LG CNS, a local information technology service provider, said the convergence of fast-advancing technologies would pave the way for a “smart world,” at the company’s annual IT conference in Seoul on Thursday.

“The five technologies of smart devices, network connectivity, big data, clouding service and convergence of technology and industry will shape the smart world in the future,” said LG CNS chief executive Kim Dae-hoon in his opening speech.

He pointed to the emergence of various smart devices ― such as robots, watches and glasses -― and their connectivity.

“The connection of diverse devices is now possible due to faster network speed, lower network cost and the development of sensor technology,” Kim said. 

He expected the number of connected devices would reach 18 billion globally by 2018.

Keynote speaker Joi Ito, director of MIT Media Lab in the U.S., stressed that in a fast-changing world dominated by Internet and technology, traditional business plans no longer work.

“The Internet has changed corporate culture,” Ito said. “Companies should adapt to changes in a business environment, where cost has been reduced through innovation.”

Other experts from academia and industry came to discuss innovation strategies for technologies such as big data, smart security, the Internet of Things and other smart services.

Entrue World has been held by LG CNS for the past 14 years in an effort to bring about diverse management innovation to IT and related industries.

The conference has previously covered technological impacts such as e-commerce in 2001, “real-time enterprise” for business solutions and management strategies in 2003, and advanced analytics, a tool for big data, in 2012.

By Shin Ji-hye (shinjh@heraldcorp.com)