Suceeding In The Real World Approaching Transformation In The Age Of Disruption

Transcript Summary

[00:30] HOST: Hello everyone and thank you for coming to [inaudible].  My name is Maheesh and I will be your main host today. Just for general comments, please leave any questions you may have at our end of the presentation, or you may ask them throughout the presentation by utilizing the Q&A function. Today’s talk will be featuring Brent Leland and is regarding succeeding in the real world in approaching transformation in the age of disruption. Brent is a former CIO of Trek Bicycle and the founder of High G solutions as well as a former NBA student from Stanford and FBA student from the University of Florida. Hi Brent, you can go ahead and begin.

[1:01] LELAND: Okay. Lost you for a sec.

[1:03] HOST: Yeah, sorry about that.

[1:05] LELAND: Okay. OK well good afternoon everyone, as Maheesh said, I’m Brent and I’ve spent my career started off as an aerospace engineer. Second half of my career, after getting an MBA, was kind of in various business roles predominantly finance supply chain. And then on the latter part of my crew I got pulled into IT roles and including being the CIO at Trek Bicycle and I’ve been consulting the last seven years probably. So, most of my career has been spent driving transformation at kind of larger manufacturing distribution consumer products companies and as such you know I think I’ve developed a kind of unique perspective on this. So, if you take a look at this list of logos local companies and you kind of say you know ‘what’s common amongst these.’ So, look at it for a second and you’ll see that every one of these companies used to be a large player and now they’re not. You know so what happened? You know there’s basically there’s a risk of complacency. The graph here basically shows this is the average lifespan of an S&P 500 company; so, you’ll see 50 years ago, it was 61 years and now it’s gone down to about 12 years. So, you know companies that can’t adapt and evolve are going to get left behind and that’s only accelerating. So, you know, the kind of the main point is that we are in an unprecedented era of disruption driven by emerging technologies and rapidly changing business models. So, I work at a lot of companies, and I keep hearing companies talk about this thing they call it their ‘transformation imperative, ‘seems to mean something different for every company. So, what I’m going to cover today is basically, kind of, what does this mean and how to approach it. So first I want you to think about disruption and kind of what’s driving this disruption. And you know, it’s predominantly driven by emerging technologies, think artificial intelligence or internet of things. And as an example, let’s say you know if you think about where a lot of this disruption comes from, it’s companies that are now creating these smart connective products. I mean the most obvious one would be the, you know, the smartphone and you know it has disrupted many industries. You know newspaper, music etc. Another examples would be like a nest smart thermostat that’s one of the earlier things that came out that was connected and kind of learned your behavior in your house and adjusted your temperature accordingly. You know now you have all of the smart assistants; you’ve got your robot vacuum cleaners that have a dozen sensors on them and kind of learn how to navigate your house etc. And so, as an example I’m going to talk about a company here in Wisconsin called a Milwaukee tool. So, Milwaukee Tool is, as you know, a power tool company. And several years ago, they came out with it’s called what their “one key platform” which is really their smart tool, smart drill platform. And so, if you’re going to create a, you know, why would a company go and create something like this? So, in their case, they went and talk to probably hundreds of contractors in there just to find out, you know, what are their needs, where their pinpoints. You know, and they heard things like ‘hey I’d like to save specific speed and torque settings,’ you know. Maybe I’m installing solar panels and there’s a very specific way I have to do it, so I don’t crack the panel and then they kind of say ‘well you know is it worth putting some smarts on the tool?’ and so they say ‘yeah, it’s probably worth putting some smarts on the tool.’

