The other day Bureau Veritas, a world leader in testing, inspection, and certification services, announce that it had made an investment in OrbitMI. We are thrilled about this strategic collaboration, and I'd like to share my thought on why it matters.
Everything we do at OrbitMI is focused on driving value for our customers. Having Bureau Veritas as an investor helps us meet their needs. Together, Bureau Veritas Marine & Offshore division and OrbitMI are positioned to accelerate the development of both existing and new data-driven solutions that address their immediate regulatory and decarbonization requirements posed by CII, EU ETS, the recently adopted FuelEU Maritime standards as well as their longer-term digital transformation journeys.
We take collaboration seriously at OrbitMI, and not just as a concept to talk about at conferences but as a strategic imperative. We believe when you bring together multiple voices to frame and solve a problem you generate better results for yourself, your partners, and your customers.
Collaboration is reflected in how our product is built: Orbit's integration connects existing systems, third-party software, and data sources, to create a coherent, interconnected digital ecosystem. Now, with this investment, our company structure resembles the collaborative nature of maritime, bringing to bear the expertise of a software company (OrbitMI), a ship owner (Stena Bulk), a broker (IFCHOR GALBRAITHS) and a class society (Bureau Veritas) to maritime.
Bureau Veritas, with its nearly two-century history, worldwide presence, and leading technical expertise, has built up a vast wealth of trusted and reliable datasets through decades of data science spanning the entire industry spectrum. There is a fundamental shift in how the industry must think about "performance" and "compliance." As Matthieu de Tugny, President, Marine & Offshore at Bureau Veritas noted, this shift requires,
"us to support optimal performance not just conventional 'compliance', linking the direct - and growing - interests of operators and charterers in ship and fleet performance with our technical expertise, insight, and classification activities. This expanding role is deeply intertwined with data monitoring and the implementation of digital solutions."
Matthieu sees the need for a digital platform that can facilitate efficient communication about ship's performance between charterers and ship owners. We've written about this intertwining or convergence before.
Improving performance for these audiences requires transforming data into insights that individuals and teams can use to enhance the tasks they do every day. At its heart, data consists of simply zeros and ones, but if it were delivered in that form, it would be useless. Instead, it must be processed, assessed, and combines with other data sets until it becomes 'actionable insight' that people can use to make the most-informed decisions.
We call this dynamic "intelligent connected workflows." Intelligent connected workflows are integrated, streamlined sequences of tasks or processes that harness advanced technologies, especially artificial intelligence (AI) and machine learning, to elevate efficiency, decision-making, and outcomes. Their benefits include,
Bureau Veritas' technical expertise, trusted data sets and data science as well as the collective experience of our owners, customers, and partners will let us develop extended intelligent connected workflows that deliver these benefits to the maritime industry.
This won't be the last you hear from us: We are already working on several initiatives including product development around decarbonization, ship performance, as well as collaborating on thought leadership (see our position paper on EU ETS).
We invite you to join us on this journey. Please reach out to me at email@example.com to discuss how we can collaborate.