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How Procurement Teams Turn Risk Into Strategy · Speaking of Supply Chain

0:00
Speaker 1: Going from I want to work with this business to
0:02
Speaker 1: either source from them or sell to them too. I
0:04
Speaker 1: am ready to trade with them. It's a very long,
0:09
Speaker 1: manual and unclear process, and that entire process introduces drop off,
0:17
Speaker 1: it introduces operational overhead on both sides of the relationship,
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Speaker 1: and it's very unclear what the true data driven risk
0:25
Speaker 1: profiles that either party are.
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Speaker 2: Hello and welcome to Speaking of Supply Chain, where we
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Speaker 2: explore trends, current events, and innovations impacting the logistics and
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Speaker 2: supply chain industries. I'm your host, Ellen Wood. In today's
0:40
Speaker 2: global economy, one tariff can shift entire supply chains overnight.
0:45
Speaker 2: If you're responsible for operational resilience, procurement strategy, or supplier performance,
0:50
Speaker 2: this conversation is for you. We're diving into how companies
0:53
Speaker 2: are rethinking sourcing strategies, validating vendors at lightning speed, and
0:58
Speaker 2: building trust in a world where agility isn't optional, it's essential.
1:02
Speaker 2: Our guest today is Sid Malaate, CEO and founder of Nouveau,
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Speaker 2: a platform that's changing the game from modern supply chain resilience.
1:10
Speaker 2: Welcome Sid, Thanks for having me, Yllen. Great to have
1:14
Speaker 2: you on. Let's get to our icebreaker really quick for today,
1:18
Speaker 2: and our question is what is the most interesting thing
1:21
Speaker 2: most people don't know about you?
1:25
Speaker 1: Well, I'm not sure if this is most interesting, but
1:28
Speaker 1: certainly a fun fact about myself is that I have
1:31
Speaker 1: gone down deep rabbit holes in the art of cartography,
1:35
Speaker 1: and I have plastered various forms of maps of the
1:39
Speaker 1: world and various geographies throughout my home. I like digging into,
1:45
Speaker 1: you know, the world as it's organized by political lines,
1:49
Speaker 1: you know, topographic lines, and in many other ways. So
1:55
Speaker 1: I'll just spend time to decompress staring into those maps
1:59
Speaker 1: and kind of being the composition of the world that
2:03
Speaker 1: is around us. And that that's I guess a unique
2:06
Speaker 1: way that I like to spend on my downtime.
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Speaker 2: That is interesting. I was I was actually at an
2:13
Speaker 2: antique mall about two weeks ago, and they had a really,
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Speaker 2: really old globe and it was cool to look at
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Speaker 2: the older you know, countries and lines and divisions and
2:23
Speaker 2: you know, the way the world looked then at the time.
2:27
Speaker 2: I myself, my kids have a globe that's almost as
2:31
Speaker 2: old as I am, so it's not a new one,
2:34
Speaker 2: and they laugh at it a little bit. They're like
2:36
Speaker 2: that's not the name of that country anymore. I'm like, no,
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Speaker 2: that's what happens. That's why you need to learn history.
2:41
Speaker 1: That's funny you have you looked into getting one of
2:44
Speaker 1: those like three D globes that kind of have the
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Speaker 1: peaks and troughs with the mountains and the valleys across
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Speaker 1: the world. Those are those are fun to spin around.
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Speaker 2: I mean the one I have has a little bit
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Speaker 2: of topography on it, a little bit of like relief,
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Speaker 2: but not much. It's not one of it like, it's
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Speaker 2: not to scale certainly. So I'm trying to think the
3:06
Speaker 2: most interesting thing most people don't know about me. So
3:09
Speaker 2: I've talked about some of my career early career. I've
3:13
Speaker 2: had a varied career path. I've done many things, and
3:19
Speaker 2: one thing that I've talked about is my scuba diving career.
3:21
Speaker 2: I was a scuba diving instructor for a while, which
3:23
Speaker 2: is an odd thing to be in Indiana. But before that,
3:28
Speaker 2: I actually started as a lifeguard and swim instructor. And
3:32
Speaker 2: we're getting into sumheer. We've got the heat wave of
3:35
Speaker 2: going right now, and I keep thinking about it, and
3:37
Speaker 2: I'm talking to my sixteen year old I'm like, go
3:38
Speaker 2: get your life guarding certificate. You will you will have jobs.
3:42
Speaker 2: You will have some teenage job security if you have
3:45
Speaker 2: some sort of certification. So that's been that's been on
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Speaker 2: my mind recently, and it's a pretty interesting fact that
3:51
Speaker 2: most people don't know about me. I cannot sit next
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Speaker 2: to a pool and relax. I am watching everything all
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Speaker 2: the time on alert.
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Speaker 1: That's really cool, if I may recommend. I got my
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Speaker 1: Patty openwater certification a few years ago, and I've really
4:07
Speaker 1: enjoyed going on dives in the Monterey Bay area in California.
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Speaker 1: It's if you ever out there, they have they have
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Speaker 1: some really good, like you know, underwater kind of topography.
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Speaker 1: Once it goes so far as to say like you know,
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Speaker 1: corals or anything to explore, but a very verse, you know,
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Speaker 1: very diverse out of sights to see down there. I
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Speaker 1: did have a mini shark encounter, which I think was
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Speaker 1: my favorite. It's memorable underwater diving experience. But yeah, certainly
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Speaker 1: a very different world down there.
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Speaker 2: Yeah, it's it's a very diverse ecosystem down there. I
4:40
Speaker 2: have not been to that area, but I also saw
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Speaker 2: an eight foot nurse shark on my first open water
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Speaker 2: dive in the ocean, and that was that was pretty
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Speaker 2: exciting for fourteen year old me.
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Speaker 1: Oh, I'm sure you freaked out. Hope you had a
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Speaker 1: dive knife on you.
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Speaker 2: No, actually I didn't. Okay, this might be the most
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Speaker 2: interesting thing people don't know about me. Then. So I
5:00
Speaker 2: was diving with my father and we were in the
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Speaker 2: Bahamas in Freeport at Unexso and we were diving and
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Speaker 2: we got off the boat and he was my dive
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Speaker 2: buddy and he had one of those This was a
5:12
Speaker 2: long time ago, almost thirty years ago. So it was
5:16
Speaker 2: a camera casing that you put one of the disposable
5:19
Speaker 2: cameras in and then it was just a waterproof casing
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Speaker 2: that you could take down there and it was the
5:24
Speaker 2: shark was on the ground between two coral heads that
5:27
Speaker 2: were I don't know, six feet tall, and it was
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Speaker 2: just laying there. It's a nurse shark. They don't do anything.
