In our latest thought leadership, commissioned by Lloyd’s Register (LR) we explored the current state of operational AI in the shipping industry. It examines the latest trends and developments in AI applications, provides case studies showcasing successful implementations and discusses critical considerations for achieving a successful return on investment (ROI).
Investment, growth, and deployment of AI solutions for ship operations continue to grow. In the last year, the industry has seen a wave of new AI technologies launched to improve energy efficiency, cut emissions and boost safety. The market is now worth a staggering US $4.13 billion, according to Thetius data, but in order to make the most of this growing market, stakeholders must understand when, where, and why to invest in AI technologies.
Throughout the course of the research, Thetius analysts recommend 6 key recommendations to the industry when it comes to implementing AI into maritime operations.
These recommendations are as follows:
- Start with a specific problem and implement it in iterations
When deploying AI technologies, it makes sense to do so in iterations to ensure best risk management. For example, start by using AI and ML to automate repetitive easy processes, giving people the opportunity to focus on more complex tasks. An easy example is email organisation. Streamline time-consuming processes, then move on to bigger tasks before tackling the seriously complex ones.
Implementing AI solutions incrementally allows for testing and optimisation at each stage. This approach helps to identify potential issues early and make necessary adjustments without disrupting operations. It is important to recognise that AI is a suite of tools and not one specific tool in a toolbox. AI should not be deployed in isolation. It should be combined with other technologies to create the most value.
- Don’t be afraid to embrace AI
While it is essential to manage the risks and remain cautious of AI’s capabilities, it is equally important to take the initiative. Do not wait for larger players to act first or delay until more advanced technology becomes available. Embrace the opportunity to be a first mover. Even if a more advanced solution emerges later, you will already have a foundation in place and can continue to build upon it.
- Consider AI as a stakeholder to foster trust and transparency
One of the challenges with the further growth and adoption of AI is the lack of transparency and trust around its decision-making process. This can generate feelings of unease and limit trust in the technology. One train of thought echoed by AI academics and researchers is that by engaging with AI like a human stakeholder, barriers to transparency and trust in the technology can be minimised. This two-way interaction fosters a culture of collaboration and trust, pushing users to embrace the technology rather than disengage with it out of fear.
Systems such as AI will only be effective in the long run if users are confident and willing to engage with them. Organisations can further enhance trust in AI by focusing on change management. Sharing knowledge and being transparent about successes and challenges can enhance the value of applying technologies like AI, especially in areas where caution and uncertainty remain.
To read the full report that helped to shape these recommendations, read our thought leadership report, produced in collaboration with Lloyd’s Register titled, “Beyond the Horizon, Opportunities and Obstacles in the Maritime AI Boom” This report offers an in-depth analysis of the current state of operational AI in the shipping industry, shedding light on the latest trends, groundbreaking developments, and successful implementations. You can download a copy of the report here.
