Vivek Joshi 30 min

10 Lessons in 10 Years

Are you ready to revolutionize your approach to Installed Base selling? Don’t miss this exclusive, game-changing webinar where industry leaders reveal the secrets they’ve uncovered over the past 10 years. Why You Can’t Afford to Miss This: 1. Unlock the Power of Your Installed Base: Proven strategies to maximize Aftermarket revenue. 2. Identify Hidden Opportunities: Learn how to uncover and capitalize on upsell potentials. 3. Make Installed Base Data Work for You: Harness the power of analytics to drive sales. Let's revolutionize the way you approach Installed Base selling. See you there!

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Hi everyone, good morning, good afternoon and good evening to everyone who's

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joining us today.

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We're going to give everyone about a minute or two to get into the room and

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then we'll go ahead and get the discussion off.

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So go ahead and please stand by.

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We're going to say we have a few more people joining us, so I'll give it about

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another minute and then we'll pick it off.

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All right, I say let's go ahead and get things started here.

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So thanks again everybody for joining us today.

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We expect the event to run anywhere between 20 and 25 minutes and then we'll

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hopefully have some time for questions at the end.

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A little bit of housekeeping is at the bottom of the meeting room.

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You'll see different options to interact with us.

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Please use the Q&A area for questions to the speakers as we go through them

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definitely at the end.

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And there will also be a chat button that you can use to raise any technical

2:04

issues during the course of the event.

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The recording and event that will be sent out to post the event.

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And with that being said, let me go ahead and introduce our speaker for the day

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It's Vivek Joji, he is the CEO and founder of Entitle.

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He has decades of experience working on both sides of the industrial equation.

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He's passionate about all things install base and simplifying install base

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workflows to give customer facing OEM teams to have an opportunity to do more

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with less.

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He's also the founder of our industry next community designed to help

2:39

industrial leaders share and learn from each other.

2:42

With that Vivek, I'm going to hand it off over to you.

2:46

Thank you very much.

2:47

And every time you introduce me as a guy with a decade of experience, I have to

2:52

remind myself that the good part of our decade of experiences that you've seen

2:56

a lot and done a lot.

2:57

And the bad part is you've seen a lot and done a lot and remember a lot.

3:00

And sometimes you have to bring out these stories to make sure we share this

3:04

view.

3:04

As Colin said, I'm the founder and CEO of Entitle.

3:08

I'm excited about some of the lessons I'm going to share with you today.

3:13

But a lot of the lessons that we're going to share is not just on the last

3:16

decade of being in businesses and entitled founder and CEO.

3:20

But really, like you said, the three decades that have been in and around

3:23

manufacturing and after market and service really in the equipment

3:26

manufacturing companies with global footprints.

3:29

And so there's a lot that that we've seen over the years that I think will be

3:33

relevant to all of us out here.

3:35

So, you know, if you think about after market and services, not like this is a

3:40

new concept.

3:40

It's not like this is something that we've all had a revelation one day and

3:45

decided that this is something we want to go ahead and do it.

3:47

You know, most of us being in companies that have had these what I would call

3:52

routine business models for a long time.

3:54

And what I mean by business model is we design equipment, we sell it, we

3:59

install it and then we service it.

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And there's a life cycle around that.

4:02

And it's thought that this life cycle is again innovative to most people.

4:06

We've all been around this for a long time.

4:08

What's interesting is this is two things that I think are relevant to this

4:12

discussion.

4:13

One is these models are extremely lucrative.

4:15

I remember decades ago, 20 years ago, when I was at a large industrial company,

4:20

I was astonished at how much money we made in terms of operating margin from

4:23

our services business.

4:24

In fact, and one of our divisions, a couple of divisions, we made 105 to 110

4:29

percent of the businesses operating profit just from services level on, you

4:33

know, the whole profit of the company.

4:36

Very lucrative businesses.

4:38

But by the same token because the lucrative is almost that people are afraid to

4:42

rock the board and afraid to change what's going on out there.

4:46

So it's incredibly maybe static if you may in terms of how these business

4:52

models have evolved over time.

4:55

But it is clear to us and certainly sitting for the vantage point where we sit

5:00

at, which is kind of participants in the ecosystem, but, you know, on from the

5:03

outside looking in.

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I'm seeing many of you along today who are practitioners today who live in this

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day to day.

5:10

There's a ton of stuff going on right now that is really having a significant

5:15

impact on your businesses and on your, you know, maybe existence is probably

5:18

too dramatic about it, but it's really have some pretty significant impact.

5:23

And the way we think about it is that just because things work away in the past

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doesn't mean they can or should work the same way going forward.

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And candidly, I look at many of my customers and look at some of the prospects

5:35

we're talking to.

5:36

It is very clear to us that, you know, the status quo is really systemally

5:41

untenable. You have to do something different.

5:44

You know, the question is, you know, what do you want to do? What difference do

5:46

you want to do? And really when do you do it?

5:49

Now, you know, I have used a slide at another presentation, I've done recently.

5:54

And I love it and I really love these two quotes out there because it really

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embodies and in my mind about what's happening out there.

6:00

Again, I will say this one more time. It's not like you guys are waking up one

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day and realizing my God, things are changing.

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Right, it's not like one day you guys are working on and say, man, the service

6:10

is business after market's pretty amazing.

6:12

How do we, how do we do that? We've all known that for a long time.

6:15

The question is, what is that pressure that's been building up?

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What has the change has been going on behind the scenes that finally makes the

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damn burst? Right, finally makes the things happen all at one time.

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And I think that's kind of where we find ourselves in most situations. We've

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been very clear about most of the prospects and customers we talk to is that,

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look, you need to have a clear point of view.

6:37

You need to have a clear objective is to what you're trying to do and not one

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that damn breaks. You need to suddenly start moving forward.

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And what we're trying to do in the session today in the next 15 to maybe 20

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minutes or so is kind of share with you.

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Some of the things that we've learned over the last last decades, but certainly

6:53

I've seen over my last 30 plus years in this business about what works.

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And what it doesn't, right? And you know, far a software company, you're going

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to start looking at the next slides and say, but we make this not about

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software.

7:05

That's exactly the point, right? I want to share a few learnings that I think

7:08

are universal to all of what you guys are doing out here.

7:10

So the good part about this also in addition to our personal experience, my

7:16

personal experience.

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We've also done this with 50 60 different companies in the titles history.

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There's a lot of companies work with that really good that we've not just

7:25

worked with them to help them deploy some of the set of technology we've got,

7:28

but also make sure that we learn from what they've done well as well. And so

7:31

what you're going to see in the next few pages is an encapsulation of many of

7:35

those lessons we have out here.

7:36

So without further ado, our top 10 lists, right? I mentioned a few minutes ago

7:42

that things have been building up.

7:44

Pressure's been building up. Something's been going on behind the scenes in

7:47

your company.

7:48

And then eventually the damper's eventually things happen, right?

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Where we've seen companies alter, where we've seen companies not succeed is the

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counter of this headlight out here, which is.

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There's somebody who gets an idea saying I want to do something in the context

8:03

of service and aftermarket to kind of drive it proactively.

8:06

Or I want to use data on AI to kind of make a change happen.

8:10

What I tell people is like, don't put the card before the horse, right?

8:14

Really be clear about the why and the why now of this change because

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fundamentally what you're doing is you're committing your team, but the after

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market side, but also your company broadly speaking to a change journey, which

8:26

is, you know, pretty large and pretty significant and pretty committed, right?

8:30

You have to kind of make sure you understand that.

8:32

So it could be something, everything from the economic aspect of it, like am I

8:36

losing more wallet, I need to reverse that.

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Or am I losing too many customers they buy it from us ones and maybe they'll

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come back to us and go to third parties, which is kind of the similar thing of

8:45

wallet share loss.

8:46

You know, sometimes we see when we when many of our customers are companies who

8:50

have bought that private equity, right?

8:52

And the owner says, no, we have to go build this revenue stream up, build the

8:55

line of business.

8:56

There could be a majority of reasons, right?

8:58

But just be very clear about why and why now it's okay to wait is the point of

9:02

the why now as well.

9:03

Right? So I think that's the point I want to make out here with the thing. So

9:07

that's probably the most important lesson.

9:09

The second is when we see what we call a leaderless or headless initiative.

