Our equipment fleet is composed of very large, somewhat portable, assets. Given that our standard operating environment can vary from the scorching desert to extreme industrial environments, it's challenging to instrument everything. Actually attaching our IoT sensor arrays presents a challenge. In some cases, they can be hard wired, but in many cases, innovative enclosures and connectors have to be created to attach to our tanks, pumps, and pipes.

Let’s look at another example. One of our large customers operates a refinery in the southeastUnited States.For a refinery, time is money and each day they produce fuels and feedstocks for industrial applications. Refineries also have to shutdown operations to clean up, and get ready for another cycle of operations-knownas turn arounds. One of the most important considerations during a turn-aroundis safety, environmental cleanliness, and of course, time. These turn arounds involve safely managing hundreds of tons of waste product, and responsibly managing that product from start to final disposition.

Rain for Rent provides boxes, and box management technology that allowed the customer to leverage our IoT strategy. These boxes are about the size of a shipping container and are generally moved by large forklifts, taking a fair amount of abuse as they are loaded and unloaded. For our IoT strategy to work, our engineers had to figure out a way to attach the GPS/sensors to the boxes in an enclosure that could resist a direct blow from the forks on an industrial forklift.

Our IoT technology enables geo-fences to be establishedaround specific work areas totrack box contents, box movement, and time on rent. Obviously this information is highly sensitive and extremely auditable. We were able to assist the customer in managing their turn arounds, shaving days off, increasing the safety and visibility of the waste products, while saving them hundreds of man hours of time. Itis critically important to all parties to provide a level of security and visibility into waste tracking that had previously taken months to accomplish.

As we look to the past for an indication of how adoption of IoT will be, we’re reminded at just how rapid Digital Revolution changes have been. Consider the rate of adoption of simple cell phones and Internet usage over 20 years. In 1990, cell phone subscribers made up just 0.25percent of the world population, but increased to 68 percent in 2010. Additionally, just 0.05 percent of the world population was using the internet in 1990, but in 2010 that utilization increased to 26.6 percent.

When evaluating any new opportunity, I like to ask myself, “What advice would I give my current self, if I could look back at today from 10 years in the future?” I believe that IoT is going to encompass every aspect of our lives by 2020, and we need to be prudent, secure, as well as aggressive in its implementation. This latest “big thing” represents a vast opportunity for all of us. Similar to all of the other the rapid changes that have characterized this Digital Revolution from the 1970’s until today, the changes will be both incremental and profound.