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The Data Problem That Kills PE Exit Multiples · Private Equity Data Guy

• 0:00
  An
• 0:00
  easy
• 0:00
  way
• 0:00
  to
• 0:00
  think
• 0:00
  about
• 0:01
  it
• 0:01
  is
• 0:01
  you
• 0:01
  have
• 0:01
  some
• 0:01
  sort
• 0:02
  of
• 0:02
  asset,
• 0:02
  right?
• 0:03
  So
• 0:03
  you
• 0:03
  might
• 0:03
  have
• 0:03
  a
• 0:03
  factory
• 0:05
  and
• 0:05
  you
• 0:05
  might
• 0:05
  make
• 0:05
  a
• 0:06
  car
• 0:06
  per
• 0:06
  year,
• 0:07
  one
• 0:07
  car,
• 0:08
  right?
• 0:08
  Now
• 0:08
  imagine
• 0:09
  you
• 0:09
  have
• 0:09
  the
• 0:09
  same
• 0:09
  asset
• 0:10
  and
• 0:10
  that
• 0:10
  asset
• 0:11
  can
• 0:11
  produce
• 0:11
  two
• 0:12
  cars
• 0:12
  per
• 0:12
  year.
• 0:12
  You
• 0:13
  have
• 0:13
  twice
• 0:13
  the
• 0:13
  turn,
• 0:14
  which
• 0:14
  means
• 0:15
  you're
• 0:15
  twice
• 0:15
  as
• 0:15
  capital
• 0:16
  efficient
• 0:16
  with
• 0:17
  the
• 0:17
  same
• 0:17
  asset.
• 0:18
  So
• 0:18
  it's
• 0:18
  just
• 0:19
  the
• 0:19
  velocity
• 0:21
  of
• 0:21
  turning
• 0:22
  the
• 0:22
  asset
• 0:22
  and
• 0:23
  making
• 0:23
  that
• 0:23
  sort
• 0:23
  of
• 0:24
  work
• 0:24
  harder
• 0:24
  that's
• 0:24
  really
• 0:25
  kind
• 0:25
  of
• 0:25
  the
• 0:26
  notion
• 0:26
  behind
• 0:26
  the
• 0:26
  capital
• 0:27
  efficiency.
• 0:27
  So
• 0:28
  for
• 0:28
  argument's
• 0:28
  sake,
• 0:29
  imagine
• 0:29
  you're
• 0:29
  paid
• 0:30
  100
• 0:30
  days
• 0:30
  later
• 0:31
  than
• 0:31
  you
• 0:31
  actually
• 0:32
  sold
• 0:32
  the
• 0:32
  car.
• 0:34
  In
• 0:34
  that
• 0:34
  case,
• 0:34
  you're
• 0:35
  waiting
• 0:35
  for
• 0:35
  the
• 0:35
  cash
• 0:35
  to
• 0:36
  arrive.
• 0:36
  If
• 0:36
  you
• 0:37
  had
• 0:37
  that
• 0:37
  cash
• 0:37
  right
• 0:37
  away,
• 0:38
  you
• 0:38
  could
• 0:38
  have
• 0:38
  been
• 0:39
  doing
• 0:39
  something
• 0:39
  else
• 0:39
  with
• 0:39
  that
• 0:40
  cash
• 0:40
  that
• 0:40
  earns
• 0:41
  higher
• 0:41
  returns.
• 0:42
  So
• 0:43
  all
• 0:43
  that
• 0:43
  accumulates
• 0:44
  and
• 0:44
  the
• 0:45
  opportunity
• 0:45
  cost
• 0:46
  of
• 0:46
  not
• 0:46
  getting
• 0:46
  paid
• 0:47
  faster
• 0:48
  basically
• 0:50
  has
• 0:50
  a
• 0:50
  couple
• 0:50
  of
• 0:51
  different
• 0:51
  impacts.
• 0:51
  One
• 0:51
  is
• 0:52
  that
• 0:52
  you're
• 0:52
  losing
• 0:53
  that
• 0:53
  opportunity
• 0:53
  to
• 0:54
  deploy
• 0:54
  that
• 0:55
  cash
• 0:56
  so
• 0:56
  that
• 0:56
  you
• 0:57
  could
• 0:57
  be
• 0:57
  investing
• 0:58
  either
• 0:58
  in
• 0:59
  your
• 0:59
  own
• 0:59
  operations,
• 0:59
  in
• 1:00
  your
• 1:00
  own
• 1:00
  business
• 1:01
  to
• 1:01
  grow
• 1:01
  your
• 1:02
  business.
• 1:03
  You
• 1:03
  could
• 1:03
  be
• 1:03
  investing
• 1:04
  in,
• 1:05
  I
• 1:05
  don't
• 1:05
  know,
• 1:05
  stocks,
• 1:06
  bonds,
• 1:06
  some
• 1:06
  other
• 1:08
  market
• 1:08
  asset
• 1:09
  that's
• 1:09
  gonna
• 1:09
  yield
• 1:10
  you
• 1:10
  higher
• 1:10
  returns.
• 1:11
  You
• 1:11
  could
• 1:12
  be
• 1:12
  letting
• 1:12
  it
• 1:12
  sleep
• 1:12
  in
• 1:12
  a
• 1:13
  bank
• 1:13
  deposit.
• 1:13
  But
• 1:14
  having
• 1:14
  that
• 1:14
  cash
• 1:14
  allows
• 1:15
  you
• 1:15
  to
• 1:15
  have
• 1:15
  that
• 1:15
  flexibility
• 1:16
  to
• 1:16
  do
• 1:16
  something
• 1:16
  and
• 1:17
  earn
• 1:17
  returns
• 1:17
  on
• 1:17
  it.
• 1:18
  In
• 1:18
  this
• 1:18
  age
• 1:18
  of
• 1:19
  AI,
• 1:19
  if
• 1:20
  you
• 1:20
  have
• 1:20
  proprietary
• 1:20
  data,
• 1:22
  that
• 1:23
  becomes
• 1:23
  almost
• 1:23
  like
• 1:24
  a
• 1:24
  moat.
• 1:25
  But
• 1:26
  if
• 1:26
  you're
• 1:26
  just
• 1:26
  sitting,
• 1:27
  if
• 1:27
  it's
• 1:27
  just
• 1:27
  not,
• 1:27
  you're
• 1:28
  not
• 1:28
  creating
• 1:28
  a
• 1:28
  moat
• 1:28
  out
• 1:28
  of
• 1:29
  it.
• 1:29
  It's
• 1:29
  just
• 1:29
  like
• 1:30
  dirt
• 1:30
  sitting
• 1:31
  around.
• 1:31
  You
• 1:31
  can't
• 1:31
  really
• 1:32
  assetize
• 1:33
  that.
• 1:33
  Again,
• 1:33
  to
• 1:34
  invent
• 1:34
  a
• 1:34
  verb,
• 1:35
  but
• 1:36
  you
• 1:37
  can't
• 1:37
  turn
• 1:37
  that
• 1:37
  into
• 1:37
  a
• 1:38
  valuable
• 1:38
  asset.
• 1:38
  So
• 1:39
  the
• 1:39
  question
• 1:39
  is,
• 1:40
  can
• 1:40
  you
• 1:40
  make
• 1:40
  the
• 1:40
  right
• 1:40
  investments,
• 1:41
  not
• 1:41
  just
• 1:42
  in
• 1:42
  the
• 1:42
  technology,
• 1:42
  because
• 1:42
  that's,
• 1:43
  as
• 1:43
  you
• 1:43
  said,
• 1:43
  relatively
• 1:44
  affordable
• 1:44
  now,
• 1:45
  but
• 1:46
  the
• 1:46
  whole
• 1:46
  governance,
• 1:46
  everything
• 1:47
  around
• 1:47
  it
• 1:47
  that
• 1:48
  makes
• 1:48
  it
• 1:48
  work
• 1:49
  as,
• 1:50
  as
• 1:50
  wheels,
• 1:51
  machinery
• 1:52
  in
• 1:52
  a
• 1:52
  company.
• 1:53
  Behind
• 1:53
  every
• 1:53
  value
• 1:54
  creation
• 1:54
  plan,
• 1:55
  there's
• 1:55
  a
• 1:55
  data
• 1:55
  problem
• 1:55
  nobody
• 1:56
  wants
• 1:56
  to
• 1:56
  talk
• 1:56
  about.
• 1:57
  Fragmented
• 1:58
  systems,
• 1:58
  metrics
• 1:59
  nobody
• 1:59
  trusts.
• 2:00
  And
• 2:00
  decisions
• 2:00
  made
• 2:00
  on
• 2:01
  gut
• 2:01
  feel
• 2:01
  dressed
• 2:02
  up
• 2:02
  as
• 2:02
  analysis.
• 2:03
  Welcome
• 2:03
  to
• 2:03
  the
• 2:03
  PE
• 2:03
  Data
• 2:04
  Guy.
• 2:04
  Each
• 2:05
  week,
• 2:05
  host
• 2:05
  Graham
• 2:06
  Crawford
• 2:06
  talks
• 2:06
  to
• 2:06
  the
• 2:06
  operating
• 2:07
  partners,
• 2:07
  advisors
• 2:08
  and
• 2:08
  practitioners
• 2:09
  who
• 2:09
  are
• 2:09
  doing
• 2:09
  the
• 2:10
  work
• 2:10
  inside
• 2:10
  portfolio
• 2:11
  companies.
• 2:11
  If
• 2:12
  you
• 2:12
  care
• 2:12
  about
• 2:12
  what
• 2:12
  actually
• 2:13
  drives
• 2:13
  returns
• 2:13
  in
• 2:14
  the
• 2:14
  market,
• 2:14
  then
• 2:15
  you're
• 2:15
  in
• 2:15
  the
• 2:15
  right
• 2:15
  place.
• 2:16
  The
• 2:16
  PE
• 2:16
  Data
• 2:16
  Guy
• 2:17
  starts
• 2:17
  now.
• 2:19
  Shota
• 2:20
  Ishii
• 2:20
  has
• 2:20
  spent
• 2:21
  two
• 2:21
  decades
• 2:21
  building
• 2:22
  systems
• 2:22
  that
• 2:22
  help
• 2:23
  companies
• 2:23
  see
• 2:23
  something
• 2:24
  really
• 2:24
  important,
• 2:25
  where
• 2:25
  their
• 2:25
  money
• 2:25
  actually
• 2:26
  goes.
• 2:26
  At
• 2:27
  Prosimo
• 2:27
  Tech,
• 2:28
  he
• 2:28
  works
• 2:28
  with
• 2:28
  PE
• 2:28
  backed
• 2:29
  manufacturers
• 2:29
  who
• 2:30
  often
• 2:30
  can't
• 2:30
  answer
• 2:30
  a
• 2:30
  simple
• 2:31
  question,
• 2:32
  what
• 2:32
  products
• 2:32
  are
• 2:32
  actually
• 2:33
  profitable
• 2:33
  today?
• 2:34
  We're
• 2:34
  talking
• 2:34
  about
• 2:34
  why
• 2:35
  that
• 2:35
  gap
• 2:35
  exists
• 2:36
  and
• 2:36
  what
• 2:36
  it
• 2:36
  takes
• 2:37
  to
• 2:37
  close
• 2:37
  it
• 2:37
  before
• 2:37
  someone
• 2:38
  else
• 2:38
  closes
• 2:38
  it
• 2:38
  for
• 2:39
  you.
• 2:39
  Welcome
• 2:39
  to
• 2:39
  the
• 2:40
  Shoshoto.
• 2:40
  It's
• 2:40
  so
• 2:40
  great
• 2:41
  to
• 2:41
  have
• 2:41
  you
• 2:41
  on.
• 2:42
  Thank
• 2:42
  you
• 2:42
  so
• 2:42
  much,
• 2:42
  Graham.
• 2:43
  Good
• 2:43
  to
• 2:44
  be
• 2:44
  here.
• 2:44
  It
• 2:45
  sounds
• 2:45
  like
• 2:46
  a
• 2:46
  fascinating
• 2:48
  role
• 2:48
  that
• 2:48
  you
• 2:48
  have
• 2:49
  and
• 2:49
  I
• 2:49
  know
• 2:49
  that
• 2:49
  you're
• 2:49
  operating
• 2:50
  primarily
• 2:51
  out
• 2:51
  of
• 2:51
  Japan
• 2:51
  at
• 2:51
  the
• 2:51
  moment.
• 2:54
  Describe
• 2:54
  to
• 2:55
  me
• 2:55
  the
• 2:55
  route,
• 2:55
  the
• 2:55
  journey
• 2:55
  that
• 2:56
  you've
• 2:56
  taken
• 2:56
  to
• 2:57
  get
• 2:57
  there.
• 2:57
  People
• 2:57
  always
• 2:57
  have
• 2:58
  many
• 2:58
  fascinating
• 2:58
  stops
• 2:59
  along
• 2:59
  the
• 2:59
  road
• 2:59
  and
• 2:59
  I'm
• 3:00
  intrigued
• 3:00
  to
• 3:00
  know
• 3:00
  what
• 3:00
  you
• 3:00
  as
• 3:01
  well.
• 3:02
  Sure,
• 3:02
  yes,
• 3:02
  absolutely.
• 3:05
  So
• 3:06
  I
• 3:06
  studied
• 3:06
  applied
• 3:07
  physics
• 3:07
  and
• 3:08
  AI
• 3:09
  back
• 3:09
  at
• 3:10
  university
• 3:11
  and.
• 3:12
  But
• 3:12
  that
• 3:12
  was
• 3:12
  not
• 3:13
  really
• 3:13
  AI
• 3:13
  was
• 3:14
  not
• 3:14
  a
• 3:14
  career
• 3:14
  back
• 3:14
  then,
• 3:14
  unfortunately.
• 3:15
  So
• 3:15
  I
• 3:15
  had
• 3:15
  to
• 3:16
  sold
• 3:16
  away.
• 3:16
  Ahead
• 3:16
  of
• 3:17
  your
• 3:17
  time,
• 3:17
  Shota.
• 3:18
  That'll
• 3:19
  give
• 3:19
  away
• 3:19
  my
• 3:19
  age.
• 3:20
  But
• 3:20
  basically,
• 3:21
  yeah,
• 3:21
  so
• 3:22
  I
• 3:22
  went
• 3:22
  into
• 3:22
  quantitative
• 3:23
  finance.
• 3:23
  So
• 3:23
  my
• 3:23
  first
• 3:24
  job
• 3:24
  was
• 3:24
  modeling
• 3:25
  corporate
• 3:26
  credit
• 3:26
  risk.
• 3:27
  So
• 3:27
  I
• 3:27
  had
• 3:27
  to
• 3:27
  learn
• 3:27
  how
• 3:27
  to
• 3:28
  read
• 3:28
  balance
• 3:28
  sheets,
• 3:29
  but
• 3:29
  also
• 3:30
  look
• 3:30
  at
• 3:30
  it
• 3:30
  from
• 3:30
  sort
• 3:31
  of
• 3:31
  a
• 3:31
  market
• 3:31
  investor
• 3:32
  perspective
• 3:33
  and
• 3:33
  understand
• 3:34
  how
• 3:34
  to,
• 3:36
  how
• 3:36
  to
• 3:36
  understand
• 3:37
  capital
• 3:37
  structure,
• 3:38
  et
• 3:38
  cetera,
• 3:38
  and
• 3:38
  optimize
• 3:39
  it.
• 3:40
  And
• 3:40
  so
• 3:40
  that
• 3:41
  was
• 3:41
  sort
• 3:41
  of
• 3:41
  my
• 3:41
  first
• 3:42
  job,
• 3:43
  that
• 3:43
  company.
• 3:43
  Eventually
• 3:44
  it
• 3:44
  was
• 3:45
  a
• 3:45
  company
• 3:45
  called
• 3:45
  KMV
• 3:46
  and
• 3:46
  that
• 3:46
  was
• 3:46
  eventually
• 3:47
  sold
• 3:47
  to
• 3:47
  Moody's.
• 3:49
  And
• 3:49
  then
• 3:50
  after
• 3:50
  that
• 3:52
  I
• 3:52
  was
• 3:52
  one
• 3:52
  of
• 3:52
  the
• 3:52
  early
• 3:52
  members
• 3:53
  and
• 3:54
  I
• 3:54
  didn't
• 3:54
  know
• 3:55
  what
• 3:55
  to
• 3:55
  do
• 3:55
  after
• 3:55
  that.
• 3:55
  So
• 3:56
  I
• 3:56
  went
• 3:56
  to
• 3:56
  Europe
• 3:56
  and
• 3:57
  hung
• 3:58
  out
• 3:58
  for
• 3:58
  a
• 3:58
  year
• 3:59
  getting
• 4:00
  an
• 4:00
  envelope.
• 4:00
  Always
• 4:00
  a
• 4:00
  good
• 4:00
  thing
• 4:01
  to
• 4:01
  do,
• 4:02
  right?
• 4:04
  So,
• 4:04
  so,
• 4:05
  and
• 4:06
  MBA
• 4:06
  is
• 4:08
  academically
• 4:11
  content
• 4:11
  free
• 4:12
  relative
• 4:12
  to
• 4:12
  AI
• 4:12
  and
• 4:13
  physics,
• 4:14
  but
• 4:14
  was
• 4:14
  fun.
• 4:15
  And
• 4:15
  then
• 4:15
  from
• 4:16
  there
• 4:16
  I
• 4:16
  actually
• 4:16
  acquired
• 4:17
  my
• 4:17
  first
• 4:17
  company.
• 4:18
  So
• 4:18
  it
• 4:19
  was
• 4:19
  a
• 4:19
  very
• 4:19
  small
• 4:19
  company
• 4:20
  and
• 4:20
  I
• 4:20
  had
• 4:21
  to
• 4:21
  sort
• 4:21
  of
• 4:21
  run
• 4:21
  that
• 4:21
  for
• 4:22
  about
• 4:22
  five,
• 4:22
  six
• 4:22
  years.
• 4:24
  And
• 4:24
  that
• 4:24
  was
• 4:24
  sort
• 4:25
  of
• 4:26
  a
• 4:26
  disaster
• 4:27
  because
• 4:27
  I
• 4:27
  wasn't
• 4:28
  a
• 4:28
  mature
• 4:28
  entrepreneur
• 4:29
  at
• 4:29
  the
• 4:29
  time.
• 4:29
  But
• 4:30
  I
• 4:30
  did
• 4:30
  learn
• 4:30
  a
• 4:30
  lot
• 4:30
  about
• 4:30
  corporate
• 4:31
  finance
• 4:31
  as
• 4:31
  well.
• 4:32
  And
• 4:32
  then
• 4:33
  after
• 4:33
  that
• 4:33
  I
• 4:33
  went
• 4:33
  into
• 4:34
  a
• 4:34
  hedge
• 4:35
  fund
• 4:37
  that
• 4:37
  was
• 4:37
  eventually
• 4:37
  sold
• 4:38
  to
• 4:38
  Blackstone
• 4:39
  Credit
• 4:42
  and
• 4:42
  then
• 4:42
  I
• 4:43
  went
• 4:43
  to
• 4:43
  a
• 4:43
  US
• 4:43
  based
• 4:44
  bank
• 4:44
  where
• 4:44
  I
• 4:44
  basically
• 4:45
  was
• 4:45
  helping
• 4:45
  set
• 4:46
  up
• 4:46
  one
• 4:46
  of
• 4:46
  these
• 4:46
  innovation
• 4:47
  labs
• 4:48
  in
• 4:48
  San
• 4:48
  Francisco
• 4:49
  for
• 4:49
  AI
• 4:49
  machine
• 4:50
  learning
• 4:50
  in
• 4:51
  portfolio
• 4:51
  finance.
• 4:53
  And
• 4:53
  that's
• 4:53
  when
• 4:53
  I
• 4:54
  kind
• 4:54
  of
• 4:54
  began
• 4:55
  to
• 4:58
  sort
• 4:58
  of
• 4:58
  strike
• 4:58
  out
• 4:59
  on
• 4:59
  my
• 4:59
  own
• 4:59
  because
• 5:00
  I
• 5:00
  saw
• 5:00
  a
• 5:00
  huge
• 5:01
  gap
• 5:01
  between
• 5:01
  the
• 5:01
  language
• 5:02
  of
• 5:03
  corporate
• 5:03
  finance
• 5:04
  and
• 5:05
  market
• 5:05
  finance.
• 5:07
  And
• 5:07
  CFOs
• 5:08
  didn't
• 5:09
  really
• 5:09
  know
• 5:10
  all
• 5:10
  the
• 5:10
  time
• 5:11
  how
• 5:11
  to
• 5:11
  communicate
• 5:12
  with
• 5:12
  some
• 5:12
  of
• 5:12
  the
• 5:12
  investors.
• 5:13
  And
• 5:13
  so
• 5:14
  that
• 5:14
  was
• 5:14
  when
• 5:15
  AI
• 5:15
  was
• 5:15
  maturing
• 5:16
  again
• 5:16
  or
• 5:16
  kind
• 5:17
  of
• 5:17
  coming
• 5:17
  up
• 5:17
  again.
• 5:18
  And
• 5:18
  that's
• 5:18
  when
• 5:18
  I
• 5:19
  began
• 5:19
  to
• 5:19
  think
• 5:19
  about
• 5:20
  possibly
• 5:20
  creating
• 5:20
  almost
• 5:21
  like
• 5:21
  a
• 5:21
  robo
• 5:21
  cfo.
• 5:23
  And
• 5:23
  then
• 5:23
  that
• 5:23
  was
• 5:23
  how
• 5:24
  my
• 5:24
  journey
• 5:24
  started.
• 5:25
  I
• 5:25
  mean,
• 5:26
  everywhere
• 5:26
  you
• 5:26
  go,
• 5:27
  companies
• 5:27
  get
• 5:27
  bought.
• 5:27
  That
• 5:28
  seems
• 5:28
  to
• 5:28
  be
• 5:28
  the
• 5:28
  pattern
• 5:28
  to
• 5:29
  that
• 5:29
  seems
• 5:29
  to
• 5:30
  be
• 5:30
  the
• 5:30
  pattern
• 5:30
  to
• 5:30
  me.
• 5:30
  So
• 5:30
  certainly,
• 5:32
  you
• 5:33
  know,
• 5:33
  success.
• 5:33
  If
• 5:33
  you
• 5:34
  want
• 5:34
  a
• 5:34
  successful
• 5:34
  exit,
• 5:35
  make
• 5:35
  sure
• 5:35
  Shilter's
• 5:36
  part
• 5:36
  of
• 5:36
  your
• 5:36
  company.