[4:59] LELAND: So, then they say, ‘OK well let’s go create a smart tool,’ and they hire a company and they go develop a board. Put some sensors in their build a phone app and then they look back to the list of the, you know, what they learned from talking to the contractors. And one of the other things is if I’m a contractor and let’s say I’ve got several hundred various tools on a job site and I want to know where my tool is so they say, ‘OK well if we connected this geofenced did, you would be able to kind of keep track of that tool.’  So, then they basically build a tracker tool app in there. So, you know they develop the smart product, and they say, ‘OK are we almost there?’ It’s like well you know now that you’ve got a smart connected product, you’ve got a whole bunch of other systems in place to basically make it work. You know a lot of the effort is not actually creating the product itself. It’s all the infrastructure you have to put in around it and they say, ‘well are we almost, you know, are we almost there?’  It’s like well, you know, ‘how do we even know if we’re working on the right problem in the first place?’ You know and hopefully you have a, you know, a fairly agile process for getting, coming up with ideas, filtering them kind of a set customer centric way to and wind them down to the ones that are going to drive market. You know, drive share growth and then they could ‘well, are we almost there? ‘well not quite.’ Now we want someone to actually use it, and hopefully you have a process, kind of an agile process, for coming up with proof of concept and MVP putting things in production etc. And then I say well, I mean actually use it in the real world. Taking it and go from selling a dumb product, you know a drill, to a smart connected product that’s going to change every value stream in your company. You know obviously it’s because it’s your now selling software. To change our supply chain, you’re now distributing a piece of software. And in many cases, you know, the place where I take my tool kit service, they’re using paper tickets; they’re not that sophisticated. You know, customer service is going to have to make it happen. IoT expert, they can look at error codes online and try to deduce what’s wrong with it now etc. So, but it’s important, you know it’s succeeding in the real world. it’s easy to say hard to do but the real-world rewards those who can build new business models like extend brands, create new channels, find new markets, and redesign their customer experiences. So, I like to break this into three areas.

[7:29] LELAND: First area is around innovative grow strategies. So, think about creating those industry disrupting business models. Second area is really around disruptive technologies. And these two areas I talked about in my presentation last week, so today it’s really third area, approaching transformations, that’s what I’ll focus on today. So, business transformation requires radically rethinking the use of people process and technology to respond or rapidly evolving market forces and customer expectations. What does this mean? So, I like to look at these and I call them “the dimensions of transformation” and each of these could be a one-hour conversation so the purpose here is to really just spend a few minutes on each one, and kind of give a flavor for them. So, I will cover the role of technology this is both IT and technology kind of within the business. I will talk about an integrated customer experience, data and analytics, smart connected product, intelligent automation, also called robotic process automation. I will talk about new business models, digital transformation, and finally a little bit around where to start. So, I’ve spent most of my career in some form of technology. Even when I was in the business during the first half of my career, I was basically the person who was building the Excel Access visual basic applications. You know, you would call shadow YT then [inaudible] IT. And you know the thing that I’ve noticed as I gone through my career is really every company is now a technology company. You’ll look at a company like Kimberly Clark you know they make diapers and Kleenex products. Like that you know, they used to consider themselves a paper company when they would, you know, basically make Kleenex paper towels. And then they became what they now call themselves, a polymer company. So, think about Huggies diapers and then if you ask them now what kind of company are, they’ll say, you know, we’re a software company. So much of new their smart diapers, there’s auto replenishing paper towel dispensers etc. So, it’s happening to most companies. And when I work with clients, you know, there’s one of the things I typically do when I meet with the executive team is going to say ‘OK here look at technology’s role in your business. You know, do you want it to be functional? You know, which would be basically your traditional- keep the lights on, fixed the phones, fix the PCs. Or enabling, which is kind of a reactive order, taking you know the business gives directions to IT and IT goes and does it or contributing where you start to get more proactive and be able to recommend solutions or differentiating. And this is really where technology becomes more part of your competitive advantage. And you go to market strategy or transformational. Transformational also think about that more like company that’s it’s 100% coupled with technology. Think like Elon Musk and Tesla, for instance. And I typically ask companies but where are you today and where do you need to be. And here’s an example from one of my clients, a manufacturing company. And this is their executive team and there, as you can see, they were pretty consistent you know one to two with where they’re at today and then where they need, kind of vary more from two to five. You know so there was some interesting conversation especially on the two. You know, Roger was just, he was just happy to get to a solid two with what he said. Whereas Dave the president said ‘you know, we need to have sort of these high-level lofty goals so you know we need to think about getting to a 5 even if we don’t really need to be or will never get there. 

