[060317.EN.BIZ] Skills Shortage Prevents Use of Big Data By Industry: Survey

A SEVERE skills shortage is preventing the shipping industry from effectively harnessing the power of Big Data to boost operational performance and cost savings, according to a survey of maritime leaders released by Sea Asia 2017.

Sixty-three per cent of the leaders surveyed believe the lack of access to Big Data is holding back their ability to utilise it, with only 12 per cent saying they are currently compiling, analysing and storing Big Data.

The leaders also identified that the key areas where they see potential benefits from the use of Big Data are real time information on vessel performance (77 per cent) and cost savings for their respective companies (70 per cent). The survey, conducted ahead of the Sea Asia 2017 conference and exhibition, was carried out among maritime leaders to gain insights into key trends in the industry.

The trends highlighted in the survey will form part of the discussions at Sea Asia 2017 that will be held from April 25-27 at Marina Bay Sands, Singapore.

Recognising the benefits that Big Data brings to the industry, head of Group Technology at PSA International Pte, Oh Bee Lock, said leaders need to start looking more closely into how data analytics can augment human decisions, while bringing the current and future workforce up to speed.

"There is no question that Big Data will transform the port and logistics industry substantially. From enabling cargo visibility to the development of self-piloting ships, the benefits are clear. With technology changing rapidly today, the industry will develop slower than others if it does not harness and use Big Data successfully," said Mr Oh.

"The next step must be for us to prepare the industry to fully integrate Big Data analytics into the working environment. We need to look into developing the skills of our current workforce to ensure that there are professionals who are trained to collect and use the large amounts of data in the industry, and make it more interesting for Big Data professionals to join the industry."

Source : HKSG.