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And it really has to be an initiative that's led by somebody, right?

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You have to have a leader who's strong.

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You need to have a leader that you invest in and you're going to make sure

9:24

there's certain resource for success, right?

9:27

So whether it's goals, whether it's senior executive backing, whether it's a

9:31

visibility and sponsorship,

9:33

whether it's progression opportunities for somebody who succeeds.

9:36

You know, these all sounds like a very motherland apple pie kind of things, but

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these are so important that I almost feel like people forget these simple

9:43

things that they need to do.

9:45

And having somebody at the as the leader of this initiative as a leader, this

9:50

change is really important because at some level, you need to hold somebody

9:53

accountable for this time, right?

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So accountability is a word that it used quite often in my conversation, the

9:58

customers and prospects just as much as they are holding us accountable for

10:02

deliver technology and software and data.

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I want to make sure they and their teams are holding themselves and the leaders

10:08

accountable for the success.

10:09

So you need to have a leader who's who's both capable, but also you can hold

10:14

accountable success, but make sure you invest in that person to give them

10:19

everything they need to succeed.

10:20

So again, that's a second point. The third point is I mentioned this earlier,

10:26

right?

10:26

There's a bunch of things going on in the background that are happening that

10:30

are important to start driving change.

10:32

There's a bunch of things that are going on in the background, but eventually

10:35

that we say that the dams force we need to get in and get on with it.

10:38

But I have to always tell people, look, this is not an overnight journey.

10:44

This is a multi month, multi year potentially journey, right? And quite often

10:49

we used to wind up its customers who wanted to deploy some software and wanted

10:52

to deploy technology without the underpinnings in place.

10:56

So we started putting together this notion of what we call an aftermarket

10:59

journey transformation journey and that's really what it is, right?

11:03

Look, whether it's level one to level four or level one to level 10, it doesn't

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matter.

11:07

There's a series of steps you're going to have to take to make sure your

11:11

company, your team and everybody succeeds, but it takes time.

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You're going to make sure you're prepared at every stage of the way.

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You know, when I was at this big industrial company long time ago, we had the

11:21

classic stage gate process.

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So between every stage, we had a stage gate checkpoint. We had a milestone

11:26

checkpoint and then we would then pass stages and get to the next stage.

11:29

So you can use any framework for one, but the main thing in this message is

11:33

that it's a journey.

11:35

You got to build a plan for it. You got to build a plan that includes resources

11:38

and make sure you commit to it, right?

11:40

So this is really important. And then more importantly, the equal importance

11:45

slide is a fact that you can't rush from zero to four or one to four or

11:50

whatever it might be in their in their stage of maturity without making sure

11:54

you go through it.

11:55

I know it sounds terrible and is in since in his day of existence gratification

11:59

, but which you have to go through certain growth stages to get to the ultimate

12:03

Nevada that you're trying to get in, right?

12:05

So long journey plan on it. The other thing I say to people and this is

12:10

something that is obvious to those of us who've been around this business for a

12:14

long time, but it took me a while to kind of articulate it the way we are.

12:19

Install based intelligence or install based workflows or install based anything

12:24

really is a team game.

12:25

And what I mean by that is those of us that I see some of you in the audience

12:29

today who live this everyday know that install based is just not the province

12:34

of services.

12:34

Our aftermarket in engineers have to play role in it in the whatsoever ability

12:38

data this morning in our product team.

12:40

We had a big discussion about a bill of materials feature we're building an

12:45

entire right and the bill of materials.

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A lot of people look have this information in your systems. There are some

12:51

things in P. L. M. systems, which are the ownership of engineering.

12:55

You know, ERP or an MRP is so initial manufacturing design, you know, sourcing

13:00

also has a role to play in it when they start changing suppliers.

13:03

So there's a lot of interplay out here that says look, you can't think of this

13:07

as an isolated situation.

13:09

You have to consider this as a team. You know, almost every part of the company

13:14

has a role to play in this in this notion of building up an install based

13:18

platform and install based engine to make you an aftermarket champion.

13:21

Right. So coming back to these first three points, you know, if you know the

13:26

why on the why now and you got the right leader.

13:28

Make sure she's building the coalition around her to succeed. Make sure that

13:33

coalition understands that they.

13:35

There's a coalition of the team understand that there's a journey they're going

13:38

to go on collectively.

13:39

Right. Because last thing you need is a disconnected, disjointed out of

13:44

synchronization.

13:46

Connect community that doesn't know what the other person's doing.

13:51

And by the way, we see that quite often. We'd see that the the aftermarket

13:55

leader in brings an entire and starts doing something and then.

13:58

Suddenly the people and manufacturing like what the heck is this about?

14:01

Why are we doing this? All the people and sales like well, I wasn't informed

14:04

about this.

14:05

Although I know people don't know all the data they need to share with us and

14:08

so on and so forth.

14:09

And it becomes really a problem as part of this journey that we're talking

14:12

about.

14:12

So make sure you get the team ready. Make sure it's a multifunctional team.

14:16

That's get this thing's going. So that's lesson number four.

14:18

Lesson number five is like, okay, so we make why the size of prize and

14:23

milestones and stuff for the down the line is very simple, right?

14:26

You could put it up front in the planning phase for sure. But I think once you

14:29

get the team ready, once you get all this information together one place,

14:32

then you can really start saying, okay, now I can really see the entirety of

14:36

the picture.

14:36

You know, the the all Indian, uh,

14:39

Pable of six blind man and an elephant, right? Once everybody's together, you

14:43

can see the whole picture.

14:44

Then you can start saying, okay, this is an helpful big one. Is it a big task?

14:48

Is it a big tale? What if it might be understand that picture at that point in

14:51

time?

14:52

So when it teams in place, they can collectively help you figure out, quote

14:55

unquote, what the size of the prizes.

14:57

And you know, hint to those who are in this business. Please don't go to the

15:01

second and third decimal place.

15:03

It just simply doesn't matter. Get it directly right. Get it. Get it to the

15:07

point where you can have a plan that you can build around that.

15:10

Because I promise you, those of you who start this journey so far from the Irv

15:14

ana,

15:14

they're just going to make a long time together. So figure out, as I say,

15:17

how do you make the first million by making the first dollar, right?

15:20

Same place. How do you get the wallet share up to 100%? Well, get the first

15:24

percent out there.

15:24

I figured the plan to get there and get going.

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So figure out what's good enough. Figure out what the success metrics are.

15:30

Same thing stays gate milestones. Whatever, whatever framework you guys want to

15:34

use.

15:34

Build it again. You're probably saying, we make so why are you telling me this

15:38

stuff, right?

15:38

Should we plan this? Yeah, you should do it. But believe it or not, most people

15:42

don't.

15:43

And we have this, we have this realization over time that people have to put

15:48

this in place.

15:49

It's almost like we need to kind of make sure that collectively in title and

15:53

our customers,

15:54

we need to make sure we do this thing all the time. So that's kind of one of

15:57

the lessons we want to

15:58

make sure we share with you as well. So that's the number five. Less number six

16:02

is what, you know,

16:03

the other title, the title of the slide I thought about is please don't boil

16:07

the ocean in search of data,

16:09

right? And one of the best things I learned that long time ago when I was in

16:14

consulting is data

16:17

or the source of data becomes a secondary or tertiary decision. Once you decide

16:22

what you're going to

16:22

go and do, right? So you figure out what hypothesis you're trying to test out

16:26

here. Is it am I going to

16:28

reduce churn or if I can do this so I can increase wallet share, whatever it

16:32

might be. Once I have my hypothesis,

16:34

then I know what I need to go do in terms of analysis I need to do. And

16:39

therefore, I then need to know

16:40

what data I need to get. Don't again, same thing here. Don't put the card

16:43

before the hours. Don't start

16:46

drowning in data before you try to figure out what easy to get done, right? So

16:49

start with use cases,

16:51

understand what the analysis you need to do. Then figure out what requirements

16:55

you need to go get

16:56

from the data site. Because anyway, you realize that hey, just because I have a

17:00

parks and services

17:01

catalog, I don't need it today. It's okay. Oh, just because of transaction data

17:04

, I don't need bombs

17:05

today, right? So on and so forth. I think the point is that you're able to be a

17:10

lot more

17:11

crisp and clear about what needs to happen once you define these things. Okay,

17:17

so that's

17:17

lesson number six is data becomes a second order requirement once you figure

17:24

out the

17:25

the path you're on. However, comma, lesson number seven is almost what we like

17:30

to put as lesson number

17:31

one. But in this case, it just follows a natural progression here. However,

17:35

comma, I will promise you

17:37

that what we learned long time ago about the phrase garbage and garbage job is

17:41

extraordinarily true.

