh, founder of investment advisory AboutShips, highlighted the challenges and opportunities this divide presents, especially in terms of enhancing connectivity and integration across maritime operations. Addressing this divide is crucial for ensuring that all parts of the maritime operation chain are equally empowered to make informed decisions, he told delegates.
Investing in digital capabilities isn’t just about technology—it’s also about investing in people. Several large shipping companies have successfully set up in-house digital teams with data scientists and developers to carve out new sources of competitive advantage, both on the trading or execution side of business. The real differentiator however is whether they manage to scale the insights generated by these specialist teams into their wider organisations and frontliners. Training and enablement of both chartering managers and operations carries a potential opportunity cost of time spent in-market which may seem insurmountable, especially for smaller players.
Measuring value and outcomes
One audience member posed a critical question: “We talk about democratisation and resistance to change, but as an industry, are we good enough to not only talk about data but also good enough to measure the value and the outcomes of the data we use?” This question resonated deeply with the panel, touching on a key challenge in the industry.
My take is that setting baselines and mutual targets with customers is essential. You need to set the baseline together with the customer and set mutual targets. Different companies have varying starting points and ambitions, which can make standardising measurements of success challenging.
Ingrid Kylstad, head of market manager and strategy, Klaveness Dry Bulk, shared that at Klaveness, integrating sustainability data into operations has been a significant focus. She stressed that having data is just the beginning; real value is realised when data drives strategic decisions. “You can have a fantastic dashboard with all the displays of your ETS exposure and how much CO2 you’re emitting, but if you don’t sit with the client and talk them through how they should work with them, you won’t get anywhere,” she explained.
Final thoughts
The discussion highlighted the ongoing journey of the shipping industry towards digitalisation and the critical role of data in this transformation. While significant challenges remain, particularly in connectivity, standardisation, and cultural resistance, the potential benefits in terms of compliance, safety, sustainability, efficiency, and competitive advantage make data-driven digitalisation a vital focus for the future.
For maritime specialists considering investing in software that provides data insights, several compelling reasons emerged from the discussion:
- Enhanced decision-making: Data-driven decisions can significantly improve operational efficiency, cost savings, and profitability. Investing in the right software allows maritime companies to transform raw data into actionable insights, leading to more informed and effective decision-making.
- Regulatory compliance: Software solutions help ensure compliance with increasingly stringent environmental- and sanction regulations, thereby avoiding penalties and enhancing corporate governance standards. Staying compliant with regulations is not just about avoiding fines, but also about demonstrating commitment to moving forward as an industry.
- Competitive advantage: Leveraging data insights enables companies to stay ahead of competitors by pricing risk more dynamically into freight rates, reducing fuel consumption, and improving customer satisfaction. Access to real-time data and advanced analytics provides a strategic edge in a highly competitive market for the companies that invest in people that can make the data actionable.