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Speaker 2: They can only open their mouths two inches. It's not
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Speaker 2: a scary shark. And I message my dad. I was like, Dad,
5:38
Speaker 2: go down and take a picture. And so he's at
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Speaker 2: the top but he takes a picture and I said no, no, no, no, no,
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Speaker 2: go down. He said no, give me a camera. You
5:48
Speaker 2: wouldn't let me have it. So that was that was
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Speaker 2: a memorable experience, but clear that I was more adventurous
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Speaker 2: underwater than he was. I was ready to go after
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Speaker 2: the wild life and he was just happy to observe
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Speaker 2: it from afar.
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Speaker 1: That's funny. You're definitely at your bravest on your first
6:06
Speaker 1: first go round at it.
6:08
Speaker 2: Yes, but we're not talking about scuba diving today. We
6:12
Speaker 2: are going to be talking about trust in procurement. And
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Speaker 2: this is so big a topic right now with all
6:23
Speaker 2: of the changes that are taking place politically around the globe,
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Speaker 2: but especially in the Americas right now when we're dealing
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Speaker 2: with these these tariffs and it's causing all kinds of disruption,
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Speaker 2: and suppliers are questioning what they're going to do, how
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Speaker 2: they're going to get around it, how they're going to
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Speaker 2: manage their business when they have to pivot so frequently
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Speaker 2: based on whatever the administration has decided is going to
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Speaker 2: go through or whatever is you know currently in discussions. So,
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Speaker 2: how have some of these recent trade policies either accelerated
6:57
Speaker 2: the need for companies to rethink they're sourcing or can
7:01
Speaker 2: you walk us how you're helping them transition from some
7:05
Speaker 2: of these I mean, it is really reactionary the way
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Speaker 2: that they're having to do this into a more strategic
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Speaker 2: sourcing even though we know that they're going to have
7:14
Speaker 2: to react.
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Speaker 1: Yeah, so maybe taking a step back, I think to
7:20
Speaker 1: put ourselves into the shoes of a lot of these
7:23
Speaker 1: operators in the supply chain world. What most people find
7:29
Speaker 1: interesting or surprising about how businesses in the supply chain
7:32
Speaker 1: work are that for every given business, the nature of
7:37
Speaker 1: trade partnerships with your vendors, suppliers, and also your customers
7:41
Speaker 1: on the other side of the supply chain. These are
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Speaker 1: very direct trade partnerships that don't have any intermediaries. So
7:48
Speaker 1: unlike the consumer commerce environment where people are buying a
7:52
Speaker 1: lot of things on marketplaces or they're putting a lot
7:54
Speaker 1: of their spend on credit cards, you essentially have these
7:56
Speaker 1: middlemen that serve as trust brokers to allow for both
8:00
Speaker 1: sides of the equation to kind of scale. How many
8:04
Speaker 1: you know, vendors or customers you're able to transact with
8:07
Speaker 1: or partner with. In the case of B to B
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Speaker 1: supply chains, that doesn't really exist. So if you're let's
8:13
Speaker 1: say wholesale business, you might have one hundred different suppliers
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Speaker 1: or brands that you procure various goods from, and you
8:20
Speaker 1: might have one thousand, five thousand, ten thousand retail customers
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Speaker 1: that you sell too. And across each of these supplier
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Speaker 1: and customer relationships, the business is responsible for all of
8:32
Speaker 1: the operational overhead and risk that exists on each of
8:36
Speaker 1: these relationships. Right, So, by virtue of let's say this
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Speaker 1: wholesale business having thousands of supplier and customer relationships, you're
8:45
Speaker 1: responsible for onboarding them, verifying their legitimacy, understanding their fraud
8:49
Speaker 1: and credit risk, understanding financial volatility of these trade partners,
8:53
Speaker 1: recognizing how trade you know, patterns and activities between your
8:59
Speaker 1: business and each of you your partners is shifting, especially
9:02
Speaker 1: you know the tear regien beconn example, where you might
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Speaker 1: start seeing cost surplus on some of these cross border
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Speaker 1: trade partners that you might be interacting with, and you're
9:11
Speaker 1: responsible for managing all of that complexity fully internally. So
9:16
Speaker 1: oftentimes what ends up happening is that the complexity and
9:20
Speaker 1: the overhead is so high that it kind of gets
9:23
Speaker 1: you stuck. It gets you clogged up, and makes it
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Speaker 1: very difficult to pivot or be agile in an environment
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Speaker 1: where a volatility is running a muck, and I view tarriffs's,
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Speaker 1: you know, just one other vector of volatility. I mean,
9:38
Speaker 1: we just a couple of years ago, business is felt
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Speaker 1: volatility in a very different dimension when we had, you know,
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Speaker 1: the supply chained shocks in the advent of the pandemic.