• 5:37
  I'm
• 5:38
  sure
• 5:38
  it's
• 5:38
  no
• 5:38
  coincidence.
• 5:40
  Well,
• 5:40
  no,
• 5:40
  I
• 5:40
  think
• 5:41
  two,
• 5:41
  three
• 5:41
  points
• 5:41
  doesn't
• 5:42
  make
• 5:42
  a
• 5:42
  statistic,
• 5:43
  so
• 5:43
  we'll
• 5:43
  have
• 5:44
  to
• 5:44
  see.
• 5:45
  Well,
• 5:45
  you
• 5:46
  know,
• 5:46
  we
• 5:46
  can
• 5:46
  get
• 5:46
  onto
• 5:46
  statistically
• 5:47
  significant
• 5:47
  data
• 5:48
  later
• 5:49
  in
• 5:50
  the
• 5:50
  episode
• 5:50
  for
• 5:51
  sure.
• 5:51
  But
• 5:51
  yeah,
• 5:52
  what
• 5:52
  an
• 5:52
  incredible
• 5:53
  journey
• 5:53
  and
• 5:53
  certainly
• 5:53
  more
• 5:53
  insightful
• 5:54
  insight
• 5:54
  the
• 5:54
  most
• 5:54
  into
• 5:55
  what
• 5:55
  makes
• 5:56
  successful
• 5:57
  exit,
• 5:57
  what
• 5:58
  makes
• 5:58
  a
• 5:58
  successful
• 5:58
  company.
• 5:59
  And
• 5:59
  I
• 5:59
  think
• 5:59
  you
• 5:59
  mentioned
• 6:00
  a
• 6:00
  disaster
• 6:00
  along
• 6:00
  the
• 6:01
  way.
• 6:02
  I
• 6:02
  think
• 6:02
  is
• 6:02
  always
• 6:02
  a
• 6:03
  critical
• 6:03
  part
• 6:03
  of
• 6:04
  any
• 6:04
  successful
• 6:04
  career
• 6:05
  is
• 6:05
  some
• 6:06
  sort
• 6:06
  of
• 6:06
  mess
• 6:06
  or
• 6:06
  disaster.
• 6:07
  And
• 6:07
  I've
• 6:07
  no
• 6:08
  shortage
• 6:08
  of
• 6:09
  my
• 6:09
  own
• 6:09
  that
• 6:11
  I
• 6:11
  could
• 6:11
  share.
• 6:11
  So
• 6:12
  I
• 6:12
  like
• 6:12
  to,
• 6:13
  I
• 6:13
  celebrate
• 6:13
  them
• 6:14
  being
• 6:14
  worn
• 6:15
  as
• 6:15
  a
• 6:15
  badge
• 6:15
  of
• 6:16
  honor
• 6:16
  and
• 6:16
  offering
• 6:16
  incredibly
• 6:17
  informative
• 6:18
  educational
• 6:18
  experiences
• 6:20
  and
• 6:20
  instructive
• 6:21
  in
• 6:21
  a
• 6:21
  way
• 6:21
  that
• 6:21
  no
• 6:22
  MBA
• 6:23
  or
• 6:23
  manual
• 6:24
  or
• 6:24
  entrepreneur
• 6:24
  podcast
• 6:25
  can
• 6:25
  ever
• 6:25
  be
• 6:25
  is
• 6:27
  sometimes
• 6:27
  there
• 6:28
  are
• 6:28
  those
• 6:28
  unteachable
• 6:29
  lessons
• 6:29
  out
• 6:30
  there.
• 6:31
  Oh
• 6:32
  yeah,
• 6:32
  totally.
• 6:33
  That
• 6:33
  always
• 6:33
  land
• 6:34
  better,
• 6:35
  you
• 6:35
  know,
• 6:35
  based
• 6:36
  on.
• 6:36
  Based
• 6:37
  on
• 6:37
  experience.
• 6:38
  So
• 6:38
  tell
• 6:38
  me
• 6:39
  more
• 6:39
  about
• 6:39
  the
• 6:41
  Robo
• 6:42
  CFO.
• 6:42
  Is
• 6:42
  it
• 6:43
  RoboCop
• 6:43
  style
• 6:44
  with
• 6:44
  four
• 6:44
  prime
• 6:44
  directives
• 6:45
  and
• 6:45
  uphold
• 6:46
  the
• 6:46
  law
• 6:46
  and
• 6:47
  all
• 6:47
  that
• 6:48
  sort
• 6:48
  of
• 6:48
  stuff?
• 6:48
  Like
• 6:49
  what's
• 6:49
  the
• 6:50
  idea
• 6:50
  for
• 6:50
  that
• 6:50
  and
• 6:50
  what
• 6:50
  sort
• 6:50
  of
• 6:51
  form
• 6:51
  has
• 6:51
  it
• 6:51
  taken
• 6:51
  now?
• 6:52
  So,
• 6:53
  yes,
• 6:53
  so
• 6:53
  the
• 6:53
  idea
• 6:54
  back
• 6:54
  then
• 6:54
  was
• 6:55
  actually
• 6:55
  I
• 6:56
  was.
• 6:56
  So
• 6:56
  my
• 6:56
  client
• 6:57
  was
• 6:57
  actually
• 6:57
  an
• 6:58
  investment
• 6:58
  bank.
• 6:58
  And
• 6:59
  so,
• 6:59
  you
• 6:59
  know,
• 6:59
  the
• 6:59
  idea
• 7:00
  was
• 7:00
  that
• 7:00
  the
• 7:00
  first
• 7:01
  top
• 7:01
  200
• 7:01
  deals
• 7:02
  would
• 7:02
  happen
• 7:02
  by
• 7:02
  relationships,
• 7:03
  so
• 7:03
  wining
• 7:04
  and
• 7:04
  dining.
• 7:04
  So
• 7:04
  this
• 7:04
  is
• 7:05
  like
• 7:05
  M
• 7:05
  and
• 7:05
  A,
• 7:06
  but
• 7:09
  below
• 7:09
  the,
• 7:10
  you
• 7:10
  know,
• 7:10
  the
• 7:10
  top
• 7:10
  100200
• 7:11
  deals,
• 7:12
  they
• 7:12
  didn't
• 7:12
  have
• 7:13
  the
• 7:13
  coverage
• 7:13
  to
• 7:13
  actually
• 7:14
  look
• 7:14
  at
• 7:14
  all
• 7:14
  the
• 7:14
  companies.
• 7:15
  And
• 7:15
  so
• 7:16
  the
• 7:16
  idea
• 7:16
  was,
• 7:16
  could
• 7:17
  we
• 7:17
  use,
• 7:17
  can
• 7:18
  we
• 7:18
  scan
• 7:19
  publicly
• 7:20
  available
• 7:20
  data
• 7:20
  as
• 7:21
  well
• 7:21
  as
• 7:22
  social
• 7:22
  media
• 7:22
  data,
• 7:23
  other
• 7:24
  sorts
• 7:24
  of
• 7:24
  data
• 7:24
  called
• 7:25
  alternative
• 7:25
  data.
• 7:26
  So
• 7:27
  sort
• 7:27
  of
• 7:27
  the
• 7:27
  data
• 7:28
  exhaust,
• 7:28
  if
• 7:28
  you
• 7:29
  will,
• 7:29
  of
• 7:29
  various
• 7:29
  companies
• 7:30
  to
• 7:30
  look
• 7:31
  for
• 7:31
  M
• 7:32
  and
• 7:32
  A
• 7:32
  opportunities,
• 7:33
  whether
• 7:33
  it's
• 7:34
  kind
• 7:34
  of
• 7:34
  a
• 7:35
  diversification
• 7:35
  play
• 7:36
  or
• 7:36
  concentration,
• 7:37
  vertical
• 7:37
  integration
• 7:37
  play,
• 7:38
  et
• 7:38
  cetera.
• 7:38
  And
• 7:39
  so
• 7:39
  this
• 7:39
  was
• 7:39
  kind
• 7:39
  of
• 7:40
  earlier
• 7:40
  on,
• 7:40
  in
• 7:41
  the
• 7:41
  days
• 7:41
  of
• 7:41
  AI,
• 7:42
  we
• 7:42
  didn't
• 7:42
  have
• 7:42
  kind
• 7:43
  of
• 7:43
  the
• 7:43
  LLMs
• 7:43
  right
• 7:44
  now
• 7:44
  that
• 7:44
  we
• 7:44
  have,
• 7:45
  so
• 7:45
  we
• 7:45
  had
• 7:46
  to
• 7:46
  actually,
• 7:46
  we
• 7:47
  were
• 7:47
  using
• 7:47
  versions
• 7:48
  of
• 7:48
  natural
• 7:48
  language
• 7:49
  processing,
• 7:49
  which
• 7:49
  are
• 7:49
  a
• 7:50
  little
• 7:50
  bit
• 7:50
  more
• 7:50
  primitive,
• 7:51
  but
• 7:51
  we
• 7:51
  were
• 7:51
  able
• 7:51
  to
• 7:51
  scan
• 7:52
  through
• 7:52
  and
• 7:52
  glean
• 7:53
  a
• 7:53
  lot
• 7:53
  of
• 7:53
  insight
• 7:54
  from
• 7:54
  the
• 7:55
  securities
• 7:55
  filings,
• 7:55
  the
• 7:56
  annual
• 7:56
  reports
• 7:56
  and
• 7:56
  things
• 7:56
  like
• 7:57
  that.
• 7:57
  And
• 7:58
  so
• 7:58
  that
• 7:58
  was
• 7:58
  originally
• 7:59
  kind
• 7:59
  of
• 8:00
  the
• 8:01
  tool.
• 8:02
  And
• 8:03
  then
• 8:03
  so
• 8:03
  then
• 8:05
  the
• 8:05
  investment
• 8:05
  bank
• 8:05
  said,
• 8:06
  well,
• 8:06
  can
• 8:06
  you
• 8:06
  make
• 8:06
  a
• 8:06
  robo
• 8:07
  cfo?
• 8:08
  And
• 8:08
  so
• 8:08
  we
• 8:08
  said,
• 8:09
  yeah,
• 8:09
  probably.
• 8:10
  As
• 8:11
  someone,
• 8:11
  yeah,
• 8:12
  why
• 8:12
  not?
• 8:12
  Let's
• 8:12
  try.
• 8:12
  Why
• 8:13
  not?
• 8:13
  Let's
• 8:13
  do.
• 8:14
  And
• 8:14
  then
• 8:14
  I
• 8:14
  realized
• 8:15
  that
• 8:15
  actually
• 8:15
  CFO
• 8:16
  is
• 8:16
  obviously,
• 8:16
  obviously
• 8:16
  do
• 8:16
  many,
• 8:17
  many
• 8:17
  things.
• 8:18
  So
• 8:18
  I
• 8:18
  had
• 8:18
  to
• 8:19
  kind
• 8:19
  of
• 8:19
  refocus
• 8:19
  around
• 8:20
  what
• 8:20
  made
• 8:21
  most
• 8:21
  sense.
• 8:21
  And
• 8:22
  one
• 8:23
  of
• 8:23
  the
• 8:23
  opportunities
• 8:23
  was
• 8:24
  that
• 8:24
  sort
• 8:24
  of
• 8:25
  confluence
• 8:25
  of
• 8:26
  one
• 8:26
  private
• 8:27
  equity,
• 8:27
  private
• 8:27
  credit
• 8:28
  was
• 8:28
  kind
• 8:28
  of
• 8:28
  becoming,
• 8:30
  was
• 8:30
  ballooning
• 8:31
  at
• 8:31
  the
• 8:31
  time.
• 8:33
  And
• 8:34
  so
• 8:34
  there
• 8:34
  was
• 8:34
  an
• 8:35
  opportunity
• 8:35
  to
• 8:35
  look
• 8:35
  at
• 8:35
  port
• 8:35
  cos
• 8:37
  and
• 8:37
  possible
• 8:38
  port
• 8:38
  cos.
• 8:38
  So
• 8:38
  that
• 8:39
  was
• 8:39
  one
• 8:39
  macro
• 8:40
  story.
• 8:40
  The
• 8:41
  other
• 8:41
  was
• 8:41
  that,
• 8:42
  well,
• 8:43
  out
• 8:43
  of
• 8:43
  all
• 8:43
  the
• 8:43
  things
• 8:43
  CFOs
• 8:44
  do,
• 8:45
  whether
• 8:45
  it's
• 8:45
  M
• 8:45
  and
• 8:45
  A
• 8:46
  or
• 8:47
  share
• 8:47
  buybacks
• 8:48
  or
• 8:49
  capex,
• 8:51
  the
• 8:51
  thing
• 8:51
  that
• 8:52
  we
• 8:52
  could
• 8:52
  really
• 8:53
  address
• 8:53
  in
• 8:53
  terms
• 8:53
  of
• 8:54
  the
• 8:54
  tooling
• 8:54
  and
• 8:54
  the
• 8:54
  toolkit
• 8:55
  we
• 8:55
  had
• 8:55
  and
• 8:55
  that
• 8:55
  was
• 8:56
  data
• 8:56
  intensive,
• 8:56
  was
• 8:57
  around
• 8:57
  working
• 8:57
  capital.
• 8:58
  So
• 9:00
  payment
• 9:00
  terms,
• 9:01
  inventory,
• 9:02
  things
• 9:02
  like
• 9:02
  that,
• 9:02
  because
• 9:03
  that
• 9:03
  gets
• 9:03
  into
• 9:04
  the
• 9:04
  operational
• 9:04
  data
• 9:06
  and
• 9:07
  it's
• 9:07
  quite
• 9:07
  low
• 9:08
  typically
• 9:08
  on
• 9:08
  the
• 9:09
  priority
• 9:09
  list
• 9:10
  of
• 9:10
  things
• 9:10
  that
• 9:11
  they
• 9:11
  have
• 9:11
  to
• 9:11
  do
• 9:11
  because
• 9:12
  it's
• 9:12
  kind
• 9:12
  of
• 9:13
  a
• 9:13
  difficult
• 9:13
  thing
• 9:13
  to
• 9:13
  do.
• 9:13
  It's
• 9:14
  faster
• 9:14
  to
• 9:14
  just
• 9:14
  buy
• 9:14
  back
• 9:15
  shares
• 9:15
  or
• 9:15
  do
• 9:15
  something
• 9:16
  like
• 9:16
  that.
• 9:17
  But
• 9:18
  that's
• 9:18
  where
• 9:18
  our
• 9:19
  capabilities
• 9:19
  around
• 9:19
  data
• 9:20
  and
• 9:21
  analytics
• 9:22
  really
• 9:22
  could
• 9:23
  shine.
• 9:23
  So
• 9:23
  then
• 9:23
  we
• 9:23
  decided
• 9:24
  to
• 9:24
  just
• 9:24
  refocus
• 9:25
  and
• 9:25
  pivot
• 9:25
  more
• 9:26
  towards
• 9:26
  short
• 9:27
  term
• 9:28
  capital
• 9:28
  efficiency
• 9:29
  and
• 9:29
  maximizing
• 9:30
  that.
• 9:31
  Right.
• 9:31
  And
• 9:33
  we've
• 9:33
  talked,
• 9:33
  I
• 9:33
  mean
• 9:34
  you
• 9:34
  mentioned
• 9:34
  it
• 9:34
  just
• 9:34
  now
• 9:34
  and
• 9:34
  we've
• 9:35
  talked
• 9:35
  a
• 9:35
  couple
• 9:35
  of
• 9:36
  times
• 9:36
  previously
• 9:36
  about
• 9:37
  the
• 9:37
  need
• 9:37
  for
• 9:39
  clean
• 9:39
  data
• 9:39
  and
• 9:40
  a
• 9:40
  clean
• 9:40
  platform
• 9:42
  that
• 9:42
  holds
• 9:43
  it.
• 9:45
  Without
• 9:45
  that,
• 9:45
  what
• 9:45
  problems
• 9:46
  do
• 9:46
  people
• 9:46
  run
• 9:46
  into?
• 9:47
  And
• 9:47
  with
• 9:47
  that,
• 9:47
  what
• 9:48
  sort
• 9:48
  of
• 9:48
  stuff
• 9:48
  does
• 9:48
  it
• 9:48
  enable?
• 9:50
  Right.
• 9:50
  So
• 9:51
  we
• 9:51
  ran
• 9:52
  into
• 9:52
  a
• 9:52
  couple
• 9:53
  roadblocks
• 9:55
  on
• 9:56
  our
• 9:56
  journey
• 9:56
  to
• 9:57
  try
• 9:57
  to
• 9:57
  get
• 9:57
  companies
• 9:58
  to
• 9:58
  improve
• 9:59
  how
• 9:59
  they
• 9:59
  leverage
• 10:00
  data
• 10:00
  to
• 10:01
  improve
• 10:01
  portfolio,
• 10:02
  sorry,
• 10:03
  company
• 10:03
  value.
• 10:04
  And
• 10:05
  one
• 10:05
  was
• 10:06
  actually
• 10:06
  just
• 10:07
  oftentimes
• 10:08
  the
• 10:08
  financial
• 10:09
  kind
• 10:09
  of
• 10:09
  literacy
• 10:10
  of
• 10:10
  the
• 10:10
  CFOs.
• 10:11
  So
• 10:11
  where
• 10:12
  their
• 10:12
  priorities
• 10:12
  sit
• 10:13
  and
• 10:13
  how
• 10:13
  much
• 10:13
  they
• 10:14
  understand
• 10:14
  about
• 10:16
  cost
• 10:16
  of
• 10:17
  capital
• 10:17
  and
• 10:17
  the
• 10:17
  opportunity
• 10:18
  cost
• 10:18
  of
• 10:18
  capital
• 10:18
  and
• 10:18
  things
• 10:19
  like
• 10:19
  that
• 10:19
  around
• 10:20
  working
• 10:20
  capital.
• 10:21
  So
• 10:22
  some
• 10:22
  people
• 10:22
  are
• 10:23
  very,
• 10:23
  very
• 10:23
  sophisticated,
• 10:24
  but
• 10:24
  there's
• 10:24
  a
• 10:24
  huge
• 10:24
  variance
• 10:25
  around
• 10:25
  that.
• 10:25
  So
• 10:26
  getting
• 10:26
  sort
• 10:26
  of
• 10:26
  the
• 10:27
  entire
• 10:27
  organization,
• 10:28
  not
• 10:28
  just
• 10:28
  the
• 10:29
  cfo,
• 10:29
  but
• 10:29
  the
• 10:29
  people
• 10:29
  who
• 10:30
  are
• 10:30
  actually
• 10:31
  going
• 10:31
  to
• 10:31
  move
• 10:32
  the
• 10:32
  working
• 10:32
  capital,
• 10:33
  this
• 10:33
  is
• 10:34
  the
• 10:34
  salespeople,
• 10:34
  procurement,
• 10:35
  purchasing
• 10:36
  people,
• 10:36
  people
• 10:37
  in
• 10:37
  manufacturing,
• 10:38
  production.
• 10:39
  Everyone
• 10:40
  has
• 10:40
  to
• 10:40
  sort
• 10:40
  of
• 10:40
  understand
• 10:40
  why
• 10:41
  that's
• 10:41
  an
• 10:41
  important
• 10:42
  set
• 10:42
  of
• 10:42
  metrics
• 10:43
  to
• 10:43
  improve
• 10:43
  for
• 10:44
  improving
• 10:44
  free
• 10:45
  cash
• 10:45
  flow.
• 10:45
  So
• 10:45
  that's
• 10:46
  one
• 10:46
  blocker.
• 10:47
  And
• 10:47
  the
• 10:47
  second
• 10:48
  was
• 10:49
  around
• 10:50
  again,
• 10:50
  what
• 10:50
  you
• 10:50
  mentioned,
• 10:51
  which
• 10:51
  is
• 10:51
  the
• 10:51
  data
• 10:51
  platform.
• 10:52
  So
• 10:52
  it's
• 10:52
  like,
• 10:53
  okay,
• 10:53
  I
• 10:53
  get
• 10:53
  it,
• 10:53
  in
• 10:53
  theory
• 10:54
  we
• 10:54
  should
• 10:55
  shorten
• 10:56
  the
• 10:56
  payment
• 10:57
  cycle
• 10:57
  from
• 10:57
  our
• 10:57
  customers
• 10:58
  or
• 10:58
  maybe
• 10:58
  delay
• 10:59
  payments
• 10:59
  to
• 10:59
  suppliers
• 11:00
  if
• 11:00
  we
• 11:00
  can,
• 11:00
  without
• 11:01
  getting
• 11:01
  them
• 11:01
  upset.
• 11:03
  And
• 11:04
  the
• 11:04
  challenge
• 11:04
  there
• 11:05
  was,
• 11:05
  okay,
• 11:05
  well
• 11:06
  I
• 11:06
  understand
• 11:06
  that
• 11:07
  in
• 11:07
  theory,
• 11:07
  but
• 11:07
  my
• 11:08
  data
• 11:08
  is
• 11:08
  a
• 11:08
  Mess.
• 11:08
  I
• 11:08
  don't
• 11:08
  know
• 11:09
  which
• 11:09
  products,
• 11:09
  which
• 11:10
  SKUs
• 11:10
  are
• 11:10
  profitable,
• 11:11
  you
• 11:12
  know,
• 11:12
  which
• 11:12
  is
• 11:12
  slow
• 11:12
  payment,
• 11:13
  fast
• 11:13
  payment,
• 11:13
  it's
• 11:14
  kind
• 11:14
  of
• 11:14
  there.
• 11:15
  I
• 11:15
  have
• 11:15
  Excel
• 11:15
  sheets,
• 11:16
  but
• 11:16
  it's
• 11:17
  all
• 11:17
  over
• 11:17
  the
• 11:17
  place.
• 11:17
  Maybe,
• 11:18
  you
• 11:18
  know,
• 11:18
  I've
• 11:18
  acquired
• 11:19
  a
• 11:19
  couple
• 11:19
  companies
• 11:20
  so,
• 11:20
  you
• 11:20
  know,
• 11:21
  by
• 11:21
  different
• 11:22
  subsidiaries
• 11:23
  or
• 11:23
  different
• 11:24
  factories,
• 11:24
  may
• 11:24
  have
• 11:24
  different
• 11:25
  standards
• 11:25
  and
• 11:25
  different
• 11:26
  types
• 11:26
  of
• 11:26
  data.
