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Why 90% of AI Pilots Fail Before They Start · Private Equity Data Guy

• 0:00
  2000
• 0:00
  people
• 0:00
  lost
• 0:01
  their
• 0:01
  jobs,
• 0:01
  unfortunately,
• 0:02
  81
• 0:03
  million
• 0:03
  lost
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  for
• 0:04
  that
• 0:04
  business
• 0:04
  unit.
• 0:05
  So
• 0:05
  yeah,
• 0:05
  I
• 0:06
  feel
• 0:06
  that
• 0:06
  at
• 0:07
  the
• 0:07
  end
• 0:07
  of
• 0:07
  2027,
• 0:08
  when
• 0:08
  Enterprise
• 0:09
  Agentic's
• 0:10
  out
• 0:11
  and
• 0:11
  people
• 0:12
  with
• 0:12
  fragmented
• 0:13
  businesses
• 0:13
  and
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  they're
• 0:14
  like,
• 0:14
  oh
• 0:14
  well,
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  we've
• 0:14
  run
• 0:15
  a
• 0:15
  pilot,
• 0:15
  we'll
• 0:15
  run
• 0:16
  Enterprise
• 0:17
  Agentic,
• 0:17
  it'll
• 0:18
  go
• 0:18
  and
• 0:18
  do
• 0:18
  something
• 0:19
  like
• 0:19
  that
• 0:19
  and
• 0:19
  wreck
• 0:20
  so
• 0:20
  many
• 0:20
  businesses.
• 0:21
  So
• 0:21
  there's
• 0:21
  going
• 0:22
  to
• 0:22
  be
• 0:22
  some
• 0:22
  interesting
• 0:22
  headlines
• 0:23
  coming
• 0:23
  out.
• 0:23
  If
• 0:23
  you
• 0:24
  did
• 0:24
  get
• 0:25
  AI
• 0:25
  ready
• 0:25
  and
• 0:26
  you
• 0:26
  were
• 0:26
  able
• 0:26
  to
• 0:27
  deploy,
• 0:27
  deploy
• 0:27
  Enterprise
• 0:28
  Agentic
• 0:29
  at
• 0:29
  the
• 0:29
  right
• 0:29
  time,
• 0:30
  then
• 0:30
  you
• 0:30
  would
• 0:31
  be
• 0:31
  the
• 0:31
  one
• 0:32
  taking
• 0:32
  all
• 0:32
  the
• 0:32
  market
• 0:33
  share
• 0:33
  of
• 0:33
  your
• 0:33
  competition
• 0:34
  and
• 0:34
  as
• 0:35
  they
• 0:35
  start
• 0:35
  collapsing,
• 0:36
  you
• 0:36
  can
• 0:36
  buy
• 0:36
  them
• 0:36
  for
• 0:36
  pennies
• 0:37
  on
• 0:37
  pounds.
• 0:37
  Behind
• 0:38
  every
• 0:38
  value
• 0:38
  creation
• 0:39
  plan,
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  there's
• 0:40
  a
• 0:40
  data
• 0:40
  problem
• 0:40
  nobody
• 0:41
  wants
• 0:41
  to
• 0:41
  talk
• 0:41
  about.
• 0:42
  Fragmented
• 0:42
  systems,
• 0:43
  metrics
• 0:43
  nobody
• 0:44
  trusts,
• 0:44
  and
• 0:44
  decisions
• 0:45
  made
• 0:45
  on
• 0:45
  gut
• 0:45
  feel
• 0:46
  dressed
• 0:46
  up
• 0:46
  as
• 0:47
  analysis.
• 0:47
  Welcome
• 0:48
  to
• 0:48
  the
• 0:48
  PE
• 0:48
  Data
• 0:48
  Guy.
• 0:49
  Each
• 0:49
  week,
• 0:50
  host
• 0:50
  Graham
• 0:50
  Crawford
• 0:51
  talks
• 0:51
  to
• 0:51
  the
• 0:51
  operating
• 0:51
  partners,
• 0:52
  advisors
• 0:53
  and
• 0:53
  practitioners
• 0:54
  who
• 0:54
  are
• 0:54
  doing
• 0:54
  the
• 0:54
  work
• 0:54
  inside
• 0:55
  portfolio
• 0:55
  companies.
• 0:56
  If
• 0:56
  you
• 0:56
  care
• 0:57
  about
• 0:57
  what
• 0:57
  actually
• 0:57
  drives
• 0:58
  returns
• 0:58
  in
• 0:58
  the
• 0:58
  market,
• 0:59
  then
• 0:59
  you're
• 0:59
  in
• 1:00
  the
• 1:00
  right
• 1:00
  place.
• 1:00
  The
• 1:01
  PE
• 1:01
  data
• 1:01
  guy
• 1:02
  starts
• 1:02
  now.
• 1:04
  Ben
• 1:04
  Banks
• 1:04
  has
• 1:05
  spent
• 1:05
  30
• 1:05
  years
• 1:05
  working
• 1:06
  inside
• 1:06
  complex
• 1:06
  operational
• 1:07
  systems
• 1:07
  and
• 1:08
  18
• 1:08
  of
• 1:08
  those
• 1:09
  leading
• 1:09
  global
• 1:10
  operations,
• 1:10
  integrations,
• 1:11
  transformations
• 1:12
  and
• 1:12
  value
• 1:12
  creation
• 1:12
  programs,
• 1:13
  exit
• 1:14
  readiness
• 1:14
  and
• 1:15
  operational
• 1:15
  due
• 1:15
  diligence
• 1:16
  across
• 1:16
  some
• 1:16
  of
• 1:16
  the
• 1:16
  most
• 1:16
  complex
• 1:17
  platforms
• 1:17
  in
• 1:17
  the
• 1:17
  market.
• 1:18
  The
• 1:18
  last
• 1:19
  eight
• 1:19
  years,
• 1:19
  working
• 1:20
  with
• 1:20
  tier
• 1:20
  one
• 1:20
  private
• 1:21
  equity
• 1:21
  funds
• 1:22
  and
• 1:22
  their
• 1:22
  upper
• 1:22
  middle
• 1:23
  to
• 1:23
  large
• 1:23
  cap
• 1:24
  pork
• 1:24
  hosts.
• 1:25
  This
• 1:26
  delivery,
• 1:27
  pattern
• 1:27
  recognition
• 1:28
  and
• 1:28
  hard
• 1:28
  earned
• 1:29
  operational
• 1:29
  insights
• 1:29
  over
• 1:30
  18
• 1:30
  years
• 1:30
  has
• 1:31
  led
• 1:31
  Ben
• 1:31
  to
• 1:31
  build
• 1:31
  the
• 1:31
  growth
• 1:32
  engine
• 1:32
  which
• 1:33
  is
• 1:33
  an
• 1:33
  operating
• 1:33
  framework
• 1:34
  designed
• 1:34
  to
• 1:35
  improve
• 1:35
  integration
• 1:36
  velocity,
• 1:36
  reduce
• 1:37
  the
• 1:37
  acquisition
• 1:37
  lifecycle
• 1:38
  cost
• 1:38
  and
• 1:38
  complexity
• 1:39
  and
• 1:39
  build
• 1:39
  cleaner,
• 1:40
  more
• 1:40
  defensible
• 1:41
  exit
• 1:41
  stories
• 1:42
  from
• 1:42
  day
• 1:43
  one.
• 1:44
  Today
• 1:45
  we're
• 1:45
  talking
• 1:45
  about
• 1:46
  why
• 1:46
  the
• 1:46
  vast
• 1:47
  majority
• 1:47
  of
• 1:47
  enterprise
• 1:48
  AI
• 1:48
  deployments
• 1:48
  are
• 1:48
  delivering
• 1:49
  no
• 1:50
  measurable
• 1:50
  P
• 1:50
  and
• 1:50
  L
• 1:51
  impact.
• 1:51
  What
• 1:52
  AI
• 1:52
  ready
• 1:53
  actually
• 1:53
  means
• 1:53
  underneath
• 1:54
  the
• 1:54
  slogan
• 1:54
  why
• 1:55
  business
• 1:55
  coherence
• 1:56
  is
• 1:56
  actually
• 1:56
  the
• 1:56
  gating
• 1:57
  factor
• 1:57
  that
• 1:57
  everyone
• 1:58
  is
• 1:58
  mistaking
• 1:58
  for
• 1:58
  a
• 1:59
  data
• 1:59
  problem
• 2:00
  and
• 2:00
  why
• 2:00
  the
• 2:01
  1812-18
• 2:02
  months
• 2:02
  it
• 2:02
  takes
• 2:02
  to
• 2:02
  build
• 2:02
  the
• 2:02
  right
• 2:03
  foundation
• 2:03
  is
• 2:04
  the
• 2:04
  difference
• 2:04
  between
• 2:05
  competing
• 2:06
  when
• 2:06
  the
• 2:07
  enterprise
• 2:07
  agentic
• 2:08
  wave
• 2:08
  finally
• 2:08
  arrives
• 2:09
  or
• 2:10
  watching
• 2:10
  your
• 2:10
  competitors
• 2:11
  do
• 2:11
  it
• 2:11
  without
• 2:11
  you.
• 2:12
  Ben,
• 2:12
  thanks
• 2:12
  so
• 2:12
  much
• 2:13
  for
• 2:13
  coming
• 2:13
  on
• 2:13
  the
• 2:13
  show.
• 2:14
  It
• 2:14
  was
• 2:14
  great
• 2:14
  to
• 2:15
  meet
• 2:15
  you
• 2:15
  through
• 2:15
  LinkedIn
• 2:16
  and
• 2:16
  you
• 2:16
  know,
• 2:17
  something
• 2:17
  in
• 2:18
  common,
• 2:18
  like
• 2:19
  you're
• 2:19
  based
• 2:19
  over
• 2:19
  in
• 2:20
  York
• 2:20
  in
• 2:20
  the
• 2:20
  uk,
• 2:20
  which
• 2:21
  is
• 2:21
  where
• 2:21
  I
• 2:21
  went
• 2:21
  to
• 2:21
  school,
• 2:22
  so
• 2:22
  we've
• 2:22
  been
• 2:22
  to
• 2:22
  many
• 2:23
  of
• 2:23
  the
• 2:23
  same
• 2:23
  places
• 2:23
  together.
• 2:24
  Yeah,
• 2:25
  absolutely
• 2:26
  great
• 2:26
  to
• 2:27
  be
• 2:27
  here,
• 2:27
  Graham.
• 2:28
  And
• 2:28
  I've
• 2:29
  known
• 2:29
  you
• 2:29
  for
• 2:29
  a
• 2:30
  little
• 2:30
  while
• 2:30
  now,
• 2:30
  but
• 2:31
  we've
• 2:31
  had
• 2:31
  some
• 2:31
  good
• 2:31
  chats.
• 2:32
  Yeah,
• 2:32
  absolutely,
• 2:33
  absolutely.
• 2:34
  Speaking
• 2:34
  of
• 2:34
  data
• 2:34
  points,
• 2:35
  the
• 2:35
  temperatures
• 2:35
  are
• 2:36
  soaring
• 2:36
  over
• 2:36
  there,
• 2:36
  aren't
• 2:36
  they?
• 2:37
  This
• 2:38
  month
• 2:38
  is
• 2:38
  currently
• 2:39
  baking
• 2:39
  in
• 2:39
  your
• 2:39
  brick
• 2:40
  houses.
• 2:40
  Yeah,
• 2:41
  it's
• 2:41
  red
• 2:41
  hot.
• 2:42
  Yeah.
• 2:43
  Yeah.
• 2:43
  I
• 2:44
  was
• 2:44
  in
• 2:44
  actually
• 2:44
  in
• 2:44
  Ireland
• 2:44
  for
• 2:45
  a
• 2:45
  little
• 2:45
  bit
• 2:45
  last
• 2:45
  week
• 2:45
  and
• 2:45
  it
• 2:46
  wasn't
• 2:46
  quite
• 2:46
  as
• 2:47
  searing
• 2:48
  as
• 2:48
  it
• 2:48
  was
• 2:48
  in
• 2:48
  the
• 2:48
  uk,
• 2:48
  but
• 2:49
  even
• 2:49
  then
• 2:50
  I
• 2:50
  think
• 2:50
  the
• 2:50
  last
• 2:50
  hotel
• 2:51
  I
• 2:51
  got
• 2:51
  in
• 2:51
  Dublin
• 2:51
  before
• 2:52
  I
• 2:52
  left
• 2:52
  had
• 2:52
  air
• 2:52
  conditioning
• 2:53
  and
• 2:53
  I
• 2:53
  was
• 2:53
  like,
• 2:54
  I'm
• 2:54
  just
• 2:54
  gonna
• 2:54
  do,
• 2:54
  you
• 2:54
  know,
• 2:55
  I'm
• 2:55
  just
• 2:55
  gonna
• 2:55
  stay
• 2:55
  in
• 2:55
  my
• 2:55
  room.
• 2:57
  Yeah,
• 2:58
  I
• 2:58
  know
• 2:58
  the
• 2:58
  feeling.
• 2:58
  It's
• 2:59
  just.
• 2:59
  It's
• 2:59
  just
• 2:59
  not
• 2:59
  built
• 3:00
  for
• 3:00
  it,
• 3:00
  is
• 3:00
  it?
• 3:01
  No,
• 3:01
  no,
• 3:02
  it's
• 3:02
  not
• 3:02
  built
• 3:02
  for
• 3:03
  it.
• 3:03
  And
• 3:03
  as
• 3:03
  you
• 3:03
  say,
• 3:03
  like,
• 3:03
  it
• 3:04
  happens
• 3:04
  so
• 3:04
  at
• 3:05
  least
• 3:05
  historically
• 3:05
  has
• 3:05
  happened
• 3:06
  so
• 3:06
  rarely
• 3:06
  that
• 3:07
  you
• 3:07
  can't
• 3:07
  justify
• 3:08
  the.
• 3:08
  The
• 3:09
  investment
• 3:09
  in
• 3:09
  the
• 3:09
  infrastructure.
• 3:10
  Yeah,
• 3:11
  it's.
• 3:11
  It
• 3:11
  was
• 3:11
  the
• 3:11
  opposite
• 3:12
  way
• 3:12
  when
• 3:12
  I
• 3:12
  used
• 3:12
  to
• 3:12
  live
• 3:13
  in
• 3:13
  Australia.
• 3:14
  So
• 3:14
  they.
• 3:14
  They
• 3:14
  have
• 3:15
  a
• 3:15
  short
• 3:15
  winter
• 3:16
  where
• 3:16
  it
• 3:16
  gets
• 3:16
  down
• 3:16
  to
• 3:17
  a
• 3:17
  freezing
• 3:17
  cold
• 3:18
  10
• 3:18
  degrees
• 3:19
  Celsius.
• 3:20
  It's
• 3:20
  not
• 3:20
  worth
• 3:21
  putting
• 3:21
  central
• 3:21
  heating
• 3:22
  into
• 3:22
  the
• 3:22
  homes.
• 3:22
  So
• 3:23
  Feels
• 3:24
  really
• 3:24
  cold.
• 3:25
  It's
• 3:25
  not.
• 3:26
  I
• 3:26
  mean,
• 3:26
  10
• 3:26
  degrees
• 3:26
  is
• 3:27
  almost
• 3:27
  summer
• 3:27
  in
• 3:27
  England
• 3:28
  or,
• 3:28
  you
• 3:28
  know,
• 3:29
  Europe,
• 3:30
  but
• 3:30
  it
• 3:30
  just
• 3:30
  feels
• 3:31
  freezing
• 3:31
  cold
• 3:31
  in
• 3:31
  the
• 3:31
  houses.
• 3:32
  So
• 3:32
  they
• 3:32
  have
• 3:32
  the.
• 3:33
  The
• 3:33
  exact
• 3:33
  opposite
• 3:34
  problem.