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Speaker 1: So the question becomes, how do you how do you
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Speaker 1: pivot your sourcing and your revenue strategy to adapt to that? Right,
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Speaker 1: So I'll give you a couple of examples of what
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Speaker 1: we're seeing in the ecosystem and how we think that
10:03
Speaker 1: technology can play a very meaningful role in powering some
10:08
Speaker 1: of this dynamism that I think is extremely critical. So,
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Speaker 1: in the advent of tariffs, a supplier, let's say, who
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Speaker 1: sells into what they considered a stable base of customers
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Speaker 1: that we're ordering a predictable volume of goods from them,
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Speaker 1: paying predictable sum of revenue. Now that supplier is asking
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Speaker 1: themselves a question, for reasons that are external to them tariffs,
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Speaker 1: how is demand, price and cost going to fluctuate against
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Speaker 1: my current customers? And how do I ensure that a
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Speaker 1: possible fifty percent drop in customer demand from existing partners
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Speaker 1: that I've been working with for the last five ten
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Speaker 1: plus years, doesn't you know, doesn't you know destroy my business? Right,
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Speaker 1: So that's a question that they ask, and you know,
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Speaker 1: the answer from that point of view is more is
11:02
Speaker 1: always better. You know, you want to have more customers,
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Speaker 1: more diverse customers, not just geographically, but you know, different
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Speaker 1: customer segments that you're able to ship your your goods
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Speaker 1: to and sell your goods to. So I think the
11:16
Speaker 1: level of stability of saying I have a predictable volume
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Speaker 1: of customers who I've known on handshake agreements for the
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Speaker 1: last X number of years that no longer applies. You're
11:26
Speaker 1: always in this kind of inquisitive motion of trying to
11:29
Speaker 1: hedge your bets across as many revenue channels as possible. Now,
11:33
Speaker 1: if you if you flip that over to the sourcing side,
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Speaker 1: very similar dynamic, a business that had been buying, you know,
11:42
Speaker 1: twenty dollars per unit of lumber as an example, if
11:46
Speaker 1: that lumber suddenly becomes thirty, thirty five to forty dollars
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Speaker 1: because you're procuring that lumber from you know, Canada, is
11:54
Speaker 1: a very generic example. I think I think lumbers actually
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Speaker 1: exempt from from the tariff REGIAM, but I just wanted
11:59
Speaker 1: to use it as an indicative example. You have your
12:02
Speaker 1: maybe general contractor jobs that have already been quoted. You've
12:06
Speaker 1: already priced those jobs, so you have a finite amount
12:10
Speaker 1: of revenue that's coming in. But then suddenly your cost
12:12
Speaker 1: basis has doubled or tripled and you don't really know
12:16
Speaker 1: what to do about it. How are these businesses thinking about,
12:19
Speaker 1: you know, enhancing accelerating their strategy around sourcing in procurement. Well,
12:24
Speaker 1: they're thinking about two problems. First is, in the advent
12:28
Speaker 1: of all of this volatility, will my existing vendors make
12:31
Speaker 1: it through the other side in a secure way? Or
12:35
Speaker 1: you know, you're starting to see a ton of supplier
12:37
Speaker 1: risk that is emerging, where you know, if your supplier
12:40
Speaker 1: shuts down shop, your business moves at the pace of
12:43
Speaker 1: your least lucky or least competent supplier. So you want
12:46
Speaker 1: to sure that your existing partnerships are healthy. But then
12:51
Speaker 1: you also want to make sure that you have a
12:53
Speaker 1: diversity of trade partnerships so that maybe you're sourcing some
12:57
Speaker 1: of your lumber from domestic distributors. You might want to
13:01
Speaker 1: source some lower cost lumber, but more high kind of
13:06
Speaker 1: price volatility risk lumber from like that Canadian sorcer. So
13:11
Speaker 1: having having a diverse, hedged strategy, I think is like
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Speaker 1: the wisest way that any business can be prepared for
13:18
Speaker 1: these sort of shifts, so that you can pivot very
13:23
Speaker 1: organically whenever you need to, instead of being unprepared when
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Speaker 1: a certain unpredictable shock hits.
13:30
Speaker 2: Sure, so what are the challenges that they're facing when
13:34
Speaker 2: they're looking for these new qualified suppliers from either direction?
13:38
Speaker 1: Yeah, so I think I think there are a few
13:40
Speaker 1: ways that we can break this down. First and foremost
13:43
Speaker 1: is just discovery. Knowing who's out there in the market,
13:46
Speaker 1: you know, like who are the options that you should explore?
13:49
Speaker 1: I think, you know, there have been a variety of
13:52
Speaker 1: ways that discovery has gotten easier, faster, and cheaper today
13:56
Speaker 1: than it was before. You know, most businesses have some
13:59
Speaker 1: type of an online Internet presence. So if you if
14:03
Speaker 1: you are to look up you know, who's selling lumber,
14:05
Speaker 1: who's selling liquor, you know, whatever it is that you're
14:08
Speaker 1: trying to procure or source, you have a better shot
14:11
Speaker 1: of being able to discover a you know, top of
14:13
Speaker 1: funnel opportunities for new trade partnerships better than you have
14:17
Speaker 1: in the past. But I think an area that we've
14:20
Speaker 1: been able to influence the most from NUVO's point of view,
14:25
Speaker 1: is once you've discovered a possible new trade partnership that
14:29
Speaker 1: you'd like to activate, going from I want to work
14:32
Speaker 1: with this business to either source from them or sell
14:34
Speaker 1: to them, to I am ready to trade with them.
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Speaker 1: It's it's a very long, manual and unclear process in
14:44
Speaker 1: many ways. So I'll give you I'll give you a
14:46
Speaker 1: very simple example. Let's say that you're you're a restaurant
14:51
Speaker 1: owner and you're trying to source your fresh vegetables from, uh,
14:57
Speaker 1: you know, a different vendor because the one that you've
15:00
Speaker 1: partnered with so far has been prone to some kind
15:02
Speaker 1: of risk shock or you know, their price volatility, something
15:06
Speaker 1: that doesn't work with your economics as a restaurant operator.
15:09
Speaker 1: If you find an alternative food service distributor, activating that
15:14
Speaker 1: new relationship involves you submitting new onboarding paperwork. It requires
15:19
Speaker 1: a one to two week process of that new food
15:22
Speaker 1: service distributor putting you through a rigorous due diligence process
15:25
Speaker 1: trying to verify your legitimacy as a business. Because fraud
15:29
Speaker 1: rates are blowing through the roof, especially in the advent
15:31
Speaker 1: of AI, so they need to make sure that you're legitimate.
15:34
Speaker 1: They're running you through many different verification checks. They have
15:37
Speaker 1: to evaluate you for trade risk because you know, in
15:41
Speaker 1: many of these cases, sellers are extending trade credit off
15:44
Speaker 1: their own balance sheets, where you know they're parting ways
15:47
Speaker 1: with their goods but getting paid for them thirty sixty
15:49
Speaker 1: ninety days later. So you want to make sure that
15:51
Speaker 1: there is good credit history associated with your counter party.
15:55
Speaker 1: And that entire process introduces off It introduces operational overhead
16:02
Speaker 1: on both sides of the relationship, and it's very unclear
16:10
Speaker 1: what the true data driven risk profiles that either party are.
16:15
Speaker 1: So again you're waiting two weeks, and once you start
16:17
Speaker 1: that relationship, that new food service distributor might say, let's
16:21
Speaker 1: see how it goes for the first six months. I'm
16:23
Speaker 1: not gonna give you any credit. You're gonna have to
16:25
Speaker 1: pay me at the time of delivery fulfillment. That's not
16:30
Speaker 1: very good for your cash flow. Maybe they cap your
16:32
Speaker 1: credit limit or your purchasing limit to an amount that
16:36
Speaker 1: is less than what your true procurement needs are because
16:39
Speaker 1: they don't know any better about your business. So you're
16:42
Speaker 1: slow rolling this like six to twelve month on ramp
16:46
Speaker 1: with every new trade relationship for it to be truly
16:49
Speaker 1: activated to the extent that you need it to be.