17:42

Right? Every single company worked with the user's terrible quality data. And

17:47

the terrible

17:48

quality data is because a, it's in the multitude of different systems that are

17:51

not really concise.

17:52

It does never single social truth. Extraordinary poor quality in terms of

17:58

things like data drives,

18:00

null fields, spelling mistakes, duplicates, you name it, everything. We've seen

18:04

the whole range of

18:05

poor quality. So no matter what, once you figure out the data sources, you have

18:10

to go invest in data,

18:11

sorry, figure out data sources, figure out the data quality. You have to go

18:15

invest in that.

18:15

Because if there's one one thing we've learned painfully is that in as much as

18:23

the bookages you'll get

18:24

when you start doing this thing, you'll get an extraordinary large number of

18:28

break paths.

18:30

The moment somebody sees bad quality data and it's a surest way to lose

18:35

credibility.

18:36

Lord knows we've lost in multiple times of the customers, even though it's

18:38

their data, right?

18:40

It doesn't matter. We took on that responsible, we are accountable for cleaning

18:43

up the data.

18:44

The moment we made a mistake, it's an, it's our issue, right? So we've learned

18:48

very painfully

18:49

that we have to focus on this upfront and we emphasize this beyond reasonable

18:54

expectations that

18:55

you have to get this thing to write. And it doesn't mean you go to perfection,

18:58

by the way,

18:59

but get it to the point where you can do a sufficient amount of, use acceptance

19:03

testing,

19:03

you can do sufficient amount of buy-in but do it upfront, right? So the lesson

19:07

number seven.

19:08

What I'd say at the lesson number eight is, you know, as the old phrase goes,

19:13

"Rome wasn't built in a day," right? I always sell our customers, like, look,

19:18

you may be hungry to go,

19:19

change everything, you may be hungry to go and get all the potential upset that

19:22

you have in the

19:23

marketplace and so on and so forth. But please don't do this all in one shot.

19:27

You're going to,

19:28

you know, as they say, "The big moon shot, don't do it." It's not going to work

19:31

, right? There's multiple

19:33

reasons it'll work. The single biggest thing, you're still learning a way, you

19:37

're changing something,

19:37

going from your reactive mode to proactive mode, you're going from gut feel to

19:42

data-driven information,

19:43

you're going from ad hoc to process, you're going from order takers to call

19:48

makers, right? I mean,

19:50

these all just fundamental changes you're doing. You don't know how it's going

19:53

to work. So start

19:54

doing it. I also tell people that this is probably something that is, it comes

19:59

to mind is that you

20:01

got to find the person is going to help you win. You know, there's always two

20:05

schools of thought,

20:06

"Do I go with somebody, can help you win?" But then people say, "Well, he chose

20:09

this region or he

20:10

chose this person because, you know, you're going to win." Yeah, the short

20:13

answer is yes. Or do you want

20:14

to go to the most difficult region, the most difficult leader who doesn't

20:18

believe in this and want to

20:19

convince her to do the same. You know, I always are on the side and I'll get

20:23

the wins first, right? And so

20:25

find the right person to do it. You know, it's kind of a bit of a go-to-lock

20:29

situation. It's like not too hot,

20:31

not to call just right. So it's a, you know, it's a judgment out here you've

20:34

got to do. But the main

20:36

thing is when you choose that person, you're using that to prototype and

20:38

experiment and learn and keep

20:39

going from there, right? A lot of stuff that can get done, get done in a very

20:43

small scale to do it.

20:46

Next one is once you figure that out, you now have a template to say, "Okay,

20:49

what's working on the

20:50

people's side? What do I need to change? What's working on the process side?

20:53

What do I need to change?

20:54

Do I need to re-engineer the process? Do I need to introduce new process?" And

20:58

then make

20:58

technology choices. By the way, all of this stuff, what I showed in the

21:02

previous pages, it is entirely

21:04

not just likely but recommended that you do not use any technology beyond

21:09

spreadsheets. I know I'm

21:10

the biggest anti-spreach sheet person in the world. But it's okay to stick with

21:14

spreadsheets in the

21:14

beginning because you're still trying to figure things out. Or in a make-do

21:18

with whatever couple

21:19

tools you have together, it's okay. Once you get through the prototyping

21:22

process, once you figure

21:24

these people's processes and tools out in that order, then figure out, "Do I go

21:28

customize as

21:29

your M? Do I go build a brand new in the house tool? Like many of our customers

21:33

do? How many

21:34

prospects do? Or do I go find a company like a title out there to go do it?"

21:39

That should almost be

21:41

like third decision you make. Yes, it doesn't mean you should wait for research

21:45

to the end, but

21:45

definitely you should never be driving it. I mean, it never will be driving the

21:49

choices you make out

21:50

here. So that's lesson number nine. And the last lesson I'd say to it is once

21:55

you figure that out,

21:56

once you process people's processes and technologies defined, once your

22:01

prototypes have been

22:02

figured out, then you start figuring out how to scale. Same thing out there,

22:05

what you said in the

22:06

in the pilot phase of product is find somebody who cares to make this work.

22:11

That's your next person.

22:12

Find somebody who's going to then broadcast your wins to everybody else. Find

22:17

somebody's willing to

22:18

be a good example of lessons learned and wins that other people can trust and

22:22

say, "Yeah, this person

22:23

is breadable." These are the things that seem like simple cheat codes that a

22:28

lot of people don't

22:29

practice. That's like, "Man, don't make a life any more difficult than it needs

22:32

to be." So we have

22:34

these situations where we have a lot of stuff that's working. And so start

22:38

sequencing away to success

22:40

with either the people or in the geographies or the views of the products as

22:43

you start expanding

22:44

this thing out. Right? Again, very simple, very straightforward, but very, as I

22:50

say, common

22:50

senses not common. Right? The last one, bonus is that they are just borrowed

22:55

the slides so we try to

22:56

hash out some of these names. Is he got to celebrate his successes often and

23:01

early and he

23:02

was off-minorally. Right? Some of the most successful customers do this really

23:06

well. Either they have,

23:07

effectively in downhalls, virtual downhalls, webinars, whatever it might be

23:13

where they bring in their

23:15

successful people and make heroes out of it. Give them awards, call out winners

23:20

, call to the things,

23:21

have leaderboards, all these things that matter because you need to make sure

23:24

you get in the momentum

23:25

going out there and start doing it. Right? You know, if you were to think about

23:29

this whole

23:29

presentation so far, it's really two things. Right? One is don't put the card

23:34

before the horse,

23:35

two is about change management and reward is really a big part of the change

23:39

management process as well.

23:40

Right? So when I think about these things, you notice that a lot of this is

23:45

things that are common

23:46

part, are normal, what are called normal change management. A lot of people

23:50

forget about it. And we

23:51

wanted to make sure we kind of highlighted that to you as well. So to recap, my

23:57

top 10 list again,

23:58

right? There's a lot of stuff that you can do well without technology, start

24:02

doing it. There's a lot

24:03

of stuff you should do well before making decisions that have second and third

24:06

order decisions.

24:07

Please do them first and make sure you're getting wins, make sure you're

24:10

getting heroes, make sure you're

24:12

letting people know about who's doing what, how they're winning and so on and

24:15

so forth. Right? So that's

24:17

kind of how we've thought about it. It's like I said, you know, people think

24:21

about us as a data and

24:22

software company, which we are. But all these lessons are really about change

24:25

management and about

24:26

making sure you transform your companies. And these are lessons that we think

24:30

are valuable to everybody.

24:31

And that's why we thought that it might be interesting to share this with you

24:34

today. So with that,

24:35

I think Colin, that was my last slide and I'm happy to open up the fourth

24:39

questions now.

24:40

Colin, over to you. Yeah, thanks for that, Vivek. So we did get a few questions

24:48

come in.

24:48

One of them was what do you think the most common why the change to move?

24:56

What is the most sorry? What what what really I'm having trouble with this

25:00

question. Why why are people

25:02

motivated to change like what's the why you talked about that at the beginning?