• 3:35
  Yeah.
• 3:35
  It's
• 3:35
  all
• 3:35
  about
• 3:35
  what
• 3:36
  you're
• 3:36
  used
• 3:36
  to,
• 3:36
  isn't
• 3:36
  it?
• 3:36
  Absolutely.
• 3:37
  Absolutely.
• 3:38
  Speaking
• 3:39
  about
• 3:39
  preparing
• 3:39
  for
• 3:39
  things,
• 3:40
  you
• 3:40
  just
• 3:40
  published
• 3:41
  a
• 3:41
  really
• 3:41
  fascinating
• 3:41
  piece
• 3:42
  on
• 3:42
  LinkedIn
• 3:43
  with
• 3:43
  a
• 3:44
  bit
• 3:44
  of
• 3:44
  a
• 3:44
  throwback
• 3:44
  reference
• 3:45
  to
• 3:45
  HD
• 3:45
  Ready
• 3:46
  for
• 3:47
  when
• 3:47
  HD
• 3:47
  Ready
• 3:48
  televisions
• 3:48
  first
• 3:48
  came
• 3:48
  out
• 3:49
  before
• 3:49
  the
• 3:49
  broadcast
• 3:50
  technology.
• 3:50
  Quite
• 3:50
  caught
• 3:51
  up
• 3:51
  and
• 3:52
  how
• 3:52
  we're
• 3:52
  kind
• 3:53
  of
• 3:53
  at
• 3:53
  the
• 3:53
  equivalent
• 3:53
  moment
• 3:54
  for
• 3:54
  agentic
• 3:54
  AI.
• 3:55
  So
• 3:55
  everyone's
• 3:56
  talking
• 3:56
  about
• 3:56
  it.
• 3:56
  We
• 3:57
  know
• 3:57
  this
• 3:57
  is
• 3:57
  AI
• 3:58
  coming
• 3:58
  up
• 3:58
  within
• 3:58
  two
• 3:59
  minutes
• 3:59
  of
• 3:59
  a
• 3:59
  podcast.
• 3:59
  Starting
• 4:00
  is
• 4:00
  very
• 4:01
  much
• 4:01
  the
• 4:01
  norm
• 4:01
  and
• 4:01
  not
• 4:01
  the
• 4:02
  exception
• 4:02
  these
• 4:02
  days.
• 4:03
  Boers
• 4:03
  are
• 4:03
  signing
• 4:04
  off.
• 4:04
  Pilots
• 4:04
  like
• 4:05
  consultancies
• 4:05
  are
• 4:06
  billing
• 4:06
  millions.
• 4:06
  OpenAI
• 4:07
  and
• 4:07
  Anthropic
• 4:08
  have
• 4:08
  just
• 4:08
  spun
• 4:09
  up
• 4:09
  their
• 4:09
  own
• 4:09
  consultancy
• 4:10
  firms
• 4:10
  and
• 4:10
  the
• 4:11
  magical
• 4:11
  mythical
• 4:12
  for
• 4:12
  deploy
• 4:12
  engineers
• 4:13
  that
• 4:13
  they
• 4:14
  claim
• 4:14
  to
• 4:14
  have
• 4:14
  hundreds
• 4:14
  and
• 4:15
  thousands
• 4:15
  of.
• 4:15
  But
• 4:15
  what
• 4:16
  you're
• 4:16
  saying
• 4:16
  is
• 4:16
  if
• 4:17
  you're
• 4:17
  not
• 4:17
  AI
• 4:18
  ready,
• 4:18
  then
• 4:18
  you're
• 4:19
  focused
• 4:19
  on
• 4:19
  the
• 4:19
  wrong
• 4:19
  thing.
• 4:20
  What
• 4:20
  do
• 4:20
  you
• 4:20
  think
• 4:21
  people
• 4:21
  are
• 4:21
  missing
• 4:22
  and
• 4:22
  not
• 4:22
  doing
• 4:22
  at
• 4:23
  this
• 4:23
  critical
• 4:23
  moment
• 4:25
  in
• 4:25
  the
• 4:25
  rollout
• 4:26
  of
• 4:26
  this
• 4:26
  thing?
• 4:26
  New
• 4:26
  technology.
• 4:27
  Yeah,
• 4:27
  sure.
• 4:28
  So
• 4:28
  at
• 4:28
  the
• 4:28
  moment
• 4:29
  there's
• 4:29
  a
• 4:29
  lot
• 4:29
  of
• 4:30
  pressure
• 4:30
  on
• 4:31
  CEOs
• 4:32
  and
• 4:32
  operating
• 4:33
  partners
• 4:33
  to
• 4:33
  be
• 4:34
  doing
• 4:34
  something
• 4:35
  with
• 4:35
  AI
• 4:35
  or
• 4:36
  to
• 4:36
  be
• 4:36
  seen
• 4:36
  to
• 4:36
  be
• 4:36
  doing
• 4:37
  something
• 4:37
  with
• 4:37
  AI.
• 4:38
  And
• 4:39
  they're
• 4:39
  talking
• 4:39
  about
• 4:40
  the
• 4:40
  AI
• 4:40
  layer.
• 4:41
  And
• 4:41
  right
• 4:41
  now
• 4:42
  AI
• 4:42
  is
• 4:42
  gen
• 4:43
  AI,
• 4:43
  which
• 4:44
  is
• 4:44
  like
• 4:44
  ChatGPT,
• 4:45
  where
• 4:45
  you
• 4:45
  ask
• 4:45
  it
• 4:46
  how
• 4:47
  you
• 4:47
  know
• 4:47
  what's
• 4:48
  a
• 4:48
  recipe
• 4:48
  for
• 4:48
  something
• 4:49
  and
• 4:49
  it
• 4:49
  tells
• 4:50
  you
• 4:50
  there's
• 4:51
  task
• 4:51
  level
• 4:51
  agentic,
• 4:53
  which
• 4:53
  is
• 4:53
  Go
• 4:54
  out
• 4:54
  and
• 4:54
  get
• 4:54
  me
• 4:54
  some
• 4:55
  appointments
• 4:55
  or
• 4:55
  something
• 4:56
  like
• 4:56
  that,
• 4:56
  or
• 4:56
  manage
• 4:56
  my
• 4:57
  diary.
• 4:58
  And
• 4:58
  there's
• 4:59
  Silo
• 4:59
  Agentic,
• 5:00
  which
• 5:00
  is,
• 5:01
  imagine
• 5:01
  for
• 5:01
  example,
• 5:02
  inside
• 5:02
  sales,
• 5:03
  which
• 5:03
  is
• 5:04
  run
• 5:04
  off
• 5:04
  a
• 5:04
  single
• 5:04
  CRM.
• 5:05
  Everything
• 5:06
  inside
• 5:06
  that
• 5:06
  CRM
• 5:07
  can
• 5:07
  be
• 5:08
  run
• 5:08
  and
• 5:08
  in
• 5:08
  fact
• 5:09
  that
• 5:09
  CRM
• 5:10
  probably
• 5:10
  has
• 5:10
  its
• 5:11
  own
• 5:11
  AI
• 5:11
  embedded
• 5:12
  within
• 5:12
  it.
• 5:13
  So
• 5:13
  that's
• 5:13
  where
• 5:14
  we're
• 5:14
  at
• 5:14
  with
• 5:14
  AI
• 5:15
  and
• 5:15
  everybody's
• 5:16
  out
• 5:16
  there
• 5:16
  talking
• 5:17
  about
• 5:17
  it
• 5:17
  and
• 5:18
  saying,
• 5:18
  look
• 5:18
  at
• 5:18
  what
• 5:18
  we're
• 5:19
  doing.
• 5:19
  But
• 5:19
  nobody's
• 5:20
  saying,
• 5:22
  well
• 5:22
  actually
• 5:22
  we've
• 5:23
  taken
• 5:23
  a
• 5:23
  step
• 5:23
  back
• 5:24
  from
• 5:24
  this
• 5:25
  and
• 5:25
  we're
• 5:25
  looking
• 5:25
  at
• 5:26
  our
• 5:26
  operating
• 5:27
  stack,
• 5:27
  or
• 5:28
  as
• 5:28
  I
• 5:28
  call
• 5:28
  it,
• 5:28
  my
• 5:29
  transformation
• 5:30
  stack,
• 5:30
  which
• 5:31
  is
• 5:31
  the
• 5:32
  business
• 5:32
  model,
• 5:33
  the
• 5:33
  operating
• 5:34
  model,
• 5:35
  the
• 5:35
  systems,
• 5:36
  the
• 5:36
  processes,
• 5:37
  the
• 5:38
  people
• 5:38
  and
• 5:38
  culture
• 5:39
  and
• 5:39
  the
• 5:39
  data.
• 5:40
  And
• 5:42
  I
• 5:42
  don't
• 5:42
  think
• 5:42
  there's
• 5:43
  anybody
• 5:43
  out
• 5:43
  there
• 5:44
  currently
• 5:44
  that's
• 5:45
  going
• 5:45
  out
• 5:46
  and
• 5:46
  putting
• 5:46
  out
• 5:46
  press
• 5:46
  releases
• 5:47
  saying,
• 5:47
  well,
• 5:47
  we've
• 5:48
  just
• 5:48
  looked
• 5:48
  at
• 5:49
  our
• 5:49
  business
• 5:49
  model
• 5:49
  and
• 5:50
  our
• 5:50
  operating
• 5:50
  model
• 5:51
  and
• 5:51
  we've
• 5:51
  redefined
• 5:52
  it
• 5:52
  ready
• 5:52
  for
• 5:52
  AI.
• 5:53
  And
• 5:54
  in
• 5:54
  doing
• 5:54
  so
• 5:55
  we've
• 5:55
  learned
• 5:55
  that,
• 5:55
  you
• 5:55
  know,
• 5:56
  because
• 5:56
  we
• 5:56
  are
• 5:57
  two
• 5:57
  sets
• 5:58
  of
• 5:58
  ERPs,
• 5:59
  we
• 5:59
  need
• 5:59
  to
• 5:59
  actually
• 6:00
  combine,
• 6:00
  you
• 6:01
  know,
• 6:01
  migrate
• 6:02
  across
• 6:02
  and
• 6:02
  get
• 6:03
  to
• 6:03
  one.
• 6:03
  All
• 6:04
  of
• 6:04
  the,
• 6:05
  I
• 6:05
  suppose
• 6:05
  the,
• 6:06
  the
• 6:06
  bedrock
• 6:06
  stuff,
• 6:07
  the
• 6:07
  foundational
• 6:07
  stuff
• 6:08
  that
• 6:08
  you
• 6:08
  need
• 6:08
  to
• 6:08
  do
• 6:09
  to
• 6:09
  be
• 6:09
  able
• 6:09
  to
• 6:09
  run
• 6:10
  the
• 6:10
  next
• 6:11
  level
• 6:11
  of
• 6:11
  AI
• 6:12
  on
• 6:12
  it,
• 6:12
  which
• 6:12
  is
• 6:12
  enterprise
• 6:13
  agentic.
• 6:14
  Yeah.
• 6:15
  When
• 6:15
  it
• 6:15
  shows
• 6:15
  up,
• 6:15
  and
• 6:16
  you're
• 6:17
  right
• 6:17
  about
• 6:17
  that
• 6:17
  point
• 6:18
  of
• 6:18
  two
• 6:18
  CRMs,
• 6:19
  it's
• 6:19
  a
• 6:19
  situation
• 6:19
  I
• 6:19
  see
• 6:20
  a
• 6:20
  lot,
• 6:20
  especially
• 6:20
  in,
• 6:21
  you
• 6:21
  know,
• 6:21
  pe
• 6:21
  where
• 6:22
  roll
• 6:22
  ups
• 6:22
  are
• 6:22
  happening
• 6:23
  and
• 6:23
  you
• 6:23
  know,
• 6:23
  there's
• 6:24
  add
• 6:24
  ons
• 6:24
  and
• 6:24
  tuck
• 6:24
  ins
• 6:25
  and
• 6:25
  all
• 6:25
  the
• 6:25
  things
• 6:25
  that
• 6:26
  we
• 6:26
  know
• 6:26
  and
• 6:26
  love.
• 6:26
  Integrating
• 6:27
  two
• 6:27
  CRMs
• 6:27
  is
• 6:27
  not
• 6:27
  a
• 6:28
  copy
• 6:28
  and
• 6:28
  paste
• 6:28
  job.
• 6:29
  There's
• 6:29
  not
• 6:30
  a
• 6:30
  button
• 6:30
  somewhere
• 6:31
  that
• 6:31
  says
• 6:31
  take
• 6:32
  this
• 6:32
  and
• 6:32
  put
• 6:32
  it
• 6:32
  all
• 6:33
  in
• 6:33
  this
• 6:33
  other
• 6:33
  system.
• 6:34
  And
• 6:34
  you
• 6:34
  know,
• 6:34
  certainly
• 6:35
  what
• 6:35
  my
• 6:35
  teams
• 6:36
  on
• 6:36
  the
• 6:36
  ground
• 6:36
  find
• 6:37
  is
• 6:37
  that
• 6:38
  there's
• 6:38
  something
• 6:38
  critical
• 6:39
  lacking
• 6:39
  in
• 6:39
  terms
• 6:39
  of
• 6:40
  good
• 6:41
  definition
• 6:41
  of
• 6:41
  data,
• 6:41
  good
• 6:42
  governance
• 6:42
  of
• 6:42
  data,
• 6:42
  good
• 6:43
  metadata,
• 6:43
  whatever
• 6:43
  else
• 6:44
  that
• 6:44
  could
• 6:44
  potentially
• 6:45
  make
• 6:45
  those
• 6:45
  things
• 6:45
  a
• 6:45
  little
• 6:46
  easier.
• 6:47
  And
• 6:47
  as
• 6:48
  you
• 6:48
  say,
• 6:48
  all
• 6:49
  of
• 6:49
  that
• 6:49
  is
• 6:49
  many
• 6:49
  steps
• 6:50
  away
• 6:50
  from
• 6:50
  actually
• 6:50
  deploying
• 6:51
  AI.
• 6:51
  And
• 6:51
  I
• 6:51
  think
• 6:51
  people
• 6:51
  are
• 6:52
  just
• 6:52
  jumping
• 6:53
  to
• 6:53
  the
• 6:53
  end,
• 6:53
  right?
• 6:54
  Yeah,
• 6:54
  absolutely.
• 6:55
  And
• 6:55
  it's
• 6:55
  because
• 6:55
  today
• 6:56
  the
• 6:56
  AI
• 6:56
  that
• 6:57
  you
• 6:57
  have
• 6:57
  is
• 6:57
  what
• 6:58
  I
• 6:58
  call
• 6:58
  point
• 6:58
  solutions.
• 6:59
  So
• 6:59
  you
• 6:59
  can
• 6:59
  focus
• 7:00
  it
• 7:00
  on
• 7:00
  a
• 7:00
  tiny
• 7:00
  little
• 7:01
  point
• 7:01
  and
• 7:01
  it'll
• 7:02
  fix
• 7:02
  that
• 7:02
  for
• 7:02
  you.
• 7:03
  But
• 7:03
  where
• 7:04
  we're
• 7:04
  moving
• 7:04
  to
• 7:05
  is
• 7:05
  end
• 7:05
  to
• 7:05
  end
• 7:06
  agentic
• 7:06
  of
• 7:06
  a
• 7:07
  business,
• 7:07
  autonomous
• 7:08
  working
• 7:08
  AI.
• 7:09
  That's
• 7:09
  a
• 7:10
  whole
• 7:10
  different
• 7:10
  level.
• 7:11
  Yeah,
• 7:12
  absolutely.
