By Mahima Chawla | October 23rd, 2023
‘Big Data’. We have all heard the term. But what does it mean for you and your organisation?
Today, information is available everywhere. There is a huge opportunity to use that data to improve your business. To make those improvements, you need to not only have access to the data, but also the ability to gain insights from it. This requires big data analysis, and therefore specialist big data analytics tools.
The main reason for the growth in big data is the rapid rise of technology. This has hugely increased the opportunity for data creation, both manual and automatic. It has also meant information can be stored digitally, which is much easier and cheaper than physical storage.
This increase in big data is from several areas:
Therefore, your fleet is automatically creating a huge amount of valuable data for you, and it can be stored economically. This presents a clear opportunity to improve your information management.
What does the rise of big data analysis mean for the business world?
The increased availability of valuable information about customers and systems means organisations are inevitably becoming ever more data-driven.
With knowledge comes power, and therefore ultimately businesses’ financial advantage. To keep up with competitors, your business must follow this trend. The data is too important to ignore.
But remember – having the raw information is only the first step. Yes, you have the data. But data in itself is not knowledge.
To gain that knowledge and power, you need to understand the big data you have. For this, you need to carry out big data analysis. And to do that, you need the right big data analytics tools to suit your business. There are plenty of tools available, and it is vital to find the ones that suit your needs.
More data is not always better, because:
While big data provides all the answers, you need to ask the right questions: the ones you need answered to solve issues and make significant improvements.
To ask those questions, it is vital your raw big data is analysed by experts. Increased volumes need better processing and management, both for their scale, and their added complexity and variety.
Big data cannot be managed with traditional data management tools. The increased volumes of information need a new approach, with information organised to ensure correct big data analysis.
If not properly organised, more data will not produce better insights. It will likely prompt more questions than answers.
Big data management doesn’t have to be difficult, costly and time-consuming. Help is available.
Big data provides the answers. Do you have the questions?
If not, don’t despair. HiLo can help.
We help customers access the benefits of digitalization in the maritime industry. We offer world-leading maritime safety predictive technology, analysis and practical tools for preventing high impact, low frequency incidents at sea.
Our success is based on a huge amount of data provided to us from over 3500 vessels and 55 companies in our ‘fleet’. Our customers share a huge amount of critical to our secure, ISO27001-certified database. Our analysis is 90% accurate, giving shipping companies the power to prevent catastrophes at sea.
Using our Pinpoint tool, we can easily and securely extract and manage information to draw out important insights. Pinpoint provides the highest-quality big data analysis, using expertise, knowledge and peer-reviewed assessment.
To provide the most effect insights, Pinpoint:
This clear, strategic process provides the big data answers to your big questions.
With so much data available, we focus on finding the key points in the data. Just 20% of data in a dataset generally has the key information that you need, to give you the most important improvements.
To achieve this useful, effective analysis requires specialist expertise, time and resource. But without investing in this area, not only will you fail to find the correct answers you seek, you may misread data and draw incorrect conclusions that could set your business planning on the wrong path. HiLo can do this all for you.
Using big data management can be expensive, difficult and time-consuming. But in a world where all answers are available, using it is not just an advantage. It is business-critical.
To keep up with your competitors, you must be at the top of your data game. Because high-quality big data analysis gives you 3 great benefits:
Firstly, as an organisation, you are unique. Your internal challenges may be similar to competitors, but the method of solving them will depend on factors within your organisation: precise pain points that must be identified and fixed.
The value of having big data drawn quickly from every part of your business is huge. Every issue is caused by a specific set of circumstances. You need sufficient, easy-to-follow big data analysis to understand the whole, end-to-end operation of human processes and technological systems.
Accurate Root Cause Analysis
Secondly, with Pinpoint’s big data analysis you can find the true issues behind major catastrophes.
Some major incidents do happen quickly. An obvious mistake at a crucial moment is the clear and single cause.
However, this is not the norm. In most cases, there are several individual things that go wrong. The first of these faults is often the smallest and the hardest to identify – but by far the most important. As these incidents form a chain of events that lead ultimately to a major disaster, by solving this initial issue you can avoid the catastrophe happening altogether.
However, as noted, these initial issues are usually small and seemingly insignificant. Unless you have effective big data analysis, this critical element – or ‘leading indicator’ – that is causing failure may not be identified. Until that leading indicator is found and fixed, the whole process or system cannot perform effectively and will continue to cause major incidents.
Thirdly, Pinpoint can not only explain how to solve problems that are currently occurring, but also how to prevent future issues altogether.
The more big data analysis we undertake, the easier it is to spot patterns and trends to anticipate and prevent future issues. We can therefore recommend how you need to change practices, introduce new technology and streamline processes to prevent the same problems happening again.