• 11:27
  So
• 11:27
  it's
• 11:27
  kind
• 11:27
  of
• 11:27
  a
• 11:28
  data
• 11:28
  mess
• 11:28
  that,
• 11:29
  you
• 11:29
  know,
• 11:29
  Graham,
• 11:29
  you're
• 11:30
  quite
• 11:30
  familiar
• 11:30
  with
• 11:31
  in
• 11:31
  dealing
• 11:31
  with.
• 11:32
  Yeah,
• 11:32
  very
• 11:33
  much
• 11:33
  so.
• 11:33
  Very
• 11:34
  much
• 11:34
  so.
• 11:35
  Back
• 11:36
  to.
• 11:37
  You
• 11:37
  gave
• 11:37
  a
• 11:38
  relatively
• 11:38
  101
• 11:38
  explanation
• 11:39
  of
• 11:39
  it,
• 11:39
  but
• 11:40
  I'm
• 11:41
  someone
• 11:41
  who
• 11:41
  should
• 11:41
  never
• 11:41
  belong
• 11:42
  in
• 11:42
  a
• 11:42
  CFO
• 11:42
  role,
• 11:42
  so
• 11:43
  I
• 11:43
  would
• 11:43
  certainly
• 11:43
  be
• 11:44
  on
• 11:44
  the
• 11:44
  end
• 11:44
  of
• 11:44
  the
• 11:44
  CFO
• 11:45
  spectrum
• 11:45
  of
• 11:45
  CFO
• 11:46
  who
• 11:47
  doesn't
• 11:47
  fully
• 11:47
  understand
• 11:47
  the
• 11:47
  thing.
• 11:48
  So
• 11:48
  for
• 11:48
  anybody
• 11:49
  else
• 11:49
  in
• 11:49
  my
• 11:49
  position
• 11:49
  who's
• 11:50
  listening,
• 11:52
  what
• 11:52
  benefit
• 11:52
  does
• 11:53
  it
• 11:53
  bring
• 11:53
  to
• 11:53
  the
• 11:53
  enterprise
• 11:54
  value
• 11:54
  of
• 11:54
  the
• 11:54
  company
• 11:55
  and
• 11:56
  the
• 11:56
  return
• 11:56
  on
• 11:56
  invested
• 11:57
  capital
• 11:57
  that
• 11:57
  people
• 11:57
  are
• 11:57
  getting
• 11:58
  from
• 11:58
  the
• 11:59
  approach
• 11:59
  of
• 12:00
  pay
• 12:00
  a
• 12:00
  little
• 12:00
  more
• 12:01
  slowly,
• 12:02
  get
• 12:02
  money
• 12:02
  in
• 12:02
  a
• 12:03
  lot
• 12:03
  more
• 12:03
  quickly.
• 12:03
  And
• 12:04
  then
• 12:04
  the
• 12:04
  other
• 12:04
  thing
• 12:04
  again,
• 12:04
  that,
• 12:05
  you
• 12:05
  know,
• 12:05
  I've
• 12:05
  talked
• 12:05
  about
• 12:05
  is
• 12:06
  be
• 12:06
  more
• 12:06
  efficient
• 12:06
  with
• 12:06
  the.
• 12:07
  With
• 12:07
  the
• 12:07
  inventory
• 12:08
  that
• 12:08
  you
• 12:08
  keep
• 12:08
  on
• 12:08
  stock.
• 12:09
  How
• 12:09
  does
• 12:09
  that
• 12:09
  flow
• 12:10
  through
• 12:10
  to
• 12:10
  return
• 12:11
  on
• 12:11
  invested
• 12:11
  capital
• 12:12
  for
• 12:12
  PE
• 12:12
  firms?
• 12:13
  Yeah.
• 12:14
  So,
• 12:15
  you
• 12:16
  know,
• 12:16
  we
• 12:16
  could
• 12:16
  get
• 12:16
  into
• 12:17
  sort
• 12:17
  of
• 12:17
  the
• 12:17
  typical
• 12:17
  MBA
• 12:18
  talk
• 12:18
  about,
• 12:18
  you
• 12:18
  know,
• 12:19
  return
• 12:19
  on
• 12:19
  invested
• 12:20
  capital,
• 12:20
  return
• 12:20
  on
• 12:20
  working
• 12:21
  capital,
• 12:21
  et
• 12:22
  cetera.
• 12:23
  The
• 12:23
  way
• 12:23
  I
• 12:23
  like
• 12:23
  to
• 12:24
  think
• 12:24
  about
• 12:24
  it
• 12:24
  is,
• 12:24
  as
• 12:24
  a
• 12:25
  company,
• 12:26
  you
• 12:26
  need
• 12:26
  cash
• 12:27
  to
• 12:27
  operate,
• 12:27
  you
• 12:27
  need
• 12:28
  cash
• 12:28
  to
• 12:28
  pay
• 12:28
  your
• 12:29
  suppliers,
• 12:31
  you
• 12:31
  need
• 12:31
  cash
• 12:31
  to
• 12:31
  pay
• 12:32
  your
• 12:32
  employees,
• 12:33
  et
• 12:33
  cetera.
• 12:34
  Right.
• 12:36
  And
• 12:37
  there's
• 12:37
  a
• 12:37
  time
• 12:38
  gap
• 12:38
  between
• 12:39
  when
• 12:39
  you
• 12:39
  pay
• 12:41
  and
• 12:41
  when
• 12:42
  the
• 12:42
  actual
• 12:43
  payable
• 12:43
  accrues.
• 12:44
  And
• 12:44
  same
• 12:44
  thing
• 12:44
  on
• 12:44
  the
• 12:44
  sales
• 12:45
  side,
• 12:45
  when
• 12:45
  you
• 12:45
  actually
• 12:46
  book
• 12:46
  a
• 12:47
  revenue.
• 12:47
  So
• 12:47
  you've
• 12:48
  sold
• 12:48
  a
• 12:49
  widget,
• 12:49
  a
• 12:50
  car,
• 12:50
  whatever
• 12:50
  it
• 12:51
  is,
• 12:52
  and
• 12:52
  you've
• 12:53
  sold
• 12:53
  it
• 12:53
  and
• 12:53
  you
• 12:53
  book
• 12:53
  that
• 12:54
  revenue.
• 12:54
  But
• 12:55
  you
• 12:55
  might
• 12:55
  be
• 12:55
  getting
• 12:55
  paid
• 12:55
  in
• 12:56
  30
• 12:56
  days
• 12:57
  or
• 12:57
  100
• 12:58
  days.
• 12:59
  So
• 12:59
  for
• 12:59
  argument's
• 12:59
  sake,
• 13:00
  imagine
• 13:00
  you're
• 13:00
  paid
• 13:01
  100
• 13:01
  days
• 13:01
  later
• 13:02
  than
• 13:02
  you
• 13:03
  actually
• 13:03
  sold
• 13:03
  the
• 13:03
  car.
• 13:05
  In
• 13:05
  that
• 13:05
  case,
• 13:06
  you're
• 13:06
  waiting
• 13:06
  for
• 13:06
  the
• 13:06
  cash
• 13:06
  to
• 13:07
  arrive.
• 13:07
  If
• 13:08
  you
• 13:08
  had
• 13:08
  that
• 13:08
  cash
• 13:08
  right
• 13:08
  away,
• 13:09
  you
• 13:09
  could
• 13:09
  have
• 13:09
  been
• 13:10
  doing
• 13:10
  something
• 13:10
  else
• 13:10
  with
• 13:10
  that
• 13:11
  cash
• 13:11
  that
• 13:11
  earns
• 13:12
  higher
• 13:12
  returns.
• 13:13
  So
• 13:14
  all
• 13:14
  that
• 13:14
  accumulates.
• 13:15
  And
• 13:15
  the
• 13:16
  opportunity
• 13:16
  cost
• 13:17
  of
• 13:17
  not
• 13:17
  getting
• 13:17
  paid
• 13:18
  faster
• 13:19
  basically
• 13:21
  has
• 13:21
  a
• 13:21
  couple
• 13:22
  different
• 13:22
  impacts.
• 13:22
  One
• 13:22
  is
• 13:23
  that
• 13:23
  you're
• 13:23
  losing
• 13:24
  that
• 13:24
  opportunity
• 13:25
  to
• 13:25
  deploy
• 13:25
  that
• 13:26
  cash
• 13:27
  so
• 13:27
  that
• 13:27
  you
• 13:28
  could
• 13:28
  be
• 13:28
  investing
• 13:29
  either
• 13:29
  in
• 13:30
  your
• 13:30
  own
• 13:30
  operations,
• 13:31
  in
• 13:31
  your
• 13:31
  own
• 13:31
  business,
• 13:31
  to
• 13:32
  grow
• 13:33
  your
• 13:33
  business.
• 13:34
  You
• 13:34
  could
• 13:34
  be
• 13:35
  investing
• 13:35
  in,
• 13:36
  I
• 13:36
  don't
• 13:36
  know,
• 13:36
  stocks,
• 13:37
  bonds,
• 13:37
  some
• 13:38
  other
• 13:39
  market
• 13:39
  asset
• 13:40
  that's
• 13:40
  going
• 13:40
  to
• 13:40
  yield
• 13:41
  you
• 13:41
  higher
• 13:41
  returns.
• 13:42
  You
• 13:43
  could
• 13:43
  be
• 13:43
  letting
• 13:43
  it
• 13:43
  sleep
• 13:43
  in
• 13:44
  a
• 13:44
  bank
• 13:44
  Deposit.
• 13:44
  But
• 13:45
  having
• 13:45
  that
• 13:45
  cash
• 13:45
  allows
• 13:46
  you
• 13:46
  to
• 13:46
  have
• 13:46
  that
• 13:46
  flexibility
• 13:47
  to
• 13:47
  do
• 13:47
  something
• 13:47
  and
• 13:48
  earn
• 13:48
  returns
• 13:48
  on
• 13:48
  it.
• 13:49
  So
• 13:49
  that's
• 13:49
  one
• 13:50
  thing.
• 13:50
  And
• 13:50
  that
• 13:51
  ties
• 13:51
  directly
• 13:51
  into
• 13:51
  free
• 13:52
  cash
• 13:52
  flow.
• 13:52
  And
• 13:53
  of
• 13:53
  course
• 13:53
  that
• 13:53
  ties
• 13:53
  into
• 13:54
  kind
• 13:55
  of
• 13:55
  company
• 13:55
  valuation.
• 13:56
  And
• 13:56
  that's
• 13:57
  really
• 13:57
  the
• 13:58
  definition
• 13:58
  of
• 13:59
  capital
• 13:59
  efficiency.
• 14:00
  Because
• 14:00
  if
• 14:00
  you
• 14:00
  think
• 14:00
  about
• 14:01
  irr,
• 14:01
  the
• 14:02
  whole
• 14:03
  equation
• 14:04
  on
• 14:04
  the
• 14:04
  numerator
• 14:05
  side
• 14:05
  is
• 14:06
  do
• 14:07
  you
• 14:07
  take
• 14:07
  the
• 14:07
  value
• 14:07
  from
• 14:08
  100
• 14:08
  to
• 14:08
  110?
• 14:09
  So
• 14:10
  that's
• 14:10
  a
• 14:10
  10%
• 14:10
  improvement.
• 14:11
  But
• 14:11
  in
• 14:11
  the
• 14:12
  denominator,
• 14:13
  does
• 14:13
  that
• 14:13
  happen
• 14:13
  in
• 14:14
  one
• 14:14
  second
• 14:14
  or
• 14:15
  one
• 14:15
  minute
• 14:16
  or
• 14:16
  one
• 14:16
  year?
• 14:17
  And
• 14:17
  so
• 14:17
  the
• 14:17
  shorter
• 14:18
  the
• 14:18
  time
• 14:18
  and
• 14:19
  the
• 14:19
  faster
• 14:19
  the
• 14:19
  turn,
• 14:20
  the
• 14:21
  higher
• 14:21
  the
• 14:21
  return
• 14:22
  on
• 14:22
  capital
• 14:22
  and
• 14:22
  the
• 14:22
  higher
• 14:23
  the
• 14:23
  capital
• 14:23
  efficiency.
• 14:23
  Right.
• 14:24
  Or
• 14:24
  10
• 14:25
  years.
• 14:25
  This
• 14:25
  is
• 14:25
  happening.
• 14:26
  Yeah,
• 14:26
  we're
• 14:26
  10
• 14:26
  years.
• 14:27
  Right?
• 14:27
  Yeah.
• 14:29
  In
• 14:29
  some
• 14:29
  cases.
• 14:29
  In
• 14:30
  some
• 14:30
  cases,
• 14:30
  yeah.
• 14:31
  That
• 14:31
  makes
• 14:31
  sense
• 14:31
  to
• 14:31
  me.
• 14:32
  I
• 14:32
  think
• 14:32
  the
• 14:33
  analogy
• 14:33
  that
• 14:33
  popped
• 14:33
  in
• 14:33
  my
• 14:34
  head,
• 14:34
  I've
• 14:35
  never
• 14:35
  run
• 14:35
  an
• 14:35
  E
• 14:35
  commerce
• 14:36
  business,
• 14:36
  but
• 14:36
  is
• 14:36
  used
• 14:37
  a
• 14:37
  lot
• 14:37
  as
• 14:38
  examples
• 14:39
  in
• 14:39
  many
• 14:40
  of
• 14:40
  the
• 14:40
  books
• 14:40
  that
• 14:40
  I've
• 14:40
  read.
• 14:41
  It's
• 14:42
  if
• 14:43
  you
• 14:43
  can
• 14:43
  get
• 14:43
  paid
• 14:43
  immediately
• 14:45
  and
• 14:45
  you're
• 14:45
  in
• 14:45
  a
• 14:46
  position
• 14:46
  where
• 14:46
  you've
• 14:46
  got
• 14:46
  a
• 14:46
  positive
• 14:47
  return
• 14:47
  on
• 14:47
  ad
• 14:47
  spend,
• 14:48
  then
• 14:49
  that
• 14:49
  allows
• 14:49
  you
• 14:49
  to
• 14:49
  drive
• 14:49
  more
• 14:50
  money
• 14:50
  into
• 14:50
  ads
• 14:50
  to
• 14:51
  then
• 14:51
  keep
• 14:51
  the
• 14:51
  flywheel
• 14:51
  of
• 14:52
  the
• 14:52
  positive
• 14:52
  return
• 14:52
  on
• 14:52
  ad
• 14:53
  spend
• 14:53
  turning
• 14:54
  a
• 14:54
  lot
• 14:54
  more
• 14:54
  quickly
• 14:54
  than
• 14:54
  if
• 14:55
  you
• 14:55
  wait
• 14:55
  30
• 14:55
  days
• 14:55
  to
• 14:55
  get
• 14:56
  paid.
• 14:56
  That's
• 14:57
  right.
• 14:58
  Yeah,
• 14:58
  that
• 14:58
  makes
• 14:58
  sense.
• 15:00
  And
• 15:00
  also
• 15:01
  just,
• 15:01
  I
• 15:02
  mean,
• 15:02
  an
• 15:02
  easy
• 15:02
  way
• 15:02
  to
• 15:02
  think
• 15:03
  about
• 15:03
  it
• 15:03
  is
• 15:03
  you
• 15:03
  have
• 15:03
  some
• 15:04
  sort
• 15:04
  of
• 15:04
  asset,
• 15:04
  right?
• 15:05
  So
• 15:05
  you
• 15:05
  might
• 15:05
  have
• 15:05
  a
• 15:06
  factory
• 15:07
  and
• 15:07
  you
• 15:07
  might
• 15:07
  make
• 15:08
  a
• 15:08
  car
• 15:08
  per
• 15:09
  year,
• 15:09
  one
• 15:09
  car,
• 15:10
  right?
• 15:10
  Now
• 15:10
  imagine
• 15:11
  you
• 15:11
  have
• 15:11
  the
• 15:11
  same
• 15:11
  asset
• 15:12
  and
• 15:12
  that
• 15:12
  that
• 15:13
  asset
• 15:13
  can
• 15:13
  produce
• 15:13
  two
• 15:14
  cars
• 15:14
  per
• 15:14
  year.
• 15:14
  You
• 15:15
  have
• 15:15
  twice
• 15:15
  the
• 15:15
  turn,
• 15:16
  which
• 15:16
  means
• 15:17
  you're,
• 15:17
  you're
• 15:17
  twice
• 15:17
  as
• 15:17
  capital
• 15:18
  efficient
• 15:18
  with
• 15:19
  the
• 15:19
  same
• 15:19
  asset.
• 15:20
  So
• 15:20
  it's
• 15:21
  just
• 15:21
  the,
• 15:21
  the
• 15:21
  velocity
• 15:22
  of,
• 15:22
  of,
• 15:22
  of,
• 15:23
  of
• 15:23
  of
• 15:23
  turning
• 15:24
  the
• 15:24
  asset
• 15:24
  and
• 15:25
  making
• 15:25
  that
• 15:25
  sort
• 15:26
  of
• 15:26
  work
• 15:26
  harder.
• 15:26
  That's
• 15:27
  really
• 15:27
  kind
• 15:27
  of
• 15:27
  the,
• 15:27
  the
• 15:27
  notion
• 15:28
  behind
• 15:28
  the
• 15:29
  capital
• 15:29
  efficiency.
• 15:30
  Got
• 15:30
  it,
• 15:30
  got
• 15:31
  it.
• 15:31
  That
• 15:31
  makes,
• 15:31
  that
• 15:32
  makes
• 15:32
  a
• 15:32
  lot
• 15:32
  of
• 15:32
  sense.
• 15:33
  And
• 15:34
  you
• 15:34
  know,
• 15:34
  I,
• 15:34
  I
• 15:35
  spend
• 15:35
  a
• 15:35
  lot
• 15:35
  of
• 15:35
  my
• 15:35
  time
• 15:35
  buried
• 15:36
  in,
• 15:36
  in,
• 15:36
  in
• 15:36
  data
• 15:37
  and
• 15:37
  people's
• 15:37
  data
• 15:37
  architecture.
• 15:38
  Typically
• 15:39
  what
• 15:39
  sort
• 15:39
  of
• 15:40
  data
• 15:41
  management
• 15:41
  or
• 15:41
  data
• 15:41
  architecture
• 15:42
  principles
• 15:42
  have
• 15:43
  to
• 15:43
  be
• 15:43
  in
• 15:43
  play
• 15:43
  in
• 15:44
  order
• 15:45
  for
• 15:45
  this
• 15:46
  to
• 15:46
  be
• 15:46
  a
• 15:46
  good
• 15:46
  platform
• 15:47
  for
• 15:47
  your
• 15:47
  work
• 15:47
  to
• 15:47
  be
• 15:47
  successful.
• 15:49
  Right.
• 15:49
  Okay.
• 15:50
  So
• 15:50
  the
• 15:50
  problem
• 15:51
  is
• 15:51
  if
• 15:51
  you
• 15:51
  want
• 15:51
  to
• 15:52
  create
• 15:53
  cars
• 15:53
  or
• 15:53
  widgets
• 15:53
  or
• 15:54
  balloons
• 15:54
  or
• 15:54
  whatever,
• 15:57
  and
• 15:57
  you
• 15:58
  want
• 15:58
  to
• 15:59
  increase
• 16:00
  your
• 16:00
  kind
• 16:00
  of
• 16:01
  turn
• 16:02
  on
• 16:02
  the
• 16:02
  same
• 16:02
  assets,
• 16:03
  but
• 16:04
  you
• 16:04
  have
• 16:05
  1,000
• 16:05
  SKUs,
• 16:06
  so
• 16:06
  you
• 16:06
  have
• 16:06
  a
• 16:06
  red
• 16:06
  balloon,
• 16:07
  blue
• 16:07
  balloon,
• 16:08
  green
• 16:08
  balloon,
• 16:08
  yellow
• 16:08
  balloon,
• 16:09
  et
• 16:09
  cetera.
• 16:10
  Again,
• 16:10
  you
• 16:11
  might
• 16:11
  have
• 16:11
  bought
• 16:11
  another
• 16:12
  balloon
• 16:12
  factory
• 16:13
  over
• 16:14
  in
• 16:14
  the
• 16:14
  other
• 16:15
  on
• 16:15
  the
• 16:15
  west
• 16:15
  coast.
• 16:16
  Or
• 16:16
  the
• 16:16
  east
• 16:16
  coast
• 16:16
  or
• 16:16
  whatever.
• 16:17
  So
• 16:17
  typically
• 16:18
  you
• 16:19
  get
• 16:19
  into
• 16:19
  problems
• 16:21
  of
• 16:21
  master
• 16:22
  data
• 16:22
  management,
• 16:22
  of
• 16:23
  managing
• 16:23
  all
• 16:23
  the
• 16:24
  transaction
• 16:24
  data,
• 16:25
  all
• 16:26
  of
• 16:26
  this.
• 16:26
  So
• 16:26
  unless
• 16:27
  you
• 16:28
  have
• 16:29
  a
• 16:29
  data
• 16:29
  platform
• 16:30
  that
• 16:30
  allows
• 16:30
  you
• 16:31
  to
• 16:31
  capture
• 16:32
  the
• 16:32
  granular
• 16:33
  transactions
• 16:34
  in
• 16:34
  a
• 16:34
  timely
• 16:34
  way
• 16:35
  and
• 16:35
  also
• 16:35
  to
• 16:36
  monitor
• 16:37
  kind
• 16:37
  of
• 16:37
  what's
• 16:38
  going
• 16:38
  on
• 16:39
  at
• 16:39
  every
• 16:40
  single
• 16:41
  SKU
• 16:42
  level,
• 16:42
  you're
• 16:43
  just
• 16:43
  going
• 16:43
  to
• 16:43
  have
• 16:43
  very
• 16:44
  broad
• 16:44
  strokes
• 16:45
  view
• 16:45
  at
• 16:46
  the
• 16:46
  end
• 16:46
  of
• 16:46
  the
• 16:46
  financial
• 16:47
  year
• 16:48
  or
• 16:48
  maybe
• 16:48
  quarterly.
• 16:50
  And
• 16:50
  that
• 16:50
  gives
• 16:50
  you
• 16:50
  average
• 16:51
  values,
• 16:52
  but
• 16:52
  it
• 16:53
  doesn't
• 16:53
  get
• 16:53
  you
• 16:53
  into
• 16:53
  the
• 16:54
  kind
• 16:54
  of
• 16:54
  the
• 16:54
  transactional
• 16:55
  how
• 16:55
  much
• 16:55
  am
• 16:55
  I
• 16:55
  getting
• 16:56
  paid
• 16:57
  by
• 16:57
  whom,
• 16:58
  how
• 16:58
  late
• 16:59
  or
• 16:59
  how
• 16:59
  early
• 17:00
  per
• 17:00
  customer,
• 17:01
  per
• 17:01
  product,
• 17:02
  per
• 17:02
  region,
• 17:03
  per
• 17:03
  subsidiary.
