What is Data Science and What Role Will it Play at MIS? 09 January 2018
Like many industries, the shipping industry is evolving to take advantage of 21st Century technological advances and ways of doing business. The use of marine assurance systems and applications is now common place across operations centred around the transportation of oil, gas and hazardous liquids, not only to improve productivity, but also to minimise the risk associated with the industry.
As a marine assurance software specialist, MIS is always looking for opportunities and intuitive developments to assist our clients in strengthening their insights into their risk factors, and work together towards the common goal of improved safety and environmental protection.
Over 2018, MIS will look to further strengthen its software development team through the addition of Data Science.
Our new Data Science capability brings specialist skills and knowledge which will allow MIS to design and build software with the ability to calculate and decipher a depth of insights and risk analysis previously unheard of in the industry.
Below, we have tried to capture the very essence of exactly what Data Science is, and the important role it has to play in our industry.
What is Data Science?
With the developing computational power to analyse vast quantities of data in relatively next to no time, data science is fast becoming the new must have department for companies across the globe.
Since the dawn of the information age, data has been an imperative part of the daily operation for many organisations, with companies now relying on data feeds more than ever to make business plans and decisions.
Known as ‘Data Mining’, it is becoming an increasingly common practice to collect and attempt to utilise this data in a bid to add value and insight into business decisions and services. The Data Mining process applies methods, processes and systems to extract insights from all forms of data, both structured and unstructured, to uncover what is commonly referred to in the industry as Big Data.
As a key part of the data process, the Data Scientist will take the mined data and, using techniques from a number of fields, including mathematics, statistics and computer science, attempt to analyse, apply algorithms and interpret the large quantities of data. The results of this process will extract insights and detect patterns, trends and relationships in datasets that can be used to produce usable information and reporting tools to improve business operations, decisions and access potential risk.
Data Science at MIS
The possibilities for intelligently applied data science are vast for MIS, our systems and our clients. Just like the wider world, the oil and gas shipping industry is surrounded by vast amounts of data, and has much to benefit from applying data science to its operation. Utilising the discipline will pave the way for the next generation of reporting tools and predictive modelling; providing insights far greater than current statistical analysis permits.
As the chosen IT partner of the Oil Companies International Marine Forum (OCIMF), we will investigate applying data science techniques to widely used OCIMF programmes to effectively improve risk assessment analysis, in a bid to further progress the OCIMF aim of continuous improvement to safety and environmental protection.
Who knows what the future holds for this relatively new class of science. As marine assurance software specialists, we intend to use this new style of working with data, alongside our extensive industry knowledge and experience, to see just how big Big Data can be.
For more information on MIS and our products and services, visit: www.mismarine.com.