By HiLo Maritime Risk Management | April 4th, 2022
Benchmarking, from HiLo, involves measuring your organisations’ safety against those of your other maritime organisations. It provides critical insights to various risks in the maritime industry.
Benchmarking is a natural part of day-to-day life; we often do it without noticing. Every time we make a choice, we compare the elements which matter to us. Whilst the benchmark is not always accurate, it gives a starting point to come to our conclusions.
In the simplest example, every time we buy something, we compare it against a mental benchmark of different elements to see if it is fit for purpose. This is the most important consideration on our final decision to purchase or not.
In order to ensure your business is maintaining a competitive position within your industry, benchmarking is vital. It allows you to:
The maritime industry is highly competitive, which makes proving your position in the pack a valuable business asset. Particularly when broken down into individual areas, benchmarking can help improve your practices, increase your efficiencies and above all drive safer seas.
There are hundreds of ways to benchmark – some more useful than others. For the most effective benchmarking however, you need the data you are using to be complete and accurate. This is the major problem currently with trying to achieve effective benchmarking on your own within the maritime industry – the full data is simply not there.
The benchmarking data that has been available previously in the maritime industry is top-level – based on the information available publicly. Understandably, companies have often been cautious to release sensitive internal data. Therefore, the comparisons you have made with your competitors may be inaccurate, as you do not have the full picture in terms of data. It’s like looking at social media instead of real life. Not only does this mean you will fail to draw the most valuable insights, you may in fact be misled and take the wrong actions.
HiLo can help fill in these gaps. We have a much more complete picture of information – a – because we have access to the internal records of more than 4000 vessels in our customers’ fleets.
Our key focus is to make everyone safer when at sea, not to penalise, so all our data is anonymous. Our subscribers can therefore provide their full internal safety data without fear of repercussions.
This means that by joining us and submitting your full data, you can discover where you truly stand as a company in relation to the industry at large. We can guide you to the most accurate conclusions on how to improve your fleet safety.
The biggest advantage is this is based on both:
The knowledge we gain from both data sources can be applied to make your fleet safer.
By using our database and analysis we can judge the severity and priority of risks to your fleet.
However, we can go further. Using our expert statistical analysis, we can also help you anticipate issues, meaning you can take proactive action to prevent them before they cause a safety incident. From tailored risk profiles to overall industry trends, we give you the full picture, so you can be certain you are making the right decisions for your crew.
In order to benchmark yourself effectively against your competitors and see where you need to improve to avoid safety incidents, you need HiLo’s big-data led analysis.
Talk to us and help us get more seafarers home safely. Request a HiLo demo to see if it can work for you.