16:52
Speaker 1: And I think the complexity and the overhead cost is
16:57
Speaker 1: something that largely prevents business is from saying, hey, I
17:01
Speaker 1: want that N plus one trade partnership to activate, because
17:04
Speaker 1: I just don't want to deal with that complexity. Unless
17:08
Speaker 1: there is a forcing function that becomes existential for my business,
17:11
Speaker 1: then I'll do whatever it takes to sweat it out
17:14
Speaker 1: and do the unglamorous work pivoting. But the cost I've
17:21
Speaker 1: viewed as a tax, the tax of a bit associated
17:24
Speaker 1: with the business pivoting their trade relationships across their supply
17:27
Speaker 1: chain relationships is so high that they don't want to
17:32
Speaker 1: do it if they can help it.
17:34
Speaker 2: Sure, And I mean I love your example just because
17:36
Speaker 2: I used to be a restaurant manager and so I
17:39
Speaker 2: relate to that infinitely. But I mean that's such a
17:43
Speaker 2: small scale and what you're saying is absolutely factual. I mean,
17:47
Speaker 2: that's how long it takes. These are the risks that
17:50
Speaker 2: you run into. This is the slog that you have
17:53
Speaker 2: to go through to you know, to switch suppliers and
17:57
Speaker 2: you know, bring on a new vendor. But when we're
17:59
Speaker 2: talking talking about the economies of scale and looking at
18:04
Speaker 2: distributors and companies and enterprises, it's that much bigger an
18:09
Speaker 2: issue because it's not you know, a couple thousand dollars
18:12
Speaker 2: in produce every week. It's millions of dollars of product
18:17
Speaker 2: that we're talking about, and that's a huge risk for
18:19
Speaker 2: these companies to take on and extend credit to. So
18:24
Speaker 2: what does this vetting process look like? You're you're telling
18:27
Speaker 2: me it's it's periodic, it's it's clunky, and it's manual.
18:32
Speaker 2: And obviously the digital age has changed that a little bit.
18:36
Speaker 2: So when that speed, when that reliability, when that risk
18:40
Speaker 2: mitigation all has to be balanced, what is what does
18:44
Speaker 2: that look like now?
18:46
Speaker 1: Yeah, so we're just to introduce, like what our long
18:50
Speaker 1: term mission is with NUVAU. We're trying to build the
18:52
Speaker 1: digital infrastructure to power physical goods trade and really accelerate
18:57
Speaker 1: that as much as possible. So what we see ourselves
19:04
Speaker 1: as is almost this handshake layer that makes it faster, easier,
19:09
Speaker 1: cheaper for businesses to activate new trade partnerships with their
19:12
Speaker 1: suppliers and their customers in a way that could have
19:15
Speaker 1: been possible in a pennant paper plus manual review era.
19:20
Speaker 1: That makes connectivity very very difficult and painful, frankly to accomplish.
19:26
Speaker 1: So on Nuva, let's go back to this restaurant operator
19:30
Speaker 1: working with a food service distributor example. With Nuvo, we're
19:35
Speaker 1: building this verified business identity network where once that food
19:42
Speaker 1: service distributor decides that they want to do business with
19:46
Speaker 1: Ellen's restaurant as an example, they can send you an
19:51
Speaker 1: invitation to connect with them on the Neuvau network, and
19:55
Speaker 1: by virtue of you replacing your typical onboarding paperwork with
20:00
Speaker 1: completing your new vote profile and committing to sharing your
20:03
Speaker 1: new vote profile with that food service distributor, what the
20:07
Speaker 1: platform helps accomplish is deep sets of legitimacy verification. So
20:12
Speaker 1: are you who you say you are and are you
20:14
Speaker 1: authoritatively you know trustworthy business. We pull in signals from
20:20
Speaker 1: many dozens of authoritative databases like government registries, the IRS,
20:24
Speaker 1: social Security Administration, fraud databases, credit risk databases like the bureaus.
20:32
Speaker 1: We pull information from the banks to demonstrate cash flow
20:34
Speaker 1: history and health. So once you kind of put out
20:38
Speaker 1: this request that you want to be a customer with
20:41
Speaker 1: that new food service distributor, that supplier, and now has
20:45
Speaker 1: all of the contexts that they need to validate trust
20:49
Speaker 1: and activate that new trade relationship with you, you know,
20:52
Speaker 1: in minutes, right, so so much faster. It's faster, it's easier.
20:58
Speaker 1: Levels of visibility and trust are that much higher. And
21:02
Speaker 1: as a direct consequence, like if you think about the
21:04
Speaker 1: second and third order effects of doing this, now the
21:07
Speaker 1: food service distributor is able to double their customer base
21:12
Speaker 1: without necessarily having to double their operational overhead. So they're
21:15
Speaker 1: now motivated to do more and grow their business in
21:19
Speaker 1: a way that they just didn't have the infrastructure to
21:21
Speaker 1: do before. The second order of implication of that is now,
21:24
Speaker 1: as Ellen's restaurant, you now have a greater desire to
21:29
Speaker 1: expand your trade relationships with other vendors and suppliers. And
21:33
Speaker 1: instead of maybe only having the capacity to have five
21:37
Speaker 1: food suppliers that you're procuring from, now maybe you have
21:39
Speaker 1: twenty five. Right, you have greater optionality. You're able to
21:42
Speaker 1: purchase you know, fresh Italian food ingredients from a specialty
21:48
Speaker 1: Italian food service vendor. You're able to get the best
21:51
Speaker 1: fresh produce from someone who specializes in that and you're
21:54
Speaker 1: able to kind of stock up on inventory that differentiates
21:57
Speaker 1: you as a business and a restaurant operator because you
22:00
Speaker 1: might be able to expand the items on your menu.
22:01
Speaker 1: There's so many ways that you can think about how
22:04
Speaker 1: this is advantageous to your business. And beyond that, you
22:07
Speaker 1: now have more choice around which suppliers are most cost competitive,
22:13
Speaker 1: where do you want to buy certain supplies from. Maybe
22:17
Speaker 1: you don't kind of put all your eggs in one basket,
22:19
Speaker 1: and you can start to run these optimization functions, and
22:22
Speaker 1: the next time you want to partner with that next
22:25
Speaker 1: food service distributor, you can reuse your Neuvaux profile to
22:28
Speaker 1: build that next connection instead of having to yet again
22:32
Speaker 1: fill out onboarding paperwork yet again go through a two
22:34
Speaker 1: week long due diligence process. It's kind of like a
22:37
Speaker 1: trust profile that follows you as you do more and
22:41
Speaker 1: more across your trade network, and that next supplier can
22:43
Speaker 1: see that, Okay, you're a vetted participant in the Nuvou network.