• 7:12
  What
• 7:13
  do
• 7:13
  you
• 7:13
  think
• 7:13
  will
• 7:13
  happen
• 7:13
  to
• 7:14
  businesses
• 7:14
  who
• 7:14
  don't,
• 7:14
  who
• 7:15
  don't
• 7:15
  do
• 7:15
  this
• 7:15
  the
• 7:15
  right
• 7:15
  way?
• 7:16
  Like
• 7:17
  one
• 7:17
  of
• 7:17
  the
• 7:17
  things
• 7:17
  I
• 7:17
  hate
• 7:18
  the
• 7:18
  most,
• 7:18
  Ben,
• 7:18
  is
• 7:18
  Trans.
• 7:19
  I
• 7:19
  call
• 7:19
  it
• 7:19
  Transformation
• 7:20
  Theater.
• 7:20
  And
• 7:21
  that's
• 7:21
  the,
• 7:21
  there's
• 7:21
  a
• 7:21
  beautiful
• 7:22
  slide
• 7:22
  deck.
• 7:22
  We're
• 7:22
  talking
• 7:22
  about
• 7:23
  this
• 7:23
  wonderful
• 7:23
  new
• 7:23
  world
• 7:23
  that
• 7:24
  is
• 7:24
  going
• 7:24
  to
• 7:24
  be
• 7:24
  there.
• 7:24
  But
• 7:25
  you
• 7:25
  know,
• 7:25
  we're
• 7:25
  not
• 7:25
  going
• 7:25
  to
• 7:25
  deploy
• 7:26
  the
• 7:26
  resources
• 7:26
  or
• 7:26
  actually
• 7:27
  do
• 7:27
  the
• 7:27
  difficult
• 7:27
  change
• 7:27
  management
• 7:28
  work
• 7:28
  to
• 7:29
  get.
• 7:29
  There
• 7:30
  is
• 7:30
  the
• 7:30
  same
• 7:31
  happening
• 7:31
  with
• 7:31
  companies
• 7:32
  who
• 7:32
  are,
• 7:32
  you
• 7:32
  know,
• 7:33
  very
• 7:33
  quick
• 7:34
  to
• 7:34
  talk
• 7:34
  about
• 7:34
  how
• 7:34
  AI
• 7:35
  forward
• 7:35
  they
• 7:35
  are
• 7:35
  or
• 7:35
  AI
• 7:36
  driven.
• 7:36
  They
• 7:36
  are
• 7:36
  even
• 7:37
  adding
• 7:37
  AI
• 7:37
  onto
• 7:37
  their
• 7:38
  company
• 7:38
  name,
• 7:38
  as
• 7:38
  I've
• 7:38
  seen
• 7:39
  a
• 7:39
  bunch
• 7:39
  of
• 7:39
  people
• 7:39
  do.
• 7:40
  How,
• 7:41
  how
• 7:41
  are
• 7:41
  those
• 7:42
  chickens
• 7:42
  going
• 7:43
  to
• 7:43
  come
• 7:43
  home
• 7:43
  to
• 7:43
  roost
• 7:43
  when
• 7:44
  they
• 7:44
  haven't
• 7:44
  done
• 7:44
  the
• 7:44
  real
• 7:45
  work?
• 7:45
  So
• 7:46
  it's,
• 7:47
  it's
• 7:47
  a
• 7:47
  bit
• 7:47
  of
• 7:47
  a,
• 7:48
  I
• 7:48
  don't
• 7:48
  know,
• 7:48
  it's
• 7:49
  something
• 7:49
  that
• 7:49
  marks
• 7:49
  me.
• 7:50
  I,
• 7:50
  I
• 7:51
  think
• 7:51
  because
• 7:51
  I,
• 7:51
  I
• 7:52
  work
• 7:52
  in
• 7:52
  the
• 7:52
  business
• 7:52
  and
• 7:53
  I,
• 7:53
  I
• 7:53
  understand,
• 7:53
  I
• 7:53
  can
• 7:54
  look
• 7:54
  at
• 7:54
  something
• 7:54
  and
• 7:55
  tell
• 7:55
  straight
• 7:55
  away
• 7:56
  if
• 7:56
  it's
• 7:57
  operationally
• 7:58
  right.
• 7:58
  You
• 7:58
  can
• 7:58
  smell
• 7:58
  it,
• 7:59
  you
• 7:59
  know,
• 7:59
  after
• 8:00
  working
• 8:00
  for,
• 8:00
  for
• 8:01
  years
• 8:01
  and
• 8:01
  you
• 8:01
  can
• 8:01
  smell
• 8:02
  whether
• 8:02
  something's
• 8:02
  right
• 8:03
  or
• 8:03
  not.
• 8:03
  There's
• 8:04
  organizations
• 8:05
  that,
• 8:05
  when
• 8:06
  digital
• 8:07
  transformation
• 8:08
  was
• 8:08
  the
• 8:08
  thing
• 8:08
  they
• 8:09
  were
• 8:09
  talking
• 8:09
  about
• 8:09
  how
• 8:09
  they're
• 8:10
  all,
• 8:10
  you
• 8:10
  know,
• 8:11
  we
• 8:11
  have
• 8:11
  digital
• 8:12
  transformation,
• 8:12
  we're
• 8:13
  digital
• 8:13
  first.
• 8:14
  They're
• 8:14
  the
• 8:14
  same
• 8:15
  companies
• 8:15
  that
• 8:15
  are
• 8:15
  now
• 8:16
  saying,
• 8:16
  well,
• 8:16
  we
• 8:17
  have
• 8:17
  AI,
• 8:17
  we're
• 8:17
  AI
• 8:18
  first,
• 8:19
  but
• 8:19
  you
• 8:19
  can
• 8:20
  talk
• 8:20
  about
• 8:20
  something
• 8:22
  right
• 8:22
  up
• 8:22
  until
• 8:22
  we
• 8:23
  get
• 8:23
  to
• 8:23
  enterprise
• 8:24
  agentic
• 8:24
  and
• 8:25
  then
• 8:25
  you've
• 8:25
  got
• 8:25
  to
• 8:25
  start
• 8:26
  walking
• 8:26
  the
• 8:26
  walk.
• 8:27
  And
• 8:27
  that
• 8:28
  means
• 8:28
  you
• 8:28
  have
• 8:28
  to
• 8:28
  have
• 8:29
  that
• 8:29
  stack
• 8:29
  that
• 8:30
  I
• 8:30
  told
• 8:30
  you,
• 8:30
  your
• 8:30
  operational
• 8:31
  stack,
• 8:32
  that
• 8:32
  all
• 8:32
  has
• 8:32
  to
• 8:33
  be
• 8:33
  unified
• 8:34
  and
• 8:34
  aligned
• 8:35
  all
• 8:35
  the
• 8:35
  way
• 8:35
  through.
• 8:36
  And
• 8:36
  the
• 8:36
  companies
• 8:36
  that
• 8:37
  are
• 8:37
  blowing
• 8:38
  their
• 8:38
  own
• 8:38
  trumpet
• 8:38
  at
• 8:39
  the
• 8:39
  moment,
• 8:39
  they're
• 8:39
  just
• 8:40
  not
• 8:40
  going
• 8:40
  to
• 8:41
  be
• 8:41
  able
• 8:41
  to
• 8:41
  talk
• 8:42
  their
• 8:42
  way
• 8:42
  around
• 8:42
  this.
• 8:43
  So
• 8:43
  they're
• 8:44
  going
• 8:44
  to
• 8:44
  run
• 8:45
  AI
• 8:45
  enterprise
• 8:46
  agentic
• 8:47
  and
• 8:47
  there's
• 8:47
  going
• 8:47
  to
• 8:47
  be
• 8:48
  a
• 8:48
  catastrophe.
• 8:50
  The
• 8:51
  other
• 8:51
  issue
• 8:51
  that
• 8:51
  I've
• 8:51
  seen,
• 8:51
  even
• 8:51
  the
• 8:51
  companies
• 8:52
  that
• 8:52
  do
• 8:52
  claim
• 8:52
  to
• 8:52
  be
• 8:52
  AI
• 8:53
  forward,
• 8:53
  even
• 8:54
  companies
• 8:54
  that
• 8:54
  are
• 8:54
  aggressively
• 8:55
  or
• 8:55
  openly
• 8:56
  as
• 8:56
  more
• 8:56
  seem
• 8:57
  to
• 8:57
  be
• 8:57
  the
• 8:57
  trend
• 8:57
  these
• 8:57
  days,
• 8:58
  saying
• 8:58
  I'm
• 8:58
  going
• 8:58
  to
• 8:58
  replace
• 8:59
  certain
• 8:59
  elements
• 9:00
  of
• 9:00
  my
• 9:00
  workforce
• 9:01
  with
• 9:01
  AI.
• 9:02
  The
• 9:02
  mistake
• 9:02
  I
• 9:02
  see
• 9:03
  is
• 9:04
  they
• 9:04
  try
• 9:04
  and
• 9:04
  configure
• 9:05
  AI
• 9:05
  to
• 9:05
  replace
• 9:06
  a
• 9:06
  human
• 9:06
  rather
• 9:07
  than
• 9:07
  thinking
• 9:07
  in
• 9:07
  terms
• 9:07
  of
• 9:07
  workflows.
• 9:08
  Right.
• 9:08
  And
• 9:09
  humans
• 9:10
  typically
• 9:10
  come
• 9:11
  packaged
• 9:11
  with
• 9:11
  similar
• 9:11
  skills.
• 9:12
  Right.
• 9:12
  So,
• 9:12
  you
• 9:13
  know,
• 9:13
  if
• 9:13
  you're
• 9:13
  going
• 9:13
  to
• 9:13
  have
• 9:13
  a
• 9:14
  marketing
• 9:14
  team,
• 9:14
  then
• 9:15
  you
• 9:15
  might
• 9:15
  need
• 9:15
  someone
• 9:15
  who's
• 9:16
  good
• 9:16
  at
• 9:16
  SEO,
• 9:16
  you
• 9:16
  might
• 9:17
  need
• 9:17
  someone
• 9:17
  who's
• 9:17
  good
• 9:17
  at
• 9:18
  content
• 9:18
  creation,
• 9:18
  you
• 9:19
  might
• 9:19
  need
• 9:19
  someone
• 9:19
  who's
• 9:19
  good
• 9:20
  at,
• 9:20
  you
• 9:20
  know,
• 9:21
  downloading
• 9:22
  and
• 9:22
  interpreting
• 9:22
  the
• 9:23
  wonderful
• 9:23
  reports
• 9:24
  from
• 9:24
  GA4.
• 9:25
  And
• 9:26
  you
• 9:26
  don't
• 9:26
  get
• 9:26
  all
• 9:26
  three
• 9:26
  of
• 9:26
  those
• 9:27
  things
• 9:27
  necessarily
• 9:28
  in
• 9:28
  one
• 9:28
  person.
• 9:29
  I'm
• 9:29
  sure
• 9:29
  there
• 9:29
  are
• 9:29
  some
• 9:29
  full
• 9:29
  stack
• 9:30
  marketers
• 9:30
  out
• 9:30
  there,
• 9:30
  of
• 9:31
  course,
• 9:31
  but
• 9:31
  you
• 9:31
  don't
• 9:32
  normally
• 9:32
  get
• 9:33
  those
• 9:33
  three
• 9:33
  things
• 9:33
  in
• 9:33
  all
• 9:34
  one
• 9:34
  person.
• 9:34
  So
• 9:35
  people
• 9:35
  focus
• 9:35
  on
• 9:36
  like,
• 9:36
  oh,
• 9:36
  how
• 9:36
  can
• 9:36
  I
• 9:36
  automate
• 9:37
  this
• 9:37
  person?
• 9:37
  Then
• 9:38
  this
• 9:38
  person
• 9:38
  and
• 9:38
  this
• 9:38
  person,
• 9:39
  when
• 9:39
  actually
• 9:39
  they
• 9:39
  should
• 9:40
  be
• 9:40
  thinking
• 9:40
  about
• 9:40
  the
• 9:40
  end
• 9:40
  to
• 9:40
  end
• 9:41
  workflow.
• 9:41
  And
• 9:41
  I
• 9:41
  think
• 9:41
  that
• 9:41
  plays
• 9:42
  back
• 9:42
  to
• 9:42
  the
• 9:42
  systems
• 9:42
  and
• 9:43
  processes
• 9:43
  piece
• 9:43
  that
• 9:44
  you
• 9:44
  talked
• 9:44
  about.
• 9:45
  Yeah,
• 9:45
  absolutely.
• 9:46
  So
• 9:46
  if
• 9:46
  you
• 9:46
  think
• 9:47
  about
• 9:47
  something
• 9:47
  like
• 9:47
  quote
• 9:48
  to
• 9:48
  cash,
• 9:49
  from
• 9:49
  the
• 9:49
  point
• 9:49
  that
• 9:49
  the
• 9:50
  sales
• 9:50
  team's
• 9:50
  going
• 9:51
  out
• 9:51
  and
• 9:51
  quoting
• 9:51
  to
• 9:52
  the,
• 9:52
  the
• 9:52
  client,
• 9:53
  what
• 9:53
  happens
• 9:53
  all
• 9:54
  the
• 9:54
  way
• 9:54
  through
• 9:54
  the
• 9:54
  sales
• 9:55
  process,
• 9:55
  all
• 9:56
  the
• 9:56
  way
• 9:56
  through
• 9:56
  the
• 9:57
  operational
• 9:57
  process
• 9:58
  where
• 9:58
  you've
• 9:58
  won,
• 9:58
  won
• 9:59
  the
• 9:59
  actual
• 9:59
  bid
• 10:00
  and
• 10:00
  you're
• 10:01
  now
• 10:01
  client
• 10:01
  facing
• 10:02
  your.
• 10:02
  If,
• 10:02
  if
• 10:02
  you're
• 10:03
  a
• 10:03
  tech
• 10:03
  firm,
• 10:03
  you're
• 10:03
  putting
• 10:04
  in
• 10:04
  the,
• 10:04
  you're
• 10:05
  implementing
• 10:06
  the
• 10:06
  project
• 10:06
  into
• 10:06
  the
• 10:07
  client's
• 10:07
  firm,
• 10:08
  you're
• 10:08
  hitting
• 10:09
  your
• 10:09
  milestones,
• 10:09
  doing
• 10:10
  the
• 10:10
  billing,
• 10:10
  you're
• 10:11
  getting
• 10:11
  paid,
• 10:12
  you're
• 10:13
  recognizing
• 10:13
  the
• 10:14
  revenue
• 10:14
  for
• 10:14
  that
• 10:15
  and
• 10:15
  so
• 10:15
  on
• 10:15
  all
• 10:15
  the
• 10:16
  way
• 10:16
  through
• 10:16
  that
• 10:16
  process.
• 10:17
  So
• 10:17
  it's,
• 10:18
  it's
• 10:18
  the
• 10:18
  process
• 10:18
  itself
• 10:19
  that
• 10:19
  will
• 10:20
  be
• 10:20
  replaced.
• 10:21
  So
• 10:21
  the
• 10:21
  doing
• 10:22
  of
• 10:22
  the
• 10:22
  process
• 10:23
  that
• 10:23
  will
• 10:23
  get
• 10:23
  replaced
• 10:24
  and
• 10:25
  what
• 10:25
  that
• 10:26
  means
• 10:26
  to
• 10:26
  people.
• 10:27
  So
• 10:27
  in,
• 10:28
  in
• 10:28
  the
• 10:28
  transformation
• 10:29
  stack,
• 10:29
  I,
• 10:30
  I
• 10:30
  said
• 10:30
  people
• 10:30
  and
• 10:31
  culture.
• 10:32
  So
• 10:33
  people
• 10:33
  will,
• 10:34
  instead
• 10:35
  of
• 10:35
  being
• 10:35
  the
• 10:35
  doers,
• 10:36
  they
• 10:36
  will
• 10:36
  be
• 10:36
  the
• 10:37
  people
• 10:38
  that
• 10:38
  are
• 10:38
  the
• 10:38
  reviewers.
