The shipping industry understands that data is valuable, but how is it evaluating that value? There is an expected or future value, the value assigned to data – and therefore, companies understand they need to collect it to obtain value as a strategic asset.
Each terminal is different, but all can be improved with the following recipe: Data + Algorithm + Processes.
The data collector finds the best algorithm to solve the problem and defines a process to evaluate data quality & algorithm performance continuously.
Let’s learn deeply what precisely those ingredients in the recipe are:
We know data is valuable. Companies that understand the actual value of their data and leverage it wisely are in continuous growth. But are shipping businesses collecting the correct data and using it in the right way? Organizations that have invested in the actual value of their data have benefits – 5 out of the top 6 valued companies globally are data companies. It is clear that data is more precious than the most valuable commodities – and like any commodity, when it is processed and packaged as a product, its value soars.
Without data, it is impossible to measure and improve anything. We must focus on gathering the best possible data, the quality data.
It’s like cooking a meal; it has better quality ingredients than a lot of ingredients. – It is better to have Good data, quality data, than a lot of data.
An algorithm can be defined as procedures that perform computations or calculations to solve a particular mathematical puzzle. This area of mathematics is focused on applying algorithms to business puzzles. The awareness of algorithms’ role in terminals and, in particular, the benefits they can bring to yard planning and scheduling is currently essential for any terminal operator.
There are algorithms for everything. Analyze which is the best to get the most out of our data. If you don’t have good data, the algorithm won’t do the magic.
Like food, if you have the best machine in the market but with poor ingredients, the result will be wrong.
When you have data and a good algorithm, it is time to detail the process, use the data and the algorithm daily. And how to check the current performance of the algorithm and data.
With these three ingredients, we can improve the productivity of different areas in our terminals. It is impossible to use a single algorithm to solve all problems, as each needs an individual approach.
In conclusion, this topic is no longer the domain of a few mathematicians; the power of the new Artificial Intelligence generation offer increased benefits to our container terminals. In a world that is increasingly experiencing complex & longer processes and ever more demanding customer service, let Artificial Intelligence take care of it so they can bring improvements to your terminal’s performance.
Sept 15, 2021