• 17:04
  And
• 17:04
  having
• 17:04
  that
• 17:05
  ability
• 17:05
  to
• 17:05
  rotate
• 17:06
  through
• 17:06
  the
• 17:06
  different
• 17:06
  dimensions
• 17:07
  of
• 17:07
  analysis
• 17:08
  is
• 17:09
  important.
• 17:10
  So
• 17:10
  it's
• 17:10
  really
• 17:10
  kind
• 17:11
  of
• 17:11
  what
• 17:11
  you're,
• 17:11
  what
• 17:11
  you're
• 17:12
  trying
• 17:12
  to
• 17:12
  do
• 17:12
  is
• 17:12
  improve
• 17:12
  the
• 17:13
  operations
• 17:13
  and
• 17:13
  improve
• 17:14
  the
• 17:14
  return
• 17:14
  on
• 17:14
  working
• 17:15
  capital
• 17:16
  by
• 17:16
  getting
• 17:17
  the
• 17:17
  insights
• 17:17
  into
• 17:18
  what
• 17:18
  I
• 17:18
  just
• 17:18
  mentioned
• 17:19
  across
• 17:19
  all
• 17:19
  these
• 17:19
  different
• 17:19
  dimensions
• 17:20
  of
• 17:20
  analysis.
• 17:21
  But
• 17:21
  to
• 17:22
  enable
• 17:22
  that,
• 17:22
  you
• 17:23
  do
• 17:23
  need
• 17:23
  that
• 17:23
  data
• 17:24
  platform,
• 17:25
  right?
• 17:25
  Yeah,
• 17:26
  and
• 17:26
  that
• 17:26
  makes
• 17:26
  a
• 17:27
  lot
• 17:27
  of
• 17:27
  sense
• 17:27
  to
• 17:27
  me.
• 17:27
  And
• 17:27
  in
• 17:28
  fact,
• 17:28
  I
• 17:28
  love
• 17:28
  the
• 17:28
  balloon
• 17:29
  example
• 17:29
  because
• 17:29
  I've
• 17:29
  got
• 17:29
  a,
• 17:30
  I
• 17:30
  have
• 17:30
  a
• 17:30
  live
• 17:30
  one
• 17:31
  right
• 17:31
  now.
• 17:32
  So
• 17:32
  my,
• 17:32
  my
• 17:33
  oldest
• 17:33
  son
• 17:33
  turned
• 17:33
  16
• 17:34
  a
• 17:34
  couple
• 17:34
  of
• 17:34
  weeks
• 17:35
  back
• 17:36
  and
• 17:36
  I
• 17:36
  went
• 17:36
  to
• 17:36
  the,
• 17:37
  the,
• 17:37
  the
• 17:37
  dollar
• 17:38
  store
• 17:39
  to
• 17:39
  get
• 17:40
  some
• 17:40
  balloons.
• 17:40
  And
• 17:43
  yeah,
• 17:43
  high
• 17:43
  recommendation
• 17:44
  for
• 17:44
  dollar
• 17:44
  store
• 17:44
  balloons
• 17:45
  by
• 17:45
  the
• 17:45
  way.
• 17:45
  They
• 17:45
  last
• 17:45
  forever.
• 17:46
  Like
• 17:46
  four
• 17:46
  weeks
• 17:47
  later,
• 17:47
  they're
• 17:47
  still
• 17:47
  sort
• 17:47
  of
• 17:47
  bouncing
• 17:48
  around
• 17:48
  the
• 17:48
  ceiling
• 17:48
  somewhere.
• 17:50
  Anyway,
• 17:52
  so
• 17:52
  I
• 17:53
  ended
• 17:53
  up
• 17:53
  having
• 17:53
  to
• 17:53
  get
• 17:53
  a
• 17:53
  square
• 17:53
  happy
• 17:54
  birthday
• 17:54
  balloon
• 17:54
  because
• 17:55
  in
• 17:55
  the
• 17:55
  number
• 17:55
  balloons
• 17:56
  they
• 17:56
  had
• 17:56
  all
• 17:57
  the
• 17:57
  numbers.
• 17:57
  And
• 17:57
  I'm
• 17:58
  not
• 17:58
  sure,
• 17:58
  Shota,
• 17:58
  how
• 17:59
  familiar
• 17:59
  you
• 17:59
  are
• 17:59
  with
• 17:59
  what
• 17:59
  teenagers
• 18:00
  are
• 18:00
  talking
• 18:00
  about
• 18:00
  these
• 18:01
  days.
• 18:01
  But
• 18:01
  they
• 18:01
  had
• 18:01
  no
• 18:02
  sixes
• 18:02
  and
• 18:02
  they
• 18:02
  had
• 18:02
  no
• 18:03
  sevens.
• 18:07
  So
• 18:07
  if
• 18:07
  I'm
• 18:08
  a
• 18:08
  balloon
• 18:08
  manufacturer,
• 18:09
  then
• 18:10
  assuming
• 18:10
  I'm
• 18:11
  not
• 18:11
  tuned
• 18:11
  into
• 18:12
  the
• 18:12
  latest,
• 18:13
  the
• 18:14
  latest
• 18:14
  memes
• 18:14
  that
• 18:14
  all
• 18:15
  the
• 18:16
  middle
• 18:16
  schoolers
• 18:17
  and
• 18:17
  teens
• 18:17
  are
• 18:17
  talking
• 18:18
  about
• 18:18
  and
• 18:18
  yelling
• 18:18
  in
• 18:19
  five
• 18:19
  guys,
• 18:21
  then
• 18:21
  I
• 18:21
  would
• 18:21
  have
• 18:22
  no
• 18:22
  idea
• 18:22
  that
• 18:22
  was
• 18:22
  happening.
• 18:23
  Right.
• 18:23
  And
• 18:23
  I
• 18:23
  would
• 18:23
  have
• 18:24
  no
• 18:24
  idea
• 18:24
  that
• 18:24
  my
• 18:24
  sixes
• 18:25
  and
• 18:25
  sevens
• 18:25
  are
• 18:25
  suddenly
• 18:25
  flying
• 18:26
  off
• 18:26
  the
• 18:26
  shelf
• 18:26
  and
• 18:27
  are
• 18:27
  doing
• 18:27
  way
• 18:27
  more
• 18:28
  volume.
• 18:28
  I
• 18:28
  might
• 18:28
  know,
• 18:29
  I
• 18:29
  might
• 18:29
  observe,
• 18:30
  oh,
• 18:30
  the
• 18:30
  overall
• 18:30
  volume
• 18:31
  of
• 18:31
  balloon
• 18:31
  sales
• 18:31
  has
• 18:31
  gone
• 18:32
  up,
• 18:33
  but
• 18:33
  without
• 18:33
  knowledge
• 18:34
  by
• 18:34
  number,
• 18:35
  I'm
• 18:35
  not
• 18:35
  going
• 18:35
  to
• 18:35
  understand
• 18:36
  why.
• 18:36
  Right.
• 18:37
  And
• 18:38
  you
• 18:38
  know,
• 18:38
  presumably
• 18:38
  if
• 18:39
  you,
• 18:39
  if
• 18:39
  you
• 18:39
  then
• 18:39
  say
• 18:40
  to
• 18:40
  someone,
• 18:40
  you
• 18:40
  know,
• 18:40
  you're
• 18:41
  a
• 18:42
  middle
• 18:43
  school
• 18:43
  intern,
• 18:43
  do
• 18:44
  you
• 18:44
  know
• 18:44
  why
• 18:44
  I've
• 18:44
  run
• 18:44
  out
• 18:44
  of
• 18:45
  6,
• 18:45
  6
• 18:45
  and
• 18:45
  7?
• 18:46
  They
• 18:46
  tell
• 18:46
  you
• 18:47
  very
• 18:47
  quickly,
• 18:48
  but
• 18:48
  if
• 18:49
  you're
• 18:49
  not
• 18:49
  able
• 18:49
  to
• 18:49
  do
• 18:49
  that,
• 18:49
  then,
• 18:51
  then
• 18:51
  you
• 18:52
  can't
• 18:52
  get
• 18:52
  there.
• 18:53
  And
• 18:53
  I
• 18:54
  talk
• 18:54
  a
• 18:54
  lot
• 18:54
  in
• 18:54
  my
• 18:54
  work
• 18:54
  Shilta
• 18:55
  about
• 18:55
  the
• 18:55
  difference
• 18:56
  between
• 18:56
  management
• 18:57
  grade
• 18:57
  reporting
• 18:57
  and
• 18:58
  investor
• 18:58
  grade
• 18:58
  reporting.
• 18:59
  And
• 18:59
  I
• 18:59
  think
• 18:59
  you're
• 19:00
  talking
• 19:00
  about
• 19:00
  the
• 19:00
  latter
• 19:01
  here
• 19:01
  because
• 19:01
  you're
• 19:01
  having
• 19:01
  to
• 19:01
  analyze
• 19:02
  cash
• 19:02
  flow
• 19:02
  through
• 19:02
  the
• 19:03
  business
• 19:03
  through
• 19:03
  the
• 19:04
  eye
• 19:04
  and
• 19:04
  lens
• 19:04
  of
• 19:05
  an
• 19:05
  investor
• 19:05
  in
• 19:05
  the
• 19:06
  business
• 19:06
  rather
• 19:06
  than
• 19:06
  someone
• 19:07
  managing
• 19:07
  it.
• 19:08
  And
• 19:08
  it's
• 19:08
  perfectly
• 19:09
  possible
• 19:10
  that
• 19:10
  in
• 19:11
  the
• 19:11
  balloon
• 19:11
  example,
• 19:12
  the
• 19:12
  balloon
• 19:13
  business
• 19:13
  can
• 19:14
  continue
• 19:14
  to
• 19:14
  operate
• 19:14
  very
• 19:15
  well
• 19:15
  and
• 19:15
  serve
• 19:15
  its
• 19:16
  customers.
• 19:17
  But
• 19:17
  it's
• 19:17
  missing
• 19:17
  that
• 19:17
  critical
• 19:18
  layer
• 19:18
  of
• 19:18
  insight
• 19:19
  that
• 19:19
  might
• 19:19
  hold
• 19:19
  a
• 19:20
  key
• 19:20
  to
• 19:20
  something
• 19:21
  that
• 19:21
  could
• 19:22
  enhance
• 19:23
  profitability,
• 19:24
  that
• 19:24
  could
• 19:25
  make
• 19:25
  the
• 19:25
  business
• 19:25
  run
• 19:26
  more
• 19:26
  efficiently.
• 19:27
  Because
• 19:27
  they
• 19:27
  don't
• 19:27
  have
• 19:27
  that
• 19:28
  SKU
• 19:29
  level
• 19:29
  data
• 19:29
  and
• 19:30
  they're
• 19:30
  not
• 19:30
  looking
• 19:30
  through
• 19:31
  the
• 19:31
  lens
• 19:31
  of
• 19:31
  how
• 19:32
  can
• 19:32
  I
• 19:32
  make
• 19:32
  this
• 19:32
  business
• 19:32
  more
• 19:33
  profitable?
• 19:33
  And
• 19:33
  instead
• 19:34
  sticking
• 19:34
  to
• 19:35
  how
• 19:35
  can
• 19:35
  I
• 19:35
  continue
• 19:36
  to
• 19:36
  give
• 19:36
  my
• 19:36
  customers
• 19:36
  what
• 19:37
  they're
• 19:37
  asking
• 19:37
  for.
• 19:38
  That's
• 19:39
  right.
• 19:40
  If
• 19:40
  you
• 19:40
  think
• 19:40
  about
• 19:41
  a
• 19:41
  company
• 19:41
  like
• 19:41
  Amazon,
• 19:43
  they're
• 19:44
  kind
• 19:44
  of
• 19:44
  digital
• 19:44
  native,
• 19:45
  they're
• 19:45
  digital
• 19:46
  first,
• 19:47
  so
• 19:47
  they
• 19:47
  by
• 19:47
  definition
• 19:48
  have
• 19:48
  all
• 19:48
  the
• 19:48
  data,
• 19:49
  which
• 19:49
  is
• 19:49
  why
• 19:49
  they're
• 19:49
  able
• 19:50
  to
• 19:50
  recommend
• 19:50
  the
• 19:51
  next
• 19:51
  thing
• 19:51
  to
• 19:51
  empty
• 19:52
  your
• 19:52
  wallet
• 19:52
  with.
• 19:52
  Right.
• 19:52
  So
• 19:54
  very
• 19:54
  good
• 19:54
  at
• 19:54
  that,
• 19:55
  very
• 19:56
  good
• 19:56
  at
• 19:56
  that.
• 19:56
  And
• 19:57
  you
• 19:57
  know,
• 19:57
  so
• 19:57
  they
• 19:57
  have
• 19:57
  that
• 19:57
  SKU
• 19:58
  level
• 19:58
  data,
• 19:58
  they
• 19:59
  have
• 19:59
  it
• 19:59
  real
• 19:59
  time.
• 20:00
  You
• 20:00
  know,
• 20:00
  all
• 20:00
  these
• 20:01
  transactions
• 20:01
  are
• 20:01
  happening
• 20:02
  very,
• 20:02
  very
• 20:02
  quickly.
• 20:03
  So
• 20:03
  they
• 20:03
  almost
• 20:03
  have
• 20:03
  a
• 20:03
  streaming
• 20:05
  mechanism
• 20:06
  to
• 20:07
  capture
• 20:07
  that
• 20:07
  data.
• 20:08
  And
• 20:08
  what,
• 20:09
  you
• 20:09
  know,
• 20:09
  the
• 20:09
  companies
• 20:09
  we
• 20:09
  work
• 20:10
  with
• 20:10
  a
• 20:10
  lot
• 20:11
  happen
• 20:11
  to
• 20:11
  be
• 20:11
  oftentimes
• 20:12
  manufacturing
• 20:12
  firms.
• 20:14
  So
• 20:14
  they
• 20:15
  don't
• 20:15
  have
• 20:15
  that
• 20:16
  Amazon
• 20:16
  like
• 20:17
  setup.
• 20:17
  So
• 20:18
  all
• 20:18
  we're
• 20:18
  talking
• 20:19
  about,
• 20:19
  and
• 20:19
  if
• 20:19
  you
• 20:20
  look
• 20:20
  at
• 20:20
  the
• 20:20
  multiples
• 20:20
  on
• 20:20
  Amazon,
• 20:21
  it
• 20:21
  is
• 20:22
  what
• 20:22
  it
• 20:22
  is
• 20:22
  and
• 20:22
  they're
• 20:22
  able
• 20:23
  to
• 20:23
  grow
• 20:23
  because
• 20:23
  they're
• 20:23
  able
• 20:23
  to
• 20:24
  have
• 20:24
  that
• 20:24
  data
• 20:24
  and
• 20:24
  sell
• 20:25
  more
• 20:25
  based
• 20:26
  on
• 20:26
  the
• 20:26
  data.
• 20:27
  But
• 20:27
  if
• 20:27
  you
• 20:28
  think
• 20:28
  about
• 20:28
  the.
• 20:28
  And
• 20:28
  then
• 20:28
  invest
• 20:28
  the
• 20:29
  profits
• 20:29
  in
• 20:29
  data
• 20:30
  capabilities.
• 20:31
  That's
• 20:31
  right.
• 20:32
  And
• 20:32
  so
• 20:32
  it's
• 20:33
  not
• 20:33
  just
• 20:33
  a
• 20:33
  nice
• 20:33
  to
• 20:34
  have,
• 20:34
  it's
• 20:34
  a
• 20:34
  key
• 20:34
  foundation
• 20:35
  for
• 20:36
  the
• 20:36
  rapid
• 20:37
  response
• 20:37
  and
• 20:37
  growth
• 20:38
  to
• 20:38
  market
• 20:38
  conditions,
• 20:39
  to
• 20:40
  Covid
• 20:40
  to
• 20:40
  disruptions,
• 20:41
  whatever
• 20:41
  it
• 20:42
  is.
• 20:42
  And
• 20:43
  our
• 20:43
  manufacturing
• 20:44
  clients,
• 20:44
  some
• 20:44
  of
• 20:44
  them,
• 20:45
  some
• 20:45
  of
• 20:45
  them
• 20:45
  are
• 20:45
  very
• 20:45
  good,
• 20:46
  but
• 20:46
  others,
• 20:46
  again
• 20:47
  it's
• 20:47
  not
• 20:47
  their
• 20:48
  fault,
• 20:48
  but
• 20:48
  they
• 20:48
  just
• 20:49
  were
• 20:49
  in
• 20:49
  an
• 20:49
  industry
• 20:50
  that
• 20:50
  didn't
• 20:50
  require
• 20:51
  this
• 20:51
  level
• 20:52
  of
• 20:52
  real
• 20:52
  time
• 20:53
  granularity.
• 20:55
  And
• 20:55
  so
• 20:56
  what
• 20:56
  we're
• 20:56
  trying
• 20:57
  to
• 20:57
  do
• 20:57
  is
• 20:57
  really
• 20:58
  Amazonify,
• 20:59
  if
• 20:59
  that's
• 21:00
  a
• 21:00
  verb,
• 21:00
  some
• 21:01
  of
• 21:01
  these
• 21:02
  legacy
• 21:02
  industries,
• 21:04
  right,
• 21:05
  and
• 21:05
  make
• 21:05
  it
• 21:05
  real
• 21:06
  time,
• 21:06
  make
• 21:06
  it
• 21:06
  data
• 21:06
  driven,
• 21:07
  make
• 21:07
  it
• 21:07
  granular.
• 21:08
  Because
• 21:08
  why
• 21:08
  not
• 21:09
  you
• 21:09
  now
• 21:09
  have
• 21:09
  the
• 21:09
  tools
• 21:10
  and
• 21:10
  AI
• 21:11
  and
• 21:11
  data
• 21:11
  platforms
• 21:12
  that
• 21:12
  allow
• 21:12
  you
• 21:12
  to
• 21:13
  do
• 21:13
  that
• 21:13
  easily.
• 21:14
  And
• 21:14
  I
• 21:14
  think
• 21:14
  when
• 21:15
  I
• 21:15
  referred
• 21:15
  to
• 21:15
  one
• 21:15
  of
• 21:15
  the
• 21:16
  roadblocks,
• 21:16
  one
• 21:17
  of
• 21:17
  the
• 21:17
  mental
• 21:17
  blocks
• 21:17
  is
• 21:18
  the
• 21:19
  CFOs
• 21:19
  or
• 21:20
  the
• 21:20
  management
• 21:20
  committee
• 21:21
  of
• 21:21
  these
• 21:22
  companies
• 21:23
  don't
• 21:23
  realize
• 21:23
  how
• 21:24
  easy
• 21:24
  it
• 21:24
  is
• 21:24
  to
• 21:25
  actually
• 21:25
  implement
• 21:25
  some
• 21:25
  of
• 21:26
  these.
• 21:26
  Well,
• 21:27
  I'm
• 21:27
  not
• 21:27
  trivializing
• 21:27
  by
• 21:28
  saying
• 21:28
  easy,
• 21:28
  but.
• 21:28
  No,
• 21:28
  no,
• 21:29
  of
• 21:29
  course
• 21:29
  I
• 21:29
  understand.
• 21:29
  It's
• 21:30
  definitely
• 21:30
  possible
• 21:31
  with
• 21:31
  the
• 21:31
  tooling
• 21:31
  we
• 21:32
  have
• 21:32
  today
• 21:32
  that's
• 21:32
  available
• 21:34
  to
• 21:34
  actually
• 21:35
  get
• 21:35
  things
• 21:35
  moving
• 21:35
  on
• 21:36
  the
• 21:36
  data
• 21:36
  front
• 21:36
  such
• 21:36
  that
• 21:37
  they're
• 21:37
  closer
• 21:37
  to
• 21:38
  an
• 21:38
  Amazon
• 21:38
  type
• 21:39
  of
• 21:39
  operating
• 21:39
  mod.
• 21:43
  Another
• 21:43
  thing
• 21:43
  which
• 21:43
  falls
• 21:44
  down
• 21:44
  the
• 21:44
  priority
• 21:44
  list
• 21:44
  is
• 21:44
  this
• 21:45
  investment
• 21:45
  in
• 21:45
  technology
• 21:47
  in
• 21:47
  the
• 21:47
  mid
• 21:47
  market.
• 21:48
  Often
• 21:48
  companies
• 21:48
  that
• 21:49
  have,
• 21:49
  especially
• 21:49
  companies
• 21:50
  that
• 21:50
  have
• 21:50
  recently
• 21:50
  ascended
• 21:51
  into
• 21:51
  this
• 21:51
  mid
• 21:51
  market
• 21:51
  space,
• 21:53
  they've
• 21:53
  made
• 21:54
  it
• 21:54
  right,
• 21:54
  they've
• 21:54
  got
• 21:54
  a
• 21:55
  big,
• 21:55
  profitable,
• 21:56
  successful
• 21:56
  company
• 21:57
  compared
• 21:57
  to
• 21:57
  where
• 21:57
  they
• 21:57
  started
• 21:58
  and
• 21:59
  there's
• 22:00
  a
• 22:00
  perceived
• 22:00
  penalty
• 22:01
  on
• 22:01
  change
• 22:02
  and
• 22:02
  they
• 22:02
  want
• 22:02
  to
• 22:02
  protect
• 22:03
  the
• 22:03
  revenue
• 22:04
  that
• 22:04
  they're
• 22:05
  currently
• 22:05
  getting.
• 22:05
  So
• 22:05
  they're
• 22:05
  not
• 22:05
  intentivized
• 22:06
  to
• 22:06
  like
• 22:06
  hey,
• 22:07
  let's
• 22:07
  see
• 22:07
  if
• 22:07
  we
• 22:07
  can
• 22:07
  spend
• 22:07
  some
• 22:08
  money
• 22:08
  on
• 22:08
  technology.
• 22:10
  But
• 22:10
  I
• 22:10
  find
• 22:10
  there's
• 22:11
  a
• 22:11
  bit
• 22:11
  of
• 22:11
  a
• 22:11
  misunderstanding
• 22:12
  about
• 22:12
  just
• 22:13
  how
• 22:13
  accessible
• 22:13
  and
• 22:13
  affordable
• 22:14
  some
• 22:14
  of
• 22:14
  this
• 22:14
  technology
• 22:15
  is.