• 10:39
  So
• 10:40
  they
• 10:40
  will,
• 10:40
  they
• 10:40
  will
• 10:40
  watch
• 10:41
  enterprise
• 10:41
  agentic
• 10:42
  and
• 10:42
  if
• 10:42
  there's
• 10:42
  an
• 10:43
  edge
• 10:43
  case
• 10:43
  or
• 10:43
  an
• 10:44
  escalation
• 10:44
  or
• 10:44
  something
• 10:45
  that
• 10:45
  doesn't
• 10:45
  fit
• 10:46
  the
• 10:46
  main
• 10:46
  process,
• 10:47
  that
• 10:47
  will
• 10:47
  pop
• 10:47
  out
• 10:48
  of
• 10:48
  the
• 10:48
  process
• 10:48
  and
• 10:49
  go
• 10:49
  to
• 10:49
  a
• 10:49
  human
• 10:49
  to
• 10:49
  look
• 10:50
  at
• 10:50
  and
• 10:50
  to
• 10:51
  evaluate
• 10:51
  and
• 10:51
  to
• 10:51
  judge.
• 10:53
  And
• 10:53
  humans
• 10:53
  will,
• 10:54
  it's
• 10:54
  called
• 10:54
  human
• 10:54
  in
• 10:55
  the
• 10:55
  loop.
• 10:56
  The
• 10:56
  human
• 10:56
  will
• 10:56
  be
• 10:57
  there
• 10:57
  to
• 10:57
  provide
• 10:57
  judgment
• 10:58
  calls
• 10:58
  on
• 10:58
  things,
• 10:59
  to
• 10:59
  evaluate
• 11:00
  things
• 11:00
  and
• 11:00
  to
• 11:01
  make
• 11:01
  decisions.
• 11:02
  So
• 11:03
  humans
• 11:03
  will
• 11:04
  still
• 11:04
  be
• 11:04
  needed,
• 11:04
  but
• 11:05
  they
• 11:05
  won't
• 11:05
  be
• 11:05
  the
• 11:05
  doers
• 11:06
  anymore.
• 11:06
  AI
• 11:07
  will
• 11:07
  be
• 11:07
  the
• 11:07
  doers
• 11:07
  and
• 11:08
  humans
• 11:09
  will
• 11:09
  provide
• 11:09
  the
• 11:09
  judgment.
• 11:10
  Yeah,
• 11:11
  I,
• 11:13
  you
• 11:13
  know,
• 11:13
  we
• 11:13
  both
• 11:14
  operate
• 11:14
  in
• 11:14
  private
• 11:14
  equity
• 11:14
  and
• 11:15
  I
• 11:15
  think
• 11:15
  one
• 11:15
  of
• 11:15
  the.
• 11:16
  It
• 11:16
  can
• 11:16
  sometimes
• 11:17
  get
• 11:17
  an
• 11:17
  unfairly
• 11:17
  bad
• 11:17
  reputation.
• 11:18
  I
• 11:18
  love
• 11:18
  working
• 11:19
  private
• 11:19
  equity
• 11:19
  because
• 11:19
  of
• 11:20
  how
• 11:20
  focused
• 11:20
  on
• 11:21
  return,
• 11:21
  on
• 11:21
  investment
• 11:22
  every
• 11:22
  piece
• 11:22
  of
• 11:22
  work
• 11:23
  is.
• 11:23
  You
• 11:23
  know,
• 11:24
  that
• 11:24
  may
• 11:24
  seem
• 11:24
  cold
• 11:24
  and
• 11:25
  calculated
• 11:25
  from
• 11:25
  the
• 11:25
  outside,
• 11:26
  but
• 11:26
  it's
• 11:26
  about
• 11:26
  growing
• 11:26
  enterprise
• 11:27
  value.
• 11:28
  And
• 11:28
  yet
• 11:29
  I've
• 11:29
  seen
• 11:30
  PE
• 11:30
  fall
• 11:30
  into
• 11:31
  some
• 11:31
  of
• 11:31
  the
• 11:31
  same
• 11:31
  traps
• 11:32
  as
• 11:32
  corporates
• 11:33
  have
• 11:33
  as
• 11:34
  well,
• 11:34
  of
• 11:35
  just
• 11:35
  being
• 11:35
  very
• 11:36
  broad
• 11:36
  in
• 11:36
  their
• 11:37
  prescription
• 11:37
  of
• 11:37
  like,
• 11:38
  okay,
• 11:39
  I
• 11:39
  want
• 11:39
  my
• 11:39
  company
• 11:39
  to
• 11:40
  be
• 11:40
  more
• 11:40
  efficient
• 11:41
  with
• 11:41
  AI.
• 11:41
  So
• 11:41
  here,
• 11:42
  internal
• 11:42
  team,
• 11:42
  or
• 11:43
  here,
• 11:43
  consultant
• 11:43
  team,
• 11:44
  make
• 11:44
  it
• 11:45
  more
• 11:45
  efficient.
• 11:45
  Oh,
• 11:46
  and
• 11:46
  by
• 11:46
  the
• 11:46
  way,
• 11:46
  consultant
• 11:47
  team,
• 11:48
  you
• 11:48
  should
• 11:48
  be
• 11:48
  half
• 11:49
  the
• 11:49
  price
• 11:50
  because
• 11:50
  I
• 11:51
  assume
• 11:51
  you're
• 11:51
  using
• 11:51
  AI
• 11:52
  so
• 11:52
  you
• 11:52
  could
• 11:52
  be
• 11:52
  more
• 11:52
  efficient
• 11:53
  as
• 11:53
  well.
• 11:54
  And
• 11:54
  it's
• 11:55
  very
• 11:55
  hard
• 11:55
  to
• 11:55
  do
• 11:55
  anything
• 11:55
  With
• 11:55
  a
• 11:56
  brief
• 11:56
  like
• 11:56
  that.
• 11:56
  Right.
• 11:56
  When
• 11:57
  it's
• 11:57
  so
• 11:58
  ambiguous
• 11:58
  and
• 11:59
  all
• 11:59
  encompassing.
• 12:00
  Right.
• 12:00
  And
• 12:00
  I
• 12:00
  think
• 12:01
  it
• 12:01
  speaks
• 12:01
  to
• 12:02
  again
• 12:02
  as
• 12:02
  we'll
• 12:03
  keep
• 12:03
  coming
• 12:03
  back
• 12:03
  to
• 12:04
  people
• 12:04
  not
• 12:04
  thinking
• 12:05
  about
• 12:05
  that
• 12:05
  stack
• 12:06
  and
• 12:06
  people
• 12:07
  trying
• 12:07
  to
• 12:07
  think
• 12:07
  they
• 12:08
  can.
• 12:09
  This
• 12:10
  is
• 12:10
  true
• 12:10
  across
• 12:10
  elements
• 12:10
  of
• 12:11
  AI,
• 12:11
  I
• 12:12
  think
• 12:12
  Ben,
• 12:12
  from
• 12:12
  image
• 12:13
  creation
• 12:13
  to
• 12:13
  video
• 12:14
  creation
• 12:14
  to
• 12:15
  whatever
• 12:16
  to
• 12:17
  trying
• 12:17
  to
• 12:17
  build
• 12:17
  a
• 12:17
  SaaS
• 12:17
  platform,
• 12:18
  people
• 12:19
  get
• 12:20
  overly
• 12:20
  read
• 12:20
  into
• 12:20
  the
• 12:21
  hype
• 12:21
  and
• 12:21
  think
• 12:21
  they
• 12:21
  can
• 12:21
  one
• 12:22
  shot
• 12:22
  things.
• 12:23
  It's
• 12:23
  the
• 12:23
  same
• 12:23
  with
• 12:23
  digital
• 12:24
  transformation.
• 12:25
  Some
• 12:25
  companies
• 12:25
  now
• 12:25
  think
• 12:26
  they
• 12:26
  can
• 12:26
  just
• 12:26
  one
• 12:26
  shot
• 12:26
  digital
• 12:27
  transformation
• 12:27
  of
• 12:28
  here's
• 12:28
  my
• 12:28
  company
• 12:28
  AI,
• 12:30
  do
• 12:30
  your
• 12:30
  magic.
• 12:31
  Right.
• 12:31
  And
• 12:31
  it
• 12:31
  just,
• 12:32
  it's
• 12:32
  just
• 12:32
  not
• 12:32
  going
• 12:32
  to
• 12:33
  work
• 12:33
  like
• 12:33
  that
• 12:33
  because
• 12:33
  AI
• 12:34
  doesn't
• 12:34
  have
• 12:34
  the,
• 12:34
  have
• 12:35
  the
• 12:35
  context
• 12:35
  or
• 12:36
  anything
• 12:36
  to
• 12:37
  do
• 12:37
  it
• 12:37
  with.
• 12:38
  So
• 12:38
  anyone
• 12:38
  who
• 12:38
  thinks
• 12:38
  they
• 12:38
  can
• 12:39
  one
• 12:39
  shot
• 12:39
  something
• 12:39
  is
• 12:40
  a
• 12:40
  big
• 12:40
  red
• 12:40
  flag
• 12:40
  for
• 12:41
  me.
• 12:41
  I
• 12:41
  think.
• 12:42
  Yeah,
• 12:42
  I
• 12:42
  mean
• 12:43
  there
• 12:43
  is
• 12:43
  that.
• 12:44
  And
• 12:44
  you
• 12:45
  mentioned
• 12:45
  earlier
• 12:46
  on,
• 12:46
  I
• 12:46
  think
• 12:46
  you
• 12:47
  said
• 12:47
  activities,
• 12:48
  so
• 12:48
  taking
• 12:49
  over
• 12:49
  people's
• 12:50
  activities
• 12:50
  and
• 12:50
  that's
• 12:51
  exactly
• 12:51
  how
• 12:52
  they
• 12:52
  say
• 12:52
  it
• 12:53
  in
• 12:53
  the
• 12:53
  press
• 12:53
  releases.
• 12:54
  So
• 12:54
  they
• 12:54
  say
• 12:55
  we're
• 12:55
  now
• 12:55
  deploying
• 12:56
  AI
• 12:56
  and
• 12:57
  it's,
• 12:57
  you
• 12:58
  know,
• 12:58
  we've,
• 12:58
  we've
• 12:58
  closed
• 12:59
  more
• 12:59
  cases.
• 13:00
  They
• 13:00
  don't
• 13:00
  say
• 13:01
  if
• 13:01
  it's
• 13:01
  successfully
• 13:02
  closed
• 13:02
  cases
• 13:02
  or
• 13:02
  if
• 13:03
  they're
• 13:03
  just
• 13:03
  closing
• 13:03
  cases.
• 13:04
  Yes,
• 13:06
  sh.
• 13:06
  Not
• 13:06
  worth
• 13:07
  it.
• 13:07
  We,
• 13:07
  we've
• 13:07
  saved
• 13:08
  so
• 13:08
  many
• 13:08
  hours,
• 13:09
  we've
• 13:09
  made
• 13:10
  so
• 13:10
  many
• 13:10
  more
• 13:10
  decisions.
• 13:11
  They
• 13:11
  don't
• 13:11
  say
• 13:11
  if
• 13:11
  they're
• 13:12
  good
• 13:12
  decisions
• 13:12
  or
• 13:12
  not.
• 13:13
  And
• 13:14
  ultimately
• 13:14
  they
• 13:15
  don't
• 13:15
  say
• 13:17
  we
• 13:18
  managed
• 13:18
  work
• 13:19
  across
• 13:19
  this
• 13:19
  particular
• 13:20
  process
• 13:20
  end
• 13:21
  to
• 13:21
  end.
• 13:22
  And
• 13:22
  that
• 13:22
  drove
• 13:23
  up
• 13:23
  the
• 13:23
  revenue
• 13:24
  by
• 13:24
  X
• 13:24
  amount.
• 13:25
  That
• 13:25
  drove
• 13:25
  down
• 13:25
  the
• 13:26
  cost
• 13:26
  by
• 13:26
  X
• 13:26
  amount.
• 13:27
  And
• 13:28
  the
• 13:28
  margin
• 13:29
  as
• 13:29
  a
• 13:29
  result
• 13:29
  of
• 13:30
  deploying
• 13:30
  this
• 13:31
  AI
• 13:31
  is
• 13:32
  up
• 13:32
  by
• 13:33
  2%
• 13:34
  or
• 13:34
  whatever.
• 13:35
  Yeah.
• 13:36
  Or
• 13:36
  even
• 13:37
  the
• 13:37
  other
• 13:37
  example
• 13:37
  that
• 13:37
  you
• 13:38
  see
• 13:38
  out
• 13:38
  there,
• 13:38
  I
• 13:38
  think
• 13:39
  Jack
• 13:39
  Dorsey
• 13:39
  did
• 13:40
  this
• 13:40
  of
• 13:40
  like,
• 13:40
  oh,
• 13:41
  because
• 13:41
  of
• 13:41
  AI,
• 13:41
  we
• 13:41
  laid
• 13:42
  off
• 13:42
  40%
• 13:42
  of
• 13:42
  our
• 13:42
  workers.
• 13:44
  You
• 13:44
  don't
• 13:45
  then
• 13:45
  get
• 13:45
  to
• 13:45
  hear
• 13:45
  like,
• 13:45
  oh,
• 13:46
  the
• 13:46
  whole
• 13:46
  place
• 13:46
  has
• 13:46
  gone
• 13:47
  to
• 13:47
  the
• 13:47
  dogs
• 13:47
  or
• 13:48
  you
• 13:48
  don't
• 13:48
  then
• 13:48
  get
• 13:48
  to
• 13:48
  hear.
• 13:49
  And
• 13:49
  I
• 13:49
  think
• 13:49
  this
• 13:49
  is
• 13:50
  what
• 13:50
  happened
• 13:50
  to
• 13:50
  X
• 13:50
  or
• 13:50
  Twitter.
• 13:51
  Like
• 13:51
  when
• 13:51
  Elon
• 13:51
  laid
• 13:52
  off
• 13:52
  a
• 13:52
  big
• 13:52
  chunk
• 13:52
  of
• 13:53
  like
• 13:53
  people
• 13:53
  are
• 13:54
  basically
• 13:54
  working
• 13:55
  23
• 13:55
  hours
• 13:55
  a
• 13:56
  day
• 13:56
  and
• 13:56
  sleeping
• 13:56
  in
• 13:56
  the
• 13:56
  office
• 13:57
  under
• 13:57
  their
• 13:57
  desks.
• 13:58
  Like
• 13:59
  it's,
• 14:00
  you
• 14:00
  know,
• 14:01
  the
• 14:01
  full
• 14:01
  story
• 14:01
  in
• 14:01
  context
• 14:02
  is
• 14:02
  always
• 14:02
  important.
• 14:03
  I'm,
• 14:03
  I'm
• 14:03
  sure
• 14:04
  you
• 14:04
  can
• 14:04
  talk
• 14:04
  to
• 14:04
  anybody
• 14:05
  that's
• 14:05
  used
• 14:05
  like
• 14:05
  just
• 14:06
  a
• 14:06
  basic
• 14:06
  sort
• 14:06
  of
• 14:06
  chat,
• 14:07
  GPT,
• 14:07
  Claude
• 14:08
  thing
• 14:09
  that
• 14:10
  yeah,
• 14:10
  it
• 14:10
  does
• 14:10
  do
• 14:11
  things
• 14:11
  for
• 14:11
  you
• 14:11
  fast
• 14:12
  and
• 14:12
  you
• 14:12
  do
• 14:13
  end
• 14:13
  up
• 14:13
  doing
• 14:13
  more.