[11:20] LELAND: The area is enabled by technology so you’ve got kind of you information invisibility. Really try to provide transparency into your business. Operational efficiency, many companies will hit inflexion points where they can no longer scale. You know where they basically have to keep adding people to grow bigger and bigger. So, automation can basically take the place of that, you can basically scale. So, think about Gmail, think about company that used to have to add servers to add new users to it. You know, now you just basically provide you know paying other bills to Gmail or Google and they will basically spin up new email users for you. You know, the ability to respond and that goes in a lot into the area when we talk about the new services that are available and everything is on the cloud. Customer experience, most people are interacting with your company now on their phone or on their web. Part of the innovation and business model innovation and we’ll will touch on those two as well. And then Here’s an example from another one of my clients where it’s just OK when I take that kind, of high level generic areas and what does it look like and these were very more specific areas driven by their company. And I’m not going to read them maybe to, you know, touch on a couple, you know, in their case they had this kind of one custody at five business units that were all talking to the same customers but had no integrated view of the customer. And then in their case, a lot of product technologies was really where their growth was coming from. So, when we talk about kind of technology in your IT operating model, there’s this this framework that I’ve used for a lot of years, basically shows the various systems. And like most companies spend most of their time in whatever be called systems of record, so your systems are record is going to be your ERP system or your financial system, it’s what counts the money. And then you got systems of engagement, this might be your CRM platform or it might be your call center, it might be or your ecommerce application systems of insight. Think analytics and systems of innovation, think about crowdsourcing ideas or product innovation type platforms etc. And you know, kind of my numbers is as far as I think companies should be, to kind of, have a good balance and be able to survive going forward or these numbers in blue here. You know, in your systems, the record should be 50% or less. And then systems of innovation insight and innovation accordingly and many companies I talked to are you know very different. So one of my clients is basically, this is their numbers, you know they were spending 93% of their time basically on their ERP system and their opportunity is really around customer experience and integrated customer model. So I’m going to now talk about both the systems of insight and systems of engagement a bit.

[14:37] LELAND: So, when you think about an integrated customer experience, myself as a customer, and if I’m interacting with the company, there used to only one way to interact, you know. I could sometimes when I was a kid, you know, you’d have to mail. You get to mail things in if you want to talk to a customer. Then you got to where you can email them or go fill out a web form. Now it’s across the board, you can chat, you can interact with customers on Twitter etc. So really kind of creating this is so think about the kind of historical way of business used to work, you know, ten years ago. So, in marketing and marketing basically would go create some branding, generate awareness and basically kind of generate those first leads and then hand them over to salespeople. And salespeople would go pursue a lead to sell a product and then go ship it to them or install it whatever the nature of the product was. And then it basically gets handed over to service. And service then has to support them kind of on an ongoing basis and it was very siloed there was [inaudible] all these were decouples from each other, and what happened? Well, what happened is that 80% of what I just described now occurs either on web or mobile. And who owns that? You know, marketing typically owns the web. And marketing historically was not good at technology process data. They were good at branding, and you know creativity. So now there’s this evolution that’s called marketing technology. So, if you have the various activities that occur in each stage in them, we kind of like to look at sort of  three levels of the technology associated with this. There’s the customer facing technology so this is the technology your customers interact with directly it might be your website, could be emails, it might be or your portals or you know your web your reps or your phones. You got the enabling technologies these are kind of the backend systems that really drive these processes, so think about a marketing automation or CRM or you’re going to call center software. And then finally the optimizing technology which is really around analytics. And then here’s an example of kind of a more you know an integrated process flow from a client of ours. You know this is a company that say they sell appliances, manufacture appliances, and they go through a two-tier distributor dealer. And historically they’ve really been a kind of a B-to-B company and they’re shifting to a B to B to C company. You can kind of see the lead flow as it goes through the various processes and systems. Both the distributor and dealer and in their case, the really big thing is that they had a pretty good lead funnel. They would handle lead off to a distributor and it would just go into a black hole. So, they wanted to control the path to purchase. So how do you align incentives to basically have that company maintain a connection with the customer all the way through that end sale install service etc. So, part of that is the importance of this 360-degree customer view and that’s kind of really where the analytics in the transparency piece of it comes in.