22:48
Speaker 1: You've partnered with other vendors and suppliers in the past
22:51
Speaker 1: and built healthier trade relationships with them, so they're going
22:53
Speaker 1: to be that much faster and more confident in activating
22:56
Speaker 1: that relationship. So the larger of participants on Nuva's trade
23:03
Speaker 1: network becomes, the more each participant benefits over time because
23:07
Speaker 1: we're making it progressively easier, faster, and higher trust to
23:12
Speaker 1: activate that next relationship on our platform.
23:15
Speaker 2: So it sounds like NUVO's just the concierge that just
23:18
Speaker 2: brings everybody together and says, you know, okay, this is
23:21
Speaker 2: my friend, they're great, this this is the this is
23:23
Speaker 2: the other guy. They're great. You guys talk to your thing.
23:28
Speaker 2: But so what does that look like when we're we're
23:31
Speaker 2: looking at across borders, like right now we're talking about tariffs,
23:36
Speaker 2: and we know that some of these things are completely
23:39
Speaker 2: out of the suppliers or the vendors control. When they're
23:43
Speaker 2: looking for that diversification in their in their supplier portfolio,
23:48
Speaker 2: you know, are they are they able to look into
23:50
Speaker 2: different geographies? Are they able to look at you know,
23:53
Speaker 2: maybe this one is going to have, you know, a
23:57
Speaker 2: tariff implication, this one is not, or this one's going
24:00
Speaker 2: to be able to deliver in three days because of
24:03
Speaker 2: their proximity, whereas this one will take seven to ten.
24:07
Speaker 2: You know, what are some of those How does that
24:09
Speaker 2: work within within the NUVA platform.
24:12
Speaker 1: Yeah, so that all happens at the discovery layer. So
24:15
Speaker 1: Nuva doesn't really powered discovery of new you know, supplier
24:18
Speaker 1: or customer relationships, but post discovery, when you've decided that
24:22
Speaker 1: you do want to partner with the business, we make
24:24
Speaker 1: it that much easier to actually activate that intention. So
24:29
Speaker 1: going back to your example, we do support the cross
24:31
Speaker 1: border use case, by the way, but just to give
24:34
Speaker 1: you a worked example of why cross border starts to
24:37
Speaker 1: increase complexity even further, if you're doing business with someone domestically,
24:44
Speaker 1: maybe you establish a standard operating procedure internally saying here's
24:48
Speaker 1: how we're going to verify our trade partners. We're going
24:50
Speaker 1: to go to a government registry, maybe check a Secretary
24:52
Speaker 1: of State report, go and pull a credit bureau file,
24:56
Speaker 1: maybe conduct a certain due diligence process that's enforceable in
24:59
Speaker 1: the US, and you have a predictable process around saying
25:02
Speaker 1: I want to, you know, activate that next trade relationship,
25:06
Speaker 1: but using the same process that I've activated my previous
25:09
Speaker 1: trade relationship. But now the moment you move cross border,
25:13
Speaker 1: you're now comparing apples and oranges. The way that's the
25:17
Speaker 1: WENS is different it's completely different. The way that you
25:20
Speaker 1: validate a business internationally, let's say in Brazil, is not
25:24
Speaker 1: the same way that you would validate a trade partner
25:27
Speaker 1: who's down the street domestically in the US. Right, So
25:30
Speaker 1: you have to run through a completely new set of validations, verifications,
25:36
Speaker 1: fraud mitigations, risk checks to essentially model out what needs
25:42
Speaker 1: to happen in order for us to be able to
25:44
Speaker 1: buy from or sell to this cross border business. And
25:49
Speaker 1: that's again high complexity, high operational overhead. And we've already
25:55
Speaker 1: established that even in the domestic, in the purely domestic scenario,
25:59
Speaker 1: the complexity and overhead scales linearly or super linearly with
26:04
Speaker 1: every new trade relationship that you want to activate. The
26:07
Speaker 1: moment you start going cross border, it's not only that
26:10
Speaker 1: you go from having five customers to ten customers, like
26:12
Speaker 1: you're going from five customers to ten customers, but from
26:15
Speaker 1: one country to four countries, you've like quadrupled the level
26:18
Speaker 1: of complexity that you had to kind of run through
26:20
Speaker 1: your diligence check process. And you don't you find it
26:25
Speaker 1: very difficult to benchmark and compare. So one of the
26:29
Speaker 1: areas that we're driving impact is by creating like a
26:33
Speaker 1: standardization layer on every profile that businesses create, so it
26:38
Speaker 1: doesn't matter if you're in Brazil or in the US.
26:41
Speaker 1: NUVAU will connect to the authoritative government registries, the bank accounts,
26:44
Speaker 1: the credit bureau scores, et cetera. And for someone in
26:49
Speaker 1: the US to look at a trade partner domestically versus internationally.
26:53
Speaker 1: On Nouveau, we kind of like reduce the variance and
26:57
Speaker 1: complexity associated with the variance in that process and say, hey,
27:00
Speaker 1: we actually make it closer to doing an apples to
27:03
Speaker 1: apples analysis on who you want to buy from or
27:06
Speaker 1: sell to, because the underlying complexity has been kind of
27:09
Speaker 1: abstracted away by the power of technology on our platform.
27:12
Speaker 1: And I think that's an area where we're spending a
27:15
Speaker 1: lot of time digging into and investing in because we
27:19
Speaker 1: see we see an opportunity where if you didn't really
27:24
Speaker 1: have to think about what is the incremental complexity of
27:28
Speaker 1: doing business with someone in Mexico, or doing business with
27:30
Speaker 1: someone in Canada, or doing someone in business with someone
27:33
Speaker 1: in Brazil, it was just taken care of for you.
27:36
Speaker 1: Then you can focus on the business value of what
27:38
Speaker 1: are the products that I'm selling in the relationships that
27:40
Speaker 1: I'm nurturing. Today you have to worry about products that
27:43
Speaker 1: you sell and buy, relationships that you nurture, and eighty
27:47
Speaker 1: percent of all of the kind of operational headache associated
27:52
Speaker 1: with those business decisions which dilute those business decisions because
27:55
Speaker 1: you want to reduce the overhead in the first place, right,
28:00
Speaker 1: So it's like give give businesses back the time and
28:03
Speaker 1: the creativity to design their own destinies and let the
28:07
Speaker 1: complexity kind of fade away, Like that's that's the dream state.
