In 2017, Teekay Tankers launched a digital project that would transform the way vessels quantify their performance on board: the Vessel Balanced Scorecard.
The Vessel Balanced Scorecard (VBS) is a dashboard that collects data generated by operations systems every day into one digital report. This report reflects a bird’s eye view of how the fleet is performing. Because the VBS is systems driven, we can compute data in real-time without adding extra work to the crew on board.
The ultimate goal of the VBS is to promote operational excellence so our seafaring colleagues can get home safely.
To aid in this goal, the VBS focuses on key performance indicators (KPIs) that can be directly influenced by daily operations on the vessels. These KPIs are organized in the following 5 categories:
- Safety Culture
- Reputation Management
- Energy Efficiency
- Cost Leadership & Reliability
- People Engagement
This digital asset is accessible to all Teekay sea and shore staff. Every employee can see the real-time performance of the entire Teekay fleet broken down by KPI and by vessel. Because the scorecard focuses on KPIs that can be directly influenced by daily operations on our vessels, our employees can see the direct impacts of their hard work on board. This feedback loop promotes a positive working environment where everyone can understand what success looks like and what steps they need to take to increase their performance.
When we measure vessel performance, vessels are categorized based on their individual performance score across all KPIs.
- Blue vessels score over 100 points
- Green vessels score between 95-100 points
- Yellow vessels score between 85-90 points
- Red vessels score below 85 points and are marked as needing improvement.
The chart below compares the number of blue, green, yellow, and red vessels per year to the Overall Fleet Performance Score in grey. From this chart below, we can see the following results:
- The number of low performing vessels decreases every year
- Vessels scoring below 95 points are eliminated entirely by 2019
- The number of vessels scoring above 100 points increases every year
- The Overall Fleet Performance Score increases every year
We are excited to be able to track and measure these results year over year. The improvements above indicate that every year, more and more vessels set a new benchmark for operational excellence – and this rising standard translates to a safer place for our seafarers to work.