– Special Lecture from Vice President, In Haeng Cho at February LG Idea Consultant Camp –
On February 13th, there was an Idea Camp with about 150 LG Idea Consultants at LG Twin Tower in Seoul, Korea. At this camp, vice president In Haeng Cho, working as a top leader of IoT unit and Information Technology Research Center Unit in LG CNS, gave a special lecture. Let me share some of the information that he presented during this lecture.
Revealing the Real Sense of IoT
As the term ‘IoT’ shows up a lot in the media, it’s become quite familiar to many. Let me firstly discuss what IoT is, how it came to being, and how it’s used and developed, based on the content of the lecture ‘Service-Oriented IoT’
Vice President Cho started the lecture with some witty jokes to lighten the mood for the audience. He mentioned that he always does his best to understand IoT better than anyone else because his whole unit may disappear if IoT business doesn’t work out well.
What exactly is IoT?
The term ‘Internet of Things’ (IoT) is quite well known to us. According to the Naver encyclopedia, the one of Korean portal sites, IoT means ‘an intelligent technology and a service provided through communication between human and object or two objects by connecting them with the internet.’ Once you get rid of ‘o’ from the initial IoT, what’s left is IT. I think the easiest way to understand IoT is to think of IT.
The IT products and services that have been recently launched are all basically designed to be connected to the internet. IoT is basically a part of IT. How is LG CNS defining IoT, then? They define it as ‘an intelligent service based on massive data.’
The keywords here are ‘massive data’, ‘data based’, and ‘intelligent service.’ They collect large amounts of data and send them to the server to construct the database. IoT provides meaningful services through data analysis including big data analysis. In other words, it can be called a real IoT service when it can merge multiple technologies based on business insight.
Three steps of IoT
There’s one thing people don’t realize when trying to understand what IoT is: thinking of IoT can be found only on IT products. It’s important to expand its territory toward the realm of service, though. The concept of ‘service-oriented IoT’ can be constructed in three different steps in specific.
Step One. Continuous collection of meaningful sensing information from sensors on the device
Step Two. Stable transmission and reception of information through wired/wireless networks connected directly/indirectly
Step Three. Intelligent and automated service provided through cloud computing and big data analysis
The emergence of IoT
The key to IoT is to have the information go through the device and saved on a server, then to provide smarter service based on this information.
Many tend to think that sensors are the earliest form of IoT. Sensors existed a long time ago, but their development didn’t exactly give birth to the concept of IoT. It’s true that the advancement in sensing technology, though, enabled the communicative functions by being converged with network technology development. Thanks to such change, it became possible to save the collected data on servers effectively and inexpensively.
In the past, we had to enter information with a keyboard on a desktop computer and saw the outcome through on the monitor. Now we can enter and use information anywhere and anytime through portable computers called smartphones. This is another big reason why IoT became such a hot topic.
Various forms of IoT
How is IoT doing lately, then?
According to Gartner, a market research institute, the IoT market is expected to grow up to $69.5 billion by 2015 and to $438 billion by 2020. Gartner also predicts that over 80% of the entire market will be service related.
It’s often said that the IoT market is growing at dramatic speed, but it may not be so easy to understand how fast that is. Let me show you some specific cases.
GE Jet Engine
GE did real-time analysis on the data collected during flights by installing various sensors on jet engines. With this change, they succeeded in preventing engine malfunctions and maximizing energy and flight efficiency.
Michelin EFFIFUEL Service
Michelin is experiencing a lot of success after launching a service which analyzes vehicles’ fuel use with sensors and provides the best way to maximize fuel efficiency.
LG CNS Smart Factory
With sensors that collect and analyze data from factory equipment, Smart Factory solution analyzed causes of faults in factories and heightened their competiveness in the manufacture market.
LG CNS Smart Building in Kuwait
Smart Building solution monitors electricity, lighting, and water usage. Also, it remotely controls the equipment based on the current environment in order to increase the efficiency of the building.
LG CNS Smart Transportation in Bogota
Smart Transportation solution automated the fee collection and calculation while optimizing the transportation flow with smart cards, automated terminals, the fare collecting system, and a public transportation operation system.
As we see from these cases, IoT is being utilized in diverse fields. Other than the ones introduced above, IoT covers all industries from automobile, health care, distribution, and smart homes. Let’s say there’s a chair that has a sensor which collects the body temperature of the person sitting on it in order to control the indoor air temperature. This chair can also be considered a type of IoT.
The Future of IoT
Today, we talked about what IoT is as well as how it was developed and is being used. IoT is something that connects our lives to the internet rather than a simple technology. By having our lives connected to the network, everything can become much more convenient. The new added value created by IoT proceeds from services.
I think it’s time for us to start thinking hard about what services can create new value.
In order for IoT to create new value continuously and keep a good place in business, it has to be more than just a service that’s nice to have. It has to become a service that people must have.
To discover new IoT services we need not only the convergence in technologies, but also between industries and technologies with insight in business for innovative value creation. The criterion for the competition is turning from simple products to integrated and optimized services as IoT service advances. To materialize the IoT service that people could only imagine, it’s important to have the platform that senses massive data, transmits information and provides intelligent service based on the effective data security.
People say new technologies change our behavior. The biggest factor that changes how people nology act, however, is still what people think when they do things. If IoT advances in the direction toward understanding inconveniences people experience in their lives and creating the right technology that can solve problems, its future will become even brighter. This means the most important thing to do for a better future in the IoT market is to define what the problem is and to find the right techthat’s most suited for that problem.
I look forward to seeing new IoT services that will transform our lives for the better.
Written by Yongjun Park, University reporter for LG CNS