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Sydney, NSW, Australia - 01 Aug 2013: IBM (NYSE: IBM) and RightShip, global ship vetting specialist, today announced it has selected IBM’s (NYSE: IBM) business analytics technology to redevelop its risk management system.
The collaboration will see RightShip realise the potential of Big Data to deliver the most sophisticated, enterprise-ready risk management system available to the maritime industry via an upgrade to its Ship Vetting Information System (SVIS™). Dubbed SVIS 2.0™, the system will leverage IBM’s advanced predictive analytics and real-time reporting to give RightShip customers instant access to its wealth of information and allow them to undertake extremely accurate risk forecasting.
“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,” said Warwick Norman, Chief Executive Officer, RightShip. “RightShip is the first vetting company to harness the power of Big Data and predictive analytics, and will bring a new dimension to our risk management system, including deeper and exciting customer insights.”
SVIS 2.0™ will allow analysis of vastly more maritime data in a fraction of the time. Powered by IBM’s Cognos Business Intelligence and SPSS Predictive Analytics software, the new system enables ship owners to benchmark their fleet in real time with tremendous accuracy and access more insightful measurement techniques. Charterers will also be better able to predict a vessel’s performance, while seamlessly considering emerging risk factors.
Mr Norman added: “The system will allow RightShip to better target substandard performance and forecast risk dynamically in response to changing factors and with much greater accuracy.”
“IBM’s expertise in business analytics ensures we understand RightShip’s vision for adopting an industry leading role for maritime risk and safety measures,” said Alan Morgan, Business Analytics Software Sales Manager, IBM Australia. “The integrated IBM solution offers RightShip an agile, scalable and flexible means through which a smarter analytics approach can assist them in its ongoing growth as a leader in the maritime industry.”
SVIS 2.0™ will launch in the first quarter of 2014 with an improved user experience and enhanced system interface. The system will also be designed and optimised for smart phones and tablets.
RightShip is the world's leading third party ship vetting agency, supporting 2600 users in over 210 organisations worldwide with expert vetting support and advice, vessel inspections and secure hosting of client systems.
RightShip's comprehensive online vetting system (SVIS™) is accessed 24/7 through www.rightship.com and analyses over 50 risk factors, using up-to-the-minute data about 71,000 ships and thousands of maritime companies. SVIS™ delivers instant, reliable assessments of nominated vessels using customised criteria, and tracks vessel or fleet performance.
RightShip used its 12 years of experience in the development of online risk rating algorithms in the maritime sector to develop the Existing Vessel Design Index (EVDI™). The EVDI™ enables customers to include the growing importance of carbon emissions in their vessel selection process.
For more information visit www.rightship.com
For more information about IBM, visit