Welcome to the Age of Smart Iron: How technology innovation is driving change in the marine industry
Owners and operators in the marine industry continue to face significant challenges: macroeconomic volatility and uncertainty, the increasing complexity of vessels, a ever-growing set of environmental regulations, the challenge of attracting and retaining quality technical leaders onboard and ashore, and many others. One path forward for these owners and operators is to leverage the step-changes that are occurring with regards to technology innovation, to not only reduce costs and become more efficient, but to also reduce operational and compliance risk. These changes fall into a few groups, namely smarter machines, connected insights and optimized service. First, advancements in data analytics is making machines smarter, with algorithms able to learn how the machine is actually performing and use that information to adjust how the equipment is operating. Second, with greater sensorization, increased connectivity and improvements in data analytics, there are new opportunities to capture value from operations and maintenance improvement by turning previously low value data into high value actionable information.