25:07

You know, the most common virus thing I made maybe like a self-selected crowd

25:13

is that people

25:17

recognize that they're giving up a extraordinary wallet share to somebody else.

25:23

And the fastest way

25:24

to growth unprofitably is to win back the wallet share. Right. So it's a

25:28

fundamental financial reason

25:29

that people realize that they should be going after the install base and kind

25:33

of getting the wins

25:34

going. And that's the most common why the second most common why is that you

25:39

know, when you when you

25:41

have the situation where we have in certainly in some cases, maybe it's related

25:44

to number one.

25:45

The last year to have been challenging for certain equipment makers. Right. So

25:50

we've talked many of

25:51

our customers every time we do a quarterly business reviews or every time I

25:54

have conversations.

25:56

Now, oh, how's the equipment business doing? And it's clear that for last

25:59

couple years, people

26:00

have been under pressure on the equipment business side. Right. And so they

26:03

turn around and say,

26:05

"Gee, I need to grow. I need to grow differently." And maybe years and install

26:08

base and go after.

26:09

Right. So they're related, but that's typically the reasons why we see people

26:13

starting to change.

26:14

There's a couple of other things coming in now, Colin, but those are their

26:17

first two.

26:19

And I think this one correlates with that is when most of these companies reach

26:23

out to you,

26:23

where do you see them waning on that transformation journey? And then what's

26:27

the best way to get

26:28

started to move from the earlier stages to the stages three and four? That's a

26:33

great question.

26:34

So almost invariably with the exception of maybe a couple, most of these people

26:40

fall into our one

26:41

to three for level maturity curve. Most of them fall in some of them within one

26:44

and two. And I know

26:46

that's a hard message for me to deliver to people, but that's important and

26:48

deliver to them. Because

26:50

they invariably they have what they call inside sales seem to be the order-

26:53

taking teams or they really

26:55

don't use data. They don't really don't have even a CRM available that they're

26:58

after market salespeople

26:59

or the salespeople are busy selling equipment versus selling parts and service.

27:03

So all kinds

27:04

of different things going on, but they invariably some of it in one and two.

27:07

When you ask them that,

27:12

and quite often I tell people, look, look, I think you're you're a two away

27:14

from even thinking about

27:16

the technology like in dialogue. What I have them go to is first figure out the

27:20

as Jim Collins said,

27:22

first figure who was on the bus before he started figuring out where the bus is

27:25

going and then

27:26

when you want to need to put it in place. So always say start with who, right?

27:30

Get the people in

27:31

place first. Be the leader. Be the, you know, people who have a hunting mindset

27:35

and a growth mindset

27:36

versus people who've been used to doing business in a certain way. Go fix that.

27:40

Go put that in place.

27:41

They will be the right ones to design the process that you need to go do and so

27:44

on and so forth.

27:45

So that's kind of the sequence of things that I see works best for most

27:48

companies.

27:48

And another question. What's the common obstacle to get a buy-in for updating

27:57

the ERP?

27:57

You know, that's a common question. These are a difficult question in the sense

28:04

that

28:05

I always give the answer depends on what your IT governance process is like. So

28:10

what I

28:11

can tell you is that invariably, the title has gone through the process of

28:15

getting the data ready

28:16

and so on and so forth. We are almost always the only single source of clean

28:21

and trusted data.

28:22

All the most clean and trusted data I would say perfection. Then the question

28:27

becomes is how do you

28:28

then take it back to ERP or how do you take it back to CRM and so on and so

28:31

forth? And I think that's

28:32

where the IT governance process is coming in. So we do, with a couple of

28:36

customers, we do a

28:37

couple of things. So one is some people say look the moment in data is within

28:41

the entire,

28:41

that is our system of record now. And we're going to use that to write back

28:45

typically to the CRM.

28:46

Almost seldom do people take it directly back to the ERP, but when they do,

28:51

there's almost like

28:53

there's a quarantine situation where they'll get the data from the entire, see

28:58

what difference is

28:59

and then move it according to the governance process is back and I did a record

29:03

. So for example,

29:04

there's one customer we have literally 62 different unique IDs for the same

29:09

customer,

29:10

the same address. And so then we had to go figure out how to start reducing

29:14

that and we were able

29:16

to do it and then they took the data eventually to move it to ERP, but they had

29:19

to have a strong

29:20

governance process to do that. So that's an important aspect and it isn't a cop

29:24

out on our side

29:25

because we can maintain and hold the data, but you need to do something with it

29:28

. So

29:31

I know we're at the end of time. What's like that was all the questions that we

29:37

had for the discussion

29:39

today? Great. Well, we try to do these bite-sized 30-minute sessions because we

29:45

know all we feel busy.

29:46

I'm hoping that the context and the content we had today is useful and valuable

29:51

to you.

29:52

Some of you asked questions, we appreciate it. Those if you didn't. We're more

29:56

than happy to make this

29:57

presentation available to you. As Colin said, we'll share this with you at the

30:01

end of the

30:02

once the recording is a process today. But if there's any questions, you know

30:05

how to reach me at

30:06

Vivek.jr.json.in.dot.com or just to simply write into it and for an entire.dot.

30:10

com. So with that,

30:12

thank you very much everybody. Appreciate your time today and look forward to

30:15

hearing from you.

