Ship owners could cut fuel costs and build more precise sailing schedules with "smart ship" technology now being developed by Hyundai Heavy Industries Co. Ltd. and the consulting firm Accenture, the companies said.

The companies are designing a network of sensors to build into new cargo vessels, allowing fleet owners to capture ship voyage information including location, weather, and ocean-current data, as well as on-board equipment and cargo status data. By exchanging real-time data among vessels, ports, and land logistics, users could cut operational costs and gain visibility over the stages of each journey as well as the lifecycle of the ship itself, according to a statement from Accenture.

Owners will be able to monitor data from all of a ship's connected devices from any location, since the sensors will be linked to Hyundai's on-ship technology platform and to Accenture's Connected Platforms as a Service (CPaaS), a foundation for hosting apps in the cloud.

Armed with a constant flow of data, ship owners could better manage their fleets by applying real-time analytics to new and historical fleet data and using data visualization technology to present the insights, according to Hyundai, which bills itself as the world's biggest shipbuilder. Benefits could include monitoring each vessel's status and condition in real-time to make more efficient, data-driven decisions based on real-time alerts and warnings, predictive maintenance, and more efficient scheduling.

"Businesses can gain a competitive advantage by embracing the connectivity wave underpinning the Internet of Things and integrating digital services into their products to keep pace with the next wave of innovation," Eric Schaeffer, a senior managing director at Accenture, said in the statement.

Accenture has used similar technology to help owners monitor equipment in other parts of the supply chain, such as the automotive and heavy-equipment sectors.

Just as a "connected smart ship" will be wired with sensors that stream data back to a central location for analysis, Accenture has partnered with manufacturing giant Caterpillar Inc. to design a system that allows owners to monitor telematics for industrial equipment, Accenture says.

In another application, Accenture and Fiat-Chrysler Automobiles have designed a service that provides in-car, Internet-based services. Owners can use the link to monitor driving style, reduce CO2 emissions, and access diagnostic services for equipment repair.