• 22:15
  And
• 22:15
  I've
• 22:16
  spoken
• 22:16
  to
• 22:16
  clients
• 22:19
  across
• 22:19
  different
• 22:19
  industries
• 22:20
  about
• 22:22
  AWS
• 22:23
  Cloud,
• 22:23
  Google
• 22:23
  Cloud
• 22:24
  and
• 22:24
  then
• 22:24
  the
• 22:24
  database
• 22:24
  technologies
• 22:25
  which
• 22:25
  might
• 22:25
  sit
• 22:26
  on
• 22:26
  top
• 22:26
  of
• 22:26
  them.
• 22:26
  Snowflake
• 22:27
  databricks,
• 22:28
  you
• 22:28
  know,
• 22:28
  choose
• 22:29
  your
• 22:29
  poison.
• 22:31
  And
• 22:31
  the
• 22:31
  initial
• 22:32
  reaction
• 22:32
  is
• 22:32
  oh,
• 22:32
  those
• 22:32
  are
• 22:32
  really
• 22:33
  expensive
• 22:33
  enterprise
• 22:34
  tools
• 22:34
  or
• 22:34
  like
• 22:36
  saved
• 22:36
  for
• 22:36
  the
• 22:37
  Fortune
• 22:37
  500
• 22:39
  and
• 22:39
  nobody
• 22:39
  else.
• 22:40
  But
• 22:41
  I've
• 22:41
  had
• 22:42
  multiple
• 22:43
  clients,
• 22:43
  three,
• 22:43
  four
• 22:43
  clients
• 22:44
  now,
• 22:44
  who
• 22:45
  have
• 22:45
  thought,
• 22:45
  oh,
• 22:46
  Snowflake's
• 22:46
  going
• 22:47
  to
• 22:47
  be
• 22:47
  really
• 22:47
  expensive
• 22:48
  because
• 22:48
  we
• 22:49
  have
• 22:49
  a
• 22:49
  lot
• 22:49
  of
• 22:49
  data.
• 22:49
  But
• 22:50
  a
• 22:50
  lot
• 22:50
  of
• 22:50
  data
• 22:50
  is
• 22:50
  a
• 22:50
  very
• 22:51
  relative
• 22:51
  term
• 22:51
  and
• 22:53
  I
• 22:53
  don't
• 22:54
  even
• 22:54
  think
• 22:54
  the
• 22:54
  numbers
• 22:55
  that
• 22:55
  you
• 22:55
  would
• 22:56
  put
• 22:56
  next
• 22:56
  to
• 22:56
  Amazon's
• 22:56
  data
• 22:57
  would
• 22:57
  even
• 22:58
  make
• 22:58
  any
• 22:58
  sense.
• 22:59
  When
• 22:59
  a
• 22:59
  number's
• 22:59
  so
• 22:59
  big,
• 22:59
  it
• 23:00
  becomes
• 23:00
  nonsensical.
• 23:03
  But
• 23:03
  hundreds
• 23:03
  and
• 23:03
  hundreds
• 23:03
  of
• 23:04
  millions
• 23:04
  of
• 23:04
  rows,
• 23:05
  you
• 23:06
  can
• 23:06
  host
• 23:06
  and
• 23:07
  run
• 23:07
  that
• 23:07
  on
• 23:07
  any
• 23:07
  of
• 23:08
  those
• 23:08
  platforms
• 23:08
  for
• 23:09
  a
• 23:09
  couple
• 23:09
  of
• 23:09
  thousand
• 23:10
  dollars
• 23:10
  a
• 23:10
  year.
• 23:11
  It
• 23:11
  really
• 23:11
  is
• 23:12
  affordable.
• 23:12
  There
• 23:13
  really
• 23:13
  are
• 23:13
  entry
• 23:13
  levels
• 23:14
  to
• 23:14
  the
• 23:14
  market
• 23:15
  and
• 23:16
  the
• 23:16
  technology
• 23:16
  has
• 23:17
  been
• 23:17
  democratized
• 23:17
  to
• 23:17
  a
• 23:17
  large
• 23:18
  extent,
• 23:18
  especially
• 23:18
  around
• 23:19
  storage
• 23:20
  and
• 23:20
  processing
• 23:20
  of
• 23:20
  data.
• 23:21
  So
• 23:22
  that's
• 23:22
  a
• 23:22
  place
• 23:23
  that
• 23:23
  I
• 23:23
  always
• 23:23
  find
• 23:24
  valuable
• 23:25
  to
• 23:25
  start.
• 23:25
  And
• 23:25
  you
• 23:26
  can
• 23:26
  get
• 23:26
  big
• 23:26
  returns
• 23:26
  for
• 23:26
  a
• 23:27
  really
• 23:27
  small
• 23:27
  investment
• 23:27
  I
• 23:28
  think
• 23:29
  in
• 23:29
  that
• 23:29
  particular
• 23:29
  area.
• 23:31
  And
• 23:31
  the
• 23:31
  cost
• 23:32
  of
• 23:32
  not
• 23:32
  investing
• 23:33
  is
• 23:33
  going
• 23:33
  to
• 23:33
  get
• 23:33
  higher
• 23:33
  and
• 23:34
  higher
• 23:36
  partially
• 23:36
  because,
• 23:37
  well,
• 23:38
  first
• 23:38
  of
• 23:38
  all
• 23:38
  it's
• 23:39
  so
• 23:39
  easy
• 23:39
  and
• 23:39
  those
• 23:39
  that
• 23:40
  will,
• 23:40
  will
• 23:40
  move
• 23:41
  faster
• 23:41
  and
• 23:42
  generate
• 23:43
  those
• 23:43
  returns.
• 23:44
  And
• 23:44
  also
• 23:44
  there's
• 23:45
  other
• 23:45
  peripheral
• 23:46
  issues
• 23:46
  coming
• 23:47
  up
• 23:47
  now.
• 23:47
  Like
• 23:48
  you
• 23:48
  want
• 23:48
  to
• 23:49
  hold
• 23:50
  data
• 23:50
  as
• 23:50
  an
• 23:50
  asset.
• 23:51
  Data
• 23:51
  itself
• 23:52
  is
• 23:52
  a
• 23:52
  valuable
• 23:52
  asset,
• 23:53
  like
• 23:53
  a
• 23:53
  brand.
• 23:54
  Absolutely,
• 23:55
  for
• 23:55
  the
• 23:55
  company.
• 23:56
  So
• 23:56
  in
• 23:57
  this
• 23:57
  age
• 23:57
  of
• 23:57
  AI,
• 23:58
  if
• 23:58
  you
• 23:58
  have
• 23:58
  proprietary
• 23:59
  data,
• 24:01
  that
• 24:01
  becomes
• 24:02
  almost
• 24:02
  like
• 24:02
  a
• 24:02
  moat.
• 24:04
  But
• 24:04
  if
• 24:05
  you're
• 24:05
  just
• 24:05
  sitting,
• 24:05
  if
• 24:06
  you're
• 24:06
  not
• 24:06
  creating
• 24:07
  a
• 24:07
  moat
• 24:07
  out
• 24:07
  of
• 24:07
  it,
• 24:07
  it's
• 24:08
  Just
• 24:08
  like
• 24:08
  dirt
• 24:09
  sitting
• 24:09
  around,
• 24:09
  you
• 24:10
  can't
• 24:10
  really
• 24:11
  assetize
• 24:11
  that
• 24:12
  again,
• 24:12
  to
• 24:13
  invent
• 24:13
  a
• 24:13
  verb,
• 24:14
  but
• 24:15
  you
• 24:15
  can't
• 24:15
  turn
• 24:16
  that
• 24:16
  into
• 24:16
  a
• 24:16
  valuable
• 24:17
  asset.
• 24:17
  So
• 24:17
  the
• 24:17
  question
• 24:17
  is,
• 24:18
  can
• 24:19
  you
• 24:19
  make
• 24:19
  the
• 24:19
  right
• 24:19
  investments
• 24:20
  not
• 24:20
  just
• 24:20
  in
• 24:20
  the
• 24:20
  technology
• 24:21
  because
• 24:21
  that's,
• 24:21
  as
• 24:21
  you
• 24:22
  said,
• 24:22
  relatively
• 24:22
  affordable
• 24:23
  now,
• 24:24
  but
• 24:24
  the
• 24:24
  whole
• 24:25
  governance,
• 24:25
  everything
• 24:25
  around
• 24:26
  it
• 24:26
  that
• 24:26
  makes
• 24:26
  it
• 24:27
  work
• 24:29
  as
• 24:29
  wheels,
• 24:30
  machinery
• 24:30
  in
• 24:31
  a
• 24:31
  company
• 24:32
  to
• 24:32
  turn
• 24:33
  that
• 24:33
  into
• 24:33
  a
• 24:33
  credible
• 24:34
  asset
• 24:34
  that's
• 24:34
  going
• 24:35
  to
• 24:35
  improve
• 24:35
  free
• 24:35
  cash
• 24:35
  flow
• 24:35
  and
• 24:36
  valuations.
• 24:37
  Right?
• 24:37
  Yeah,
• 24:38
  technology.
• 24:38
  And
• 24:39
  another,
• 24:39
  my
• 24:40
  favorite
• 24:40
  phrase
• 24:40
  is
• 24:40
  technology
• 24:41
  and
• 24:41
  data
• 24:41
  are
• 24:41
  never
• 24:42
  a
• 24:42
  business
• 24:42
  case
• 24:42
  in
• 24:42
  their
• 24:42
  own
• 24:43
  right.
• 24:44
  They
• 24:44
  have
• 24:44
  to
• 24:44
  have
• 24:44
  something
• 24:45
  behind
• 24:45
  it.
• 24:45
  They
• 24:45
  have
• 24:46
  to
• 24:46
  have
• 24:46
  some
• 24:47
  profitability
• 24:48
  or
• 24:48
  some
• 24:48
  objective
• 24:48
  in
• 24:49
  mind.
• 24:49
  And
• 24:50
  often,
• 24:51
  you
• 24:52
  know,
• 24:52
  clients
• 24:52
  make
• 24:53
  the
• 24:53
  mistake
• 24:53
  of
• 24:53
  me
• 24:53
  of
• 24:53
  starting
• 24:53
  with
• 24:54
  a
• 24:54
  tool
• 24:54
  based
• 24:54
  conversation.
• 24:55
  Right.
• 24:56
  They
• 24:56
  think
• 24:56
  the
• 24:56
  secret
• 24:56
  sauce
• 24:57
  that
• 24:57
  my
• 24:57
  team
• 24:58
  are
• 24:58
  going
• 24:58
  to
• 24:58
  bring
• 24:58
  to
• 24:58
  them
• 24:58
  is
• 24:59
  like,
• 24:59
  oh,
• 24:59
  here
• 24:59
  is
• 24:59
  the
• 25:00
  right
• 25:00
  combination
• 25:00
  of
• 25:01
  database
• 25:01
  tools
• 25:02
  and
• 25:02
  ETL
• 25:03
  tools
• 25:03
  to
• 25:03
  use.
• 25:04
  And
• 25:04
  that's
• 25:05
  the
• 25:05
  thing
• 25:05
  that's
• 25:05
  going
• 25:05
  to
• 25:05
  unlock
• 25:06
  the
• 25:06
  value
• 25:06
  when
• 25:06
  in
• 25:06
  fact
• 25:07
  the
• 25:07
  tool
• 25:07
  choice
• 25:07
  is
• 25:08
  often
• 25:08
  completely
• 25:08
  unimportant
• 25:09
  at
• 25:09
  the
• 25:09
  level
• 25:09
  of,
• 25:11
  you
• 25:11
  know,
• 25:11
  complexity
• 25:12
  that
• 25:12
  we're
• 25:12
  dealing
• 25:12
  with.
• 25:13
  To
• 25:13
  start
• 25:13
  with.
• 25:14
  And
• 25:14
  it's
• 25:15
  much
• 25:15
  more
• 25:15
  about
• 25:16
  can
• 25:16
  we
• 25:17
  standardize
• 25:17
  and
• 25:17
  agree
• 25:18
  terms?
• 25:18
  Can
• 25:18
  we
• 25:18
  standardize
• 25:19
  and
• 25:19
  version
• 25:19
  control
• 25:20
  the
• 25:20
  business
• 25:20
  logic
• 25:21
  by
• 25:21
  which
• 25:21
  we
• 25:22
  are
• 25:24
  any
• 25:25
  number
• 25:25
  that's
• 25:25
  arrived
• 25:25
  at
• 25:25
  deterministically,
• 25:26
  like
• 25:27
  who
• 25:27
  controls
• 25:28
  that
• 25:28
  business
• 25:28
  logic?
• 25:28
  Can
• 25:29
  we
• 25:29
  all
• 25:29
  agree
• 25:29
  it's
• 25:29
  done
• 25:29
  the
• 25:29
  same
• 25:30
  way?
• 25:30
  What
• 25:31
  are
• 25:31
  the
• 25:31
  key
• 25:31
  performance
• 25:32
  indicators
• 25:32
  of
• 25:32
  the
• 25:33
  company?
• 25:33
  How
• 25:33
  are
• 25:33
  those
• 25:33
  calculated
• 25:34
  and
• 25:35
  how
• 25:35
  do
• 25:35
  we
• 25:35
  contribute
• 25:35
  to
• 25:35
  them?
• 25:36
  And
• 25:36
  I
• 25:36
  think
• 25:36
  those
• 25:36
  things
• 25:36
  are
• 25:37
  often
• 25:39
  the
• 25:40
  first,
• 25:40
  the
• 25:40
  right
• 25:40
  first
• 25:40
  step
• 25:41
  before
• 25:41
  technology
• 25:41
  even
• 25:42
  comes
• 25:42
  into
• 25:42
  play.
• 25:43
  Because
• 25:43
  without
• 25:44
  an
• 25:44
  understanding
• 25:44
  of
• 25:44
  how
• 25:44
  the
• 25:45
  tech
• 25:45
  or
• 25:45
  the
• 25:45
  data
• 25:45
  is
• 25:45
  going
• 25:46
  to
• 25:46
  make
• 25:46
  a
• 25:46
  difference,
• 25:46
  then,
• 25:48
  you
• 25:48
  know,
• 25:48
  you're
• 25:48
  often
• 25:49
  throwing,
• 25:49
  you're
• 25:49
  throwing
• 25:49
  darts
• 25:50
  in
• 25:50
  the,
• 25:50
  in
• 25:50
  the
• 25:50
  dark
• 25:50
  and
• 25:51
  hoping
• 25:51
  to
• 25:51
  hit
• 25:51
  a
• 25:51
  bullseye.
• 25:52
  Oh
• 25:53
  yeah,
• 25:53
  I
• 25:53
  mean
• 25:53
  I
• 25:53
  had
• 25:53
  a,
• 25:54
  I
• 25:54
  had
• 25:54
  a
• 25:54
  client
• 25:54
  who,
• 25:55
  so
• 25:55
  you
• 25:55
  know,
• 25:55
  they,
• 25:56
  they're
• 25:57
  a
• 25:57
  larger
• 25:57
  mid
• 25:57
  sized
• 25:57
  company,
• 25:58
  a
• 25:58
  couple
• 25:58
  hundreds
• 25:59
  of
• 25:59
  millions,
• 25:59
  right?
• 26:00
  Not,
• 26:00
  not
• 26:00
  huge.
• 26:01
  And
• 26:01
  so,
• 26:02
  and
• 26:02
  I
• 26:02
  think
• 26:02
  they
• 26:02
  hired
• 26:02
  a
• 26:03
  consultant
• 26:03
  and
• 26:03
  they
• 26:03
  were,
• 26:04
  you
• 26:04
  know,
• 26:04
  and
• 26:04
  the
• 26:04
  consultant
• 26:05
  said,
• 26:05
  data
• 26:05
  breaks
• 26:06
  or
• 26:06
  you
• 26:06
  know,
• 26:06
  snowflake
• 26:07
  or
• 26:07
  whatever.
• 26:07
  And
• 26:09
  the
• 26:10
  CFO
• 26:10
  said,
• 26:10
  well,
• 26:11
  I
• 26:11
  don't
• 26:11
  know
• 26:11
  any
• 26:11
  of
• 26:11
  these,
• 26:11
  I'm
• 26:12
  a
• 26:12
  little
• 26:12
  bit
• 26:12
  afraid.
• 26:14
  And
• 26:14
  then
• 26:14
  we
• 26:14
  started
• 26:15
  talking
• 26:16
  and
• 26:17
  he
• 26:17
  basically
• 26:17
  said,
• 26:17
  well,
• 26:18
  you
• 26:18
  know,
• 26:19
  why
• 26:19
  don't
• 26:19
  we,
• 26:20
  I
• 26:20
  mean,
• 26:20
  I
• 26:20
  kind
• 26:20
  of
• 26:20
  coached
• 26:21
  him
• 26:21
  along
• 26:21
  in
• 26:21
  this
• 26:22
  thinking,
• 26:22
  but
• 26:22
  I
• 26:22
  said,
• 26:23
  okay,
• 26:23
  fine,
• 26:23
  you're
• 26:23
  afraid
• 26:23
  of
• 26:23
  all
• 26:24
  this
• 26:24
  new
• 26:24
  vocabulary
• 26:25
  and
• 26:25
  words
• 26:25
  like
• 26:25
  what
• 26:25
  the
• 26:25
  hell
• 26:25
  is
• 26:25
  snowflake?
• 26:28
  And
• 26:29
  so,
• 26:29
  you
• 26:29
  know,
• 26:30
  he
• 26:30
  said,
• 26:30
  why
• 26:30
  don't
• 26:30
  we
• 26:30
  just
• 26:30
  put
• 26:31
  on
• 26:31
  training
• 26:31
  wheels
• 26:31
  so
• 26:32
  for
• 26:33
  particular
• 26:35
  subset
• 26:35
  of
• 26:35
  the
• 26:35
  company,
• 26:36
  so
• 26:36
  it
• 26:36
  was
• 26:36
  a
• 26:37
  subsidiary,
• 26:38
  you
• 26:38
  know,
• 26:38
  let's
• 26:38
  just
• 26:38
  put
• 26:39
  in
• 26:39
  a
• 26:39
  postgres
• 26:39
  database
• 26:40
  and
• 26:40
  then
• 26:41
  like
• 26:41
  start
• 26:41
  capturing
• 26:42
  the
• 26:42
  data
• 26:42
  and
• 26:43
  then
• 26:43
  creating
• 26:43
  rules
• 26:44
  around
• 26:44
  that
• 26:44
  and
• 26:44
  find.
• 26:45
  So
• 26:45
  this
• 26:45
  and
• 26:45
  this
• 26:46
  and
• 26:46
  then
• 26:46
  this
• 26:46
  got
• 26:46
  them
• 26:47
  to
• 26:47
  see
• 26:47
  the
• 26:47
  possibility
• 26:47
  of
• 26:48
  like,
• 26:48
  wow,
• 26:48
  okay,
• 26:49
  data
• 26:49
  does.
• 26:50
  Is
• 26:50
  doable
• 26:51
  and
• 26:51
  manageable
• 26:52
  and
• 26:52
  provides
• 26:53
  value.
• 26:53
  Right?
• 26:54
  Yeah.
• 26:54
  The.
• 26:55
  Another
• 26:55
  great
• 26:56
  phrase
• 26:56
  that
• 26:57
  I've
• 26:57
  seen
• 26:57
  around
• 26:58
  the
• 26:59
  holes
• 26:59
  that
• 26:59
  I
• 26:59
  run
• 27:00
  through
• 27:00
  is
• 27:01
  if
• 27:01
  your
• 27:01
  data
• 27:02
  strategy
• 27:03
  consists
• 27:03
  of
• 27:04
  a
• 27:04
  list
• 27:04
  of
• 27:04
  tools,
• 27:04
  then
• 27:04
  it's
• 27:05
  a
• 27:05
  shopping
• 27:05
  list
• 27:05
  and
• 27:05
  not
• 27:05
  a
• 27:06
  data
• 27:06
  strategy.
• 27:07
  So
• 27:09
  I'm
• 27:10
  very
• 27:10
  deliberately,
• 27:13
  you
• 27:14
  know,
• 27:14
  not
• 27:14
  committed
• 27:14
  to
• 27:15
  any
• 27:15
  particular
• 27:16
  tool
• 27:16
  or
• 27:16
  platform
• 27:17
  as
• 27:17
  an
• 27:17
  answer
• 27:18
  because
• 27:18
  often
• 27:19
  it
• 27:20
  focuses
• 27:21
  attention
• 27:21
  away
• 27:21
  from
• 27:22
  the
• 27:22
  most
• 27:22
  important
• 27:23
  thing
• 27:23
  in
• 27:23
  the
• 27:23
  first
• 27:24
  place
• 27:24
  of
• 27:24
  like,
• 27:24
  what
• 27:24
  data
• 27:24
  should
• 27:25
  we
• 27:25
  collect
• 27:25
  and
• 27:25
  what
• 27:25
  are
• 27:25
  we
• 27:25
  going
• 27:26
  to
• 27:26
  do
• 27:26
  with
• 27:26
  it
• 27:27
  once
• 27:27
  we've
• 27:28
  got
• 27:28
  it
• 27:28
  and
• 27:28
  how
• 27:28
  is
• 27:28
  that
• 27:29
  going
• 27:29
  to.
• 27:29
  How
• 27:30
  is
• 27:30
  that
• 27:30
  going
• 27:30
  to
• 27:30
  add
• 27:30
  value?
• 27:33
  What's
• 27:33
  the
• 27:33
  kind
• 27:33
  of.
• 27:35
  Often
• 27:35
  in
• 27:35
  these
• 27:35
  situations
• 27:36
  you
• 27:36
  can
• 27:36
  make
• 27:36
  a
• 27:37
  really
• 27:37
  small
• 27:37
  investment
• 27:38
  and
• 27:38
  see
• 27:38
  a
• 27:39
  light
• 27:39
  bulb
• 27:39
  go
• 27:39
  on
• 27:39
  or
• 27:40
  see
• 27:41
  a
• 27:41
  big
• 27:41
  change.
• 27:42
  What's
• 27:43
  the
• 27:43
  smallest
• 27:43
  investment
• 27:44
  that
• 27:44
  you've
• 27:44
  seen
• 27:44
  create
• 27:45
  disproportionate
• 27:47
  value
• 27:48
  for
• 27:49
  the
• 27:49
  private
• 27:49
  equity
• 27:49
  firm
• 27:50
  in
• 27:50
  the
• 27:51
  portfolio
• 27:51
  company
• 27:51
  that
• 27:52
  you're
• 27:52
  operating
• 27:52
  with?
