Make sure you remain tradable
Make sure you remain tradableBy Ryan | October 11th, 2021
The marine sector serves as a bridge between the makers and consumers of products all across the globe. The impact of the maritime industry is widespread over all sectors and industries. It is evident by the catastrophic blow other industries receive whenever there is an incident which stops vessels transporting the essentials.
Numerous incidents in international waters have made a significant impact on the history of shipping and global trade. Such accidents not only endanger the safety of people and halt trade flow, but they also result in a significant amount of money spent on vessel repairs and incident management.
Additionally, unscheduled off-hire periods are not only a costly loss of business but carry many variable elements requiring further financial outlay and man-hours spent in re-hiring the vessel. Remaining tradable is is key to avoid this drain on resources.
To keep trade flowing, companies require access to a full-fledged system to effectively manage risks.
Technology has paved the way to protect vessels from such unpredictable incidents by making the most of information on how to avoid mishaps.
Big data and data analytics in the shipping industry have driven a technological revolution in every sphere of the maritime industry.
Hilo is leveraging its pool of shipping company data – the largest safety database in the industry – to create life-saving analysis. It is changing how risk management takes place and is revolutionizing the approach using big data, maritime predictive modelling and maritime data analytics.
HiLo has created a new way of predicting maritime hazards using big data analytics. Its enormous database encompasses information from each of its shipping companies, which points to unique risks for each fleet. The accumulated data is completely anonymous, which ensures complete subscriber safety.
The collected data is standardized with the help of machine learning. Standardization involves translating each data set into a uniform format. That allows HiLo to combine data from many different sets to create one coherent picture.
Once standardization is achieved, maritime predictive modelling comes into play. HiLo’s world-leading maritime predictive modelling technique uses statistical analysis to transform data into valuable insights. Predictive modelling identifies where low-level issues are likely to escalate before they prove life-threatening to the ship and its crew.
HiLo’s predictive modelling technique shows its subscribers where they need to act to reduce the risk posed by these low-level issues, or ‘leading indicators’. The reports are based on the probabilities of leading events progressing to accidents and their associated impact calculated through predictive modelling and statistical analysis.
Even small issues, which seem harmless at first, but can prove to be very hazardous, are caught by HiLo’s world-leading risk analysis.
The core of predictive modelling is an analysis of the vast pool of subscriber data. HiLo’s understanding of the risks and the associated impact allows shipping companies to know exactly where and how to act. HiLo believes that its subscribers should have total control over their fleets – this analysis gives a comprehensive picture of company safety.
The risk ranking helps HiLo customers focus their attention on the areas that demand quick action. A proper examination of the structured data aids in the prediction of risk by identifying trends across large data sets. These provide shipping companies with a chance to weigh their options and manage potential threats proactively.
HiLo allows its subscribers to avoid dangers at sea and predict the unpredictable with the aid of big data. Without any trace of uncertainty, the company uses a unique vision to assess the whole situation and notify subscribers of approaching hazards to help them avoid danger. Using proven statistics, insights, and reports. HiLo is successfully implementing predictive data analytics in shipping.
The HiLo models have been proven to be accurate. They have been tried and tested at each stage of development. HiLo was piloted by a number of leading shipping companies. Since its completion, it has helped over 50 shipping companies with multiple vessel types. If you want to protect your seafarers and stay tradable, HiLo’s risk analysis can help your fleet too.
HiLo interactive portal shows users where to act and which measures to take to keep their vessels free from danger. This helps shipping companies keep trade flowing and business thriving. Risk management is an important part, and we at HiLo aim to assist you in every way possible.