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10 Lessons in 10 Years

0:00 - Hi everyone, good morning, good afternoon and good evening to everyone who's ::: 0:05 - joining us today. ::: 0:06 - We're going to give everyone about a minute or two to get into the room and ::: 0:10 - then we'll go ahead and get the discussion off. ::: 0:12 - So go ahead and please stand by. ::: 0:14 - [BLANK_AUDIO] ::: 0:24 - [BLANK_AUDIO] ::: 0:44 - We're going to say we have a few more people joining us, so I'll give it about ::: 0:49 - another minute and then we'll pick it off. ::: 0:51 - [BLANK_AUDIO] ::: 1:01 - [BLANK_AUDIO] ::: 1:25 - All right, I say let's go ahead and get things started here. ::: 1:31 - So thanks again everybody for joining us today. ::: 1:35 - We expect the event to run anywhere between 20 and 25 minutes and then we'll ::: 1:41 - hopefully have some time for questions at the end. ::: 1:45 - A little bit of housekeeping is at the bottom of the meeting room. ::: 1:49 - You'll see different options to interact with us. ::: 1:53 - Please use the Q&A area for questions to the speakers as we go through them ::: 1:58 - definitely at the end. ::: 2:00 - And there will also be a chat button that you can use to raise any technical ::: 2:04 - issues during the course of the event. ::: 2:05 - The recording and event that will be sent out to post the event. ::: 2:11 - And with that being said, let me go ahead and introduce our speaker for the day ::: 2:16 - It's Vivek Joji, he is the CEO and founder of Entitle. ::: 2:21 - He has decades of experience working on both sides of the industrial equation. ::: 2:25 - He's passionate about all things install base and simplifying install base ::: 2:30 - workflows to give customer facing OEM teams to have an opportunity to do more ::: 2:35 - with less. ::: 2:36 - He's also the founder of our industry next community designed to help ::: 2:39 - industrial leaders share and learn from each other. ::: 2:42 - With that Vivek, I'm going to hand it off over to you. ::: 2:46 - Thank you very much. ::: 2:47 - And every time you introduce me as a guy with a decade of experience, I have to ::: 2:52 - remind myself that the good part of our decade of experiences that you've seen ::: 2:56 - a lot and done a lot. ::: 2:57 - And the bad part is you've seen a lot and done a lot and remember a lot. ::: 3:00 - And sometimes you have to bring out these stories to make sure we share this ::: 3:04 - view. ::: 3:04 - As Colin said, I'm the founder and CEO of Entitle. ::: 3:08 - I'm excited about some of the lessons I'm going to share with you today. ::: 3:13 - But a lot of the lessons that we're going to share is not just on the last ::: 3:16 - decade of being in businesses and entitled founder and CEO. ::: 3:20 - But really, like you said, the three decades that have been in and around ::: 3:23 - manufacturing and after market and service really in the equipment ::: 3:26 - manufacturing companies with global footprints. ::: 3:29 - And so there's a lot that that we've seen over the years that I think will be ::: 3:33 - relevant to all of us out here. ::: 3:35 - So, you know, if you think about after market and services, not like this is a ::: 3:40 - new concept. ::: 3:40 - It's not like this is something that we've all had a revelation one day and ::: 3:45 - decided that this is something we want to go ahead and do it. ::: 3:47 - You know, most of us being in companies that have had these what I would call ::: 3:52 - routine business models for a long time. ::: 3:54 - And what I mean by business model is we design equipment, we sell it, we ::: 3:59 - install it and then we service it. ::: 4:01 - And there's a life cycle around that. ::: 4:02 - And it's thought that this life cycle is again innovative to most people. ::: 4:06 - We've all been around this for a long time. ::: 4:08 - What's interesting is this is two things that I think are relevant to this ::: 4:12 - discussion. ::: 4:13 - One is these models are extremely lucrative. ::: 4:15 - I remember decades ago, 20 years ago, when I was at a large industrial company, ::: 4:20 - I was astonished at how much money we made in terms of operating margin from ::: 4:23 - our services business. ::: 4:24 - In fact, and one of our divisions, a couple of divisions, we made 105 to 110 ::: 4:29 - percent of the businesses operating profit just from services level on, you ::: 4:33 - know, the whole profit of the company. ::: 4:36 - Very lucrative businesses. ::: 4:38 - But by the same token because the lucrative is almost that people are afraid to ::: 4:42 - rock the board and afraid to change what's going on out there. ::: 4:46 - So it's incredibly maybe static if you may in terms of how these business ::: 4:52 - models have evolved over time. ::: 4:55 - But it is clear to us and certainly sitting for the vantage point where we sit ::: 5:00 - at, which is kind of participants in the ecosystem, but, you know, on from the ::: 5:03 - outside looking in. ::: 5:05 - I'm seeing many of you along today who are practitioners today who live in this ::: 5:09 - day to day. ::: 5:10 - There's a ton of stuff going on right now that is really having a significant ::: 5:15 - impact on your businesses and on your, you know, maybe existence is probably ::: 5:18 - too dramatic about it, but it's really have some pretty significant impact. ::: 5:23 - And the way we think about it is that just because things work away in the past ::: 5:28 - doesn't mean they can or should work the same way going forward. ::: 5:31 - And candidly, I look at many of my customers and look at some of the prospects ::: 5:35 - we're talking to. ::: 5:36 - It is very clear to us that, you know, the status quo is really systemally ::: 5:41 - untenable. You have to do something different. ::: 5:44 - You know, the question is, you know, what do you want to do? What difference do ::: 5:46 - you want to do? And really when do you do it? ::: 5:49 - Now, you know, I have used a slide at another presentation, I've done recently. ::: 5:54 - And I love it and I really love these two quotes out there because it really ::: 5:57 - embodies and in my mind about what's happening out there. ::: 6:00 - Again, I will say this one more time. It's not like you guys are waking up one ::: 6:04 - day and realizing my God, things are changing. ::: 6:07 - Right, it's not like one day you guys are working on and say, man, the service ::: 6:10 - is business after market's pretty amazing. ::: 6:12 - How do we, how do we do that? We've all known that for a long time. ::: 6:15 - The question is, what is that pressure that's been building up? ::: 6:19 - What has the change has been going on behind the scenes that finally makes the ::: 6:22 - damn burst? Right, finally makes the things happen all at one time. ::: 6:27 - And I think that's kind of where we find ourselves in most situations. We've ::: 6:31 - been very clear about most of the prospects and customers we talk to is that, ::: 6:35 - look, you need to have a clear point of view. ::: 6:37 - You need to have a clear objective is to what you're trying to do and not one ::: 6:40 - that damn breaks. You need to suddenly start moving forward. ::: 6:43 - And what we're trying to do in the session today in the next 15 to maybe 20 ::: 6:47 - minutes or so is kind of share with you. ::: 6:49 - Some of the things that we've learned over the last last decades, but certainly ::: 6:53 - I've seen over my last 30 plus years in this business about what works. ::: 6:56 - And what it doesn't, right? And you know, far a software company, you're going ::: 7:00 - to start looking at the next slides and say, but we make this not about ::: 7:04 - software. ::: 7:05 - That's exactly the point, right? I want to share a few learnings that I think ::: 7:08 - are universal to all of what you guys are doing out here. ::: 7:10 - So the good part about this also in addition to our personal experience, my ::: 7:16 - personal experience. ::: 7:17 - We've also done this with 50 60 different companies in the titles history. ::: 7:22 - There's a lot of companies work with that really good that we've not just ::: 7:25 - worked with them to help them deploy some of the set of technology we've got, ::: 7:28 - but also make sure that we learn from what they've done well as well. And so ::: 7:31 - what you're going to see in the next few pages is an encapsulation of many of ::: 7:35 - those lessons we have out here. ::: 7:36 - So without further ado, our top 10 lists, right? I mentioned a few minutes ago ::: 7:42 - that things have been building up. ::: 7:44 - Pressure's been building up. Something's been going on behind the scenes in ::: 7:47 - your company. ::: 7:48 - And then eventually the damper's eventually things happen, right? ::: 7:51 - Where we've seen companies alter, where we've seen companies not succeed is the ::: 7:56 - counter of this headlight out here, which is. ::: 8:00 - There's somebody who gets an idea saying I want to do something in the context ::: 8:03 - of service and aftermarket to kind of drive it proactively. ::: 8:06 - Or I want to use data on AI to kind of make a change happen. ::: 8:10 - What I tell people is like, don't put the card before the horse, right? ::: 8:14 - Really be clear about the why and the why now of this change because ::: 8:18 - fundamentally what you're doing is you're committing your team, but the after ::: 8:21 - market side, but also your company broadly speaking to a change journey, which ::: 8:26 - is, you know, pretty large and pretty significant and pretty committed, right? ::: 8:30 - You have to kind of make sure you understand that. ::: 8:32 - So it could be something, everything from the economic aspect of it, like am I ::: 8:36 - losing more wallet, I need to reverse