• 14:14
  But
• 14:15
  you
• 14:15
  know,
• 14:16
  does
• 14:16
  it
• 14:16
  really
• 14:16
  move
• 14:16
  you
• 14:17
  forward
• 14:17
  or
• 14:17
  are
• 14:17
  you
• 14:17
  just
• 14:18
  building
• 14:18
  more
• 14:18
  stuff?
• 14:19
  I
• 14:19
  think
• 14:19
  that's
• 14:20
  the
• 14:20
  case.
• 14:20
  Yeah.
• 14:21
  Where's
• 14:21
  the
• 14:21
  quality
• 14:21
  and
• 14:22
  the
• 14:22
  value.
• 14:22
  Right.
• 14:23
  And
• 14:23
  actually
• 14:24
  I
• 14:24
  remember
• 14:25
  recently,
• 14:25
  probably
• 14:26
  a
• 14:26
  few
• 14:26
  weeks
• 14:26
  ago,
• 14:26
  reading
• 14:27
  about
• 14:27
  this,
• 14:27
  I'll
• 14:28
  call
• 14:28
  it
• 14:28
  a
• 14:28
  mega
• 14:29
  corporation
• 14:30
  out
• 14:30
  in
• 14:30
  the
• 14:30
  world
• 14:31
  somewhere.
• 14:31
  And
• 14:31
  they,
• 14:32
  they
• 14:32
  were
• 14:33
  saying,
• 14:33
  oh,
• 14:33
  they've
• 14:33
  just
• 14:34
  won
• 14:34
  this
• 14:34
  amazing
• 14:35
  award
• 14:35
  for
• 14:35
  AI
• 14:36
  which
• 14:36
  has
• 14:36
  helped
• 14:37
  them
• 14:37
  to
• 14:38
  improve
• 14:39
  activities
• 14:39
  and
• 14:40
  lower
• 14:41
  overheads
• 14:42
  and
• 14:43
  do
• 14:43
  more,
• 14:44
  all
• 14:44
  that
• 14:44
  type
• 14:44
  of
• 14:44
  usual
• 14:45
  activity
• 14:45
  based
• 14:47
  stuff.
• 14:47
  And
• 14:47
  they
• 14:48
  even
• 14:48
  put
• 14:48
  a
• 14:49
  figure
• 14:49
  on
• 14:49
  it.
• 14:50
  So
• 14:50
  we've
• 14:50
  saved
• 14:51
  X
• 14:51
  hundred
• 14:52
  million
• 14:52
  dollars.
• 14:54
  It's
• 14:54
  in
• 14:54
  the
• 14:54
  mid
• 14:55
  range,
• 14:55
  so
• 14:55
  it's
• 14:55
  like
• 14:56
  four,
• 14:56
  five,
• 14:56
  six
• 14:57
  hundred
• 14:57
  million
• 14:57
  dollars.
• 14:57
  It's
• 14:58
  in
• 14:58
  that
• 14:58
  range
• 14:58
  through
• 14:59
  AI.
• 14:59
  I
• 15:00
  thought,
• 15:00
  wow,
• 15:01
  for
• 15:01
  about
• 15:02
  five
• 15:02
  seconds
• 15:02
  and
• 15:03
  I
• 15:03
  thought,
• 15:03
  how
• 15:04
  much
• 15:04
  revenue
• 15:04
  does
• 15:04
  this
• 15:05
  company
• 15:05
  earn?
• 15:06
  And
• 15:06
  I,
• 15:06
  I
• 15:06
  worked
• 15:07
  it
• 15:07
  back
• 15:07
  and
• 15:07
  the
• 15:08
  AI
• 15:08
  saving
• 15:09
  was
• 15:09
  about
• 15:10
  0.25%.
• 15:14
  Yeah.
• 15:16
  Wow.
• 15:16
  You
• 15:16
  could
• 15:16
  have
• 15:16
  probably
• 15:17
  done
• 15:18
  a
• 15:18
  tiny
• 15:18
  little,
• 15:19
  you
• 15:19
  know,
• 15:19
  upgrade
• 15:20
  to
• 15:20
  the
• 15:20
  operating
• 15:20
  model
• 15:21
  and
• 15:21
  got
• 15:21
  10
• 15:21
  times
• 15:22
  that.
• 15:22
  Yeah.
• 15:22
  And
• 15:22
  how
• 15:23
  much
• 15:23
  do
• 15:23
  they
• 15:23
  spend
• 15:23
  on
• 15:23
  tokens
• 15:24
  as
• 15:24
  well
• 15:24
  to
• 15:24
  get
• 15:24
  that?
• 15:24
  25%.
• 15:25
  Yeah,
• 15:26
  that's,
• 15:26
  that's
• 15:26
  always
• 15:26
  the,
• 15:27
  that's
• 15:27
  always
• 15:28
  the
• 15:28
  question.
• 15:28
  I,
• 15:29
  like,
• 15:30
  I'm
• 15:30
  wondering,
• 15:30
  like
• 15:31
  I
• 15:31
  described
• 15:31
  earlier
• 15:32
  like
• 15:32
  a,
• 15:33
  there's
• 15:33
  a
• 15:33
  trap
• 15:34
  that
• 15:34
  PE
• 15:34
  is
• 15:35
  falling
• 15:35
  into
• 15:35
  the
• 15:35
  same
• 15:35
  as
• 15:36
  corporate.
• 15:36
  Like
• 15:37
  are
• 15:37
  there
• 15:37
  any,
• 15:37
  have
• 15:38
  you
• 15:38
  got
• 15:38
  any
• 15:38
  counterexamples
• 15:39
  of
• 15:39
  that
• 15:39
  of
• 15:40
  places
• 15:40
  where
• 15:40
  PE
• 15:41
  is
• 15:41
  approaching
• 15:41
  AI
• 15:42
  differently
• 15:42
  to
• 15:43
  the
• 15:43
  way
• 15:43
  kind
• 15:43
  of
• 15:43
  more
• 15:43
  established
• 15:44
  or
• 15:44
  slower
• 15:44
  moving
• 15:45
  corporates
• 15:45
  might
• 15:45
  be?
• 15:47
  I
• 15:47
  don't
• 15:47
  have
• 15:47
  examples
• 15:48
  because
• 15:48
  it's
• 15:49
  all
• 15:49
  screened.
• 15:49
  It's
• 15:50
  all
• 15:50
  activities,
• 15:51
  not
• 15:52
  dollars.
• 15:52
  We're
• 15:53
  not
• 15:53
  there
• 15:53
  yet.
• 15:54
  The
• 15:54
  AI
• 15:54
  doesn't
• 15:54
  do
• 15:54
  it.
• 15:55
  I've
• 15:55
  actually
• 15:55
  got
• 15:56
  one.
• 15:56
  But
• 15:57
  the
• 15:57
  thing
• 15:57
  is
• 15:59
  you've
• 15:59
  also
• 15:59
  got
• 16:00
  to
• 16:00
  look
• 16:00
  behind
• 16:00
  it.
• 16:01
  So
• 16:01
  who
• 16:01
  benefits?
• 16:03
  So
• 16:03
  when
• 16:04
  they
• 16:04
  say,
• 16:04
  oh,
• 16:05
  we
• 16:05
  made
• 16:05
  this
• 16:05
  much
• 16:06
  extra
• 16:07
  money
• 16:07
  because
• 16:08
  of
• 16:08
  deploying
• 16:08
  AI
• 16:09
  and
• 16:09
  then
• 16:10
  you
• 16:10
  see
• 16:10
  that
• 16:10
  they're,
• 16:11
  they're
• 16:11
  listing
• 16:12
  for
• 16:12
  an
• 16:12
  ipo.
• 16:13
  Okay.
• 16:14
  And
• 16:14
  you
• 16:14
  think,
• 16:15
  all
• 16:15
  right,
• 16:15
  okay,
• 16:16
  yeah.
• 16:16
  The
• 16:16
  people
• 16:16
  with
• 16:16
  the
• 16:16
  shares,
• 16:18
  the
• 16:18
  internal
• 16:18
  shares
• 16:18
  are
• 16:19
  the
• 16:19
  ones
• 16:19
  that
• 16:19
  benefit
• 16:19
  or.
• 16:20
  If
• 16:20
  the
• 16:20
  PE
• 16:21
  fund
• 16:21
  is
• 16:21
  fundraising
• 16:22
  at
• 16:22
  the
• 16:22
  moment
• 16:23
  for
• 16:23
  their
• 16:23
  next
• 16:23
  fund,
• 16:25
  things
• 16:25
  like
• 16:25
  that.
• 16:26
  Or
• 16:26
  if
• 16:26
  they're
• 16:26
  getting
• 16:26
  a
• 16:26
  business
• 16:27
  ready
• 16:27
  for
• 16:27
  sale.
• 16:27
  Yeah.
• 16:28
  Where
• 16:28
  I
• 16:29
  am.
• 16:29
  But
• 16:30
  the
• 16:30
  one
• 16:30
  thing
• 16:31
  that
• 16:31
  they're
• 16:31
  not
• 16:31
  is
• 16:31
  AI
• 16:32
  ready,
• 16:32
  which
• 16:32
  is
• 16:33
  the
• 16:33
  infrastructure
• 16:34
  below
• 16:35
  that,
• 16:35
  which
• 16:35
  actually
• 16:36
  will
• 16:36
  make
• 16:36
  the
• 16:36
  difference.
• 16:38
  Yeah.
• 16:38
  And
• 16:38
  I've
• 16:38
  referenced
• 16:39
  this
• 16:39
  a
• 16:39
  few
• 16:39
  times.
• 16:39
  The
• 16:40
  whole
• 16:40
  circular
• 16:40
  funding
• 16:41
  thing
• 16:41
  that's
• 16:41
  going
• 16:41
  on
• 16:42
  between
• 16:43
  Nvidia
• 16:43
  and
• 16:44
  OpenAI
• 16:44
  and
• 16:45
  like
• 16:45
  Nvidia's
• 16:46
  committing
• 16:46
  to
• 16:47
  use
• 16:47
  to
• 16:47
  spend
• 16:47
  money
• 16:48
  on
• 16:48
  OpenAI
• 16:48
  and
• 16:48
  OpenAI
• 16:49
  is
• 16:49
  committing
• 16:50
  to
• 16:50
  buying
• 16:50
  video
• 16:50
  chips.
• 16:51
  This
• 16:51
  whole
• 16:51
  kind
• 16:51
  of
• 16:51
  circular
• 16:52
  revenue
• 16:53
  boosting
• 16:53
  that's
• 16:53
  going
• 16:53
  on
• 16:54
  or
• 16:54
  projection
• 16:54
  boosting,
• 16:55
  forecast
• 16:56
  boosting
• 16:56
  that's
• 16:56
  going
• 16:56
  on.
• 16:57
  It's
• 16:57
  crazy.
• 16:57
  And
• 16:57
  I've
• 16:58
  seen
• 16:58
  like
• 16:58
  90%,
• 16:59
  95%,
• 17:00
  whatever
• 17:00
  else
• 17:01
  like
• 17:01
  floated
• 17:01
  out
• 17:01
  there
• 17:01
  by
• 17:02
  some,
• 17:02
  you
• 17:02
  know,
• 17:02
  big
• 17:02
  and
• 17:02
  reputable
• 17:03
  firms
• 17:04
  shows
• 17:04
  that
• 17:05
  the
• 17:05
  vast
• 17:05
  majority
• 17:06
  of
• 17:06
  AI
• 17:06
  deployments
• 17:07
  are
• 17:07
  not
• 17:07
  delivering
• 17:08
  measurable
• 17:08
  P
• 17:08
  and
• 17:09
  L
• 17:09
  impact.
• 17:09
  That
• 17:09
  might
• 17:10
  be
• 17:10
  delivering
• 17:10
  PR
• 17:10
  impact,
• 17:11
  but
• 17:11
  they're
• 17:11
  not
• 17:11
  delivering
• 17:11
  P
• 17:12
  and
• 17:12
  L
• 17:12
  impact.
• 17:13
  The
• 17:13
  headlines
• 17:13
  are
• 17:13
  full
• 17:13
  of
• 17:13
  success
• 17:14
  stories
• 17:14
  and
• 17:14
  everyone's
• 17:15
  puffing
• 17:15
  their
• 17:15
  chest
• 17:15
  out
• 17:16
  and
• 17:16
  strutting
• 17:16
  around.
• 17:17
  Every
• 17:18
  conference
• 17:18
  has
• 17:18
  some
• 17:18
  sort
• 17:18
  of
• 17:18
  case
• 17:19
  study
• 17:19
  or
• 17:19
  whatever.
• 17:19
  But
• 17:20
  you've
• 17:20
  taken
• 17:21
  a
• 17:21
  hard
• 17:21
  position
• 17:21
  on
• 17:21
  this.
• 17:22
  Why
• 17:22
  do
• 17:23
  you
• 17:23
  think
• 17:23
  that's
• 17:24
  so
• 17:25
  misleading?
• 17:27
  I
• 17:27
  think
• 17:27
  it's
• 17:28
  misleading
• 17:28
  because
• 17:29
  if
• 17:29
  you
• 17:30
  look
• 17:30
  at
• 17:30
  what
• 17:31
  the
• 17:31
  analysts
• 17:31
  are
• 17:31
  saying,
• 17:32
  for
• 17:32
  example,
• 17:32
  Forrester
• 17:33
  will
• 17:33
  say
• 17:33
  that
• 17:33
  88%
• 17:34
  of
• 17:34
  all
• 17:35
  pilots
• 17:35
  have
• 17:36
  failed.
• 17:37
  And
• 17:37
  if
• 17:38
  you
• 17:38
  look
• 17:38
  at
• 17:38
  McKinsey,
• 17:39
  they
• 17:39
  will
• 17:39
  say
• 17:40
  that
• 17:40
  only
• 17:41
  10%
• 17:41
  of
• 17:42
  pilots
• 17:42
  have
• 17:42
  managed
• 17:43
  to
• 17:43
  bridge
• 17:43
  more
• 17:44
  than
• 17:44
  one
• 17:44
  or
• 17:45
  possibly
• 17:45
  more
• 17:45
  than
• 17:46
  two
• 17:46
  silos
• 17:47
  or
• 17:47
  functions,
• 17:48
  for
• 17:49
  example
• 17:49
  sales
• 17:49
  and
• 17:50
  marketing.
• 17:50
  I
• 17:50
  think
• 17:50
  the
• 17:51
  one
• 17:51
  I
• 17:51
  saw
• 17:51
  was
• 17:51
  MIT
• 17:52
  saying
• 17:52
  that
• 17:52
  90
• 17:53
  or
• 17:53
  95%
• 17:54
  of
• 17:54
  AI
• 17:54
  pilots
• 17:55
  had
• 17:55
  failed
• 17:55
  as
• 17:55
  well.
• 17:55
  So
• 17:56
  there's
• 17:56
  plenty
• 17:56
  of
• 17:56
  it
• 17:56
  around.
• 17:58
  So
• 17:59
  back
• 17:59
  to
• 17:59
  the
• 17:59
  opening.
• 18:00
  CEOs
• 18:01
  are
• 18:01
  looking
• 18:01
  at
• 18:01
  the
• 18:01
  wrong
• 18:02
  thing.
• 18:02
  Because
• 18:02
  if
• 18:02
  pilots
• 18:03
  are
• 18:03
  failing,
• 18:04
  put
• 18:05
  your
• 18:05
  energy
• 18:05
  where
• 18:06
  it
• 18:06
  needs
• 18:06
  to
• 18:07
  be,
• 18:07
  which
• 18:07
  is
• 18:08
  getting
• 18:08
  the
• 18:08
  business
• 18:08
  and
• 18:09
  its
• 18:09
  foundations
• 18:10
  ready
• 18:10
  for
• 18:10
  when
• 18:11
  the
• 18:11
  real
• 18:11
  AI
• 18:12
  enterprise
• 18:13
  agentic
• 18:13
  comes
• 18:13
  out.
