10. Hardware as a Service for the Blue Economy

The blue economy represents a vast and diverse array of economic activities that depend on the ocean and its resources. From fisheries and aquaculture to shipping and offshore energy production, the blue economy plays a critical role in global economic development and provides livelihoods for millions of people around the world. By collecting more data to support stakeholders making informed decisions, the big-data paradigm can enable more sustainable development of the blue economy. However, operating in the blue economy can be challenging. Organizations often face significant upfront costs to access the equipment and technology they need to operate effectively, safely, and sustainably. This can be a barrier to entry for new businesses and can limit the ability of existing organizations to grow and innovate.

An abstract illustration of Hardware as a Service for the Blue Economy.

Hardware as a Service (HaaS) can help to address some of these challenges. While HaaS is an increasingly popular model in other sectors (such as IT and manufacturing), Ocean Motion Technologies is the first to devise and adopt such business model for the blue economy back in 2020. HaaS enables organizations to acquire hardware and other technologies without the high upfront cost. Instead of buying hardware and technology outright, organizations can access these resources on a flexible subscription-based model. HaaS providers typically provide their products and services remotely, enabling organizations to reduce their operating costs, access the latest technology, and scale quickly to meet changing needs. HaaS can help to unlock sustainable growth and community benefits in the blue economy in several ways.

Financial Benefits:

1. Reduced upfront costs: One of the primary benefits of HaaS is that it can help organizations in the blue economy to access the equipment and technology they need without the large upfront costs associated with purchasing equipment outright. This can help to reduce financial barriers to entry and enable smaller organizations and stakeholders-in-need to also benefit from advanced technologies.
2. Increased Access to Technology: HaaS enables organizations, particularly small and medium-sized enterprises and impacted stakeholders, to access technology and equipment that they may not have been able to afford otherwise. This increased access to technology can help to drive innovation and growth in the blue economy, creating new job opportunities and supporting local communities.
3. Lower maintenance costs: HaaS providers typically take on the responsibility of maintaining and repairing the equipment, which can help to reduce maintenance costs for organizations. This can be particularly beneficial for stakeholders that do not have the expertise or resources to maintain the equipment themselves.
4. More flexible financing: HaaS can provide organizations with more flexible financing options, which can help to reduce the financial risks associated with purchasing equipment outright. This can help to free up capital and allow organizations and stakeholders to do more with their resources.

Operational Benefits:

1. Increased efficiency: By providing access to the latest technology and equipment, HaaS can help organizations to operate more efficiently, which can help to increase productivity and reduce costs.
2. Scalability: HaaS can provide organizations in the blue economy with the flexibility to scale their operations up or down as needed. This can be particularly beneficial for organizations involved in seasonal monitoring programs or those that experience fluctuations in demand.
3. Improved asset management: By providing access to equipment on a subscription basis, HaaS can help organizations to more effectively manage their assets. This can help to ensure that equipment is being used efficiently and effectively, and that it is being replaced or upgraded as needed.
4. Access to specialized equipment: HaaS can provide organizations with access to specialized equipment that they may not be able to purchase outright. This can be particularly beneficial for smaller organizations that do not have the resources to invest in specialized equipment.
5. Reduced downtime: HaaS providers typically take on the responsibility of maintaining and repairing equipment, which can help to reduce downtime for organizations. This can be particularly important in critical ocean monitoring activities, where downtime can be costly and disruptive.
6. Reduced regulatory risk: HaaS providers typically take on the responsibility of ensuring that equipment is compliant with relevant regulations and permitting. This can help to reduce regulatory risk for organizations and ensure that they are operating in compliance with applicable laws and regulations.

Community Benefits:

1. Improved Natural Resources Management: HaaS provides organizations with access to the latest equipment and technology, which can help them to operate more efficiently and sustainably. For example, by using more advanced sensors and monitoring equipment, organizations can improve their ability to track and manage ocean health, reducing the risk of environmental harm.
2. Enhanced Skills Development: HaaS can also provide opportunities for skill development and training. For example, Ocean Motion Technologies is currently working with local technical training and workforce development organizations to provide early-career technician students with work experience and boost their employability.
3. Support for Local Economies: HaaS can help to support local economies by creating new job opportunities and supporting local businesses. For example, companies providing HaaS may purchase equipment and services from local suppliers, which can help to stimulate economic activity in the community.
4. Promoting community benefits: HaaS can also play an important role in promoting social and community benefits in the blue economy. By providing access to equipment and technology, technical training, and significant lower the cost of data gathering, HaaS can help organizations to operate more safely and sustainably, while supporting the growth and development of local communities.

An abstract illustration of Hardware as a Service for the Blue Economy.

At Ocean Motion Technologies, we are currently working with an extensive network of bluetech vendors, system integrators, distributors, original equipment manufactures, marine service providers, academic and non-profit organizations to realize this business model and its benefits for our stakeholders and the broader blue economy.

HaaS is an innovative new business model of technology and equipment acquisition that can transform the blue economy. By providing stakeholders with access to the hardware and technologies they need, without the upfront costs and ongoing maintenance burdens of ownership, HaaS can help to unlock sustainable growth and community benefits in the blue economy. From improving sustainability and efficiency to supporting scientific research and education and promoting social and community benefits, HaaS is an important tool for organizations looking to operate in the blue economy.

Please visit www.oceanmotion.tech to learn more.

The editing of this article was powered by deepsage.ai

References

Ocean Motion Technologies, Inc. Internal Technical Report on Hardware as a Service.

DEVELOPING ‘SOFTWARE’ FOR BLUE ECONOMY — National Maritime Foundation

IT Hardware-as-a-Service: Business Model Innovation as a Pathway to Circularity

Hardware as a Service Market — Trends Strikes Growth by Adoption of New IT Solution