• 27:55
  This
• 27:56
  was
• 27:56
  not
• 27:57
  a
• 27:57
  portfolio
• 27:58
  company
• 27:58
  of
• 27:58
  a
• 27:58
  private.
• 27:58
  So
• 27:59
  we
• 27:59
  work
• 27:59
  with
• 27:59
  companies
• 27:59
  that
• 28:00
  are
• 28:01
  port
• 28:01
  cos
• 28:02
  of
• 28:02
  pe,
• 28:03
  but
• 28:03
  also
• 28:04
  independent
• 28:04
  companies
• 28:04
  that
• 28:05
  are
• 28:06
  kind
• 28:06
  of
• 28:06
  targeted
• 28:07
  by
• 28:07
  activist
• 28:07
  funds
• 28:09
  as
• 28:09
  well.
• 28:09
  Right.
• 28:10
  So
• 28:10
  similar
• 28:11
  story,
• 28:11
  but
• 28:11
  in
• 28:11
  this
• 28:12
  case
• 28:12
  it
• 28:12
  was
• 28:12
  quite
• 28:12
  interesting
• 28:13
  because
• 28:15
  just
• 28:15
  as
• 28:15
  an
• 28:15
  example,
• 28:17
  they
• 28:17
  did
• 28:17
  not
• 28:18
  have
• 28:18
  a
• 28:18
  data
• 28:18
  platform
• 28:19
  and
• 28:19
  they're
• 28:19
  still
• 28:19
  implementing
• 28:20
  the
• 28:20
  data
• 28:20
  platform.
• 28:21
  But
• 28:21
  we
• 28:21
  said
• 28:22
  let's
• 28:22
  in
• 28:23
  the
• 28:23
  first
• 28:23
  three
• 28:24
  months
• 28:24
  focus
• 28:24
  on
• 28:25
  finding
• 28:25
  pockets
• 28:26
  of
• 28:26
  cash
• 28:26
  that
• 28:27
  can
• 28:27
  be
• 28:27
  freed,
• 28:28
  so
• 28:28
  unlock
• 28:29
  cash
• 28:29
  asap.
• 28:31
  And
• 28:31
  the
• 28:31
  reason
• 28:31
  is
• 28:31
  that
• 28:32
  basically
• 28:33
  they
• 28:33
  were
• 28:34
  under
• 28:34
  some
• 28:34
  pressure
• 28:34
  to
• 28:36
  kind
• 28:36
  of
• 28:37
  release
• 28:37
  cash
• 28:38
  and
• 28:38
  reinvest
• 28:38
  that
• 28:38
  into
• 28:39
  something
• 28:39
  that
• 28:39
  was
• 28:39
  a
• 28:39
  growth
• 28:40
  area.
• 28:41
  And
• 28:42
  anyway,
• 28:43
  so
• 28:44
  we
• 28:45
  basically
• 28:45
  looked
• 28:46
  at
• 28:46
  per
• 28:47
  again,
• 28:47
  across
• 28:48
  all
• 28:48
  these
• 28:48
  dimensions,
• 28:49
  per
• 28:49
  customer,
• 28:50
  per
• 28:50
  invoice,
• 28:52
  per
• 28:52
  supplier,
• 28:53
  per
• 28:53
  invoice,
• 28:54
  look
• 28:54
  at
• 28:54
  all
• 28:55
  the
• 28:55
  inventory
• 28:56
  as
• 28:56
  well.
• 28:56
  And
• 28:57
  this
• 28:57
  is
• 28:57
  for
• 28:57
  kind
• 28:57
  of
• 28:57
  a
• 28:59
  metal
• 28:59
  company.
• 29:02
  And
• 29:02
  what
• 29:02
  they
• 29:02
  do
• 29:03
  is
• 29:03
  they
• 29:03
  buy
• 29:03
  metal
• 29:03
  and
• 29:04
  they
• 29:04
  transform
• 29:04
  it
• 29:04
  in
• 29:04
  some
• 29:05
  way,
• 29:05
  bend
• 29:05
  it,
• 29:05
  stretch
• 29:06
  it,
• 29:06
  et
• 29:06
  cetera.
• 29:08
  And
• 29:09
  we
• 29:10
  basically
• 29:10
  were
• 29:10
  able
• 29:11
  to
• 29:11
  get
• 29:11
  really
• 29:12
  granular
• 29:12
  into
• 29:14
  the
• 29:14
  data
• 29:15
  per
• 29:15
  transaction,
• 29:16
  per
• 29:17
  site,
• 29:17
  per
• 29:18
  whatever
• 29:19
  dimension,
• 29:20
  identify
• 29:21
  which
• 29:21
  were
• 29:21
  the
• 29:21
  good
• 29:22
  customers
• 29:22
  and
• 29:22
  the
• 29:22
  bad
• 29:23
  customers.
• 29:23
  So
• 29:23
  we
• 29:23
  almost
• 29:23
  had
• 29:23
  a
• 29:24
  heat
• 29:24
  map
• 29:24
  of
• 29:25
  where
• 29:25
  we
• 29:26
  can
• 29:26
  focus
• 29:27
  on,
• 29:29
  on
• 29:29
  improving
• 29:30
  what's
• 29:30
  called
• 29:30
  the
• 29:31
  cash
• 29:31
  conversion
• 29:31
  cycle.
• 29:32
  So
• 29:32
  this
• 29:32
  is
• 29:32
  an
• 29:32
  important
• 29:33
  metric
• 29:33
  in
• 29:33
  working
• 29:34
  capital
• 29:35
  which
• 29:35
  tells
• 29:35
  you
• 29:36
  how
• 29:36
  quickly
• 29:36
  you're
• 29:36
  turning
• 29:38
  sort
• 29:38
  of
• 29:39
  payables
• 29:40
  or
• 29:41
  sorry,
• 29:41
  receivables
• 29:41
  to
• 29:42
  cash
• 29:42
  and
• 29:44
  how
• 29:44
  quickly
• 29:45
  you're
• 29:45
  turning
• 29:45
  inventory
• 29:46
  to
• 29:46
  cash,
• 29:47
  how
• 29:47
  slowly
• 29:47
  you're
• 29:47
  paying
• 29:48
  your
• 29:48
  suppliers,
• 29:49
  et
• 29:49
  cetera.
• 29:51
  And
• 29:51
  we
• 29:51
  really
• 29:52
  kind
• 29:52
  of
• 29:52
  identified
• 29:52
  and
• 29:53
  zoomed
• 29:53
  in
• 29:53
  on
• 29:53
  that
• 29:54
  and
• 29:54
  we
• 29:54
  were
• 29:54
  able
• 29:54
  to
• 29:54
  identify
• 29:55
  again,
• 29:55
  this
• 29:55
  is
• 29:55
  for
• 29:56
  a
• 29:56
  $400
• 29:56
  million
• 29:57
  company,
• 29:58
  about
• 29:58
  $80
• 29:59
  million
• 30:00
  in
• 30:00
  savings
• 30:01
  along
• 30:02
  those
• 30:02
  dimensions
• 30:02
  just
• 30:03
  very,
• 30:03
  very
• 30:03
  quickly
• 30:05
  because
• 30:05
  we
• 30:05
  were
• 30:06
  able
• 30:06
  to
• 30:06
  stitch
• 30:06
  together
• 30:06
  the
• 30:07
  data
• 30:07
  and
• 30:07
  then
• 30:08
  run
• 30:08
  an
• 30:09
  analytic
• 30:09
  on
• 30:09
  top
• 30:10
  of
• 30:10
  it
• 30:11
  that
• 30:11
  looked
• 30:12
  at
• 30:12
  sort
• 30:12
  of
• 30:12
  relative
• 30:13
  to
• 30:13
  competitors,
• 30:14
  how
• 30:14
  quickly
• 30:14
  you
• 30:14
  should
• 30:15
  be
• 30:15
  paying,
• 30:16
  what's
• 30:16
  the
• 30:16
  negotiating
• 30:17
  power
• 30:17
  you
• 30:17
  have.
• 30:18
  And
• 30:19
  again,
• 30:20
  that
• 30:20
  involved
• 30:22
  bringing
• 30:22
  together
• 30:23
  the
• 30:23
  salespeople,
• 30:24
  the
• 30:25
  procurement
• 30:25
  people,
• 30:26
  production
• 30:27
  people,
• 30:28
  and
• 30:28
  then
• 30:28
  sort
• 30:28
  of
• 30:29
  getting,
• 30:30
  getting
• 30:30
  the
• 30:31
  data
• 30:31
  not
• 30:32
  only
• 30:32
  from
• 30:32
  the
• 30:32
  Systems
• 30:33
  and
• 30:33
  the
• 30:33
  ERPs,
• 30:34
  but
• 30:34
  also
• 30:35
  from
• 30:35
  the
• 30:35
  CRMs,
• 30:35
  understanding
• 30:36
  short
• 30:36
  term
• 30:36
  forecasts
• 30:37
  and
• 30:37
  seeing
• 30:37
  where
• 30:37
  they
• 30:37
  think
• 30:37
  they're
• 30:38
  going
• 30:38
  to
• 30:38
  land
• 30:38
  and
• 30:39
  then
• 30:39
  being
• 30:39
  able
• 30:39
  to
• 30:40
  calibrate
• 30:41
  their
• 30:42
  negotiations
• 30:42
  based
• 30:43
  on
• 30:43
  the
• 30:43
  projected
• 30:43
  demand
• 30:44
  and
• 30:44
  say,
• 30:44
  okay,
• 30:44
  well
• 30:44
  if
• 30:45
  you
• 30:45
  want
• 30:45
  this
• 30:45
  metal
• 30:45
  faster
• 30:46
  or
• 30:47
  delivered
• 30:47
  faster,
• 30:48
  you're
• 30:48
  going
• 30:48
  to
• 30:48
  have
• 30:48
  to
• 30:48
  do
• 30:48
  this
• 30:49
  and
• 30:49
  change
• 30:49
  the
• 30:49
  pricing.
• 30:50
  So,
• 30:50
  you
• 30:50
  know,
• 30:50
  it
• 30:51
  becomes
• 30:51
  sort
• 30:51
  of
• 30:52
  a
• 30:52
  series
• 30:52
  of
• 30:52
  quick
• 30:52
  win
• 30:53
  negotiations
• 30:54
  that
• 30:54
  the
• 30:54
  company
• 30:55
  was
• 30:55
  able
• 30:55
  to
• 30:55
  capitalize
• 30:56
  on.
• 30:56
  But
• 30:56
  they
• 30:56
  had
• 30:56
  zero
• 30:57
  visibility
• 30:57
  into
• 30:57
  any
• 30:57
  of
• 30:58
  this.
• 30:58
  For
• 30:59
  example,
• 30:59
  just
• 30:59
  one
• 31:00
  concrete
• 31:00
  case,
• 31:01
  they
• 31:01
  were
• 31:01
  not
• 31:01
  charging
• 31:02
  for
• 31:03
  the
• 31:03
  storage
• 31:03
  fees
• 31:04
  of
• 31:04
  this
• 31:05
  chunks
• 31:05
  of
• 31:05
  metal
• 31:06
  in
• 31:06
  their
• 31:06
  inventory.
• 31:07
  So
• 31:07
  the
• 31:08
  client
• 31:08
  would
• 31:08
  say,
• 31:08
  okay,
• 31:08
  we'll
• 31:08
  come
• 31:09
  pick
• 31:09
  it
• 31:09
  up
• 31:09
  in
• 31:09
  whatever,
• 31:10
  30
• 31:10
  days
• 31:11
  and
• 31:11
  somehow
• 31:12
  it's
• 31:12
  forgotten.
• 31:12
  So
• 31:13
  it's
• 31:13
  lying
• 31:13
  there
• 31:13
  for
• 31:14
  90
• 31:14
  days
• 31:14
  or
• 31:14
  120
• 31:15
  days
• 31:15
  or
• 31:16
  200
• 31:17
  days
• 31:17
  in
• 31:17
  some
• 31:17
  cases.
• 31:18
  So
• 31:18
  you
• 31:18
  have
• 31:18
  this
• 31:18
  long
• 31:19
  tail
• 31:19
  of
• 31:19
  inventory
• 31:20
  that's,
• 31:20
  that's
• 31:21
  not
• 31:21
  being
• 31:21
  picked
• 31:22
  up
• 31:22
  by
• 31:22
  clients
• 31:22
  and
• 31:23
  they
• 31:23
  were
• 31:23
  not
• 31:23
  charging
• 31:24
  their
• 31:24
  customers
• 31:25
  for
• 31:25
  it.
• 31:26
  But
• 31:27
  that
• 31:27
  visibility
• 31:27
  at
• 31:27
  the
• 31:28
  transaction
• 31:28
  level
• 31:28
  was
• 31:29
  really
• 31:29
  kind
• 31:29
  of
• 31:30
  difficult
• 31:30
  because
• 31:31
  again,
• 31:32
  per
• 31:33
  each
• 31:33
  transaction,
• 31:36
  our
• 31:36
  customer
• 31:36
  and
• 31:36
  their
• 31:37
  customer,
• 31:37
  they
• 31:37
  were
• 31:37
  just
• 31:38
  having
• 31:38
  phone
• 31:38
  calls
• 31:38
  and
• 31:38
  saying,
• 31:38
  yeah,
• 31:39
  we'll
• 31:39
  just
• 31:39
  keep
• 31:39
  it
• 31:40
  in
• 31:40
  storage
• 31:40
  for
• 31:41
  X
• 31:41
  more
• 31:41
  days,
• 31:41
  we'll
• 31:42
  come
• 31:42
  pick
• 31:42
  it
• 31:42
  up
• 31:42
  later.
• 31:43
  So
• 31:43
  that
• 31:43
  really
• 31:44
  wasn't
• 31:44
  being
• 31:44
  tracked,
• 31:44
  for
• 31:44
  example.
• 31:45
  Yeah,
• 31:46
  and
• 31:46
  it's
• 31:46
  always
• 31:46
  a
• 31:46
  great
• 31:47
  place
• 31:47
  to
• 31:47
  start
• 31:47
  of
• 31:48
  with
• 31:48
  what,
• 31:48
  you
• 31:48
  know,
• 31:49
  what
• 31:49
  decisions
• 31:49
  are
• 31:49
  difficult
• 31:50
  right
• 31:50
  now?
• 31:51
  Difficult
• 31:52
  and
• 31:52
  also
• 31:52
  important.
• 31:52
  You
• 31:53
  recognize
• 31:53
  they're
• 31:53
  important,
• 31:54
  but
• 31:54
  you
• 31:54
  find
• 31:54
  them
• 31:54
  difficult
• 31:54
  to
• 31:55
  make
• 31:55
  because
• 31:55
  you
• 31:55
  don't
• 31:56
  have
• 31:56
  enough
• 31:57
  information.
• 31:57
  And
• 31:57
  I
• 31:58
  think
• 31:58
  you
• 31:58
  talked
• 31:58
  there
• 31:58
  about
• 32:00
  almost
• 32:00
  another
• 32:00
  layer
• 32:01
  to
• 32:01
  that
• 32:01
  of
• 32:01
  here
• 32:02
  are
• 32:02
  some
• 32:02
  decisions
• 32:02
  that
• 32:03
  you
• 32:03
  don't
• 32:03
  even
• 32:03
  have
• 32:03
  the
• 32:03
  data
• 32:04
  to
• 32:04
  consider
• 32:05
  that
• 32:06
  there
• 32:06
  might
• 32:06
  even
• 32:06
  be
• 32:06
  a
• 32:07
  decision
• 32:07
  to
• 32:07
  make.
• 32:08
  But
• 32:09
  allow
• 32:09
  me
• 32:09
  to
• 32:09
  unlock
• 32:09
  a
• 32:10
  whole
• 32:10
  new
• 32:10
  bunch
• 32:10
  of
• 32:10
  decisions,
• 32:11
  each
• 32:11
  of
• 32:11
  which
• 32:11
  could
• 32:11
  be
• 32:12
  strategic
• 32:13
  levers
• 32:13
  to
• 32:13
  unlock,
• 32:14
  you
• 32:14
  know,
• 32:14
  additional
• 32:15
  working
• 32:15
  capital
• 32:15
  in
• 32:15
  the,
• 32:16
  in
• 32:16
  the
• 32:17
  business.
• 32:18
  That's
• 32:18
  right.
• 32:18
  And
• 32:18
  you
• 32:19
  know,
• 32:19
  I
• 32:19
  think,
• 32:20
  and
• 32:20
  once
• 32:20
  we
• 32:21
  go
• 32:21
  beyond
• 32:21
  the
• 32:21
  basics.
• 32:22
  So,
• 32:22
  you
• 32:22
  know,
• 32:22
  this
• 32:22
  was
• 32:22
  kind
• 32:22
  of
• 32:23
  a
• 32:23
  fire
• 32:23
  drill
• 32:23
  that,
• 32:24
  that
• 32:24
  happened
• 32:24
  in,
• 32:24
  you
• 32:24
  know,
• 32:25
  over
• 32:25
  three
• 32:25
  months.
• 32:25
  But
• 32:25
  then
• 32:26
  beyond
• 32:26
  that,
• 32:27
  now
• 32:28
  what
• 32:28
  they're
• 32:29
  beginning
• 32:29
  to
• 32:29
  do
• 32:30
  is
• 32:30
  to
• 32:31
  create
• 32:32
  what
• 32:32
  they
• 32:32
  call
• 32:33
  sort
• 32:33
  of
• 32:33
  an
• 32:33
  intelligence
• 32:33
  package
• 32:34
  for
• 32:34
  their
• 32:35
  customer.
• 32:36
  So
• 32:36
  this
• 32:36
  goes
• 32:36
  back
• 32:37
  to
• 32:37
  kind
• 32:37
  of
• 32:37
  what
• 32:37
  I
• 32:37
  had
• 32:38
  in
• 32:38
  mind
• 32:38
  for
• 32:38
  the
• 32:38
  robo
• 32:39
  cfo.
• 32:39
  But
• 32:39
  what
• 32:39
  they
• 32:39
  do
• 32:40
  is
• 32:40
  they
• 32:40
  use
• 32:40
  AI,
• 32:41
  for
• 32:41
  example,
• 32:41
  to
• 32:41
  collect
• 32:42
  intelligence,
• 32:44
  news,
• 32:44
  financial
• 32:45
  reports,
• 32:46
  credit
• 32:46
  scores,
• 32:47
  etc.
• 32:47
  About
• 32:47
  their
• 32:48
  customers,
• 32:48
  their
• 32:48
  clients,
• 32:49
  and
• 32:50
  then,
• 32:50
  and
• 32:50
  then
• 32:50
  consolidate
• 32:51
  that
• 32:51
  into
• 32:51
  a
• 32:51
  data
• 32:52
  platform.
• 32:53
  So
• 32:53
  then
• 32:53
  they're
• 32:53
  able
• 32:53
  to
• 32:54
  see
• 32:54
  what
• 32:54
  the
• 32:55
  strategic
• 32:55
  priorities
• 32:55
  are
• 32:56
  of
• 32:56
  their
• 32:56
  customers
• 32:57
  are.
• 32:58
  And
• 32:58
  then
• 32:59
  on
• 32:59
  that,
• 32:59
  on
• 32:59
  the
• 32:59
  back
• 33:00
  of
• 33:00
  that,
• 33:00
  kind
• 33:00
  of
• 33:01
  assess
• 33:01
  the
• 33:01
  mutual
• 33:02
  negotiating
• 33:02
  power
• 33:03
  and
• 33:03
  then
• 33:03
  look
• 33:03
  for
• 33:03
  win
• 33:03
  win
• 33:04
  transactions.
• 33:05
  So
• 33:05
  maybe
• 33:05
  it's
• 33:06
  a
• 33:06
  customer
• 33:06
  that
• 33:07
  wants
• 33:07
  to
• 33:07
  get,
• 33:08
  that
• 33:10
  is
• 33:11
  willing
• 33:11
  to
• 33:14
  pay
• 33:14
  faster,
• 33:15
  in
• 33:15
  which
• 33:15
  case
• 33:16
  your
• 33:17
  customer
• 33:17
  pays
• 33:17
  you
• 33:17
  faster,
• 33:18
  but
• 33:18
  you
• 33:18
  can
• 33:19
  give
• 33:19
  them
• 33:19
  a
• 33:19
  discount.
• 33:20
  And
• 33:20
  so
• 33:20
  this
• 33:21
  gets
• 33:21
  into
• 33:21
  all
• 33:21
  sorts
• 33:21
  of
• 33:22
  financial
• 33:22
  calculations
• 33:23
  about
• 33:23
  the
• 33:24
  cost
• 33:24
  of
• 33:25
  the
• 33:25
  relative
• 33:25
  cost
• 33:26
  of
• 33:26
  capital
• 33:26
  and
• 33:28
  how
• 33:29
  do
• 33:29
  you
• 33:29
  actually
• 33:29
  whether
• 33:30
  you
• 33:30
  can
• 33:30
  pay
• 33:30
  someone
• 33:30
  faster
• 33:32
  for
• 33:32
  discount,
• 33:32
  et
• 33:32
  cetera.
• 33:34
  That
• 33:34
  gets
• 33:34
  quite
• 33:34
  interesting.
• 33:35
  But
• 33:35
  you
• 33:35
  need
• 33:35
  the
• 33:35
  data
• 33:35
  to
• 33:35
  be
• 33:36
  able
• 33:36
  to
• 33:36
  do
• 33:36
  that
• 33:37
  on
• 33:37
  an
• 33:37
  ongoing
• 33:37
  basis.
• 33:38
  Yeah,
• 33:38
  absolutely.
• 33:39
  And
• 33:39
  that's
• 33:39
  certainly
• 33:39
  something
• 33:40
  I
• 33:40
  see
• 33:40
  a
• 33:40
  lot
• 33:40
  of
• 33:42
  founders
• 33:42
  offering
• 33:43
  in
• 33:43
  the
• 33:43
  first
• 33:43
  couple
• 33:43
  of
• 33:43
  years
• 33:43
  of
• 33:43
  a
• 33:44
  company.