[18:07] LELAND:  I like to use this framework when we talk about data. So, you’ve got your internal data, so company inside kind of your walls and your system. External data is everything outside and then structured which is data that’s in a database somewhere easily quarriable or unstructured data is everything else. And for most of my career, when you would talk about business intelligence or analytics, you were basically talking about internal structured data. It’s data sitting on your ERP system, sitting your financial system. And you know so what’s happened over the last few years is basically you’ve got this explosion of other data that becomes available. You know, you’ve got an unstructured data, internally, you might have a whole SharePoint system, you might have all of your emails, your call logs etc. And then external structured data that’s when you get into a lot of the data you can kind of either get free or sometimes pay for. So, it might be housing starts for weather forecasts, you know these publicly available datasets. And then finally you have unstructured everything else on the internet wearables anything connected home things out on interest etc. So, where this has become powerful is let’s say previously, I was a salesperson, and my job was to come up with the weather forecast for the next year. So, I would be given a sales report by customer, you know, this is what they bought last year. And you know, I had to basically go through and pull all the information that I could get people, I talked to kind of say ‘OK what are they going to buy next year?’ So, a lot of the data that I’m pulling is the data that you see here in this screen. This difference now is that now you can have a computer, an algorithm, basically go do what a human was doing. And do that math and calculation instead. So, this has kind of evolve this kind of evolution of analytics. When I talk about the evolution of analytics, you know it’s descriptive in my salesperson example. It’s kind of what happened, you know, what were sales last year and then you get into sort of the diagnostic. You know, ‘why did it happen?’ and then predict if what will happen going forward, meaning how much are they going to buy next year. And then prescriptive which gets indicator now what should we do. You know, here’s our resulting manufacturing forecast to go support that. You know and then finally cognitive, cognitive is kind of where we’re just getting into now. Which is really think about the ability to kind of say ‘Oh well, you know, we have an AI bot that goes identify this unique niche and then we have these marketing bots that will then go market to that niche.’ You know, and more and more of this is happening automatically. And then typical analytics opportunities most companies are spending most of their effort or historically kind of in financial reporting and sales reporting as I mentioned earlier but now it runs the gamut across a lot of different areas including kind of real time interactive thing, might be integration into sensors on your manufacturing line or it could be integration out to that one key Milwaukee tool smart drill out there as well. 

[21:35] LELAND: Earlier, about kind of the smart connected product so I’m not going to go a lot of detail here. If you remember, the picture we show earlier you know the piece that’s kind of the most eye opening to me is just really if you look at that smart product, that product itself is a very small part. You know, kind of what it takes to start to roll out a smart connected product. So you know, kind of what does it take to do that. We like to look at this kind of three lanes, we call this a ‘nine box.’ So, this first row is really around defining the opportunity, and that’s looking at your business strategy looking at OK what are the use cases that we need, and then what is a business case around that. Second phase is now developing that solution. And you know when you talk about an IoT solution, they talk about the multiple layers. You’ve got a hardware layer, then you’ve got the firmware layer, then the transporter communication layer, and then finally your application layer- it might be a web application or a mobile application. And integrating and testing them all through and then finally you know the key part, and this is kind of where many of these projects kind of come to a halt is really how do you generate value.  It’s very hard to take a streaming data coming off a kind of a smart connected tool, for instance, there’s so many data it’s coming very fast and it’s very hard to merge that into a traditional business intelligence data warehouse. So, you must have a whole new architecture and new tools that can incorporate more machine learning or artificial intelligence functionality, first of all. And then like we talked about earlier kind of your service and support areas need to change. And then finally you’ve got integrating this now into all your processes and all of your system.

