RightShip today announced the appointment of IBM (NYSE: IBM) to realise the potential of Big Data within its Ship Vetting Information System (SVIS™) to deliver the most sophisticated, enterprise-ready risk management system available to the maritime industry. IBM’s advanced predictive analytics and real-time reporting will give RightShip customers instant access to its wealth of information and allow them to undertake extremely accurate risk forecasting. Dubbed SVIS 2.0™, the system will be launched in the first quarter of calendar 2014.
Commenting on the announcement, Mr Warwick Norman, Chief Executive Officer, RightShip said:
“Risk management in the maritime industry is paramount. In today’s business environment, marine industry operators must be able to efficiently and cost effectively assess the suitability of a nominated vessel. RightShip is the first vetting company to harness the power of Big Data and predictive analytics will bring a new dimension to our risk management system, including deeper and exciting customer insights.
“The system will allow RightShip to better target substandard performance and forecast risk dynamically in response to changing factors and with much greater accuracy. This is an exciting opportunity and we have only just begun to scratch the surface of possibilities that SVIS 2.0 can offer.”
Mr Norman added:
“Charterers will be better able to predict a vessel’s performance, while seamlessly considering emerging risk factors. A terminal will benefit from a more bespoke service and ensure physical vessel fit. A ship owner can benchmark its fleet in real time with tremendous accuracy and access more insightful measurement techniques. Banks and insurers can integrate our data with in-house systems to more precisely quantify risk.”
Powered by IBM’s Cognos Business Intelligence and SPSS Predictive Analytics software, SVIS 2.0 will allow analysis of vastly more maritime data in a fraction of the time.
Mr Alan Morgan, Business Analytics Software Sales Manager, IBM Australia said:
“In order to continue to be an industry leader in maritime risk and safety, RightShip was looking to transform their systems to deliver greater information access to its customers, enhancing their level of service. IBM’s expertise in business analytics is a key component of that vision. The integrated IBM solution offers RightShip an agile, scalable and flexible means through which a smarter analytics approach can assist them in their ongoing growth as a leader in the maritime industry.”
SVIS 2.0™ will be designed and optimised for smart phones and tablets and RightShip has appointed international design specialist, Reactive, to deliver an improved user experience by simplifying and enhancing the system interface.
The project will be led by Mr Bryan Guenther, who joined RightShip in February 2013 and was responsible for the design, development and implementation of BP Shipping’s vetting system called iMAS. RightShip has also employed an experienced marine risk modeller to continue to refine its risk algorithms and evaluate new and existing risk factors.