Learn how to improve performance by taking action on your data. This paper provides insights to the 7 most efficient reports for enhancing performance in maritime businesses.
7 most efficient Analytics Reports for enhancing Performance
The volume of data is exploding and places heavy demands on shipping companies to navigate in the data sets to identify the right data. A positive data circle between the daily users, the analysts, and the management is the first step towards identifying the correct data. Through this communication, data becomes visible and valuable to the entire organization.
Pretty dashboards with loads of interesting data are useless if the organization does not create a joint process to figure out, which data that can improve the business and how.
It all starts by defining which challenges or current internal processes to focus on. First then, the organization can select the right set of data. By knowing which data is available and questioning how it can move the business, strong value can be extracted from the data.
The insights that data provides are effective instruments to enhance the overall performance. When extracting and analyzing data, it is important to work with simple tools that allow you to change different parameters. If it becomes too complicated, you will simply not get the job done.
FIND THE WAY THROUGH THE DATA PILES
Identification of Data Gems
When it comes to data, it is rarely a matter of the data volume but rather to be able to extract the right data from the data sets.
This raises the question of how the gems can be identified. However, in order to be able to find the right data, data integrity is vital. The term refers to ensuring that the data is accurate and reliable as it must be structured in a way that makes it suitable for use.
If the data is incorrect, it will provide misleading insights which consequently could lead to unsuitable or false business decisions.
This highlights the relevance of data cleaning, as the process of sorting data to discard or correct inaccurate or unnecessary data.
The use of an Analytics platform can make data extraction easier, as it enables the user to select the desired data. While not only letting the user select data for use, it also allows the user to select data for monitoring or cleaning.
For instance, by requesting the platform to show all purchase orders in which a certain field is not filled out. With a search function for finding the right data and provided filters for specifying and restricting the data (for instance selecting a time period), Analytics facilitates the process of data extraction. It then becomes up to the user to determine the purpose of the extraction by asking: “What do I need to know?”
For pointers on what type of data to extract, see page 9-10 for examples of Analytics reports.
THE ART OF VISUALIZATION
Data Presentation with Dashboards as Canvas
Once constructed, the data benefits from a touch up in order to become more appetizing and digestible.
However, while it can be tempting to focus on the layout, it is an advantage to initiate the visualization by focusing on the purpose. In line with the question from the first step, it is relevant to ask what the data needs to show and let it guide how data is presented.
When the purpose is identified, the idea is to reduce data, so the dashboard only shows the data that is relevant for the purpose. Excluding unnecessary data makes it easier for the audience to identify the purpose of the data and use it correctly. It is therefore vital to consider the audience of the presentation to make the audience get the most out of it. This can be done by setting it up in a dashboard where color can be used to indicate the focus or create patterns for instance through color coding which implies that each color is symbolizing something specific.
Dashboards can further be used when more people compose the audience. Here, the focus point for each person can be marked by a color – for instance which activities that are relevant for whom. In SERTICA’s Dynamic Dashboard, filters can be applied to enable that several people can use the same Dashboard, as it allows for some activities only to be shown to those for whom they are relevant.
Good Visualization Practices
- Exclude unnecessary data
- Consider the audience
- Color code to indicate focus or create patterns
- Mark to show what is relevant to who
- Utilize filters
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DON’T JUST LOOK AT IT
Reap the Benefits of the Data by Using it
After the identification and visualization, the data is well equipped for usage. Rather than just looking at
it, it is important to continuously work with the data in order to use it to the full. When structured correctly, the data allows the user to explore patterns and trends through which the user can gain new business insights. These can be used for predictions and forecasts (for instance planned maintenance and
spare part usage), making business decisions and price negotiations among others.
This does not only incite for single uses when making a decision but also to compose an instrument to facilitate common work tasks. A tool as SERTICA Analytics will enable continuous usage of data, as the user for instance can subscribe to a report to receive it once a week to always be updated on the amount of spare parts left. Hereby, the data can automate job tasks and assist the user in making informed decisions without having to extract the data manually again.
- Explore trends
- Get new insights
- Predict and forecast
- Facilitate changes
- Improve maintenance
7 Reports for Enhanced Performance
This list outlines the 7 most efficient Analytics reports for enhancing performance in maritime businesses. From procurement to maintenance and office to vessel, the list provides seven different reports for enhancing the performance across the entire business.