[23:29] LELAND: So, the next dimension transformation is really intelligent automation. And I think the interesting thing here is that we spent the last hundred years automating manual labor and we’re now just at the beginning of being able to automate knowledge work. So, what does that mean you know so the first term that really came out was “robotic process automation” which is a terrible term because we’re not talking about robots, you know, it’s really software bots. And it is mostly automation of tasks, you know, we’re not talking now the ability automated typically most like a full job role. And then choose the part of an overall transformation initiative so let’s just say, for example, I’m going to order management department orders come in. Sometimes they go on hold, you know, they go on credit hold and my job is to go now go into these three other systems. You know, I might have to go into the ERP system like [inaudible] I might have to go into a banking system and then maybe a some sort of credit application to really determine ‘are they going to pay this these bills or not?’ And then there’s probably some Excel component in there as well so you can now record that whole process and think about these RPA bots or intelligent automation bots as kind of a like a digital user. Almost like an intern, if you were to hire an intern and say, ‘OK here’s what you go do’ and provide the rules. So, you can record that all embed the rules, and you know it’s very much things that I would say you know are kind of basic human skills is really what it can do. But there are things that ten years ago software couldn’t do. You know, open up an email attachment, log into another application, copy and paste things, fill in forms. You know, go out and look up data from the web, you know, calculate things, kind of follow if/then logic. And then, you know, so now you’ve got this digital assistant or digital bot thing that is basically running in the background and kind of do what humans were doing previously. So, what does that buy you? Obviously, it’s kind of hours back to the business and speed and accuracy. Typically, it can be 5 to 10 times more productive than a human doing the same tasks and anywhere from 1/3 to 1/10 of the cost. And just kind of looking at what areas in technology, it’s the fastest growing technology right now. And originally, it was first used really more in finance and insurance but it’s now kind of spread across companies and across functions. You know, any function in the company is going to have manual effort. And so, if you look across here, the various functions of a company, you kind of see some of areas in the used cases where you can basically automate the work.

[26:22] LELAND: The next section, new business models: so there are, you know kind, this rapid evolution in this era connected social mobile world that we live in is really how to create the ability to go do things differently. I’ll just kind of walk through a couple examples of them. So, the first one is really you hear about this called ‘the sharing community.’ We were in San Diego, not last spring break but the spring break before the pandemic, and there I mean there were like six different scooter companies all over the place. And we spent a week there and we would basically just go pick up a, you know, look in your phone app, figure out ‘OK here is one, there’s one over here that’s got to charge.’ You go grab it and go and so you can take that concept to a lot of different companies. And there is kind of more of a service based, you know, going from selling the product services. This is a company, Briggs and Stratton, most people know them from manufacturers engines, but they also have a couple of commercial lawn mower brands as well. And so, think about if you’re a landscaping contractor and you’ve got 100 landscaping trucks with crews that are out everyday mowing, peoples lawns mowing companies lines, and you really have no idea where they are. So, what Briggs did is they took, and they put a GPS module on the mower and created a kind of a whole portal basically for the contractor to go into. So now in point of time, you can see it where all these mowers are they mowing where they’re supposed to be, you know, are they on or off. And they kept adding features to this portal and they added the ability to [inaudible] jobs so just using kind of more Google Maps type functionality, you can trace the area you need to mow, and it will calculate how much you should charge for that etc. So, they charge a monthly fee for this for every one of those GPS modules is basically 20 bucks or something like that. You know then you’ve got the kind of the Reinforcing Flywheel, and this is the one I’m the most excited about. It’s the ability to kind of create these models that scale, you know, positive reinforcement. So, the best example an example here is actually the original Jeff Bezos’s Google example, which they call a kind of a double flywheel. And there’s basically two wheels there that the first wheel is really around it’s kind of around growth you know so if you get more customers, you get more traffic, and you get more traffic you can then get more sellers to come on board. Your platform gets more sellers you get more product, more selection, and then you’ll get more customers. You know, so it continues to grow. And then the other one is really around scale: more customers, more products that you can put on, there the more money you make the more money you make the more you can invest in automation and robotics etc. Lower your cost, lower your prices and then lower your prices you get more customers etc. So, these reinforcing flywheels, we’ve used them now. In other companies, very different business to be able to look at that. And then finally, and here’s another one that I’m also excited about is the Data Monetization Hidden Revenue. So, I mean everybody is aware of kind of the Google, Facebook model, you know the freemium model or you can use Gmail for free. Why do they do that? Number one is there some advertising but more and more so that they can use your data. So, I work with a company in the transportation industry, and they realized they were sitting on 15 years of industry data. And it was very valuable data; data they’ve learned they could actually use to make certain types of predictions. So, based on a separate company, I called it in digital product lab, basically just use that data to develop new solutions, make investments etc. You know, so now they have their core business, which is still generating the data, and then the other businesses basically monetizing that data. So, if you want to come up with an industry business model, industry disrupting business model, sorry. So, this is kind of a it’s a simple framework that works pretty well and we use this in workshops. So let’s just say you want to come up with an industry disrupting business model. So, let’s say I said, OK let’s say Amazon wanted to disrupt home insurance. So, you first kind of say OK let’s look at that, look at your current portfolio; you know Amazon’s current portfolio what they are good at they’re good at creating recommendation engines, you know, one click purchasing, automation, they’re already disrupting auto insurance. And I think what of the other insurance? Oh, health insurance or doing something health insurance. You kind of look at your own portfolio because that becomes your building blocks and then you look at various external factors and trends. And this would be things like personalization automation connectivity some of the things we talked about earlier. And then kind of looking at OK what you know, what can input from your customers, you suppliers, your employees. And in most cases, there’s nothing you’re not asking customers ‘what do you need.’ You know, as Henry Ford famously said, if you ask people what they needed, they would’ve said faster horses. It’s really much more understanding what are the jobs to be done and by job to be done that’s the concept really around. So, when somebody goes to buy a drill, they don’t buy the drill because they want a drill. They buy the drill because they need to drill a hole. So, you really have to focus on what is the problem we’re trying to solve. And in Amazon disrupting home insurance, that problem statement might be OK ‘how do we use our immense database to better understand our customer’ or ‘how do we create an insurance company with minimal employees.’ I mean there’s these open-ended problem statements and then once you have those problem statements you kind of say, ‘OK well now let’s look at the technologies that are out there, the new business models that are out there and come up with kind of your new business model. In their case, it might be they know a lot about you, they know about where you live. They can give you one click ‘hey would you like to have a home insurance policy,’ and you go click and you buy it. So, it’s a framework that works pretty well for that.

