Financial Insight Unlocking Opportunities Digital initiatives in the marine industry can lead to a wealth of benefits D By Bryce Gartner and Robert Misch igital initiatives are becom-ing more relevant in the ma-rine industry. They’re used for implementing new technologies, streamlining and automating pro-cesses, creating new-business op-portunities, and transforming supply chains. Primary areas of technological development include Internet of Things technology, arti-ficial intelligence and cybersecurity. Perhaps the greatest driver for marine businesses is the use of real-time data and analytics. The need to make faster, more accurate decisions to gain a competitive edge is criti-cal as industry stakeholders work on strate-gic initiatives to automate their operations and transform their business models. The use of data and the underlying decision-support technologies will play a pivotal role in the marine industry, helping to improve sustainability, safety, performance and sup-ply-chain transparency. Data Opportunities Troubleshooting… Anywhere, Anytime. Thanks to AIRMAR’s award-winning TDT1000 and SensorCheck ™ , the guessing game is over. • • Easily test transducers on board or in the shop. Quickly compare a transducer’s current acoustic performance to its original factory-approved setting with a simple In Range or Out of Range result. For use with conventional and Chirp-ready transducers with operating frequencies from 25 kHz to 500 kHz. Email test results to customers and captains, plus submit warranty information right from the SensorCheck™ App. Every stakeholder within the industry, from industrial to commercial supply chains, generates an enormous amount of data. While many people recognize the im-portance of data and the scale of leveraging digitally connected devices across the sup-ply chain, there are still considerable chal-lenges in this area, prompting you to focus on improving data quality, completeness, visibility and distribution. Establishing automated and scalable so-lutions to manage data volume and com-plexity will create the foundation needed to achieve strategic goals and sustain long-term business efforts. Additionally, using cloud technologies will be foundational in consum-er and business-to-business relationships and processes across the end-to-end supply chain, driving agility and resilience. Likewise, cross-functional cooperation and buy-in, and enterprisewide data usage, are critical for establishing long-term data-driven tactics and strategy. Substituting data silos and spreadsheets with user-friendly, data-driven technologies will enable data to become a true and sustaining asset to your buiness. With greater reliance on IoT, security will be key. Risks can be mitigated through the proper implementation of encryption appli-cations and blockchain technology. Ensur-ing a strong cybersecurity architecture with an impenetrable basis focused on security, privacy and reliability of underlying systems should be a business priority. From initial design, boatbuilding and maintenance to the optimization of cargo routes, the marine industry is continuously evolving and creating exponential amounts of data. The ability to pivot and shift priori-ties in real time will rely heavily on leverag-ing data and new technologies. Vessel engineering, design and manufac-turing are heavily iterative and multifaceted stages where innovation is a driving factor. For example, through intelligent simula-tion, engineers can leverage real-time IoT data in virtual models to test and optimize systems before implementing change — a process that reduces machine downtime and increases the speed of production. Integrating IoT technologies into boats provides opportunities for stakeholders to collect and process data to identify equip-ment issues, perform predictive maintenance and monitor vessel performance. Manufac-turers are also leveraging 3-D modeling data to deliver improved performance, address complex geometries and simplify fabrication. By way of AI, engineers and manufacturers are using robots and automation to facilitate fabrication across all sectors, from the clean-ing, maintenance and inspection of vessels to launching fully autonomous vessels. Additionally, engineers and manufac-turers are using advanced algorithms and machine-learning tools to create AI-based predictive analytics positioning systems, to help navigators and shore managers moni-tor the positioning of vessels and improve situational awareness and safety. Supply Chain and Data Management Data Initiatives By incorporating new technologies, mate-rials and optimization processes, engineers and designers can meet the requirements of the customer and develop cost-efficient ves-sels while maintaining strict adherence to rules and regulations, which in turn drives value throughout the supply chain. Increasing consumer demands, evolving regulations and a competitive international shipping system are placing greater pressure on supply-chain stakeholders as customers expect real-time updates on freight loca-tions and delivery dates. Given the complexities of the marine industry, stakeholders are reducing their reliance on antiquated reporting and leg-acy databases, and are implementing ro-bust supply-chain and data-management platforms. The quality and accuracy of the underlying information feeding into these platforms will be critical as companies work to improve efficiencies and the overall cus-tomer experience. The transition to data-driven and auto-mated business systems is promising for the marine industry. Leveraging digital technologies and data-driven solutions in a more meaningful way will be key to achiev-ing transformational success. While many stakeholders recognize the importance of data and are embracing digital technologies, more can be done. To secure efficient and sustainable operations and strengthen com-petitiveness, marine stakeholders should continue to revisit their digital strategies and adapt. n Bryce Gartner and Robert Misch, PMP, are part of Cherry Bekaert’s digital advisory team. September 2021 Promising Opportunities • • SensorCheck ™ App Watch our TDT1000 videos www.airmar.com/TDT1000 64 tradeonlytoday.com PHOTO: ABODE STOCK Contact Gemeco Marine Accessories at 800-543-6326 in the U.S. or AIRMAR EMEA (Europe, Middle East, Asia) at (0) 2 23 52 06 48 to order!
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