The term “big data” is appearing more and more frequently in reports about shipping industry matters.
Just this week, releases from the shipping line MOL and The Netherlands port of Rotterdam have used the term.
But what is it?
According to Wikipedia, big data is a broad term for data sets so large or complex that traditional data processing applications are inadequate.
Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualisation, and information privacy. The term often refers simply to the use of predictive analytics or other certain advanced methods to extract value from data, and seldom to a particular size of data set.
But accuracy in big data may lead to more confident decision making. And better decisions can mean greater operational efficiency, cost reduction and reduced risk.