[33:13] LELAND: So, kind of the last section is really around digital transformation and I’ve struggled quite a bit with this term. It’s obviously a very widely used term and means a lot to a lot of companies. But when I meet with executive teams and you mentioned digital transformation and they think of an IT project, you know, a technology project. But in reality, this is it’s much larger; it’s really the business strategy for the digital age. And unless you unless you approach it accordingly, it’s going to, you know, basically have the success of a basically a IT project. So, some of the areas to look at when you talk about driving an overall digital transformation, you know, one is really what is the company’s positioning. I was working with the company earlier this year where they were having a really hard time reaching alignment on priorities and part of it was because the head of engineering was very focused on product leadership. You know, the CFO is focused on operational excellence or efficiencies and then the head of marketing was focused on sort of this customer relationship. And this is from a book from quite a while back called ‘the disappointing market leaders’ where they basically said OK you know you need to be good at all of those things. But the best companies are, you know, a really good are excellent at one of them. So, you really need to decide which of these areas are you really going to excel. That’s because that’s going to become in you know kind of the heart, the kind of drive the positioning of your company. And then you kind of look at your look at your operating model and here’s kind the probably most common dimensions of an operating model. I’m not going to talk about all of them and we’ve had a couple of them already. You know I think the two most important honestly our leadership and culture. And you know the reason being is so if you look at kind of culture- so I had for years, I had heard this phrase ‘culture eats strategy for breakfast’ and I never really got it and really understand it. Never thought about it much either but when I took the job at trek, as their CIO, the president there, John, you know, the first meeting I had with him after I started was laying out my hundred-day plan. And part of it was creating this IT strategy. He says: ‘Brent, the last thing this company needs is a friggin strategy.’ He was more colorful than that. And, you know, I didn’t get what he meant until later I came across this. So, there’s this survey and it basically said ‘what is the most, what has the most impact on our business- results culture or strategy.’ 96% said culture and then says ‘when working to improve business results, where do we spend most of our time.’ Nearly 26% on culture. It was a big disconnect there and I think that was really at the heart of what John was getting at; when he kind of said that, you know, he got that as well. So this really gets me to kind of my favorite quote over the last few years it’s: “in large companies ‘fear of failure’ inhibit speed and risk taking, while in startups ‘fear of failure’ drive speed and urgency.” So, if you’re given culture can have a rigid risk averse culture, and that culture is an impediment to change, you know, what do you do? In reality, its companies or enterprises really need to act like startups. And in many cases, you’re adopting some of the kind of the principles of startups like design thinking, launchpad lean, startup and agile. So finally what is a kind of a road map look like? As I mentioned earlier, indeed this is from a client of ours. And you know, I think that the primary one it’s you know the [inaudible] that we always put in it’s about leadership. And because it’s really driving that, you know, who’s going to lead a digital transformation? The most successful ones are led by someone in the C-Suite. You know a high level executive that can really give it the right sponsorship it needs and then is constantly building support in doing chained- management and mentoring. You know some of the typical dimensions of it- you’ve got strategy, you know, if you look at this, it’s both your business strategy and your technology strategy. In some cases, if a company is not good at streamlining processes you might need a process center of excellence. Usually there is some technical components to it, you know, there might be you know kind of reengineering your ERP system or looking at analytics. This happens to be from a company that had five different business units. they were all kind of working independently but all dealing with the same customers so we’re really trying to create an integrated business model that can kind of work as one. And then they had a smart connected product program to it as well.