28:12
Speaker 2: Well, and I have to think that with this type
28:15
Speaker 2: of situation where you can reduce that time, where you
28:20
Speaker 2: can be looking at these these suppliers in a more
28:25
Speaker 2: neutral format, or you know, across the board you're looking
28:28
Speaker 2: at the same things and you're able to make some
28:31
Speaker 2: very quick decisions. That builds agility into the conversation. So
28:37
Speaker 2: as you said this, you know, this process used to
28:40
Speaker 2: take a lot more time. It used to take a
28:42
Speaker 2: lot more effort. And we know that when it comes
28:45
Speaker 2: to things like tariffs, you know they may be there now,
28:49
Speaker 2: but they might not be there in four years. These
28:52
Speaker 2: things come and go very quickly as governments change, as
28:56
Speaker 2: politicians change, tactics in the middle of their you know,
29:01
Speaker 2: of their sentence in the middle of their of their reign,
29:05
Speaker 2: and so having that agility has got to be a
29:09
Speaker 2: huge differentiator to say, yes, this is the case now,
29:12
Speaker 2: this is my situation now. But in two months when
29:16
Speaker 2: this might change, or you know, they might negotiate a
29:19
Speaker 2: new deal on this particular tariff, then I can maybe
29:23
Speaker 2: go back to my original vendor, or I can go
29:26
Speaker 2: back to another vendor that that you know, would have
29:29
Speaker 2: been excluded. I think that that agility is going to
29:34
Speaker 2: help them with their operational execution. Is that accurate? Is
29:38
Speaker 2: that what you're seeing?
29:40
Speaker 1: Absolutely?
29:41
Speaker 2: Yeah.
29:42
Speaker 1: So having more connections between more businesses is a good
29:47
Speaker 1: thing because it essentially extends you optionality as a business owner, right,
29:53
Speaker 1: And I think more optionality around designing your strategy for
29:57
Speaker 1: growth under certain constraints and circumstance gives you more degrees
30:02
Speaker 1: of freedom. You know, if if a certain you know,
30:06
Speaker 1: if and I don't of view TERRAFFTS is like you know,
30:10
Speaker 1: it's not it's it causes risk and shock, but it
30:15
Speaker 1: also opens up opportunity. Right, like another country that you know,
30:20
Speaker 1: maybe you wanted to ship your mangoes to before, but
30:22
Speaker 1: they were subject to two hundred percent tariffs. If there's
30:25
Speaker 1: a new trade deal lot that's done in that two
30:26
Speaker 1: hundred percent tariff becomes a ten percent import tax. Be
30:30
Speaker 1: selling your mangoes in that country, you know.
30:32
Speaker 2: Yeah, it works both ways.
30:35
Speaker 1: It works both ways. Yeah, So using it as a
30:38
Speaker 1: driver to quickly action on new opportunities that emergeon, arise,
30:43
Speaker 1: and pull back when risks outweigh the benefit. It does
30:48
Speaker 1: work both ways. But kind of keeping those options open,
30:52
Speaker 1: having visibility into what the economics will be like under
30:58
Speaker 1: various different terraff regimes and being able to you know,
31:01
Speaker 1: competitively react. I mean, like the other topic on supply
31:05
Speaker 1: chains is just like it's a heavily competitive environment, especially
31:09
Speaker 1: in the commodities market, seeking about like food, beverage, construction,
31:13
Speaker 1: building materials, other commodities, just like you know, steel, rubber, aluminium. Yeah, yeah,
31:19
Speaker 1: I mean I think steel came up as like a
31:21
Speaker 1: pretty recent example of making big efforts to insource US
31:25
Speaker 1: steel production. These are cutthroat competitive markets where your ability
31:32
Speaker 1: to move faster than the competition allows you to capitalize
31:36
Speaker 1: on opportunities and use that as leveraged to drive growth.
31:41
Speaker 1: So I view this as like, how how much can
31:45
Speaker 1: we tighten feedback loops. And if you think about you know,
31:48
Speaker 1: if you think about the businesses of the economy that
31:51
Speaker 1: have really generated outsized profits and returns, think about like
31:55
Speaker 1: high frequency trading companies on Wall Street. They have these
31:58
Speaker 1: algorithms that are looking at real time changes in the
32:01
Speaker 1: data and committing buy and sell trades in the stock market,
32:05
Speaker 1: and that's primarily how they earn all their profit, not
32:07
Speaker 1: necessarily by an analyst sitting there kind of reacting to
32:11
Speaker 1: changes over a multi week long period, because by that
32:14
Speaker 1: point the market has already shifted and it's it's been
32:17
Speaker 1: done right. And supply chains are like the polar opposite
32:22
Speaker 1: of that currently as it stands, because so much of
32:25
Speaker 1: this is not like tight feedback loops driven. It's not
32:29
Speaker 1: data and technology driven, where if a new change occurs,
32:33
Speaker 1: it's like, Okay, there's a certain period of panic, a
32:37
Speaker 1: little bit period of shock, you know, then you know,
32:39
Speaker 1: reports start coming out, Then reports start getting translated into
32:43
Speaker 1: boardroom strategy conversations. Those need to trickle down into the
32:46
Speaker 1: actual operational changes that are made, and that can take
32:50
Speaker 1: many months. And yeah, exactly exactly, So I think typening
32:57
Speaker 1: of these feedback loops is extremely important, not just to
33:00
Speaker 1: generate like great you know, outcomes for these individual businesses
33:06
Speaker 1: from like a revenue growth or profitability perspective, but imagine
33:09
Speaker 1: what that means for the broader economy and like even
33:12
Speaker 1: the consumer landscape, right, Like you don't necessarily need to
33:15
Speaker 1: see PPE at the time of peak COVID go from
33:21
Speaker 1: like fifty cents a mask to twenty five dollars a
33:23
Speaker 1: mask because you know, the supply chains were not able
33:27
Speaker 1: to react adequately quickly enough, and now everybody feels gouged.
33:30
Speaker 1: Nobody feels very good about it. But ultimately it's like
33:33
Speaker 1: market economics, it makes sense, But how do you how
33:36
Speaker 1: do you not allow that to happen or you know,
33:40
Speaker 1: avoid that to the best extent possible. I think it's
33:42
Speaker 1: a worthy question that affects everyone's daily lives.