• 33:45
  If
• 33:45
  you
• 33:45
  can
• 33:45
  pay
• 33:45
  up
• 33:46
  front,
• 33:46
  then
• 33:46
  we'll
• 33:47
  knock
• 33:47
  10%
• 33:47
  off
• 33:48
  because
• 33:48
  that
• 33:48
  gives
• 33:48
  it
• 33:48
  access
• 33:49
  to
• 33:49
  critical
• 33:49
  working
• 33:49
  capital
• 33:50
  that
• 33:50
  they
• 33:50
  wouldn't
• 33:51
  otherwise
• 33:51
  have,
• 33:51
  especially
• 33:52
  if
• 33:53
  they're
• 33:53
  bootstrapping.
• 33:55
  I
• 33:55
  know
• 33:55
  we
• 33:56
  touched
• 33:56
  on
• 33:56
  it
• 33:56
  briefly
• 33:56
  at
• 33:56
  the
• 33:57
  start,
• 33:58
  but
• 33:58
  you
• 33:58
  mentioned
• 33:59
  AI
• 33:59
  there
• 33:59
  and
• 33:59
  I
• 33:59
  think
• 33:59
  we
• 34:00
  probably
• 34:00
  set
• 34:00
  a
• 34:01
  2026
• 34:02
  record
• 34:02
  for
• 34:02
  a
• 34:03
  podcast
• 34:03
  that
• 34:04
  we're
• 34:04
  30
• 34:04
  minutes
• 34:05
  in
• 34:05
  and
• 34:05
  AI
• 34:05
  hasn't
• 34:06
  come
• 34:06
  up
• 34:06
  in
• 34:06
  conversation.
• 34:08
  But
• 34:08
  since
• 34:09
  you
• 34:09
  mentioned
• 34:09
  it
• 34:10
  and
• 34:10
  you
• 34:10
  know
• 34:11
  you
• 34:11
  were
• 34:11
  involved
• 34:11
  in
• 34:11
  AI
• 34:12
  twice
• 34:12
  before
• 34:12
  it
• 34:12
  was
• 34:13
  cool.
• 34:13
  Like
• 34:13
  not
• 34:13
  just
• 34:13
  a
• 34:14
  little
• 34:14
  bit
• 34:14
  before
• 34:14
  it
• 34:14
  was
• 34:14
  cool,
• 34:15
  but
• 34:15
  a
• 34:15
  long
• 34:15
  way
• 34:15
  before
• 34:15
  it
• 34:16
  was
• 34:17
  cool
• 34:17
  in
• 34:17
  some
• 34:17
  of
• 34:17
  its
• 34:18
  earlier
• 34:18
  forms.
• 34:20
  It's
• 34:20
  a
• 34:20
  big
• 34:20
  thing
• 34:21
  that's
• 34:21
  front
• 34:21
  of
• 34:21
  mind
• 34:22
  for
• 34:22
  a
• 34:22
  lot
• 34:22
  of
• 34:22
  people.
• 34:23
  My
• 34:23
  guest
• 34:24
  last
• 34:24
  week
• 34:25
  talked
• 34:26
  actually
• 34:26
  about
• 34:26
  how
• 34:26
  particularly
• 34:27
  in
• 34:27
  the
• 34:27
  mid
• 34:27
  market,
• 34:28
  people
• 34:28
  are
• 34:28
  kind
• 34:28
  of
• 34:29
  a
• 34:29
  little
• 34:29
  bit
• 34:29
  frozen
• 34:29
  with
• 34:30
  AI.
• 34:30
  And
• 34:31
  there
• 34:31
  are
• 34:31
  certain
• 34:32
  elements
• 34:33
  of
• 34:33
  being
• 34:33
  a
• 34:33
  mid
• 34:33
  market
• 34:34
  company
• 34:34
  that
• 34:34
  make
• 34:34
  it
• 34:34
  hard,
• 34:35
  harder
• 34:35
  to
• 34:35
  adopt.
• 34:36
  Like
• 34:36
  you
• 34:36
  haven't,
• 34:37
  you
• 34:37
  can't
• 34:37
  just
• 34:38
  bring
• 34:38
  in
• 34:38
  McKinsey
• 34:38
  and
• 34:38
  Bain
• 34:39
  like
• 34:39
  the
• 34:39
  big
• 34:39
  enterprises
• 34:41
  are
• 34:41
  going
• 34:41
  to
• 34:41
  do.
• 34:41
  And
• 34:42
  I
• 34:42
  think
• 34:42
  on
• 34:42
  the
• 34:43
  other
• 34:43
  end
• 34:43
  of
• 34:43
  the
• 34:43
  spectrum
• 34:43
  you
• 34:44
  have,
• 34:44
  well,
• 34:45
  folks
• 34:45
  like
• 34:45
  us
• 34:46
  who
• 34:46
  are
• 34:46
  in
• 34:47
  the
• 34:47
  founding
• 34:47
  stages
• 34:47
  of
• 34:47
  companies
• 34:48
  who
• 34:49
  desperately
• 34:49
  need
• 34:49
  the
• 34:49
  operating
• 34:50
  efficiency
• 34:50
  and
• 34:50
  can't
• 34:50
  afford
• 34:51
  not
• 34:51
  to
• 34:51
  use
• 34:51
  AI.
• 34:52
  And
• 34:52
  then
• 34:52
  in
• 34:52
  the
• 34:53
  middle
• 34:53
  you've
• 34:53
  got
• 34:53
  Mid
• 34:53
  market
• 34:54
  who,
• 34:54
  who
• 34:54
  seem
• 34:55
  to
• 34:55
  be
• 34:55
  kind
• 34:56
  of
• 34:56
  lagging
• 34:56
  a
• 34:56
  little
• 34:56
  bit.
• 34:56
  And
• 34:57
  my
• 34:57
  guest
• 34:57
  last
• 34:57
  week
• 34:57
  actually
• 34:58
  talked
• 34:58
  about,
• 34:59
  he
• 35:00
  does
• 35:01
  AI
• 35:01
  advisory
• 35:02
  for
• 35:02
  portfolio
• 35:03
  companies.
• 35:04
  And
• 35:05
  even
• 35:05
  still
• 35:05
  as
• 35:05
  soon
• 35:05
  ago
• 35:06
  as
• 35:06
  a
• 35:06
  couple
• 35:06
  of
• 35:06
  weeks
• 35:06
  ago,
• 35:06
  he
• 35:07
  was
• 35:07
  talking
• 35:07
  about
• 35:07
  how
• 35:08
  in
• 35:08
  a
• 35:08
  room
• 35:09
  of
• 35:09
  100
• 35:09
  CEOs,
• 35:10
  only
• 35:10
  eight
• 35:10
  of
• 35:10
  them
• 35:11
  said
• 35:11
  they
• 35:11
  were
• 35:11
  regularly
• 35:12
  using
• 35:12
  AI
• 35:13
  and
• 35:13
  that's
• 35:13
  on
• 35:13
  a
• 35:13
  weekly
• 35:14
  basis.
• 35:14
  So
• 35:15
  there's
• 35:15
  certainly
• 35:15
  a
• 35:16
  gap
• 35:17
  in
• 35:17
  the
• 35:17
  mid
• 35:18
  market.
• 35:18
  So
• 35:19
  what
• 35:19
  sort
• 35:20
  of
• 35:20
  things
• 35:20
  do
• 35:20
  you
• 35:20
  think
• 35:20
  mid
• 35:21
  market
• 35:21
  companies
• 35:21
  should
• 35:21
  be
• 35:21
  doing
• 35:22
  to
• 35:22
  prepare
• 35:22
  for
• 35:23
  the
• 35:23
  inevitability
• 35:24
  of
• 35:24
  having
• 35:24
  to
• 35:25
  adopt
• 35:25
  AI
• 35:26
  as
• 35:26
  the
• 35:26
  tools
• 35:26
  get
• 35:27
  more
• 35:27
  and
• 35:27
  more
• 35:27
  democratized,
• 35:28
  affordable,
• 35:28
  well
• 35:28
  understood,
• 35:29
  more
• 35:29
  secured,
• 35:30
  like
• 35:31
  the
• 35:31
  wave
• 35:31
  is
• 35:31
  undoubtedly
• 35:32
  coming.
• 35:32
  Like
• 35:32
  what
• 35:32
  can
• 35:32
  companies
• 35:33
  do
• 35:33
  now
• 35:33
  to
• 35:33
  prepare?
• 35:36
  That's,
• 35:36
  that's
• 35:37
  a
• 35:37
  hard
• 35:38
  question
• 35:38
  because
• 35:39
  the
• 35:40
  usage
• 35:40
  of
• 35:40
  AI.
• 35:41
  So
• 35:41
  you
• 35:41
  know,
• 35:41
  if
• 35:42
  you,
• 35:42
  if
• 35:42
  you
• 35:42
  think
• 35:42
  naively
• 35:43
  about
• 35:43
  the
• 35:43
  usage
• 35:43
  of
• 35:43
  AI
• 35:44
  and
• 35:44
  how
• 35:44
  consumers,
• 35:45
  like
• 35:45
  people,
• 35:45
  just
• 35:45
  normal
• 35:45
  people
• 35:46
  use
• 35:46
  it,
• 35:46
  they
• 35:46
  think
• 35:46
  of,
• 35:47
  let's
• 35:47
  say
• 35:47
  chatgpt
• 35:49
  and
• 35:49
  you
• 35:49
  know,
• 35:49
  they
• 35:50
  just
• 35:50
  write
• 35:50
  whatever
• 35:51
  question
• 35:51
  and
• 35:51
  they
• 35:51
  think
• 35:52
  of
• 35:52
  it
• 35:52
  as
• 35:52
  their
• 35:52
  pal.
• 35:54
  Of
• 35:54
  course
• 35:54
  it
• 35:55
  gets
• 35:55
  quite
• 35:55
  expensive
• 35:56
  quite
• 35:56
  quickly
• 35:56
  as
• 35:57
  you're,
• 35:57
  as
• 35:57
  you're
• 35:57
  passing
• 35:58
  tokens
• 35:58
  through
• 35:58
  the
• 35:58
  API.
• 36:00
  So
• 36:00
  companies
• 36:01
  need
• 36:01
  to
• 36:01
  be
• 36:01
  judicious
• 36:02
  about
• 36:02
  what
• 36:03
  type
• 36:03
  of
• 36:03
  data
• 36:03
  they're
• 36:04
  passing
• 36:04
  through,
• 36:05
  both
• 36:05
  from
• 36:05
  a
• 36:05
  privacy
• 36:08
  context
• 36:08
  as
• 36:08
  well
• 36:08
  as
• 36:09
  the
• 36:09
  cost
• 36:09
  context.
• 36:10
  Right.
• 36:11
  So
• 36:11
  it's
• 36:11
  not
• 36:11
  as
• 36:11
  if
• 36:11
  I'm
• 36:12
  just
• 36:12
  going
• 36:12
  to
• 36:12
  plug
• 36:12
  into
• 36:12
  some
• 36:14
  AI
• 36:15
  chatbot
• 36:16
  and
• 36:16
  that's
• 36:16
  going
• 36:16
  to
• 36:16
  kind
• 36:16
  of
• 36:17
  provide
• 36:17
  me
• 36:17
  insights.
• 36:18
  What
• 36:20
  I
• 36:20
  think
• 36:20
  of
• 36:20
  is
• 36:21
  again
• 36:21
  data
• 36:21
  as
• 36:22
  an
• 36:22
  asset.
• 36:22
  So
• 36:23
  this
• 36:23
  data
• 36:23
  is
• 36:23
  actually
• 36:24
  critical
• 36:25
  asset,
• 36:25
  unique
• 36:26
  asset
• 36:26
  that,
• 36:28
  that
• 36:28
  you
• 36:28
  can
• 36:28
  leverage
• 36:29
  to
• 36:31
  train
• 36:32
  possibly
• 36:32
  AI,
• 36:33
  possibly
• 36:33
  just
• 36:34
  more
• 36:34
  mundane
• 36:34
  statistical
• 36:35
  models,
• 36:35
  machine
• 36:36
  learning
• 36:36
  models,
• 36:37
  but
• 36:37
  that
• 36:37
  will
• 36:37
  improve
• 36:38
  your
• 36:38
  things
• 36:39
  like
• 36:39
  your
• 36:39
  pricing,
• 36:40
  things
• 36:40
  like
• 36:40
  your
• 36:40
  negotiation
• 36:41
  with
• 36:42
  the
• 36:43
  supply
• 36:43
  chain,
• 36:44
  things
• 36:44
  like
• 36:44
  your
• 36:44
  internal
• 36:45
  operations.
• 36:46
  So
• 36:46
  those
• 36:46
  are
• 36:46
  critical,
• 36:47
  kind
• 36:48
  of
• 36:48
  mission
• 36:48
  critical
• 36:49
  core
• 36:51
  things
• 36:52
  that
• 36:53
  some
• 36:53
  AI
• 36:54
  models
• 36:54
  can
• 36:54
  do,
• 36:54
  but
• 36:54
  other
• 36:55
  times
• 36:55
  you
• 36:55
  just
• 36:55
  need
• 36:56
  simple
• 36:56
  regression
• 36:57
  models,
• 36:57
  sometimes
• 36:57
  you
• 36:58
  just
• 36:58
  need
• 36:58
  other
• 36:59
  approaches.
• 37:00
  But
• 37:00
  having
• 37:01
  that
• 37:01
  data
• 37:01
  available
• 37:01
  to
• 37:02
  actually
• 37:02
  kind
• 37:02
  of
• 37:02
  make
• 37:02
  use
• 37:03
  of
• 37:03
  it
• 37:03
  and
• 37:03
  to
• 37:04
  figure
• 37:04
  out,
• 37:04
  okay,
• 37:05
  can
• 37:06
  I
• 37:06
  figure
• 37:06
  out
• 37:06
  dynamic
• 37:06
  pricing
• 37:07
  for
• 37:07
  all
• 37:07
  these
• 37:07
  SKUs
• 37:08
  that
• 37:08
  I
• 37:08
  have
• 37:09
  and
• 37:09
  do
• 37:09
  better
• 37:10
  demand
• 37:10
  prediction
• 37:11
  so
• 37:11
  I
• 37:11
  can
• 37:12
  smooth
• 37:12
  out
• 37:12
  my
• 37:12
  production
• 37:13
  so
• 37:13
  that
• 37:13
  becomes
• 37:14
  a
• 37:14
  critical
• 37:14
  asset
• 37:15
  to
• 37:15
  have
• 37:15
  and
• 37:16
  how
• 37:16
  to
• 37:16
  actually
• 37:17
  do
• 37:18
  the
• 37:18
  things
• 37:18
  I
• 37:18
  said
• 37:18
  in
• 37:18
  terms
• 37:19
  of
• 37:19
  the
• 37:19
  analysis
• 37:19
  I
• 37:19
  just
• 37:19
  mentioned
• 37:20
  and
• 37:21
  that
• 37:21
  skill
• 37:21
  set
• 37:21
  is
• 37:22
  going
• 37:22
  to
• 37:22
  be
• 37:22
  critical,
• 37:23
  but
• 37:24
  that
• 37:24
  doesn't
• 37:25
  mean
• 37:25
  just
• 37:25
  throwing
• 37:25
  all
• 37:26
  the
• 37:26
  data
• 37:26
  into
• 37:26
  some
• 37:27
  sort
• 37:27
  of
• 37:27
  AI
• 37:28
  API
• 37:28
  and
• 37:28
  saying,
• 37:28
  okay,
• 37:29
  what
• 37:29
  should
• 37:29
  I
• 37:29
  do?
• 37:33
  That's
• 37:33
  one
• 37:33
  thing.
• 37:34
  And
• 37:34
  the
• 37:34
  other,
• 37:35
  having
• 37:35
  said
• 37:35
  that,
• 37:36
  there
• 37:36
  are
• 37:36
  other
• 37:36
  things
• 37:36
  where
• 37:37
  around
• 37:37
  legal
• 37:38
  or
• 37:40
  sometimes
• 37:40
  sales
• 37:41
  where
• 37:41
  an
• 37:42
  AI
• 37:42
  becomes
• 37:42
  a
• 37:43
  helpful
• 37:43
  coach
• 37:46
  and
• 37:46
  that's
• 37:46
  probably
• 37:46
  the
• 37:47
  more
• 37:47
  common
• 37:47
  use
• 37:47
  of
• 37:48
  AI
• 37:49
  that
• 37:50
  people
• 37:50
  think
• 37:50
  about.
• 37:50
  So
• 37:50
  I
• 37:50
  think
• 37:51
  there's
• 37:51
  kind
• 37:52
  of
• 37:53
  at
• 37:53
  least
• 37:53
  two
• 37:54
  different
• 37:54
  ways
• 37:54
  in
• 37:55
  which
• 37:55
  mid
• 37:55
  market
• 37:56
  companies
• 37:56
  can
• 37:56
  actually
• 37:57
  leverage
• 37:59
  AI.
• 37:59
  But
• 37:59
  they
• 38:00
  need
• 38:00
  to
• 38:00
  be
• 38:00
  very
• 38:00
  careful
• 38:01
  about
• 38:01
  the
• 38:01
  governance
• 38:01
  there.
• 38:02
  Yeah.
• 38:02
  And
• 38:04
  governance
• 38:04
  is
• 38:04
  critical.
• 38:05
  And
• 38:05
  I
• 38:05
  think
• 38:07
  we
• 38:07
  had
• 38:07
  a
• 38:07
  brief
• 38:07
  phase
• 38:08
  where
• 38:08
  the
• 38:08
  technology
• 38:08
  was
• 38:09
  in
• 38:09
  its
• 38:09
  kind
• 38:10
  of
• 38:10
  earlier
• 38:10
  days
• 38:10
  where
• 38:10
  prompt
• 38:11
  engineering
• 38:11
  became
• 38:11
  a
• 38:11
  thing
• 38:12
  and
• 38:12
  there
• 38:12
  were
• 38:12
  even
• 38:12
  companies
• 38:13
  hiring
• 38:13
  prompt
• 38:13
  engineers.
• 38:15
  And
• 38:15
  now
• 38:16
  as
• 38:16
  AI
• 38:16
  has
• 38:16
  got
• 38:16
  better
• 38:17
  at
• 38:17
  kind
• 38:17
  of
• 38:17
  prompting
• 38:17
  itself
• 38:18
  and
• 38:18
  understanding
• 38:18
  actually
• 38:19
  context
• 38:19
  engineering
• 38:21
  is
• 38:21
  where
• 38:21
  it's
• 38:21
  at.
• 38:22
  Is
• 38:22
  your
• 38:22
  data
• 38:23
  well
• 38:23
  ordered,
• 38:23
  well
• 38:23
  governed
• 38:24
  in
• 38:24
  a
• 38:24
  way
• 38:24
  that
• 38:25
  it
• 38:25
  can
• 38:25
  be
• 38:25
  understood?
• 38:26
  Because
• 38:26
  an
• 38:27
  AI
• 38:27
  is
• 38:27
  not
• 38:27
  going
• 38:27
  to
• 38:27
  understand
• 38:27
  a
• 38:28
  bunch
• 38:28
  of
• 38:28
  numbers
• 38:28
  and
• 38:29
  rows
• 38:29
  and
• 38:29
  columns
• 38:30
  in
• 38:30
  a
• 38:30
  table.
• 38:31
  You're
• 38:31
  the
• 38:31
  one
• 38:31
  who
• 38:31
  has
• 38:32
  to
• 38:32
  provide
• 38:32
  the
• 38:32
  context
• 38:32
  of
• 38:33
  like
• 38:33
  when
• 38:33
  you
• 38:33
  say
• 38:34
  revenue,
• 38:35
  what
• 38:35
  do
• 38:35
  you
• 38:35
  mean?
• 38:35
  Right?
• 38:36
  Because
• 38:38
  through
• 38:38
  any
• 38:38
  sort
• 38:39
  of
• 38:39
  cycle
• 38:39
  of
• 38:39
  cash
• 38:40
  there
• 38:40
  could
• 38:40
  be
• 38:40
  revenue
• 38:41
  in
• 38:41
  different
• 38:41
  status,
• 38:42
  gross
• 38:42
  revenue,
• 38:42
  revenue
• 38:43
  with
• 38:43
  various
• 38:44
  fees
• 38:44
  come
• 38:44
  off
• 38:47
  net
• 38:47
  revenue.
• 38:47
  Except
• 38:48
  I
• 38:48
  mean
• 38:48
  you're
• 38:48
  the
• 38:48
  finance
• 38:48
  guy.
• 38:49
  But
• 38:49
  you
• 38:49
  know,
• 38:49
  revenue
• 38:50
  takes
• 38:50
  many
• 38:50
  forms
• 38:50
  on
• 38:50
  its,
• 38:51
  on
• 38:51
  its
• 38:51
  way
• 38:51
  through.
• 38:51
  And
• 38:52
  in
• 38:52
  fact
• 38:52
  at
• 38:53
  my,
• 38:54
  we
• 38:55
  had
• 38:55
  a
• 38:55
  great
• 38:55
  example
• 38:55
  of
• 38:55
  this
• 38:56
  during
• 38:57
  my,
• 38:57
  my
• 38:57
  time
• 38:57
  in
• 38:58
  big
• 38:58
  banking,
• 38:59
  right?
• 39:00
  Active
• 39:00
  customers
• 39:01
  was,
• 39:01
  was
• 39:01
  always
• 39:02
  a
• 39:02
  number
• 39:02
  that
• 39:02
  people
• 39:02
  were
• 39:02
  interested
• 39:03
  in
• 39:03
  and
• 39:03
  we
• 39:03
  actually
• 39:04
  managed
• 39:05
  many,
• 39:06
  many
• 39:06
  different
• 39:06
  definitions
• 39:07
  of
• 39:07
  active,
• 39:07
  active
• 39:07
  customers
• 39:08
  because
• 39:08
  it
• 39:08
  depended,
• 39:10
  it
• 39:10
  depended
• 39:10
  who
• 39:10
  was
• 39:10
  asking.
• 39:11
  Like
• 39:11
  certain
• 39:12
  regulators
• 39:12
  might
• 39:12
  have
• 39:13
  different
• 39:14
  definitions
• 39:14
  that
• 39:14
  they
• 39:15
  use
• 39:15
  of
• 39:15
  what
• 39:15
  they
• 39:15
  consider
• 39:15
  to
• 39:16
  be
• 39:16
  an
• 39:16
  active
• 39:16
  company,
• 39:17
  an
• 39:17
  active
• 39:17
  customer.
