Hyundai Enters Into Internet Of Things (IOT) Technology

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Hyundai Heavy Industries and technology company Accenture are joining hands in designing connected smart ships for better management of the fleets and attain potential operational savings through the application of digital technologies into maritime services.

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Accenture, global management consulting, outsourcing company with digital and shipping industry experience has entered into an agreement with Hyundai Heavy Industries, world’s largest shipbuilding and manufacturing company.  The main purpose of the agreement is to adopt elements of the Internet of Things and design a network of sensors that can be built into new vessels.  This new digital technology can function by giving real-time alerts and warnings, predictive maintenance to improve the efficiency of their ships and strengthening Hyundai Heavy Industries’ competitiveness.

This collaboration will create value for its customers by offering services like administrative and user management services and device management services where all connected devices can be monitored and maintained remotely.

This would help the ship-owners to acquire vital ship voyage information that include data on location, weather, and ocean current as well as onboard equipment and cargo status data.  By applying real-time analytics to new and historical data, ship-owners will be able to monitor their vessel’s status and condition in real-time to make data-driven decisions that support more efficient operations.

With the collection of real-time data and its exchange across vessels, ports, cargo and land logistics, would enable Hyundai Heavy Industries to create additional services and revenue streams to customers.  This collaboration is the extension of Hyundai Heavy Industries’ plans to expand its business by entering into the services sector.  Eric Schaeffer, Senior Managing Director, Accenture believed that businesses can expand by leveraging the connectivity wave supported by Internet of Things and integrating digital services into their products.  This would help the Hyundai to build its competitive advantage by becoming lead innovator in digital transformation journey involving ship operations, shipping and the port logistics sector.

Hyundai Heavy Industries has also opened the Ulsan Center for Creative Economy & Innovation (UCCEI) in collaboration with Ulsan Metropolitan City in South Korea.  The center would be involved in domestic shipbuilding and offshore business and would play an important role in developing the next generation eco-ships and smart ships.

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