33:46
Speaker 2: Yeah, now that now that we've seen it happen, we've
33:48
Speaker 2: all lived through it, and it's not a question of
33:53
Speaker 2: if it's when when are we going to experience that
33:57
Speaker 2: kind of disruption again? And it's it doesn't have to
34:01
Speaker 2: be a pandemic, but something that is that disruptive and
34:06
Speaker 2: that influential on the way that we operate in supply chain.
34:11
Speaker 2: So where do you see. I mean we've talked about,
34:16
Speaker 2: of course, trade policy and tariffs. That's on everyone's mind
34:19
Speaker 2: at the moment, so it's topical. But what are some
34:24
Speaker 2: of those supplier engagements going to look like in the future.
34:28
Speaker 2: I mean, you're talking about making it easier just to
34:31
Speaker 2: make the connection in the first place and build that
34:34
Speaker 2: initial trust. But in that world where you can make
34:39
Speaker 2: a decision very quickly and move on to the next supplier,
34:44
Speaker 2: that doesn't feel like a great supplier relationship. So what's
34:49
Speaker 2: really going to be building those relationships that are more
34:52
Speaker 2: lasting or more mutually beneficial in the long run as
34:57
Speaker 2: opposed to just transactional.
35:00
Speaker 1: Yeah, the nature of B to B relationships, they are
35:02
Speaker 1: fundamentally relationship driven. I don't think we're going to create
35:05
Speaker 1: a world that becomes transactional whatsoever. If you think about it,
35:11
Speaker 1: what does expansion of trade partnerships enable? From a very
35:15
Speaker 1: fundamental questioning perspective. By increasing the number of vendors and
35:20
Speaker 1: suppliers that you work with, you're able to expand the
35:23
Speaker 1: total pool of goods and services that are accessible to
35:26
Speaker 1: your business to procure, and that will enable you to
35:30
Speaker 1: create better products and services that you can sell to
35:33
Speaker 1: your end customers right like today. For example, if you
35:37
Speaker 1: wanted to start a hardware company, you have access to
35:40
Speaker 1: globally diverse supply chains. You can get chips from one place,
35:44
Speaker 1: screens from another place. You know, actuators from a different place.
35:49
Speaker 1: Like to start to build a robot or you know,
35:52
Speaker 1: mass produce robots. Today, let's say in the US, it's
35:55
Speaker 1: easier than it was, you know, maybe thirty or forty
35:57
Speaker 1: years ago, when the total pool of suppliers that you
35:59
Speaker 1: could tell into was more limited. That constrain what you
36:02
Speaker 1: could do as a business in terms of the goods
36:04
Speaker 1: and services you could create. So I think what will
36:07
Speaker 1: happen is that we will start to dramatically increase the quantity, quality,
36:14
Speaker 1: and variety of goods and services that are available in
36:17
Speaker 1: the global economy by virtue expanding supplier and vendor relationships,
36:22
Speaker 1: and on the flip side, by virtue of having access
36:25
Speaker 1: to globally accessible customers that buyer products. There are two benefits.
36:31
Speaker 1: The most easy and obvious one is that you have
36:33
Speaker 1: new vectors to drive growth in your business. You don't
36:35
Speaker 1: need to sell your avocados only within some small corner
36:40
Speaker 1: territory of California. You can ship your avocados to Asia
36:44
Speaker 1: and you know, explore new business growth opportunities that would
36:47
Speaker 1: have otherwise been difficult to accomplish. If two businesses on
36:51
Speaker 1: either side of the world, we're not able to connect
36:54
Speaker 1: and activate their relationship with each other. But if you
36:56
Speaker 1: think about what is the implication of being able to
36:59
Speaker 1: have of a globally accessible uh set of customers that
37:03
Speaker 1: you could sell into, I think the second order implications
37:07
Speaker 1: are even more interesting because it will allow you to
37:11
Speaker 1: create and distribute goods and services that are more specialized
37:16
Speaker 1: and niche. Whereas maybe there maybe there wasn't a sufficient
37:21
Speaker 1: market for you know, a specially type a special type
37:25
Speaker 1: of spicy avocado that you had concocted with your own
37:28
Speaker 1: creativity because within your kind of regional constraints there weren't
37:33
Speaker 1: enough buyers for it. But a globally accessible customer base,
37:37
Speaker 1: maybe there's an interesting enough niche market where this product
37:41
Speaker 1: exists and can thrive in this new world. Right, So
37:45
Speaker 1: it's really interesting to think about how we can get
37:48
Speaker 1: increasingly and progressively specialized in our global supply chains, where
37:53
Speaker 1: we'll see an explosion of available goods and services, deeper
37:57
Speaker 1: personalization of whatever it is that you want or you need.
38:01
Speaker 1: You don't need to go and get that generic part.
38:04
Speaker 1: You have a more specialized part that is accessible somewhere
38:07
Speaker 1: at a cost effective price point for you to procure
38:10
Speaker 1: and use to build whatever it is that you're going
38:12
Speaker 1: to build and pass through in the next level down
38:14
Speaker 1: of the supply chain. I think that's a very interesting world,
38:18
Speaker 1: and it's far far from being one that is purely transactional.
38:22
Speaker 1: I think there will be more like a higher volume
38:25
Speaker 1: of deep relationships instead of kind of a higher volume
38:29
Speaker 1: of progressively more shallow relationships.
38:32
Speaker 2: Okay, So which types of companies And I'll use the
38:38
Speaker 2: word companies very loosely because they could be on either
38:40
Speaker 2: side of this equation for you, So, we've either got
38:44
Speaker 2: a supplier or we've got a consumer, and maybe they're
38:49
Speaker 2: don't I don't even know. Perhaps a company could be
38:52
Speaker 2: on both sides of that, depending on what it is
38:55
Speaker 2: that they're doing. If they're taking a product, making something
38:58
Speaker 2: and then selling it to someone else, you know, they
39:00
Speaker 2: could potentially be on both sides of that equation. But
39:04
Speaker 2: what companies are really making the most use and getting
39:09
Speaker 2: the most value out of this platform, what what industries
39:12
Speaker 2: are they in what size, you know, what which customers,
39:15
Speaker 2: which listeners of mine should be most interested in your platform.