• 39:18
  If
• 39:18
  we're,
• 39:19
  you
• 39:19
  know,
• 39:20
  pitching
• 39:20
  for
• 39:21
  someone
• 39:21
  who's
• 39:22
  looking
• 39:22
  to
• 39:22
  advertise
• 39:22
  with
• 39:23
  us,
• 39:23
  then,
• 39:23
  you
• 39:24
  know,
• 39:24
  surely
• 39:24
  we
• 39:24
  want
• 39:24
  that
• 39:25
  number
• 39:25
  to
• 39:25
  be
• 39:25
  a
• 39:25
  little
• 39:25
  higher
• 39:26
  or
• 39:26
  for
• 39:26
  some
• 39:26
  reasons
• 39:26
  we
• 39:26
  want
• 39:27
  that
• 39:27
  to
• 39:27
  be
• 39:27
  a
• 39:27
  little
• 39:27
  lower.
• 39:28
  AI
• 39:29
  is
• 39:29
  not
• 39:29
  going
• 39:29
  to
• 39:29
  generically
• 39:30
  understand
• 39:30
  that
• 39:30
  you
• 39:30
  need
• 39:31
  to
• 39:31
  provide
• 39:31
  all
• 39:31
  of
• 39:31
  the,
• 39:32
  all
• 39:32
  of
• 39:33
  the,
• 39:33
  the
• 39:33
  context
• 39:35
  and
• 39:35
  the
• 39:35
  information
• 39:37
  on
• 39:37
  the
• 39:37
  way
• 39:37
  in.
• 39:37
  And
• 39:38
  I
• 39:38
  think
• 39:38
  that's
• 39:38
  the,
• 39:39
  I
• 39:39
  think
• 39:40
  that's
• 39:40
  the
• 39:40
  clicking
• 39:40
  point
• 39:41
  for
• 39:41
  me.
• 39:41
  I
• 39:41
  think
• 39:42
  when
• 39:42
  people
• 39:42
  learn
• 39:42
  how
• 39:42
  to
• 39:43
  understand
• 39:43
  NGO
• 39:44
  context
• 39:44
  and
• 39:44
  I've
• 39:44
  done
• 39:45
  some,
• 39:45
  I
• 39:46
  can
• 39:46
  show
• 39:46
  you
• 39:46
  offline
• 39:46
  shows
• 39:47
  because
• 39:47
  I
• 39:47
  know
• 39:47
  we
• 39:48
  talk
• 39:48
  regularly.
• 39:49
  Some
• 39:49
  amazing
• 39:50
  things
• 39:50
  in
• 39:50
  the
• 39:50
  past
• 39:50
  couple
• 39:50
  of
• 39:51
  weeks
• 39:51
  with
• 39:51
  Claude
• 39:51
  code
• 39:52
  and
• 39:52
  I
• 39:53
  even
• 39:54
  opened,
• 39:55
  I
• 39:55
  opened
• 39:56
  Pandora's
• 39:56
  box
• 39:57
  of
• 39:57
  openclaw
• 39:58
  as
• 39:58
  well
• 39:58
  and
• 39:58
  span
• 39:59
  up
• 39:59
  a
• 39:59
  virtual
• 39:59
  private
• 40:00
  server.
• 40:00
  And
• 40:01
  I've
• 40:01
  got
• 40:01
  an
• 40:01
  openclaw
• 40:02
  friend
• 40:02
  that
• 40:02
  I
• 40:03
  talk
• 40:03
  to
• 40:04
  regularly
• 40:04
  as
• 40:05
  well.
• 40:06
  Yeah,
• 40:06
  no,
• 40:07
  I
• 40:07
  mean
• 40:07
  cloud
• 40:08
  code,
• 40:08
  anti
• 40:09
  gravity,
• 40:09
  all
• 40:09
  these
• 40:09
  things
• 40:10
  are
• 40:10
  amazing,
• 40:10
  I
• 40:10
  think
• 40:13
  but
• 40:13
  for
• 40:13
  me
• 40:13
  the
• 40:13
  focus
• 40:14
  is
• 40:14
  even
• 40:15
  though
• 40:15
  I
• 40:16
  love
• 40:16
  the
• 40:16
  possibilities
• 40:17
  of
• 40:17
  AI
• 40:17
  and
• 40:17
  everyone's
• 40:18
  talking
• 40:18
  about
• 40:18
  it,
• 40:19
  I
• 40:19
  characterize
• 40:20
  it
• 40:20
  as
• 40:20
  the
• 40:21
  mandate
• 40:21
  or
• 40:22
  the
• 40:22
  need
• 40:22
  for
• 40:22
  mid
• 40:22
  market
• 40:23
  or
• 40:23
  any
• 40:23
  company
• 40:24
  really
• 40:25
  is
• 40:26
  around
• 40:26
  strengthening
• 40:27
  their
• 40:28
  knowledge
• 40:28
  foundation
• 40:29
  so
• 40:30
  when
• 40:31
  data
• 40:31
  becomes
• 40:32
  knowledge
• 40:32
  and
• 40:32
  intelligence
• 40:34
  and
• 40:34
  can
• 40:35
  you
• 40:35
  create
• 40:36
  the
• 40:37
  context?
• 40:38
  So
• 40:38
  you
• 40:38
  know,
• 40:39
  I
• 40:39
  use
• 40:39
  this
• 40:39
  term
• 40:39
  ontology,
• 40:40
  right?
• 40:41
  Which
• 40:42
  is,
• 40:42
  which
• 40:42
  is
• 40:42
  to
• 40:43
  say,
• 40:43
  okay,
• 40:43
  how
• 40:44
  do
• 40:44
  all
• 40:44
  these
• 40:44
  things
• 40:44
  hang
• 40:45
  together?
• 40:46
  So
• 40:46
  for
• 40:46
  example,
• 40:47
  I
• 40:47
  was,
• 40:48
  I
• 40:48
  mean
• 40:48
  I'm
• 40:49
  actually
• 40:49
  doing
• 40:49
  a
• 40:49
  project
• 40:49
  now
• 40:49
  where
• 40:50
  it's
• 40:50
  like
• 40:51
  this
• 40:52
  client
• 40:52
  has
• 40:52
  10,000
• 40:55
  product
• 40:57
  sort
• 40:57
  of
• 40:57
  like,
• 40:58
  sorry,
• 40:58
  customer
• 40:59
  names,
• 40:59
  but
• 40:59
  the
• 40:59
  names
• 41:00
  are
• 41:00
  all
• 41:00
  very
• 41:00
  similar
• 41:02
  and
• 41:02
  it's
• 41:03
  the
• 41:03
  same
• 41:03
  company
• 41:03
  but
• 41:03
  they
• 41:03
  mistyped
• 41:04
  it
• 41:04
  in
• 41:04
  Salesforce
• 41:05
  or
• 41:05
  whatever.
• 41:05
  So
• 41:05
  I
• 41:06
  have
• 41:06
  to
• 41:06
  kind
• 41:06
  of
• 41:06
  resolution.
• 41:07
  Right.
• 41:08
  Very
• 41:09
  common,
• 41:10
  right.
• 41:10
  And
• 41:12
  oftentimes
• 41:12
  it
• 41:12
  says,
• 41:13
  well,
• 41:13
  okay,
• 41:13
  it's
• 41:13
  the
• 41:13
  loading,
• 41:14
  you
• 41:14
  know,
• 41:14
  it's
• 41:14
  the
• 41:14
  whatever,
• 41:16
  it's
• 41:17
  XX
• 41:17
  company,
• 41:18
  but
• 41:18
  the
• 41:18
  loading
• 41:19
  bay
• 41:19
  A
• 41:19
  or
• 41:20
  B,
• 41:20
  but
• 41:20
  it's
• 41:20
  actually
• 41:21
  the
• 41:21
  same
• 41:21
  company.
• 41:21
  So
• 41:21
  I
• 41:21
  need
• 41:22
  to
• 41:22
  map
• 41:22
  that
• 41:22
  to
• 41:22
  one
• 41:23
  company.
• 41:25
  So
• 41:25
  in
• 41:25
  this
• 41:26
  case
• 41:26
  and
• 41:26
  it
• 41:27
  could
• 41:27
  be
• 41:27
  like
• 41:27
  Company
• 41:28
  X
• 41:28
  Germany
• 41:29
  or
• 41:29
  Company
• 41:29
  X
• 41:31
  Toronto.
• 41:32
  And
• 41:33
  I
• 41:33
  need
• 41:33
  to
• 41:34
  create
• 41:34
  a
• 41:34
  knowledge
• 41:34
  base
• 41:36
  or
• 41:36
  an
• 41:36
  ontology
• 41:37
  where
• 41:37
  I
• 41:37
  can
• 41:37
  define,
• 41:38
  okay,
• 41:38
  this
• 41:38
  company
• 41:39
  belongs,
• 41:39
  the
• 41:40
  headquarters
• 41:40
  is
• 41:40
  in
• 41:41
  Germany,
• 41:41
  but
• 41:41
  the
• 41:42
  subsidiary
• 41:42
  is
• 41:43
  in
• 41:44
  Canada
• 41:46
  and
• 41:46
  it's
• 41:46
  based
• 41:46
  in
• 41:47
  Toronto.
• 41:47
  And
• 41:48
  so
• 41:48
  I
• 41:48
  have
• 41:48
  kind
• 41:48
  of
• 41:48
  a
• 41:48
  map
• 41:49
  or
• 41:49
  knowledge
• 41:50
  kind
• 41:50
  of
• 41:50
  graph
• 41:50
  of
• 41:51
  all
• 41:51
  the
• 41:51
  things
• 41:51
  that
• 41:51
  are
• 41:52
  relate
• 41:52
  it.
• 41:53
  And
• 41:53
  this
• 41:53
  goes
• 41:53
  for
• 41:54
  everything
• 41:54
  from
• 41:54
  like,
• 41:54
  you
• 41:54
  know,
• 41:55
  customer
• 41:55
  information
• 41:56
  or
• 41:57
  product
• 41:58
  information,
• 41:59
  supplier
• 41:59
  information,
• 42:02
  financial
• 42:03
  understanding
• 42:04
  as
• 42:04
  well.
• 42:04
  So
• 42:04
  what
• 42:05
  do
• 42:05
  we
• 42:05
  mean
• 42:05
  by
• 42:05
  revenue?
• 42:05
  How
• 42:06
  do
• 42:06
  we
• 42:06
  count
• 42:06
  revenue?
• 42:07
  You
• 42:08
  know,
• 42:08
  is
• 42:08
  it,
• 42:08
  I
• 42:08
  mean,
• 42:09
  if
• 42:09
  I
• 42:09
  recall
• 42:09
  correctly,
• 42:10
  didn't
• 42:10
  we
• 42:10
  work
• 42:10
  have
• 42:11
  like
• 42:11
  community
• 42:11
  adjusted
• 42:12
  EBITDA
• 42:12
  or
• 42:12
  something
• 42:12
  like
• 42:13
  that?
• 42:13
  Oh
• 42:13
  yes,
• 42:15
  that
• 42:15
  went
• 42:15
  well,
• 42:16
  didn't
• 42:16
  it?
• 42:16
  Yeah,
• 42:17
  that's
• 42:17
  right.
• 42:17
  So,
• 42:19
  so,
• 42:19
  you
• 42:19
  know,
• 42:20
  so
• 42:20
  I
• 42:20
  think
• 42:20
  in
• 42:20
  terms
• 42:20
  of
• 42:21
  management
• 42:22
  accounting
• 42:23
  principles,
• 42:24
  you
• 42:24
  kind
• 42:24
  of
• 42:24
  need
• 42:25
  to
• 42:25
  sort
• 42:25
  of
• 42:25
  have
• 42:25
  your
• 42:26
  own
• 42:26
  understanding
• 42:27
  of
• 42:27
  how
• 42:27
  you
• 42:27
  understand
• 42:28
  your
• 42:28
  own
• 42:28
  business.
• 42:29
  And
• 42:29
  so
• 42:30
  all
• 42:30
  that
• 42:30
  together
• 42:30
  I
• 42:31
  call
• 42:31
  sort
• 42:31
  of,
• 42:31
  you
• 42:32
  know,
• 42:32
  the
• 42:32
  knowledge
• 42:32
  of
• 42:32
  the
• 42:33
  company.
• 42:33
  So
• 42:34
  once
• 42:34
  you
• 42:34
  have
• 42:34
  the
• 42:34
  knowledge
• 42:35
  organized,
• 42:36
  you
• 42:36
  can
• 42:36
  then
• 42:37
  use
• 42:37
  that
• 42:37
  to,
• 42:39
  you
• 42:39
  know,
• 42:39
  do
• 42:39
  AI.
• 42:40
  You
• 42:40
  can
• 42:40
  just
• 42:40
  create
• 42:41
  dashboards
• 42:41
  and
• 42:41
  understand
• 42:42
  what's
• 42:42
  going
• 42:42
  on.
• 42:43
  You
• 42:43
  can,
• 42:43
  you
• 42:44
  know,
• 42:44
  make
• 42:44
  management
• 42:44
  decisions.
• 42:45
  You
• 42:45
  could
• 42:45
  create
• 42:45
  agents
• 42:46
  that
• 42:46
  are
• 42:46
  going
• 42:46
  to
• 42:47
  do
• 42:47
  the
• 42:47
  negotiation
• 42:48
  for
• 42:48
  you.
• 42:48
  So
• 42:48
  but
• 42:49
  you
• 42:49
  need
• 42:49
  that
• 42:49
  knowledge
• 42:49
  base
• 42:50
  to
• 42:50
  actually
• 42:50
  make
• 42:50
  sense
• 42:51
  of
• 42:51
  the
• 42:51
  data
• 42:51
  from
• 42:52
  the
• 42:52
  business.
• 42:52
  But
• 42:52
  to
• 42:53
  create
• 42:53
  the
• 42:53
  knowledge
• 42:53
  base
• 42:54
  you
• 42:54
  need
• 42:54
  the
• 42:54
  underlying
• 42:54
  data
• 42:55
  in
• 42:55
  the
• 42:55
  first
• 42:55
  place.
• 42:56
  So
• 42:56
  step
• 42:56
  one
• 42:56
  is
• 42:57
  create
• 42:57
  that
• 42:57
  knowledge
• 42:57
  platform,
• 42:58
  then
• 42:58
  create
• 42:58
  the
• 42:58
  knowledge
• 42:59
  base
• 42:59
  and
• 42:59
  intelligence
• 43:00
  layer
• 43:01
  on
• 43:01
  top
• 43:01
  of
• 43:01
  which
• 43:02
  then
• 43:02
  you
• 43:02
  could
• 43:02
  create,
• 43:02
  whether
• 43:03
  it's
• 43:03
  AI
• 43:03
  agents
• 43:04
  or,
• 43:04
  you
• 43:04
  know,
• 43:04
  whatever
• 43:05
  it
• 43:05
  is,
• 43:05
  just
• 43:06
  dashboards,
• 43:06
  right?
• 43:08
  Yeah.
• 43:08
  The
• 43:09
  importance
• 43:09
  of
• 43:09
  context,
• 43:10
  investing
• 43:10
  in
• 43:10
  data
• 43:10
  as
• 43:11
  an
• 43:11
  asset.
• 43:11
  Two
• 43:12
  things
• 43:12
  I
• 43:12
  know
• 43:12
  that
• 43:12
  were
• 43:12
  both
• 43:13
  that
• 43:13
  we're
• 43:14
  both
• 43:14
  super,
• 43:14
  super
• 43:15
  aligned
• 43:15
  on.
• 43:17
  Thanks
• 43:17
  so
• 43:17
  much
• 43:18
  for
• 43:18
  coming
• 43:18
  in
• 43:19
  today,
• 43:20
  Shota.
• 43:21
  I
• 43:21
  think
• 43:21
  that
• 43:22
  the
• 43:22
  stuff
• 43:22
  you're
• 43:22
  doing
• 43:22
  is
• 43:23
  fantastic,
• 43:23
  way
• 43:23
  ahead
• 43:23
  of
• 43:24
  its
• 43:24
  time.
• 43:24
  Using
• 43:24
  your
• 43:25
  early
• 43:25
  start
• 43:25
  and
• 43:25
  AI
• 43:25
  to
• 43:27
  create
• 43:27
  an
• 43:27
  offering
• 43:28
  that's
• 43:28
  really
• 43:28
  cool
• 43:28
  in
• 43:29
  this
• 43:29
  field
• 43:30
  of
• 43:31
  increasing
• 43:31
  that
• 43:31
  working
• 43:31
  capital.
• 43:32
  If
• 43:32
  folks
• 43:33
  are
• 43:33
  listening
• 43:33
  and
• 43:34
  want
• 43:34
  to
• 43:34
  find
• 43:34
  you
• 43:34
  want
• 43:35
  to
• 43:35
  find
• 43:35
  out
• 43:35
  more
• 43:35
  about
• 43:35
  what
• 43:36
  you
• 43:36
  offer,
• 43:37
  where
• 43:37
  would
• 43:37
  be
• 43:37
  a
• 43:37
  good
• 43:37
  place
• 43:38
  to
• 43:38
  go?
• 43:40
  So
• 43:40
  yeah,
• 43:40
  just
• 43:41
  my
• 43:42
  email
• 43:42
  is
• 43:42
  shotarossimotech.com
• 43:45
  so
• 43:45
  that's
• 43:46
  one
• 43:46
  way
• 43:46
  you
• 43:46
  can
• 43:46
  just
• 43:46
  reach
• 43:46
  me.
• 43:47
  I'll
• 43:48
  put
• 43:48
  it
• 43:48
  in
• 43:48
  the
• 43:48
  notes.
• 43:48
  Yeah,
• 43:49
  yeah.
• 43:50
  And
• 43:51
  yeah,
• 43:51
  I
• 43:51
  mean
• 43:51
  I'm
• 43:52
  around
• 43:52
  on
• 43:52
  LinkedIn,
• 43:52
  there's
• 43:52
  a
• 43:53
  website,
• 43:53
  you
• 43:53
  can
• 43:53
  put
• 43:53
  it
• 43:53
  in
• 43:54
  the
• 43:54
  notes.
• 43:54
  But
• 43:54
  I'm
• 43:54
  very
• 43:55
  happy
• 43:55
  to
• 43:55
  hear
• 43:56
  anything
• 43:56
  about
• 43:57
  what
• 43:57
  people
• 43:57
  are
• 43:57
  doing
• 43:58
  in
• 43:58
  this
• 43:58
  space,
• 43:59
  whether
• 44:00
  it's
• 44:00
  other
• 44:00
  practitioners
• 44:01
  like
• 44:01
  you,
• 44:02
  Graham,
• 44:02
  or
• 44:03
  whether
• 44:03
  it's
• 44:03
  companies.
• 44:04
  Because
• 44:04
  I
• 44:04
  think
• 44:05
  we
• 44:05
  need
• 44:05
  to
• 44:05
  think
• 44:05
  about
• 44:05
  this
• 44:06
  together.
• 44:06
  It's
• 44:07
  kind
• 44:07
  of
• 44:07
  a
• 44:07
  new
• 44:07
  frontier.
• 44:08
  And
• 44:09
  again,
• 44:09
  a
• 44:09
  lot
• 44:09
  of
• 44:10
  these
• 44:10
  tooling
• 44:10
  I'm
• 44:11
  thinking
• 44:11
  is
• 44:11
  quite
• 44:12
  new.
• 44:12
  So
• 44:12
  I
• 44:12
  think
• 44:12
  we
• 44:12
  need
• 44:12
  to
• 44:13
  collectively
• 44:13
  establish
• 44:14
  the
• 44:14
  best
• 44:14
  practices
• 44:15
  here.
• 44:15
  So
• 44:15
  very
• 44:16
  happy
• 44:16
  to
• 44:16
  be
• 44:17
  online
• 44:17
  with
• 44:17
  you,
• 44:17
  Graham,
• 44:17
  and
• 44:18
  hopefully
• 44:18
  we
• 44:18
  can
• 44:18
  collaborate
• 44:19
  some
• 44:19
  more.
• 44:20
  Likewise,
• 44:20
  I
• 44:20
  look
• 44:20
  forward
• 44:20
  to
• 44:21
  continuing
• 44:21
  our
• 44:21
  partnership.
• 44:22
  And
• 44:22
  you're
• 44:23
  right,
• 44:23
  there
• 44:23
  are
• 44:24
  a
• 44:24
  lot
• 44:24
  of
• 44:24
  pieces
• 44:24
  in
• 44:24
  the
• 44:24
  puzzle
• 44:26
  that
• 44:27
  make
• 44:27
  up
• 44:27
  the
• 44:28
  sunny
• 44:28
  future
• 44:28
  that's
• 44:28
  possible
• 44:29
  with
• 44:29
  all
• 44:29
  this
• 44:29
  amazing
• 44:29
  new
• 44:30
  tech
• 44:30
  that
• 44:30
  we've
• 44:30
  got.
• 44:30
  But
• 44:32
  if
• 44:32
  it's
• 44:32
  installed
• 44:32
  and
• 44:33
  thought
• 44:33
  about
• 44:33
  in
• 44:33
  the
• 44:33
  right
• 44:34
  way.
• 44:34
  So
• 44:34
  yeah,
• 44:34
  thank
• 44:35
  you
• 44:35
  so
• 44:35
  much
• 44:35
  for
• 44:35
  coming
• 44:35
  on.
• 44:36
  We'll
• 44:36
  keep
• 44:36
  talking.
• 44:37
  I
• 44:37
  hope
• 44:37
  everyone
• 44:38
  else
• 44:38
  enjoyed
• 44:38
  this.
• 44:38
  And
• 44:40
  yeah,
• 44:40
  take
• 44:40
  care,
• 44:40
  Shouta.
• 44:41
  Awesome.
• 44:42
  Thanks,
• 44:42
  Graham.
• 44:42
  Okay,
• 44:43
  bye.
• 44:43
  Cheers.
• 44:44
  Bye.
• 44:44
  Thanks
• 44:45
  for
• 44:45
  listening
• 44:45
  to
• 44:45
  the
• 44:45
  PE
• 44:46
  Data
• 44:46
  guy.
• 44:47
  The
• 44:47
  place
• 44:47
  where
• 44:47
  private
• 44:48
  equity
• 44:48
  meets
• 44:49
  data.
• 44:49
  Please
• 44:50
  forward
• 44:50
  this
• 44:50
  episode
• 44:50
  to
• 44:51
  your
• 44:51
  favorite
• 44:51
  private
• 44:51
  equity
• 44:52
  friend.
• 44:53
  Thanks
• 44:53
  for
• 44:53
  listening.
• 44:54
  See
• 44:54
  you
• 44:54
  next
• 44:54
  time.