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The BSM Technology Innovation Award 2018 Winner

To publicly recognize how individuals and companies are working to raise the status of the rail industry, we unveil the annual BSM Technology Innovation Award.  This year, we focused our selection on the utilization of the Internet of Things (IoT) in the rail sector.  Specifically, we have chosen to honor an individual who continues to guide far-reaching changes, using the IoT, to advance the industry.

After careful deliberation, we have selected Don Loftis, Principle Software Engineer and Rail Security Coordinator of Olin Corporation.  Don is a frequent speaker and has helped shaped industry regulation with data-driven statistics on car coupling damage.  He has been leveraging the IoT by merging data from diverse sources, free and vendor generated, for over a decade under the simple methodology that more data leads to better decisions.

“We, at BSM, are impressed with how the adoption of technology in the rail industry consistently translates into significant tangible business results, ultimately advancing the industry as a whole as well as the communities in which we all operate.  Now, more than ever, we’re seeing our industry leaders set themselves apart with creative implementations designed to address immediate and longer-term growth strategies.  With our 20+ years partnering in rail we believe we’re uniquely positioned to recognize exceptional contributions via our Innovation Award,” comments Aly Rahemtulla, BSM President & CEO.

We will be announcing the award winner, and details of their work shortly, so stay tuned for more information. The award will be presented on April 8, 2018 at the ASLRRA 2018 Connections.

The American Short and Regional Railroad Show brings together railroad officials, rail suppliers and government officials that have vested interests in the short line sector. This year’s annual convention will be held in Nashville, Tennessee. BSM and Lat-Lon, who together deliver best-in-class IoT solutions for rail, will be present at booth number 1229.  We hope to see you there and tell you more about how our solutions are integrated into databases, business practices and customer facing applications, enabling our customers, and their customers, to better manage their business.

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What is IoT Technology & the Industry Benefits

The Internet of Things (IoT) is rapidly changing how individuals live and work. Its impacted your business regardless familiarity with the term or not, it’s used for the network of devices that gather information through built-in sensors and data shared via an internet connection. Connected devices provide a wide range of data types to optimize operations. For businesses, the IoT includes everything from location intelligence used by communications companies to monitoring wind turbines and tracking delivery vehicle performance. As the technology becomes more sophisticated, industries continue to find new ways to apply connected devices, with significant benefits.

Benefits of Industrial IoT Technology

The IoT offers significant advantages for industrial fields as data retrieved from connected devices allow businesses to reduce costs and improve productivity.  Actively monitoring maintenance needs and preventing work disruption, efficiency is the top byproduct. The IoT also facilitates leaner processes by tracking performance and usage of machines and materials to eliminate waste. Internet-connected devices and sensors can enable inventory tracking, assist to scale custom manufacturing, and detect anomalies in business processes. Business owners and employees can also use the technology behind the IoT to retrofit and connect old devices and machinery. Overall, connected sensors provide users with better data, allowing them to make better business decisions.

Evidence for the Benefits of Industrial IoT

One example of how the IoT technology is making beneficial changes comes from the transportation industry, where a global equipment rental company leveraged IoT devices and data to improve efficiency. By tracking performance and maintenance statistics in real-time, the company was not only able to reduce under-use of the rental equipment but also the time spent tracking that equipment by more manual means. As a result, the organization saved an estimated $10 million in revenue previously lost to waste.

The Internet of Things has great potential to improve efficiencies in a range of industries. Taking advantage of this connected technology increases a company’s productivity and revenue, while reducing wasted materials and time — all through data-backed business decisions. Though it may take time to identify the IoT solutions and systems that work best for a specific organization, it is well worth the effort to explore the benefits of internet-connected devices and sensors

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