that. ::: 8:38 - Or am I losing too many customers they buy it from us ones and maybe they'll ::: 8:41 - come back to us and go to third parties, which is kind of the similar thing of ::: 8:45 - wallet share loss. ::: 8:46 - You know, sometimes we see when we when many of our customers are companies who ::: 8:50 - have bought that private equity, right? ::: 8:52 - And the owner says, no, we have to go build this revenue stream up, build the ::: 8:55 - line of business. ::: 8:56 - There could be a majority of reasons, right? ::: 8:58 - But just be very clear about why and why now it's okay to wait is the point of ::: 9:02 - the why now as well. ::: 9:03 - Right? So I think that's the point I want to make out here with the thing. So ::: 9:07 - that's probably the most important lesson. ::: 9:09 - The second is when we see what we call a leaderless or headless initiative. ::: 9:16 - And it really has to be an initiative that's led by somebody, right? ::: 9:19 - You have to have a leader who's strong. ::: 9:22 - You need to have a leader that you invest in and you're going to make sure ::: 9:24 - there's certain resource for success, right? ::: 9:27 - So whether it's goals, whether it's senior executive backing, whether it's a ::: 9:31 - visibility and sponsorship, ::: 9:33 - whether it's progression opportunities for somebody who succeeds. ::: 9:36 - You know, these all sounds like a very motherland apple pie kind of things, but ::: 9:40 - these are so important that I almost feel like people forget these simple ::: 9:43 - things that they need to do. ::: 9:45 - And having somebody at the as the leader of this initiative as a leader, this ::: 9:50 - change is really important because at some level, you need to hold somebody ::: 9:53 - accountable for this time, right? ::: 9:55 - So accountability is a word that it used quite often in my conversation, the ::: 9:58 - customers and prospects just as much as they are holding us accountable for ::: 10:02 - deliver technology and software and data. ::: 10:05 - I want to make sure they and their teams are holding themselves and the leaders ::: 10:08 - accountable for the success. ::: 10:09 - So you need to have a leader who's who's both capable, but also you can hold ::: 10:14 - accountable success, but make sure you invest in that person to give them ::: 10:19 - everything they need to succeed. ::: 10:20 - So again, that's a second point. The third point is I mentioned this earlier, ::: 10:26 - right? ::: 10:26 - There's a bunch of things going on in the background that are happening that ::: 10:30 - are important to start driving change. ::: 10:32 - There's a bunch of things that are going on in the background, but eventually ::: 10:35 - that we say that the dams force we need to get in and get on with it. ::: 10:38 - But I have to always tell people, look, this is not an overnight journey. ::: 10:44 - This is a multi month, multi year potentially journey, right? And quite often ::: 10:49 - we used to wind up its customers who wanted to deploy some software and wanted ::: 10:52 - to deploy technology without the underpinnings in place. ::: 10:56 - So we started putting together this notion of what we call an aftermarket ::: 10:59 - journey transformation journey and that's really what it is, right? ::: 11:03 - Look, whether it's level one to level four or level one to level 10, it doesn't ::: 11:07 - matter. ::: 11:07 - There's a series of steps you're going to have to take to make sure your ::: 11:11 - company, your team and everybody succeeds, but it takes time. ::: 11:14 - You're going to make sure you're prepared at every stage of the way. ::: 11:17 - You know, when I was at this big industrial company long time ago, we had the ::: 11:21 - classic stage gate process. ::: 11:22 - So between every stage, we had a stage gate checkpoint. We had a milestone ::: 11:26 - checkpoint and then we would then pass stages and get to the next stage. ::: 11:29 - So you can use any framework for one, but the main thing in this message is ::: 11:33 - that it's a journey. ::: 11:35 - You got to build a plan for it. You got to build a plan that includes resources ::: 11:38 - and make sure you commit to it, right? ::: 11:40 - So this is really important. And then more importantly, the equal importance ::: 11:45 - slide is a fact that you can't rush from zero to four or one to four or ::: 11:50 - whatever it might be in their in their stage of maturity without making sure ::: 11:54 - you go through it. ::: 11:55 - I know it sounds terrible and is in since in his day of existence gratification ::: 11:59 - , but which you have to go through certain growth stages to get to the ultimate ::: 12:03 - Nevada that you're trying to get in, right? ::: 12:05 - So long journey plan on it. The other thing I say to people and this is ::: 12:10 - something that is obvious to those of us who've been around this business for a ::: 12:14 - long time, but it took me a while to kind of articulate it the way we are. ::: 12:19 - Install based intelligence or install based workflows or install based anything ::: 12:24 - really is a team game. ::: 12:25 - And what I mean by that is those of us that I see some of you in the audience ::: 12:29 - today who live this everyday know that install based is just not the province ::: 12:34 - of services. ::: 12:34 - Our aftermarket in engineers have to play role in it in the whatsoever ability ::: 12:38 - data this morning in our product team. ::: 12:40 - We had a big discussion about a bill of materials feature we're building an ::: 12:45 - entire right and the bill of materials. ::: 12:48 - A lot of people look have this information in your systems. There are some ::: 12:51 - things in P. L. M. systems, which are the ownership of engineering. ::: 12:55 - You know, ERP or an MRP is so initial manufacturing design, you know, sourcing ::: 13:00 - also has a role to play in it when they start changing suppliers. ::: 13:03 - So there's a lot of interplay out here that says look, you can't think of this ::: 13:07 - as an isolated situation. ::: 13:09 - You have to consider this as a team. You know, almost every part of the company ::: 13:14 - has a role to play in this in this notion of building up an install based ::: 13:18 - platform and install based engine to make you an aftermarket champion. ::: 13:21 - Right. So coming back to these first three points, you know, if you know the ::: 13:26 - why on the why now and you got the right leader. ::: 13:28 - Make sure she's building the coalition around her to succeed. Make sure that ::: 13:33 - coalition understands that they. ::: 13:35 - There's a coalition of the team understand that there's a journey they're going ::: 13:38 - to go on collectively. ::: 13:39 - Right. Because last thing you need is a disconnected, disjointed out of ::: 13:44 - synchronization. ::: 13:46 - Connect community that doesn't know what the other person's doing. ::: 13:51 - And by the way, we see that quite often. We'd see that the the aftermarket ::: 13:55 - leader in brings an entire and starts doing something and then. ::: 13:58 - Suddenly the people and manufacturing like what the heck is this about? ::: 14:01 - Why are we doing this? All the people and sales like well, I wasn't informed ::: 14:04 - about this. ::: 14:05 - Although I know people don't know all the data they need to share with us and ::: 14:08 - so on and so forth. ::: 14:09 - And it becomes really a problem as part of this journey that we're talking ::: 14:12 - about. ::: 14:12 - So make sure you get the team ready. Make sure it's a multifunctional team. ::: 14:16 - That's get this thing's going. So that's lesson number four. ::: 14:18 - Lesson number five is like, okay, so we make why the size of prize and ::: 14:23 - milestones and stuff for the down the line is very simple, right? ::: 14:26 - You could put it up front in the planning phase for sure. But I think once you ::: 14:29 - get the team ready, once you get all this information together one place, ::: 14:32 - then you can really start saying, okay, now I can really see the entirety of ::: 14:36 - the picture. ::: 14:36 - You know, the the all Indian, uh, ::: 14:39 - Pable of six blind man and an elephant, right? Once everybody's together, you ::: 14:43 - can see the whole picture. ::: 14:44 - Then you can start saying, okay, this is an helpful big one. Is it a big task? ::: 14:48 - Is it a big tale? What if it might be understand that picture at that point in ::: 14:51 - time? ::: 14:52 - So when it teams in place, they can collectively help you figure out, quote ::: 14:55 - unquote, what the size of the prizes. ::: 14:57 - And you know, hint to those who are in this business. Please don't go to the ::: 15:01 - second and third decimal place. ::: 15:03 - It just simply doesn't matter. Get it directly right. Get it. Get it to the ::: 15:07 - point where you can have a plan that you can build around that. ::: 15:10 - Because I promise you, those of you who start this journey so far from the Irv ::: 15:14 - ana, ::: 15:14 - they're just going to make a long time together. So figure out, as I say, ::: 15:17 - how do you make the first million by making the first dollar, right? ::: 15:20 - Same place. How do you get the wallet share up to 100%? Well, get the first ::: 15:24 - percent out there. ::: 15:24 - I figured the plan to get there and get going. ::: 15:26 - So figure out what's good enough. Figure out what the success metrics are. ::: 15:30 - Same thing stays gate milestones. Whatever, whatever framework you guys want to ::: 15:34 - use. ::: 15:34 - Build it again. You're probably saying, we make so why are you telling me this ::: 15:38 - stuff, right? ::: 15:38 - Should we plan this? Yeah, you should do it. But believe it or not, most