The technology of using data as a tool to learn from the past to help you improve decision-making in the future is invaluable. A clear strategy is a designed set of actions to create an advantage over competitors.Ĭolin Boyd, International Speaker, and Business Mentor shares his #1 tip for creating a clear strategy.Ĭhapter 3 Advantages of Artificial Intelligence in Shipping for an Improved Future Risks can be controlled when managing the process step-by-step. The process will enhance ways of working smarter, simpler, and more efficient. There will be time constraints, limitations, and development costs. Transforming the Business Through Digitalization will be a Processĭigitalization transformation is a process. The industry as a whole will need to keep pace with the innovations of artificial intelligence, the Internet of things, sensor technology, etc.Ĥ. Workers will need to spend time understanding and learning new technology in their workplace. The kind of work is likely to shift when AI is fully adopted. There are concerns that computers and technology will have an impact on the type of jobs being created or replaced. Proper data collection and consistent data collection would be needed. Data-driven decisions are only as right as their insights. Analytic insights need sourcing from accurate data. The principal aim would be to improve decisions through the availability of data-driven insights.įurthering the quality of data would be the lack of reliable information across the entire supply chain, which would also prevent its development. The quality of data in the sector could slow down its adoption of artificial intelligence (AI) technologies. The industry must move past the idea of competitive challenges around data sharing to benefit all involved. Let's address a few of the challenges as they would pertain to the shipping industry.Īs an industry, there is a need for shared data to make high-quality decisions. Shortage of talent on specific skills needed.In general, there are four key obstacles: Globally some challenges need to be addressed and overcome before moving forward and implementing AI. Today, there are still barriers to the widespread adoption of AI, and not just in the maritime industry. Despite the benefits, which we will discuss in the next section, the fear surrounding more intelligent solutions can often be a controversial topic. There are pros and cons to everything, and AI is no different. Wherever there is change, fear comes into play.Ĭhapter 2 Barriers to Artificial Intelligence Implementation You can read more on the article written by Kok Leong Lee, Maritime Fairtrade, AI Revolution: 6 Steps to Prepare Your Business. He recommends for the industry to move forward by identifying patterns through Machine Learning, becoming aware of and accessing "big data," training your IT staff about Machine Learning, and more. Maritime operations have been extremely optimized, but there is definitely that “last nautical mile” efficiencies such as vessel precision operations using various geographical data to exactly make ETAs/ETDs, fine-tuning container routing, and re-routing, fuel-consumption models that offer “Fuel Savings Guarantees.” "AI may be an opportunity that shippers should be looking at very seriously. Tarry Singh, a top artificial intelligent (AI) expert, when asked, " How is AI driving the economic growth of the maritime industry to its next stage of evolution?" With the use of AI, there is an excellent potential to improve the maritime industry through quality and speed by eliminating mundane and routine tasks.Ī cross-industry earlier study on AI adoption by McKinsey found that early adopters with a proactive AI strategy in the transportation and logistics sector enjoyed profit margins higher than 5%. Logistics is beginning to become an AI-driven industry. "The findings from the latest McKinsey Global Survey on the subject show a nearly 25 percent year-over-year increase in the use of AI in standard business processes, with a sizable jump from the past year in companies using AI across multiple areas of their business."Ī majority of executives whose companies have adopted AI report that it has provided an uptick in revenue in the business areas where it is used, and 44 percent say AI has reduced costs.ĪI adoption is increasing in most industries, but capabilities vary. Generally speaking, insights from a McKinsey Global AI Survey, the adoption of AI continues to increase, and the technology is generating returns. Chapter 1 Maritime Artificial Intelligence Industry Insights
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