39:20
Speaker 1: Yeah. Well, if you're a business that is selling B
39:24
Speaker 1: to B physical goods to a high volume of customers,
39:29
Speaker 1: onboarding a high volume of them every single year, exploring
39:33
Speaker 1: new channels for growth like e commerce channels and digital
39:36
Speaker 1: storefronts to acquire new customers, and you have an existing
39:41
Speaker 1: customer onboarding and perhaps a credit process in place, benuvo
39:47
Speaker 1: is something that you should absolutely explore. We've successfully partnered
39:51
Speaker 1: with businesses across a variety of industries like food and beverage.
39:55
Speaker 1: If you're you know, liquor wholesaler selling to you know,
39:59
Speaker 1: five thousand bars, bodegas, restaurants, and small retail stores, you
40:03
Speaker 1: need to have a scaled customer onboarding and risk management
40:08
Speaker 1: process in place where you can scale your efforts using
40:11
Speaker 1: the introduction of better technology to drive that process. If
40:15
Speaker 1: you're selling building materials or construction products to you know,
40:20
Speaker 1: many thousands of general contractors who are also businesses that
40:24
Speaker 1: are trading goods with you, then you also need a
40:28
Speaker 1: scaled onboarding and risk management process. So those are just
40:33
Speaker 1: an examples of industries where we've gotten really strong market pull.
40:39
Speaker 1: But you know, we also work across you know, steel, glass,
40:45
Speaker 1: auto parts, tires, medical equipment. You know, the variety of
40:52
Speaker 1: products and subcategories of products of goods moving through the
40:56
Speaker 1: supply chain is large and diverse. And as long as
41:01
Speaker 1: you're doing business with a high enough volume of trade
41:05
Speaker 1: partners and you're trying to expand your pool of trade
41:07
Speaker 1: partners that you were selling into or buying from, Nouveau
41:10
Speaker 1: would be a good fit to help you scale those
41:12
Speaker 1: trade relationships in time.
41:14
Speaker 2: All right, So I'm gonna I'm gonna take this back
41:16
Speaker 2: to our to our icebreaker. What is the most interesting
41:21
Speaker 2: product that you have seen a supplier bring to your platform?
41:26
Speaker 1: The most interesting product that a supplier has brought. That's
41:30
Speaker 1: that's an interesting question because I.
41:33
Speaker 2: Mean, we've talked about We've talked about building materials. We've
41:35
Speaker 2: talked about food. We talked about some you know, perhaps
41:38
Speaker 2: niche food ingredients or anything like that. We've talked about medical,
41:44
Speaker 2: medical ppe and medical devices. I'm trying to think there's
41:50
Speaker 2: there's got to be something bizarre that you've seen walk
41:53
Speaker 2: through the door.
41:55
Speaker 1: It's not necessarily some maybe it's not bizarre, but one
41:58
Speaker 1: of the one of the areas where I was like, wow,
42:00
Speaker 1: this is really cool is we've been seeing a lot
42:04
Speaker 1: of solar product moving through the new VAU ecosystem where
42:10
Speaker 1: some of the largest solar panel manufacturing and distribution businesses
42:14
Speaker 1: are on our platform working with solar installers. One of
42:17
Speaker 1: the really cool things about this is that it allows
42:20
Speaker 1: us to visualize the changing and evolving nature of the
42:24
Speaker 1: supply chain world. Where ten years ago, twenty years ago,
42:29
Speaker 1: there are not very many solar installers in the US economy,
42:32
Speaker 1: there are a lot today growing every single month. So
42:37
Speaker 1: to be able to visualize the growth of solar like
42:42
Speaker 1: wholesale buyers and the explosion of net new demand for
42:48
Speaker 1: you know, sustainable energy technologies to flow through the supply chain,
42:52
Speaker 1: it's one of those like exponentially accelerating end markets where
42:57
Speaker 1: you know, maybe other markets are like relatively stable, people
43:00
Speaker 1: are eating about the same amount of food, drinking the
43:01
Speaker 1: same amount of wine, But you know, the volume of
43:04
Speaker 1: solar moving through a platform year over year is just
43:07
Speaker 1: it's breathtaking, and I think testament to how when new
43:12
Speaker 1: products are brought to market and their strong demand and
43:15
Speaker 1: customer adoption. Being able to see the inner workings of
43:18
Speaker 1: the supply chains kind of like reworking themselves. It almost
43:21
Speaker 1: looks like, you know, the brains neurons like reconfiguring themselves
43:25
Speaker 1: to fire and like unique paths based on things that
43:28
Speaker 1: you discover, and you like, we're seeing that kind of
43:31
Speaker 1: like interesting dynamic pattern within the supply chain ecosystem also emerged.
43:35
Speaker 1: So I thought that was a really cool inner workings
43:39
Speaker 1: of the world that we have visibility into.
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Speaker 2: No, that's true. You probably have some very unique insights
43:45
Speaker 2: into customer buying patterns right now.
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Speaker 1: Yeah, Yeah, it's cool. The future is bright. Based on
43:54
Speaker 1: the data that I see flowing through our platform, it is.
43:57
Speaker 1: I think we are heading towards a world of supply
44:00
Speaker 1: chain abundance, which emerges from you know, more businesses existing
44:07
Speaker 1: in our economy than ever before, more interconnectivity between those businesses,
44:11
Speaker 1: a higher volume of goods and services. The pace of
44:15
Speaker 1: growth of new industries like solar being an example, is
44:19
Speaker 1: accelerating with every new macro trend. We haven't quite yet
44:24
Speaker 1: sold into kind of like the AI chips world, but
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Speaker 1: I'm sure that world is going through some utterly crazy
44:32
Speaker 1: exponential growth of supply chain constraints as demand has blown
44:36
Speaker 1: through the roof so it's the future looks really bright.
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Speaker 1: So I look at our data and it fills me
44:44
Speaker 1: with optimism seeing seeing what's possible and where the world
44:48
Speaker 1: is heading.
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Speaker 2: Well, and for all of those solar suppliers and installers,
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Speaker 2: I hope the future is bright well. Thank you so much,
44:58
Speaker 2: Sid for joining us today and sharing a little bit
45:00
Speaker 2: more about Nuveau.
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Speaker 1: Thanks for having me Ellen so when the.
45:05
Speaker 2: Rules of trade change fast, trust, speed and clarity aren't luxuries,
45:09
Speaker 2: they're your competitive edge. Thank you so much for sharing
45:12
Speaker 2: your insights today, and to our listeners, if you've found
45:15
Speaker 2: today's episode valuable, be sure to hit that subscribe button
45:18
Speaker 2: so you never miss an episode. And if you're interested
45:20
Speaker 2: in being a guest on our show, you can reach
45:22
Speaker 2: me at podcast at mebok dot com at any time