Considering these connected devices and new competitors like Blackline, how much of a priority is it for Honeywell to create a competitive product that can rival Blackline? Is this a major internal focus or not?

When we looked at Blackline, one thing we liked was their focus on software and recurring revenue. Honeywell traditionally has a strong tie to hardware. The sales teams love to sell hardware, and the R&D team loves the hardware aspect. The whole innovation engine has been centered around hardware, so pivoting to more software is not easy and doesn't happen simultaneously across the board. When we looked at Blackline, we liked their software platform and how their story was straightforward compared to ours, which was complex and sometimes buried in a higher-level narrative. You had to talk about the whole business, and then three layers down, you get to safety, which is comparable to Blackline. Blackline had that advantage.

Do you think it ultimately comes down to price rather than technology features? Do you think it becomes more commoditized over time?

I think that's the tendency. I don't think it's imminent. What I mean is, I don't think it's going to happen in the next couple of years. But, for example, would you sell the hardware and provide the software at cost or no cost, or would you lease the hardware with the software and charge a subscription? There were many discussions about what's going to happen. I think what's tricky for the commoditization of the software is really the regulatory environment in some cases. In some countries and industries, as you know, some of those solutions make it easier for certain industries and countries, while others don't. So, I think it's going to take time to achieve broader commoditization.