• 18:15
  Yeah,
• 18:15
  and
• 18:16
  I.
• 18:17
  Pilots
• 18:17
  are
• 18:17
  something
• 18:18
  that
• 18:18
  you
• 18:20
  spoke
• 18:20
  about.
• 18:20
  Something
• 18:20
  that
• 18:20
  knocks
• 18:21
  you
• 18:21
  earlier.
• 18:21
  Like
• 18:21
  pilots
• 18:22
  is
• 18:22
  something
• 18:22
  that
• 18:22
  knocks
• 18:22
  me
• 18:22
  as
• 18:23
  well,
• 18:23
  especially
• 18:23
  from
• 18:24
  my
• 18:24
  past
• 18:24
  in
• 18:24
  corporate.
• 18:25
  People
• 18:25
  would
• 18:25
  agree
• 18:25
  to
• 18:26
  a
• 18:26
  pilot,
• 18:26
  like
• 18:27
  just
• 18:27
  to
• 18:27
  make
• 18:27
  it
• 18:28
  a
• 18:28
  loud,
• 18:29
  ambitious
• 18:29
  kind
• 18:29
  of
• 18:30
  tech
• 18:30
  driven
• 18:30
  initiative.
• 18:31
  Like,
• 18:31
  okay,
• 18:31
  fine,
• 18:32
  fine,
• 18:32
  you
• 18:32
  know,
• 18:33
  we'll
• 18:33
  give
• 18:33
  you
• 18:33
  something,
• 18:33
  we'll
• 18:34
  do
• 18:34
  a
• 18:34
  pilot.
• 18:35
  But
• 18:35
  a
• 18:36
  pilot
• 18:36
  is
• 18:36
  just
• 18:36
  basically
• 18:37
  a
• 18:37
  waste
• 18:37
  of
• 18:37
  time.
• 18:37
  Unless.
• 18:38
  Unless
• 18:38
  there's
• 18:39
  a
• 18:39
  decision
• 18:39
  that's
• 18:39
  made
• 18:39
  at
• 18:40
  the
• 18:40
  end
• 18:40
  of
• 18:40
  it.
• 18:40
  Right.
• 18:40
  I
• 18:41
  learned
• 18:41
  that
• 18:41
  over
• 18:42
  my
• 18:42
  years.
• 18:42
  Like,
• 18:43
  yes,
• 18:43
  we'll
• 18:44
  do
• 18:44
  a
• 18:44
  pilot,
• 18:44
  but
• 18:44
  we're
• 18:45
  going
• 18:45
  to
• 18:45
  structure
• 18:45
  a
• 18:45
  decision
• 18:45
  point
• 18:46
  in
• 18:46
  12
• 18:46
  weeks.
• 18:46
  This
• 18:47
  isn't
• 18:47
  going
• 18:47
  to
• 18:47
  be
• 18:47
  something
• 18:47
  that.
• 18:48
  And
• 18:48
  I
• 18:48
  think
• 18:49
  I
• 18:49
  see
• 18:49
  a
• 18:49
  lot
• 18:49
  of
• 18:49
  pilots,
• 18:50
  AI
• 18:50
  pilots,
• 18:51
  doing
• 18:51
  the
• 18:51
  opposite
• 18:51
  of
• 18:51
  that
• 18:51
  and
• 18:52
  just
• 18:52
  kind
• 18:52
  of
• 18:52
  like
• 18:52
  floating
• 18:53
  9
• 18:53
  months,
• 18:54
  12
• 18:54
  months.
• 18:54
  No
• 18:55
  well
• 18:55
  defined
• 18:56
  objectives
• 18:57
  that
• 18:57
  can
• 18:57
  measure
• 18:58
  the
• 18:58
  success
• 18:58
  of
• 18:58
  it.
• 18:58
  No
• 18:59
  end
• 18:59
  point,
• 18:59
  no
• 18:59
  decision
• 19:00
  point,
• 19:01
  no
• 19:01
  actual
• 19:02
  backing
• 19:02
  from
• 19:02
  the
• 19:02
  organisation
• 19:03
  to
• 19:03
  do
• 19:03
  anything
• 19:04
  outside
• 19:04
  of
• 19:04
  the
• 19:05
  silos.
• 19:06
  So
• 19:06
  pilots
• 19:07
  themselves
• 19:07
  are
• 19:07
  something
• 19:08
  like,
• 19:08
  they're
• 19:09
  not
• 19:09
  a
• 19:09
  bad
• 19:09
  idea
• 19:10
  in
• 19:10
  principle,
• 19:10
  but
• 19:10
  you
• 19:11
  need
• 19:11
  to
• 19:11
  commit
• 19:11
  to
• 19:11
  do
• 19:11
  them,
• 19:12
  commit
• 19:12
  to
• 19:12
  a
• 19:12
  decision
• 19:13
  point
• 19:13
  and
• 19:13
  then
• 19:13
  say,
• 19:14
  are
• 19:14
  we
• 19:14
  going
• 19:14
  to
• 19:14
  rule
• 19:14
  this
• 19:15
  out
• 19:15
  or
• 19:15
  are
• 19:15
  we
• 19:15
  going
• 19:15
  to
• 19:15
  kill
• 19:15
  it?
• 19:15
  Because
• 19:16
  the
• 19:17
  never
• 19:17
  ending
• 19:17
  pilot
• 19:18
  was
• 19:18
  the
• 19:18
  bane
• 19:19
  of
• 19:19
  my
• 19:19
  life.
• 19:19
  And
• 19:19
  corporate
• 19:20
  for
• 19:20
  sure.
• 19:20
  Absolutely.
• 19:21
  And
• 19:21
  that's
• 19:22
  very
• 19:22
  well
• 19:22
  put,
• 19:22
  Graeme.
• 19:23
  And
• 19:23
  something
• 19:23
  I
• 19:24
  hadn't
• 19:24
  thought
• 19:24
  about.
• 19:24
  But
• 19:25
  while
• 19:25
  he
• 19:26
  was
• 19:26
  talking
• 19:26
  through
• 19:27
  it,
• 19:27
  I
• 19:27
  thought,
• 19:27
  yeah,
• 19:27
  I
• 19:28
  mean,
• 19:28
  pilots
• 19:29
  really
• 19:29
  should
• 19:29
  be
• 19:29
  run
• 19:30
  like
• 19:30
  a
• 19:30
  project.
• 19:31
  So
• 19:32
  a
• 19:32
  scope.
• 19:32
  This
• 19:33
  is
• 19:33
  what
• 19:33
  it
• 19:33
  does,
• 19:33
  this
• 19:34
  is
• 19:34
  what
• 19:34
  it
• 19:34
  doesn't
• 19:34
  do.
• 19:35
  The
• 19:35
  bounding
• 19:36
  of
• 19:36
  that,
• 19:36
  this
• 19:37
  is
• 19:37
  the
• 19:37
  time
• 19:37
  frame
• 19:38
  for
• 19:38
  getting
• 19:38
  it
• 19:38
  implemented,
• 19:39
  this
• 19:39
  is
• 19:39
  the
• 19:40
  timeframe
• 19:41
  for
• 19:41
  it
• 19:41
  running
• 19:41
  in
• 19:42
  bau.
• 19:43
  This
• 19:43
  is
• 19:43
  the
• 19:43
  expected
• 19:44
  business
• 19:44
  case
• 19:44
  for
• 19:45
  activities,
• 19:47
  for
• 19:47
  tickets,
• 19:48
  closed,
• 19:48
  time
• 19:49
  saved,
• 19:49
  that
• 19:49
  sort
• 19:49
  of
• 19:49
  thing.
• 19:50
  But
• 19:50
  also
• 19:51
  tying
• 19:51
  it
• 19:51
  to
• 19:51
  specific
• 19:52
  P
• 19:52
  and
• 19:52
  L
• 19:52
  lines
• 19:53
  and
• 19:53
  owners
• 19:54
  for
• 19:54
  those
• 19:54
  P
• 19:54
  and
• 19:55
  L
• 19:55
  lines
• 19:55
  in
• 19:55
  the
• 19:55
  business
• 19:56
  that
• 19:57
  have
• 19:57
  to
• 19:57
  say,
• 19:58
  well,
• 19:58
  this
• 19:58
  is
• 19:58
  actually
• 19:59
  contributing
• 19:59
  or
• 20:00
  this
• 20:00
  isn't
• 20:00
  doing
• 20:00
  a
• 20:01
  thing.
• 20:01
  Yeah.
• 20:02
  And
• 20:02
  I
• 20:03
  actually
• 20:03
  listened
• 20:03
  to
• 20:03
  a
• 20:03
  different
• 20:03
  podcast
• 20:04
  yesterday
• 20:04
  where
• 20:04
  they
• 20:04
  talked
• 20:05
  about
• 20:05
  this,
• 20:05
  that
• 20:05
  actually
• 20:06
  if
• 20:06
  you're
• 20:07
  hiring
• 20:07
  a
• 20:07
  consultant
• 20:07
  to
• 20:08
  do
• 20:08
  any
• 20:08
  sort
• 20:08
  of
• 20:08
  technology
• 20:08
  pilot,
• 20:09
  and
• 20:09
  of
• 20:09
  course
• 20:09
  the
• 20:09
  AI
• 20:10
  pilots
• 20:10
  would
• 20:10
  be
• 20:10
  the
• 20:10
  fashionable
• 20:11
  one
• 20:11
  right
• 20:11
  now.
• 20:12
  Like
• 20:13
  if
• 20:13
  there's
• 20:13
  nobody
• 20:13
  inside
• 20:14
  the
• 20:15
  company
• 20:15
  who's
• 20:15
  going
• 20:15
  to
• 20:16
  drive
• 20:16
  the
• 20:16
  change,
• 20:17
  then
• 20:18
  you're
• 20:18
  kind
• 20:18
  of
• 20:18
  just
• 20:19
  wasting
• 20:19
  it.
• 20:19
  And
• 20:19
  it's
• 20:19
  just
• 20:19
  a
• 20:20
  lip
• 20:20
  service
• 20:20
  PR
• 20:20
  exercise
• 20:21
  again,
• 20:21
  because
• 20:21
  if
• 20:22
  no
• 20:22
  one,
• 20:22
  if
• 20:22
  you
• 20:22
  don't
• 20:23
  have
• 20:23
  anyone
• 20:23
  who's
• 20:23
  cape
• 20:24
  who
• 20:24
  has
• 20:24
  either
• 20:24
  the
• 20:24
  skills
• 20:25
  or
• 20:25
  the
• 20:25
  bandwidth
• 20:25
  to
• 20:25
  pick
• 20:26
  the
• 20:26
  work
• 20:26
  up
• 20:26
  at
• 20:26
  the
• 20:26
  end
• 20:26
  of
• 20:26
  it
• 20:27
  and
• 20:27
  run
• 20:27
  with
• 20:27
  it,
• 20:27
  then
• 20:28
  it
• 20:28
  might
• 20:28
  seem
• 20:28
  strange
• 20:29
  for
• 20:29
  someone
• 20:29
  who
• 20:29
  runs
• 20:29
  a
• 20:29
  consultancy
• 20:30
  firm
• 20:30
  to
• 20:30
  say
• 20:30
  this,
• 20:30
  but
• 20:30
  look,
• 20:31
  you
• 20:31
  shouldn't
• 20:31
  do
• 20:31
  the
• 20:31
  consultancy
• 20:32
  in
• 20:32
  the
• 20:32
  first
• 20:32
  place.
• 20:33
  Like
• 20:33
  if
• 20:34
  there's
• 20:34
  no
• 20:34
  intent
• 20:34
  to,
• 20:35
  there's
• 20:35
  no
• 20:35
  intent
• 20:36
  to
• 20:36
  continue.
• 20:36
  Absolutely.
• 20:37
  And
• 20:37
  consultancy
• 20:38
  is
• 20:38
  such
• 20:38
  a
• 20:39
  broad
• 20:39
  word
• 20:39
  as
• 20:39
  well.
• 20:40
  I
• 20:40
  like
• 20:40
  to
• 20:40
  split
• 20:40
  that
• 20:41
  into
• 20:41
  strategy
• 20:42
  and
• 20:43
  delivery.
• 20:44
  And
• 20:44
  the
• 20:45
  strategy
• 20:45
  people
• 20:46
  can
• 20:46
  use
• 20:46
  AI
• 20:47
  to
• 20:47
  help
• 20:47
  them,
• 20:48
  you
• 20:48
  know,
• 20:48
  build
• 20:48
  a
• 20:49
  better
• 20:49
  deck
• 20:49
  and
• 20:49
  make
• 20:50
  better
• 20:50
  insights.
• 20:51
  But
• 20:51
  the
• 20:52
  delivery
• 20:52
  guys,
• 20:52
  you
• 20:53
  have
• 20:53
  to
• 20:53
  do
• 20:53
  that
• 20:54
  as
• 20:54
  a
• 20:54
  person,
• 20:54
  hands
• 20:55
  on.
• 20:56
  It's
• 20:56
  all
• 20:56
  about
• 20:56
  relationships
• 20:57
  and
• 20:58
  delivering
• 20:58
  something
• 20:59
  real.
• 20:59
  So
• 21:00
  typically
• 21:00
  when
• 21:01
  a
• 21:01
  strategy
• 21:01
  meets
• 21:02
  a
• 21:02
  business
• 21:02
  and
• 21:02
  the
• 21:03
  environment
• 21:03
  and
• 21:04
  the,
• 21:04
  the
• 21:04
  operating
• 21:05
  stack
• 21:05
  of
• 21:05
  the
• 21:05
  business
• 21:06
  for
• 21:06
  the
• 21:06
  first
• 21:06
  time,
• 21:07
  it
• 21:07
  just
• 21:07
  falls
• 21:07
  apart.
• 21:09
  And
• 21:09
  that's
• 21:09
  where
• 21:09
  the
• 21:09
  delivery
• 21:10
  person
• 21:10
  has
• 21:10
  to
• 21:10
  pick
• 21:11
  it
• 21:11
  up
• 21:11
  and
• 21:11
  do
• 21:11
  something
• 21:12
  meaningful
• 21:12
  with
• 21:13
  it.
• 21:13
  Yeah,
• 21:14
  absolutely.
• 21:14
  And
• 21:14
  speaking
• 21:15
  of
• 21:15
  things
• 21:15
  that
• 21:15
  went
• 21:15
  wrong,
• 21:16
  you
• 21:16
  and
• 21:16
  I
• 21:16
  have
• 21:16
  spoken
• 21:17
  before
• 21:17
  about
• 21:17
  Zillow.
• 21:18
  So
• 21:19
  talk
• 21:19
  to
• 21:19
  me
• 21:19
  more
• 21:20
  about
• 21:20
  Zillow,
• 21:20
  like
• 21:21
  what
• 21:21
  went
• 21:21
  wrong
• 21:21
  there
• 21:22
  and
• 21:23
  what
• 21:23
  everyone
• 21:23
  who's
• 21:23
  listening
• 21:24
  can
• 21:24
  learn
• 21:24
  from
• 21:24
  that.
• 21:25
  Yeah.
• 21:25
  So
• 21:25
  Zillow
• 21:26
  offers,
• 21:27
  I
• 21:27
  believe
• 21:27
  it
• 21:27
  was
• 21:27
  called
• 21:27
  in
• 21:28
  2021
• 21:29
  they
• 21:29
  lost
• 21:30
  $881
• 21:31
  million.
• 21:34
  Yeah,
• 21:35
  yeah.