people ::: 15:42 - don't. ::: 15:43 - And we have this, we have this realization over time that people have to put ::: 15:48 - this in place. ::: 15:49 - It's almost like we need to kind of make sure that collectively in title and ::: 15:53 - our customers, ::: 15:54 - we need to make sure we do this thing all the time. So that's kind of one of ::: 15:57 - the lessons we want to ::: 15:58 - make sure we share with you as well. So that's the number five. Less number six ::: 16:02 - is what, you know, ::: 16:03 - the other title, the title of the slide I thought about is please don't boil ::: 16:07 - the ocean in search of data, ::: 16:09 - right? And one of the best things I learned that long time ago when I was in ::: 16:14 - consulting is data ::: 16:17 - or the source of data becomes a secondary or tertiary decision. Once you decide ::: 16:22 - what you're going to ::: 16:22 - go and do, right? So you figure out what hypothesis you're trying to test out ::: 16:26 - here. Is it am I going to ::: 16:28 - reduce churn or if I can do this so I can increase wallet share, whatever it ::: 16:32 - might be. Once I have my hypothesis, ::: 16:34 - then I know what I need to go do in terms of analysis I need to do. And ::: 16:39 - therefore, I then need to know ::: 16:40 - what data I need to get. Don't again, same thing here. Don't put the card ::: 16:43 - before the hours. Don't start ::: 16:46 - drowning in data before you try to figure out what easy to get done, right? So ::: 16:49 - start with use cases, ::: 16:51 - understand what the analysis you need to do. Then figure out what requirements ::: 16:55 - you need to go get ::: 16:56 - from the data site. Because anyway, you realize that hey, just because I have a ::: 17:00 - parks and services ::: 17:01 - catalog, I don't need it today. It's okay. Oh, just because of transaction data ::: 17:04 - , I don't need bombs ::: 17:05 - today, right? So on and so forth. I think the point is that you're able to be a ::: 17:10 - lot more ::: 17:11 - crisp and clear about what needs to happen once you define these things. Okay, ::: 17:17 - so that's ::: 17:17 - lesson number six is data becomes a second order requirement once you figure ::: 17:24 - out the ::: 17:25 - the path you're on. However, comma, lesson number seven is almost what we like ::: 17:30 - to put as lesson number ::: 17:31 - one. But in this case, it just follows a natural progression here. However, ::: 17:35 - comma, I will promise you ::: 17:37 - that what we learned long time ago about the phrase garbage and garbage job is ::: 17:41 - extraordinarily true. ::: 17:42 - Right? Every single company worked with the user's terrible quality data. And ::: 17:47 - the terrible ::: 17:48 - quality data is because a, it's in the multitude of different systems that are ::: 17:51 - not really concise. ::: 17:52 - It does never single social truth. Extraordinary poor quality in terms of ::: 17:58 - things like data drives, ::: 18:00 - null fields, spelling mistakes, duplicates, you name it, everything. We've seen ::: 18:04 - the whole range of ::: 18:05 - poor quality. So no matter what, once you figure out the data sources, you have ::: 18:10 - to go invest in data, ::: 18:11 - sorry, figure out data sources, figure out the data quality. You have to go ::: 18:15 - invest in that. ::: 18:15 - Because if there's one one thing we've learned painfully is that in as much as ::: 18:23 - the bookages you'll get ::: 18:24 - when you start doing this thing, you'll get an extraordinary large number of ::: 18:28 - break paths. ::: 18:30 - The moment somebody sees bad quality data and it's a surest way to lose ::: 18:35 - credibility. ::: 18:36 - Lord knows we've lost in multiple times of the customers, even though it's ::: 18:38 - their data, right? ::: 18:40 - It doesn't matter. We took on that responsible, we are accountable for cleaning ::: 18:43 - up the data. ::: 18:44 - The moment we made a mistake, it's an, it's our issue, right? So we've learned ::: 18:48 - very painfully ::: 18:49 - that we have to focus on this upfront and we emphasize this beyond reasonable ::: 18:54 - expectations that ::: 18:55 - you have to get this thing to write. And it doesn't mean you go to perfection, ::: 18:58 - by the way, ::: 18:59 - but get it to the point where you can do a sufficient amount of, use acceptance ::: 19:03 - testing, ::: 19:03 - you can do sufficient amount of buy-in but do it upfront, right? So the lesson ::: 19:07 - number seven. ::: 19:08 - What I'd say at the lesson number eight is, you know, as the old phrase goes, ::: 19:13 - "Rome wasn't built in a day," right? I always sell our customers, like, look, ::: 19:18 - you may be hungry to go, ::: 19:19 - change everything, you may be hungry to go and get all the potential upset that ::: 19:22 - you have in the ::: 19:23 - marketplace and so on and so forth. But please don't do this all in one shot. ::: 19:27 - You're going to, ::: 19:28 - you know, as they say, "The big moon shot, don't do it." It's not going to work ::: 19:31 - , right? There's multiple ::: 19:33 - reasons it'll work. The single biggest thing, you're still learning a way, you ::: 19:37 - 're changing something, ::: 19:37 - going from your reactive mode to proactive mode, you're going from gut feel to ::: 19:42 - data-driven information, ::: 19:43 - you're going from ad hoc to process, you're going from order takers to call ::: 19:48 - makers, right? I mean, ::: 19:50 - these all just fundamental changes you're doing. You don't know how it's going ::: 19:53 - to work. So start ::: 19:54 - doing it. I also tell people that this is probably something that is, it comes ::: 19:59 - to mind is that you ::: 20:01 - got to find the person is going to help you win. You know, there's always two ::: 20:05 - schools of thought, ::: 20:06 - "Do I go with somebody, can help you win?" But then people say, "Well, he chose ::: 20:09 - this region or he ::: 20:10 - chose this person because, you know, you're going to win." Yeah, the short ::: 20:13 - answer is yes. Or do you want ::: 20:14 - to go to the most difficult region, the most difficult leader who doesn't ::: 20:18 - believe in this and want to ::: 20:19 - convince her to do the same. You know, I always are on the side and I'll get ::: 20:23 - the wins first, right? And so ::: 20:25 - find the right person to do it. You know, it's kind of a bit of a go-to-lock ::: 20:29 - situation. It's like not too hot, ::: 20:31 - not to call just right. So it's a, you know, it's a judgment out here you've ::: 20:34 - got to do. But the main ::: 20:36 - thing is when you choose that person, you're using that to prototype and ::: 20:38 - experiment and learn and keep ::: 20:39 - going from there, right? A lot of stuff that can get done, get done in a very ::: 20:43 - small scale to do it. ::: 20:46 - Next one is once you figure that out, you now have a template to say, "Okay, ::: 20:49 - what's working on the ::: 20:50 - people's side? What do I need to change? What's working on the process side? ::: 20:53 - What do I need to change? ::: 20:54 - Do I need to re-engineer the process? Do I need to introduce new process?" And ::: 20:58 - then make ::: 20:58 - technology choices. By the way, all of this stuff, what I showed in the ::: 21:02 - previous pages, it is entirely ::: 21:04 - not just likely but recommended that you do not use any technology beyond ::: 21:09 - spreadsheets. I know I'm ::: 21:10 - the biggest anti-spreach sheet person in the world. But it's okay to stick with ::: 21:14 - spreadsheets in the ::: 21:14 - beginning because you're still trying to figure things out. Or in a make-do ::: 21:18 - with whatever couple ::: 21:19 - tools you have together, it's okay. Once you get through the prototyping ::: 21:22 - process, once you figure ::: 21:24 - these people's processes and tools out in that order, then figure out, "Do I go ::: 21:28 - customize as ::: 21:29 - your M? Do I go build a brand new in the house tool? Like many of our customers ::: 21:33 - do? How many ::: 21:34 - prospects do? Or do I go find a company like a title out there to go do it?" ::: 21:39 - That should almost be ::: 21:41 - like third decision you make. Yes, it doesn't mean you should wait for research ::: 21:45 - to the end, but ::: 21:45 - definitely you should never be driving it. I mean, it never will be driving the ::: 21:49 - choices you make out ::: 21:50 - here. So that's lesson number nine. And the last lesson I'd say to it is once ::: 21:55 - you figure that out, ::: 21:56 - once you process people's processes and technologies defined, once your ::: 22:01 - prototypes have been ::: 22:02 - figured out, then you start figuring out how to scale. Same thing out there, ::: 22:05 - what you said in the ::: 22:06 - in the pilot phase of product is find somebody who cares to make this work. ::: 22:11 - That's your next person. ::: 22:12 - Find somebody who's going to then broadcast your wins to everybody else. Find ::: 22:17 - somebody's willing to ::: 22:18 - be a good example of lessons learned and wins that other people can trust and ::: 22:22 - say, "Yeah, this person ::: 22:23 - is breadable." These are the things that seem like simple cheat codes that a ::: 22:28 - lot of people don't ::: 22:29 - practice. That's like, "Man, don't make a life any more difficult than it needs ::: 22:32 - to be." So we have ::: 22:34 - these situations where we have a lot of stuff that's working. And so start ::: 22:38 - sequencing away to success ::: 22:40 - with either the people or in the geographies or the views of the products as ::: 22:43 - you start expanding ::: 22:44 - this thing out. Right? Again, very simple, very straightforward, but very, as I ::: 22:50 - say, common ::: 22:50 - senses not common. Right? The last