[38:36] LELAND: So finally, you know it’s kind of well, so you know, where do you start. And where you start really is mostly dependent on kind of where you are in kind of a transformation of maturity. And we kind of covered all of these topics over here on the left and to really start looking at you know the first one is really what’s the impetus for change. Think back to my S&P 500 slide, you know, is there, what’s going to drive a sense of urgency. You know, are we being disrupted, are we losing share, is competition coming from the outside of our industry. And things like that so it’s really OK, you know, are you need to have a reason to change. The second one is really identifying areas of value. And usually, this kind of comes in from workshops and really educating kind of the key stakeholders and internal teams. Kind of on where a lot of these new capabilities that are out there- where is the opportunity for that in our business and really identifying that potential value. And then the third aspect is coming up the road map. And a road map is going to be a combination. Think about it like a diversified portfolio, if you will, where you’ve kind of got your short term, midterm, and long-term initiatives. Short term being OK these are already implemented and then you know longer term might be higher risk but higher reward. And then the road map basically, like that example rod map I should little bit ago, also has the kind of timelines in the investments in the resources needed to achieve it. And then finally you can have a road map but if you don’t really have the right leadership in the right openness to basically go drive it, it’s not going to succeed so that’s really the last component of it. So what I want you to think about when you think about approaching transformation is you know with your company, do you have a transformation imperative? Who is responsible for transformation? And what is your approach for transformation? Is it effective? So before we open it up for questions I was going to give a quick overview of my company called High G. High G solutions and you’ll notice these buckets. In these buckets, as you know, the buckets I showed earlier when I’m talking about what it takes to drive transformation. That’s really around innovative growth and this is really where we can help companies come up with those industry disrupting business models. Disruptive technologies, predominantly in the areas of advanced analytics AI IoT and then intelligent automation, and then finally how do you drive transformation. Our advisors are, they’re all former operators. You know, various executive roles an starting off typically with some sort of a strategic road map and then many cases stepping into either a program management or an internal leadership. So, I was in with this slide basically do something, do anything you can take a weight and see approach. But everything accelerates, moving too fast to do that. So, something is better than nothing. So, with that, I thank everyone and let me know if anybody has any questions.

[41:58] HOST: Well, perfect. Thank you so much Brent for the excellent presentation showcasing your expertise. And if there’s no more questions, after this webinar has ended, you may notice a short survey that may appear in your screen. and if you can kindly fill that, that’ll be greatly appreciated. And with that being said, this concludes our webinar for today. And thank you again for coming out and thank you for all the attendees who attended. We hope you have a great rest of the day.

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