• 21:36
  So
• 21:36
  back
• 21:36
  in
• 21:37
  2021
• 21:37
  it
• 21:38
  wasn't
• 21:38
  Gen
• 21:38
  AI,
• 21:39
  it
• 21:39
  was
• 21:39
  the
• 21:40
  model
• 21:40
  before
• 21:40
  that,
• 21:41
  which
• 21:41
  is
• 21:41
  called
• 21:41
  machine
• 21:42
  learning,
• 21:42
  which
• 21:43
  you
• 21:43
  link
• 21:43
  it
• 21:44
  with
• 21:44
  automation
• 21:46
  and
• 21:47
  just
• 21:47
  to
• 21:48
  give
• 21:48
  you
• 21:48
  an
• 21:49
  idea,
• 21:49
  they
• 21:49
  bought
• 21:50
  28.
• 21:51
  Sorry,
• 21:51
  the
• 21:51
  machine
• 21:52
  bought
• 21:52
  28,000
• 21:53
  homes,
• 21:54
  of
• 21:55
  which
• 21:55
  18,000
• 21:57
  of
• 21:57
  them
• 21:58
  were
• 21:58
  kept
• 21:58
  in
• 21:58
  a
• 21:58
  backlog
• 21:59
  waiting
• 21:59
  to
• 22:00
  be
• 22:00
  renovated,
• 22:02
  and
• 22:03
  of
• 22:03
  them,
• 22:03
  10,000
• 22:04
  of
• 22:04
  them
• 22:05
  were
• 22:05
  overbid
• 22:07
  and
• 22:07
  that's
• 22:08
  what
• 22:08
  led
• 22:08
  to
• 22:08
  the
• 22:08
  881
• 22:10
  million
• 22:10
  loss.
• 22:11
  So
• 22:11
  they
• 22:11
  paid
• 22:12
  too
• 22:12
  much
• 22:12
  money
• 22:12
  for
• 22:12
  them,
• 22:12
  basically,
• 22:13
  and
• 22:13
  then
• 22:13
  they,
• 22:14
  they.
• 22:14
  Well,
• 22:15
  I'll
• 22:15
  break
• 22:15
  it
• 22:16
  down
• 22:16
  into
• 22:16
  the
• 22:16
  transformation
• 22:17
  stack
• 22:17
  for
• 22:18
  you.
• 22:18
  Ah,
• 22:18
  cool.
• 22:19
  The
• 22:20
  great
• 22:20
  thing
• 22:20
  about
• 22:20
  the
• 22:20
  Zillow
• 22:21
  one
• 22:21
  versus
• 22:22
  some
• 22:22
  of
• 22:22
  the
• 22:22
  other
• 22:22
  ones
• 22:23
  is
• 22:23
  that
• 22:23
  it
• 22:24
  touches
• 22:24
  every
• 22:25
  layer
• 22:25
  of
• 22:25
  the
• 22:25
  stack.
• 22:26
  So
• 22:27
  at
• 22:27
  the
• 22:27
  very
• 22:27
  top
• 22:28
  of
• 22:28
  the
• 22:28
  stack
• 22:28
  you've
• 22:28
  got
• 22:29
  business
• 22:29
  model.
• 22:30
  So
• 22:31
  the
• 22:31
  business
• 22:31
  model
• 22:33
  was
• 22:33
  basically
• 22:33
  an
• 22:33
  arbitrage
• 22:34
  move.
• 22:35
  So
• 22:36
  the
• 22:36
  market's
• 22:36
  going
• 22:37
  up
• 22:37
  and
• 22:37
  they
• 22:37
  thought,
• 22:37
  right,
• 22:38
  where's
• 22:39
  Zillow?
• 22:39
  We
• 22:39
  have
• 22:40
  the
• 22:40
  website,
• 22:41
  we've
• 22:41
  got
• 22:41
  all
• 22:41
  the
• 22:41
  data.
• 22:41
  Yeah,
• 22:42
  all
• 22:42
  the
• 22:42
  data.
• 22:43
  So
• 22:43
  we'll
• 22:44
  use
• 22:44
  that
• 22:44
  to
• 22:45
  look
• 22:45
  in
• 22:45
  all
• 22:45
  the
• 22:46
  hotspots
• 22:46
  and
• 22:47
  where
• 22:47
  the
• 22:47
  upcoming
• 22:48
  places
• 22:48
  are
• 22:48
  to
• 22:49
  buy
• 22:50
  low,
• 22:50
  sell
• 22:50
  high.
• 22:51
  Right,
• 22:51
  yeah,
• 22:51
  yeah.
• 22:52
  So
• 22:52
  that,
• 22:53
  I
• 22:53
  mean,
• 22:53
  makes
• 22:54
  perfect
• 22:54
  sense.
• 22:54
  Right.
• 22:55
  But
• 22:55
  what
• 22:55
  they
• 22:56
  didn't
• 22:56
  bank
• 22:56
  on
• 22:57
  was,
• 22:57
  I
• 22:57
  think
• 22:57
  it
• 22:58
  was
• 22:58
  Covid
• 22:58
  actually,
• 22:59
  and
• 22:59
  the
• 22:59
  market
• 23:00
  tanking.
• 23:01
  Yeah,
• 23:02
  none
• 23:02
  of
• 23:02
  us
• 23:02
  banked
• 23:02
  on
• 23:02
  that,
• 23:02
  did
• 23:03
  we?
• 23:03
  Yeah.
• 23:04
  So
• 23:05
  at
• 23:06
  the
• 23:06
  business
• 23:06
  model
• 23:06
  end,
• 23:07
  they,
• 23:07
  they
• 23:07
  just
• 23:08
  didn't
• 23:09
  envisage
• 23:10
  negative
• 23:10
  arbitrage.
• 23:11
  And
• 23:11
  that
• 23:11
  was
• 23:12
  the
• 23:12
  problem
• 23:12
  at
• 23:12
  the
• 23:12
  business
• 23:12
  model.
• 23:13
  Now
• 23:13
  at
• 23:14
  the.
• 23:14
  At
• 23:14
  the
• 23:14
  operating
• 23:15
  model,
• 23:15
  it
• 23:16
  gets
• 23:16
  a
• 23:16
  bit
• 23:16
  more
• 23:16
  serious.
• 23:17
  So
• 23:17
  you've
• 23:17
  got
• 23:17
  a
• 23:18
  front
• 23:18
  end
• 23:19
  machine
• 23:19
  which
• 23:20
  is
• 23:20
  using
• 23:21
  the
• 23:21
  Zillow
• 23:21
  data
• 23:22
  to
• 23:23
  say
• 23:24
  there's
• 23:24
  all
• 23:24
  these
• 23:24
  houses
• 23:25
  and
• 23:25
  go
• 23:26
  commit
• 23:26
  to
• 23:27
  buying
• 23:27
  them.
• 23:28
  So
• 23:28
  it
• 23:28
  actually
• 23:28
  made
• 23:29
  the
• 23:29
  purchases
• 23:29
  itself.
• 23:31
  And
• 23:31
  in
• 23:32
  the
• 23:32
  middle
• 23:32
  of
• 23:32
  the
• 23:32
  operating
• 23:33
  model,
• 23:33
  the
• 23:34
  next
• 23:34
  stage
• 23:34
  was
• 23:34
  Zillow
• 23:35
  had
• 23:35
  commissioned
• 23:36
  all
• 23:36
  these
• 23:36
  contractors
• 23:37
  to
• 23:37
  do
• 23:37
  the
• 23:38
  renovation
• 23:38
  works.
• 23:40
  But
• 23:40
  with
• 23:40
  COVID
• 23:41
  and
• 23:41
  things
• 23:41
  on,
• 23:42
  things
• 23:42
  moved
• 23:42
  slower,
• 23:43
  raw
• 23:43
  materials
• 23:44
  got
• 23:45
  more
• 23:45
  expensive
• 23:46
  and
• 23:46
  then
• 23:47
  at
• 23:47
  the
• 23:47
  back
• 23:47
  end,
• 23:47
  you
• 23:48
  have
• 23:48
  to
• 23:49
  sell.
• 23:50
  So
• 23:51
  the
• 23:51
  market
• 23:51
  was
• 23:51
  cooling
• 23:52
  off,
• 23:53
  people
• 23:53
  weren't
• 23:53
  buying
• 23:54
  as
• 23:54
  much,
• 23:54
  but
• 23:54
  you've
• 23:55
  still
• 23:55
  got
• 23:55
  the
• 23:55
  machine
• 23:55
  up
• 23:56
  front
• 23:56
  buying
• 23:56
  at
• 23:56
  full
• 23:57
  speed.
• 23:58
  And
• 23:59
  not
• 23:59
  only
• 23:59
  was
• 23:59
  it
• 23:59
  buying,
• 24:00
  it
• 24:00
  was
• 24:00
  overpaying
• 24:01
  for
• 24:01
  all
• 24:02
  of
• 24:02
  the
• 24:02
  houses
• 24:02
  because
• 24:02
  it
• 24:03
  was
• 24:03
  going
• 24:03
  into
• 24:03
  a
• 24:03
  falling
• 24:04
  market.
• 24:05
  Which
• 24:05
  is
• 24:05
  an
• 24:06
  interesting
• 24:06
  example
• 24:06
  because
• 24:07
  I've
• 24:07
  heard
• 24:08
  someone
• 24:08
  say
• 24:09
  that
• 24:09
  we
• 24:09
  should,
• 24:10
  instead
• 24:10
  of
• 24:10
  thinking
• 24:11
  of
• 24:11
  AI
• 24:11
  as
• 24:11
  artificial
• 24:12
  intelligence,
• 24:12
  think
• 24:12
  of
• 24:12
  it
• 24:12
  as
• 24:13
  amplified
• 24:13
  intelligence
• 24:14
  and
• 24:14
  it
• 24:14
  can
• 24:14
  only
• 24:14
  amplify
• 24:15
  the
• 24:15
  decisions
• 24:16
  that
• 24:16
  you've
• 24:16
  got.
• 24:16
  So
• 24:17
  with
• 24:17
  this
• 24:17
  Zillow
• 24:18
  example,
• 24:19
  it
• 24:19
  hasn't
• 24:19
  got
• 24:19
  complete
• 24:19
  data,
• 24:20
  it
• 24:20
  hasn't
• 24:20
  got
• 24:20
  full
• 24:20
  context.
• 24:21
  It's
• 24:21
  making
• 24:22
  bad
• 24:22
  decisions,
• 24:22
  but
• 24:23
  because
• 24:23
  it's
• 24:23
  AI
• 24:24
  or
• 24:24
  machine
• 24:24
  learning
• 24:24
  in
• 24:25
  this
• 24:25
  case,
• 24:25
  it's
• 24:25
  doing
• 24:26
  that
• 24:26
  very.
• 24:26
  It's
• 24:27
  very
• 24:27
  quickly
• 24:27
  making
• 24:28
  bad
• 24:28
  decisions
• 24:28
  and
• 24:29
  a
• 24:29
  lot
• 24:29
  of
• 24:29
  them.
• 24:29
  Right,
• 24:30
  yeah.
• 24:30
  And
• 24:30
  confidently
• 24:31
  too.
• 24:31
  Yes,
• 24:33
  yes.
• 24:34
  Because
• 24:34
  it
• 24:34
  doesn't
• 24:34
  know,
• 24:34
  the
• 24:34
  stuff
• 24:35
  you've
• 24:35
  not
• 24:35
  told
• 24:35
  it.
• 24:36
  Yeah,
• 24:36
  exactly.
• 24:37
  It
• 24:37
  was
• 24:37
  at
• 24:37
  the
• 24:37
  operating
• 24:38
  model
• 24:38
  layer
• 24:39
  that
• 24:39
  everything
• 24:40
  really
• 24:40
  started
• 24:40
  to
• 24:41
  fall
• 24:41
  apart.
• 24:42
  But
• 24:42
  the
• 24:42
  layer
• 24:42
  below
• 24:42
  that
• 24:43
  is
• 24:43
  the
• 24:43
  systems
• 24:43
  layer.
• 24:44
  So
• 24:45
  there
• 24:45
  was
• 24:46
  this
• 24:46
  thing
• 24:46
  called
• 24:46
  the
• 24:46
  Zestimate,
• 24:47
  which
• 24:47
  is
• 24:48
  the
• 24:48
  algorithm
• 24:49
  that
• 24:49
  prices
• 24:49
  houses.
• 24:50
  Yes.
• 24:51
  Even
• 24:51
  without
• 24:51
  breaking
• 24:52
  down
• 24:52
  the
• 24:52
  algorithm.
• 24:53
  By
• 24:53
  the
• 24:53
  way,
• 24:53
  I've
• 24:53
  looked
• 24:53
  at
• 24:54
  the
• 24:54
  Zestimate
• 24:54
  on
• 24:54
  my
• 24:54
  own
• 24:55
  properties
• 24:56
  over
• 24:56
  the
• 24:56
  years
• 24:56
  and
• 24:56
  I've
• 24:57
  never
• 24:57
  once
• 24:57
  thought
• 24:57
  it
• 24:57
  was
• 24:57
  right.
• 24:59
  Might
• 25:00
  need
• 25:00
  some
• 25:00
  insight
• 25:00
  for
• 25:01
  you
• 25:01
  then.
• 25:01
  Yeah,
• 25:02
  I
• 25:03
  always
• 25:03
  find
• 25:03
  it.
• 25:03
  And
• 25:03
  this
• 25:03
  might
• 25:04
  be
• 25:04
  something
• 25:04
  that
• 25:04
  was
• 25:04
  the
• 25:05
  root
• 25:05
  of
• 25:05
  the
• 25:05
  data
• 25:05
  issue
• 25:06
  here.
• 25:06
  Like
• 25:06
  I've
• 25:06
  always
• 25:06
  thought,
• 25:06
  well,
• 25:07
  that's
• 25:07
  a
• 25:07
  very
• 25:07
  optimistic.
• 25:08
  Like,
• 25:08
  if
• 25:08
  I
• 25:08
  actually
• 25:08
  tried
• 25:08
  to
• 25:09
  sell
• 25:09
  my
• 25:09
  house,
• 25:09
  I
• 25:10
  don't
• 25:10
  think
• 25:10
  I
• 25:10
  would
• 25:10
  get
• 25:10
  that,
• 25:10
  you
• 25:11
  know,
• 25:11
  even
• 25:11
  if
• 25:11
  Zillow
• 25:11
  thinks
• 25:12
  it
• 25:12
  will.
• 25:12
  So,
• 25:12
  yeah,
• 25:13
  maybe
• 25:14
  it's
• 25:14
  trying
• 25:14
  to
• 25:14
  push.
• 25:15
  People
• 25:15
  into,
• 25:15
  oh,
• 25:15
  we
• 25:16
  can
• 25:16
  get
• 25:16
  this
• 25:16
  much
• 25:16
  for
• 25:16
  our
• 25:17
  house.
• 25:17
  Yeah,
• 25:17
  I
• 25:17
  think
• 25:18
  so,
• 25:18
  yeah.
• 25:18
  Or
• 25:19
  maybe
• 25:19
  I'll
• 25:19
  sell
• 25:19
  because
• 25:19
  Zillow's
• 25:20
  interested
• 25:20
  in
• 25:20
  the
• 25:21
  market
• 25:22
  moving
• 25:22
  numbers,
• 25:22
  isn't
• 25:23
  it?
• 25:23
  Yeah,
• 25:23
  I
• 25:23
  haven't
• 25:23
  thought
• 25:23
  about
• 25:24
  like
• 25:24
  that.
• 25:24
  Yeah,
• 25:24
  it's
• 25:25
  back
• 25:25
  to
• 25:25
  what
• 25:25
  you
• 25:25
  said,
• 25:25
  the
• 25:26
  cui
• 25:26
  bono
• 25:27
  thing
• 25:27
  like,
• 25:27
  who
• 25:27
  benefits?
• 25:28
  Yeah,
• 25:28
  absolutely.
