In this case study we look at how HiLo Maritime Risk Management supports shipping companies to operate more safely by providing safety recommendations based on insights from the wider industry.
This case study is part of a project exploring the value of sharing data in the private sector. When sharing data, businesses face a range of challenges. A significant barrier is a lack of evidence showing how increasing access to data can create business value, for example, by enabling new business models, increasing efficiency or reducing costs.
To help address this, we have been documenting real-world examples of how the private sector is creating value from increasing access to data.
- The ability to compare data on operations, performance, finances and a range of other indicators including salaries, diversity and safety practices, allows companies to benchmark themselves and so make better decisions about how they operate.
- Benchmarking requires a critical mass of data to be available from across a sector to provide good insights. Sharing comparative data across a sector in ways that build trust, underpins a company’s ability to successfully benchmark and analyse its performance.
- HiLo is a joint-industry initiative that supports sharing of safety and accident data in the maritime sector. By analysing the aggregated data it is able to provide individual insights to the companies contributing data.
- HiLo has helped to save lives and money: to date it has reduced lifeboat accidents by 72%, engine room fires by 65% and bunker spills by 25%.
- Independent organisations are important in enabling sector-wide benchmarking. Acting as a trusted data intermediary they provide a secure means for companies to share and create value from data.
Many businesses are embracing the sharing of data, and are seeing tangible benefits for their organisations and across their entire sectors. Josh D’Addario, Consultant at the ODI, has been talking to these organisations and researching the benefits. Josh shares his top seven reasons why businesses should be sharing data.
The ODI is engaging with private-sector companies to show how sharing data can positively impact the bottom line.
We are already seeing open approaches to data happening in sectors such as physical activity, banking, and pharmaceuticals.
This project seeks to demonstrate the business value of sharing data to a sector, network or individual business, looking at how an organisation might benefit in terms of innovation, network capabilities, and brand positioning.
Get in touch with our team to discuss the potential for your organisation to get more from data, join our events and follow our research
We’re currently developing a toolkit to help people working in the private sector to plan their data sharing strategies. It is due to be created by the end of March, so please share your details below to receive the toolkit when it’s ready.