one, bonus is that they are just borrowed ::: 22:55 - the slides so we try to ::: 22:56 - hash out some of these names. Is he got to celebrate his successes often and ::: 23:01 - early and he ::: 23:02 - was off-minorally. Right? Some of the most successful customers do this really ::: 23:06 - well. Either they have, ::: 23:07 - effectively in downhalls, virtual downhalls, webinars, whatever it might be ::: 23:13 - where they bring in their ::: 23:15 - successful people and make heroes out of it. Give them awards, call out winners ::: 23:20 - , call to the things, ::: 23:21 - have leaderboards, all these things that matter because you need to make sure ::: 23:24 - you get in the momentum ::: 23:25 - going out there and start doing it. Right? You know, if you were to think about ::: 23:29 - this whole ::: 23:29 - presentation so far, it's really two things. Right? One is don't put the card ::: 23:34 - before the horse, ::: 23:35 - two is about change management and reward is really a big part of the change ::: 23:39 - management process as well. ::: 23:40 - Right? So when I think about these things, you notice that a lot of this is ::: 23:45 - things that are common ::: 23:46 - part, are normal, what are called normal change management. A lot of people ::: 23:50 - forget about it. And we ::: 23:51 - wanted to make sure we kind of highlighted that to you as well. So to recap, my ::: 23:57 - top 10 list again, ::: 23:58 - right? There's a lot of stuff that you can do well without technology, start ::: 24:02 - doing it. There's a lot ::: 24:03 - of stuff you should do well before making decisions that have second and third ::: 24:06 - order decisions. ::: 24:07 - Please do them first and make sure you're getting wins, make sure you're ::: 24:10 - getting heroes, make sure you're ::: 24:12 - letting people know about who's doing what, how they're winning and so on and ::: 24:15 - so forth. Right? So that's ::: 24:17 - kind of how we've thought about it. It's like I said, you know, people think ::: 24:21 - about us as a data and ::: 24:22 - software company, which we are. But all these lessons are really about change ::: 24:25 - management and about ::: 24:26 - making sure you transform your companies. And these are lessons that we think ::: 24:30 - are valuable to everybody. ::: 24:31 - And that's why we thought that it might be interesting to share this with you ::: 24:34 - today. So with that, ::: 24:35 - I think Colin, that was my last slide and I'm happy to open up the fourth ::: 24:39 - questions now. ::: 24:40 - Colin, over to you. Yeah, thanks for that, Vivek. So we did get a few questions ::: 24:48 - come in. ::: 24:48 - One of them was what do you think the most common why the change to move? ::: 24:56 - What is the most sorry? What what what really I'm having trouble with this ::: 25:00 - question. Why why are people ::: 25:02 - motivated to change like what's the why you talked about that at the beginning? ::: 25:07 - You know, the most common virus thing I made maybe like a self-selected crowd ::: 25:13 - is that people ::: 25:17 - recognize that they're giving up a extraordinary wallet share to somebody else. ::: 25:23 - And the fastest way ::: 25:24 - to growth unprofitably is to win back the wallet share. Right. So it's a ::: 25:28 - fundamental financial reason ::: 25:29 - that people realize that they should be going after the install base and kind ::: 25:33 - of getting the wins ::: 25:34 - going. And that's the most common why the second most common why is that you ::: 25:39 - know, when you when you ::: 25:41 - have the situation where we have in certainly in some cases, maybe it's related ::: 25:44 - to number one. ::: 25:45 - The last year to have been challenging for certain equipment makers. Right. So ::: 25:50 - we've talked many of ::: 25:51 - our customers every time we do a quarterly business reviews or every time I ::: 25:54 - have conversations. ::: 25:56 - Now, oh, how's the equipment business doing? And it's clear that for last ::: 25:59 - couple years, people ::: 26:00 - have been under pressure on the equipment business side. Right. And so they ::: 26:03 - turn around and say, ::: 26:05 - "Gee, I need to grow. I need to grow differently." And maybe years and install ::: 26:08 - base and go after. ::: 26:09 - Right. So they're related, but that's typically the reasons why we see people ::: 26:13 - starting to change. ::: 26:14 - There's a couple of other things coming in now, Colin, but those are their ::: 26:17 - first two. ::: 26:19 - And I think this one correlates with that is when most of these companies reach ::: 26:23 - out to you, ::: 26:23 - where do you see them waning on that transformation journey? And then what's ::: 26:27 - the best way to get ::: 26:28 - started to move from the earlier stages to the stages three and four? That's a ::: 26:33 - great question. ::: 26:34 - So almost invariably with the exception of maybe a couple, most of these people ::: 26:40 - fall into our one ::: 26:41 - to three for level maturity curve. Most of them fall in some of them within one ::: 26:44 - and two. And I know ::: 26:46 - that's a hard message for me to deliver to people, but that's important and ::: 26:48 - deliver to them. Because ::: 26:50 - they invariably they have what they call inside sales seem to be the order- ::: 26:53 - taking teams or they really ::: 26:55 - don't use data. They don't really don't have even a CRM available that they're ::: 26:58 - after market salespeople ::: 26:59 - or the salespeople are busy selling equipment versus selling parts and service. ::: 27:03 - So all kinds ::: 27:04 - of different things going on, but they invariably some of it in one and two. ::: 27:07 - When you ask them that, ::: 27:12 - and quite often I tell people, look, look, I think you're you're a two away ::: 27:14 - from even thinking about ::: 27:16 - the technology like in dialogue. What I have them go to is first figure out the ::: 27:20 - as Jim Collins said, ::: 27:22 - first figure who was on the bus before he started figuring out where the bus is ::: 27:25 - going and then ::: 27:26 - when you want to need to put it in place. So always say start with who, right? ::: 27:30 - Get the people in ::: 27:31 - place first. Be the leader. Be the, you know, people who have a hunting mindset ::: 27:35 - and a growth mindset ::: 27:36 - versus people who've been used to doing business in a certain way. Go fix that. ::: 27:40 - Go put that in place. ::: 27:41 - They will be the right ones to design the process that you need to go do and so ::: 27:44 - on and so forth. ::: 27:45 - So that's kind of the sequence of things that I see works best for most ::: 27:48 - companies. ::: 27:48 - And another question. What's the common obstacle to get a buy-in for updating ::: 27:57 - the ERP? ::: 27:57 - You know, that's a common question. These are a difficult question in the sense ::: 28:04 - that ::: 28:05 - I always give the answer depends on what your IT governance process is like. So ::: 28:10 - what I ::: 28:11 - can tell you is that invariably, the title has gone through the process of ::: 28:15 - getting the data ready ::: 28:16 - and so on and so forth. We are almost always the only single source of clean ::: 28:21 - and trusted data. ::: 28:22 - All the most clean and trusted data I would say perfection. Then the question ::: 28:27 - becomes is how do you ::: 28:28 - then take it back to ERP or how do you take it back to CRM and so on and so ::: 28:31 - forth? And I think that's ::: 28:32 - where the IT governance process is coming in. So we do, with a couple of ::: 28:36 - customers, we do a ::: 28:37 - couple of things. So one is some people say look the moment in data is within ::: 28:41 - the entire, ::: 28:41 - that is our system of record now. And we're going to use that to write back ::: 28:45 - typically to the CRM. ::: 28:46 - Almost seldom do people take it directly back to the ERP, but when they do, ::: 28:51 - there's almost like ::: 28:53 - there's a quarantine situation where they'll get the data from the entire, see ::: 28:58 - what difference is ::: 28:59 - and then move it according to the governance process is back and I did a record ::: 29:03 - . So for example, ::: 29:04 - there's one customer we have literally 62 different unique IDs for the same ::: 29:09 - customer, ::: 29:10 - the same address. And so then we had to go figure out how to start reducing ::: 29:14 - that and we were able ::: 29:16 - to do it and then they took the data eventually to move it to ERP, but they had ::: 29:19 - to have a strong ::: 29:20 - governance process to do that. So that's an important aspect and it isn't a cop ::: 29:24 - out on our side ::: 29:25 - because we can maintain and hold the data, but you need to do something with it ::: 29:28 - . So ::: 29:31 - I know we're at the end of time. What's like that was all the questions that we ::: 29:37 - had for the discussion ::: 29:39 - today? Great. Well, we try to do these bite-sized 30-minute sessions because we ::: 29:45 - know all we feel busy. ::: 29:46 - I'm hoping that the context and the content we had today is useful and valuable ::: 29:51 - to you. ::: 29:52 - Some of you asked questions, we appreciate it. Those if you didn't. We're more ::: 29:56 - than happy to make this ::: 29:57 - presentation available to you. As Colin said, we'll share this with you at the ::: 30:01 - end of the ::: 30:02 - once the recording is a process today. But if there's any questions, you know ::: 30:05 - how to reach me at ::: 30:06 - Vivek.jr.json.in.dot.com or just to simply write into it and for an entire.dot. ::: 30:10 - com. So with that, ::: 30:12 - thank you very much everybody. Appreciate your time today and look forward to ::: 30:15 - hearing from you.