NYC-based software-as-a-service company OrbitMI is prioritizing data integrity with its Orbit vessel performance platform to deliver high-quality real-time data that can enable smarter voyage decision-making to boost efficiency, sustainability, safety and profitability.
OrbitMI CEO Ali Riaz. Image Credit: OrbitMI
The reliability of maritime data is becoming increasingly critical for ship operations amid growing digital complexity as the industry becomes more data-driven, fuelled by new regulations geared to decarbonization.
But data quality is a major challenge for shipping due to siloed systems that hinder data availability, an array of different sources, validation issues and human error.
Extracting Value From Data
“For data to have value, it must be timely, accurate, accessible and actionable to facilitate effective decision-making. This is necessary to realize operational efficiencies in areas like fuel consumption, emissions, preventive maintenance and port turnarounds, as well as commercial gains such as securing cargo fixtures,” explains OrbitMI CEO Ali Riaz.
Vessels traversing the globe generate enormous volumes of data, including fuel usage, weather, cargo and port operations, derived from multiple sources such as AIS signals and noon reports.
This raw data has the potential to be transformative for ship operations once it is collected, refined, validated and processed to deliver actionable insights. And, ultimately, it can be turned into a strategic asset by providing high-grade intelligence for predictive analytics to allow forward-looking decisions based on robust, data-driven forecasts.
“If data is the new oil, then refining raw data into high-grade fuel can power smarter and more efficient ship operations,” Riaz says.
Seamless Flow, High-Quality Sources
To capitalize on the value of data, it must be able to flow seamlessly between different systems, undergoing continuous refinement and updates that are essential for voyage planning to take account of factors like changing weather and port conditions. Such data also needs to be readily available in real-time to inform timely decision-making.
Delays in manually extracting data from disparate systems - or ‘data latency’ - can quickly render this information obsolete, which can result in lost business opportunities. For example, having up-to-the minute data on vessel positions, bunker prices and port conditions can make the difference between winning or losing a contract.
OrbitMI’s approach to data quality is predicated on high-quality sources spanning AIS, weather, geospatial information and other data feeds from providers that are carefully vetted to meet stringent criteria.
Given the requirement for accurate CO2 emissions data in relation to new regulations, the company also has strategic integrations with leading classification societies, including partner Bureau Veritas, to ensure the reliability of such data and enable automated verification to streamline critical regulatory compliance processes.
Intelligent Connected Workflows
At the heart of the Orbit platform is the innovative concept of intelligent connected workflows that goes beyond simple data integration by leveraging advanced technologies like AI and machine learning to create seamless, efficient processes that enhance data quality at every step.
This marks a shift away from siloed systems towards a more integrated and intelligent approach to data management by connecting multiple systems and automating repetitive manual processes to save time, reduce error, amplify human expertise and boost productivity. The integrated platform also provides a unified source of truth to facilitate more effective collaboration among teams, while delivering real-time insights for decision-making.
Sophisticated data processing and correction functionality built into the platform, such as advanced algorithms to analyze data and flag potential errors, ensures users receive the most accurate and valuable insights possible.
Data Quality Innovation
The noon and event reporting application Orbit Reporter incorporates numerous validation checks to prevent erroneous data from entering the system and ensure robust validation at the point of entry, playing a crucial role in ensuring the overall quality of data in the OrbitMI ecosystem.
OrbitMI is pursuing further innovation to continuously improve data quality through efforts such as cutting-edge AI to enhance data validation, correction and analysis capabilities, while also expanding data sources. Find out more here.
“Our commitment to data quality can have a significant impact, leading to improved decision-making in chartering and operations, enhanced vessel performance monitoring, more efficient regulatory compliance and better collaboration across company departments,” Riaz says.