• 25:29
  So
• 25:30
  the
• 25:30
  system
• 25:30
  itself
• 25:31
  could
• 25:31
  thereabouts
• 25:32
  price
• 25:33
  a
• 25:33
  house,
• 25:34
  but
• 25:34
  what
• 25:34
  it
• 25:34
  couldn't
• 25:34
  do
• 25:35
  is
• 25:35
  put
• 25:35
  the
• 25:35
  brakes
• 25:36
  on
• 25:36
  or
• 25:37
  use
• 25:37
  the
• 25:37
  throttle
• 25:38
  in
• 25:38
  its
• 25:38
  buying.
• 25:39
  So
• 25:39
  it
• 25:39
  was
• 25:39
  like
• 25:40
  flat
• 25:40
  out
• 25:40
  buying
• 25:41
  or
• 25:41
  nothing
• 25:42
  and
• 25:43
  it
• 25:43
  was
• 25:43
  just
• 25:43
  flat
• 25:43
  out
• 25:44
  buying
• 25:44
  with
• 25:45
  the
• 25:45
  wrong
• 25:45
  information.
• 25:46
  So
• 25:47
  the,
• 25:47
  the
• 25:47
  next
• 25:47
  piece
• 25:48
  is
• 25:48
  processors,
• 25:49
  so
• 25:50
  silos.
• 25:50
  I
• 25:51
  already
• 25:51
  spoke
• 25:51
  about
• 25:51
  that.
• 25:52
  So
• 25:52
  you've
• 25:52
  got,
• 25:53
  you've
• 25:53
  got
• 25:53
  the
• 25:53
  machine
• 25:54
  up
• 25:54
  front,
• 25:55
  buying,
• 25:56
  overpaying,
• 25:57
  you've
• 25:57
  got
• 25:57
  the
• 25:58
  contractors,
• 25:59
  raw
• 25:59
  materials
• 26:00
  going
• 26:00
  up,
• 26:00
  but
• 26:00
  they're
• 26:01
  slowing
• 26:01
  down
• 26:01
  their
• 26:01
  work
• 26:02
  because
• 26:02
  they
• 26:02
  can't
• 26:03
  get
• 26:03
  to
• 26:03
  the
• 26:03
  work
• 26:03
  because
• 26:04
  of
• 26:04
  COVID
• 26:05
  So
• 26:05
  now
• 26:05
  you've
• 26:06
  got
• 26:06
  the
• 26:06
  time
• 26:07
  frames
• 26:07
  dragging
• 26:08
  out.
• 26:08
  I
• 26:08
  imagine
• 26:08
  that
• 26:09
  Zillow
• 26:09
  have
• 26:09
  got
• 26:09
  loans
• 26:10
  on
• 26:10
  all
• 26:10
  of
• 26:10
  these
• 26:11
  homes
• 26:11
  that
• 26:12
  they've
• 26:12
  bought.
• 26:13
  And
• 26:14
  what
• 26:14
  that
• 26:14
  means
• 26:15
  is
• 26:15
  that
• 26:16
  instead
• 26:16
  of
• 26:16
  getting
• 26:17
  the
• 26:17
  positive
• 26:17
  arbitrage,
• 26:18
  it's
• 26:19
  stretching
• 26:20
  out
• 26:20
  and
• 26:20
  going
• 26:20
  negative.
• 26:21
  The
• 26:21
  hold
• 26:21
  is
• 26:21
  getting
• 26:22
  longer,
• 26:22
  getting
• 26:23
  more
• 26:23
  expensive.
• 26:24
  When
• 26:24
  they
• 26:24
  finally
• 26:24
  do
• 26:25
  get
• 26:25
  to
• 26:25
  selling,
• 26:26
  nobody
• 26:27
  wants
• 26:27
  to
• 26:27
  buy.
• 26:28
  Yeah,
• 26:29
  Longer,
• 26:29
  more
• 26:29
  expensive
• 26:30
  holds
• 26:30
  and
• 26:30
  no
• 26:30
  one
• 26:30
  wants
• 26:30
  to
• 26:31
  buy.
• 26:31
  Sounds
• 26:31
  a
• 26:31
  lot
• 26:31
  like
• 26:31
  private
• 26:32
  equity,
• 26:32
  doesn't
• 26:32
  it?
• 26:33
  Yeah.
• 26:33
  And
• 26:33
  the
• 26:34
  problem
• 26:34
  with
• 26:34
  the
• 26:34
  process
• 26:35
  is
• 26:35
  there's
• 26:35
  no
• 26:36
  feedback
• 26:36
  loops
• 26:36
  from
• 26:37
  any
• 26:37
  of
• 26:37
  these
• 26:37
  into
• 26:37
  the
• 26:38
  front
• 26:38
  end.
• 26:38
  So
• 26:38
  if
• 26:38
  you've
• 26:39
  got
• 26:39
  the
• 26:39
  contractors
• 26:40
  and
• 26:40
  they're
• 26:41
  saying,
• 26:41
  well,
• 26:42
  things
• 26:42
  are
• 26:42
  slowing
• 26:43
  down
• 26:43
  here,
• 26:43
  putting
• 26:44
  a
• 26:44
  feedback
• 26:44
  loop
• 26:45
  into
• 26:45
  the
• 26:45
  front
• 26:45
  and
• 26:45
  saying,
• 26:46
  let's
• 26:46
  just
• 26:46
  buy
• 26:46
  a
• 26:46
  thousand
• 26:47
  at
• 26:47
  a
• 26:47
  time,
• 26:48
  it
• 26:48
  would
• 26:48
  have
• 26:48
  changed
• 26:49
  things.
• 26:49
  And
• 26:49
  if
• 26:49
  you've
• 26:49
  got
• 26:49
  a
• 26:50
  feedback
• 26:50
  loop
• 26:51
  from
• 26:51
  the
• 26:51
  sales
• 26:52
  happening
• 26:52
  and
• 26:53
  the
• 26:53
  rate
• 26:53
  of
• 26:53
  that,
• 26:54
  that
• 26:54
  would
• 26:54
  have
• 26:54
  slowed
• 26:54
  things
• 26:55
  down.
• 26:55
  So
• 26:55
  it
• 26:55
  didn't
• 26:55
  even
• 26:56
  know
• 26:56
  it
• 26:56
  was
• 26:56
  making
• 26:56
  mistakes.
• 26:57
  It
• 26:57
  was
• 26:57
  just
• 26:57
  going
• 26:57
  for
• 26:58
  it.
• 26:58
  And
• 26:58
  that's
• 26:59
  silo
• 26:59
  thinking.
• 27:00
  That's
• 27:00
  the
• 27:00
  silo
• 27:01
  thing.
• 27:01
  And
• 27:01
  that's
• 27:01
  why
• 27:01
  you
• 27:02
  can't
• 27:02
  be
• 27:02
  fragmented.
• 27:04
  So
• 27:05
  people
• 27:05
  and
• 27:06
  culture.
• 27:06
  So
• 27:07
  the
• 27:07
  whole
• 27:07
  business
• 27:07
  unit
• 27:08
  was
• 27:08
  built
• 27:08
  around
• 27:09
  this
• 27:09
  machine
• 27:10
  brain
• 27:10
  doing
• 27:11
  what
• 27:11
  it
• 27:11
  does
• 27:11
  best,
• 27:12
  things
• 27:12
  that
• 27:12
  humans
• 27:13
  can't
• 27:13
  even
• 27:13
  do.
• 27:14
  So
• 27:14
  nobody
• 27:14
  dared
• 27:15
  doubt
• 27:16
  it.
• 27:16
  Nobody
• 27:16
  question
• 27:17
  it.
• 27:17
  Yeah,
• 27:17
  question
• 27:17
  it.
• 27:18
  So
• 27:18
  they
• 27:18
  just
• 27:18
  left
• 27:19
  it
• 27:19
  doing
• 27:19
  its
• 27:19
  own
• 27:20
  thing.
• 27:20
  Nobody
• 27:21
  used
• 27:21
  their
• 27:22
  judgment
• 27:22
  to
• 27:23
  say
• 27:24
  prices
• 27:24
  are
• 27:25
  going
• 27:25
  down,
• 27:26
  but
• 27:26
  this
• 27:26
  thing's
• 27:27
  buying
• 27:27
  at
• 27:27
  a
• 27:27
  phenomenal
• 27:28
  rate.
• 27:28
  And
• 27:29
  we
• 27:29
  can't
• 27:29
  process
• 27:30
  the
• 27:30
  renovations,
• 27:31
  but
• 27:31
  it's
• 27:31
  still
• 27:31
  going.
• 27:33
  It
• 27:33
  must
• 27:33
  be,
• 27:33
  right?
• 27:34
  Yeah.
• 27:35
  So
• 27:35
  that's,
• 27:35
  that's
• 27:35
  the,
• 27:36
  the
• 27:36
  people
• 27:36
  and
• 27:36
  culture
• 27:37
  piece.
• 27:37
  And
• 27:37
  then
• 27:37
  you
• 27:37
  move
• 27:38
  into
• 27:38
  the
• 27:38
  final
• 27:38
  layer,
• 27:39
  which
• 27:39
  is
• 27:39
  data.
• 27:40
  And
• 27:41
  to
• 27:41
  my
• 27:41
  knowledge,
• 27:42
  so
• 27:43
  I
• 27:43
  don't
• 27:43
  know
• 27:43
  if
• 27:43
  you
• 27:43
  ever
• 27:44
  do
• 27:44
  trading
• 27:44
  like
• 27:45
  stocks
• 27:45
  and
• 27:45
  shares
• 27:45
  and
• 27:46
  things.
• 27:46
  So
• 27:46
  if
• 27:47
  you
• 27:47
  put
• 27:47
  something
• 27:47
  on
• 27:47
  the
• 27:47
  one
• 27:48
  minute
• 27:48
  graph,
• 27:48
  probably
• 27:49
  price
• 27:49
  is
• 27:50
  volatile.
• 27:50
  Very
• 27:50
  volatile,
• 27:51
  very
• 27:51
  volatile.
• 27:52
  But
• 27:52
  if
• 27:52
  you
• 27:52
  put
• 27:52
  it
• 27:53
  on
• 27:53
  a
• 27:53
  one
• 27:53
  week
• 27:54
  or
• 27:54
  one
• 27:54
  month
• 27:54
  or
• 27:54
  a
• 27:55
  one
• 27:55
  quarter
• 27:55
  graph,
• 27:56
  it's
• 27:56
  very
• 27:56
  smooth
• 27:57
  and
• 27:57
  slow
• 27:57
  moving.
• 27:58
  And
• 27:59
  this
• 27:59
  is
• 27:59
  the
• 28:00
  problem
• 28:00
  with
• 28:00
  the
• 28:00
  data.
• 28:00
  So
• 28:01
  apparently
• 28:01
  the
• 28:01
  data
• 28:02
  was
• 28:02
  renewing
• 28:03
  every
• 28:03
  night
• 28:03
  with
• 28:03
  the
• 28:04
  fresh
• 28:04
  sales
• 28:04
  and
• 28:04
  everything
• 28:05
  like
• 28:05
  that
• 28:05
  and
• 28:05
  fresh
• 28:06
  prices.
• 28:06
  But
• 28:07
  it
• 28:07
  was
• 28:08
  smoothed
• 28:09
  so
• 28:09
  that
• 28:09
  when
• 28:10
  the
• 28:10
  market
• 28:10
  went
• 28:11
  up,
• 28:11
  it
• 28:11
  didn't
• 28:12
  see
• 28:12
  the
• 28:12
  turn
• 28:12
  for
• 28:13
  such
• 28:13
  a
• 28:13
  long
• 28:13
  time.
• 28:13
  And
• 28:13
  it
• 28:14
  kept
• 28:14
  buying
• 28:14
  into
• 28:14
  it
• 28:15
  and
• 28:15
  it
• 28:16
  was
• 28:16
  going
• 28:16
  down
• 28:16
  and
• 28:17
  it
• 28:17
  was
• 28:17
  smoothed
• 28:19
  as
• 28:20
  far
• 28:20
  as
• 28:20
  I
• 28:20
  know.
• 28:21
  And
• 28:21
  interestingly,
• 28:22
  I
• 28:22
  mean,
• 28:22
  I
• 28:22
  don't
• 28:23
  know
• 28:23
  how
• 28:23
  significant
• 28:23
  a
• 28:24
  contributor
• 28:24
  sort
• 28:24
  of
• 28:25
  been
• 28:25
  in
• 28:25
  the,
• 28:25
  in
• 28:25
  the,
• 28:26
  in
• 28:26
  the
• 28:26
  model,
• 28:26
  but
• 28:26
  by
• 28:26
  overpaying
• 28:27
  for
• 28:27
  a
• 28:27
  bunch
• 28:28
  of
• 28:28
  houses
• 28:28
  itself,
• 28:28
  it
• 28:29
  was
• 28:29
  actually
• 28:29
  artificially
• 28:29
  inflating
• 28:30
  the
• 28:30
  prices
• 28:30
  of
• 28:31
  the
• 28:31
  sales
• 28:32
  that
• 28:32
  it
• 28:32
  had
• 28:32
  access
• 28:32
  to
• 28:33
  because
• 28:33
  all
• 28:33
  of
• 28:33
  their
• 28:34
  overpriced
• 28:34
  sales
• 28:34
  were
• 28:35
  already
• 28:35
  in
• 28:35
  there
• 28:35
  as
• 28:35
  well.
• 28:35
  So
• 28:36
  the
• 28:36
  mistake
• 28:36
  then
• 28:37
  compounds,
• 28:37
  doesn't
• 28:37
  it?
• 28:38
  Absolutely.
• 28:38
  And
• 28:38
  I
• 28:39
  think
• 28:39
  it
• 28:39
  was
• 28:39
  overpaying
• 28:40
  by
• 28:40
  up
• 28:40
  to
• 28:41
  $30,000
• 28:42
  per
• 28:42
  house
• 28:43
  for
• 28:43
  nearly
• 28:44
  10,000
• 28:44
  houses.
• 28:45
  Yep,
• 28:46
  yep.
• 28:46
  That's.
• 28:47
  I
• 28:47
  don't
• 28:47
  need
• 28:47
  an
• 28:47
  AI
• 28:48
  model
• 28:48
  to
• 28:48
  tell
• 28:48
  me
• 28:48
  how
• 28:49
  expensive
• 28:49
  that
• 28:49
  is.
• 28:49
  Yeah.
• 28:50
  Because
• 28:50
  of
• 28:50
  fragmentation
• 28:51
  up
• 28:52
  and
• 28:52
  down
• 28:52
  every
• 28:52
  section
• 28:53
  of
• 28:53
  that
• 28:53
  stack.
• 28:54
  Yeah,
• 28:55
  wonderful.
• 28:56
  Like,
• 28:56
  have
• 28:56
  you.
• 28:57
  What
• 28:58
  happened
• 28:58
  to
• 28:58
  it?
• 28:58
  Like,
• 28:59
  did
• 28:59
  they
• 28:59
  can't.
• 28:59
  Did
• 28:59
  they.
• 29:00
  Did
• 29:00
  they
• 29:00
  can
• 29:00
  the
• 29:00
  thing
• 29:01
  or
• 29:01
  they,.
• 29:01
  They
• 29:02
  canned
• 29:02
  it,
• 29:02
  they
• 29:02
  closed
• 29:03
  it
• 29:03
  down
• 29:03
  and
• 29:03
  2,000
• 29:04
  people
• 29:04
  lost
• 29:04
  their
• 29:05
  jobs,
• 29:05
  unfortunately.
• 29:07
  881
• 29:08
  million
• 29:08
  loss,
• 29:09
  that
• 29:09
  business
• 29:10
  unit.
• 29:10
  So,
• 29:11
  yeah,
• 29:11
  quite
• 29:11
  sad.
• 29:12
  That
• 29:12
  sounds
• 29:12
  like
• 29:12
  something
• 29:13
  that
• 29:13
  should
• 29:13
  have
• 29:13
  had
• 29:13
  a
• 29:13
  pilot
• 29:14
  with
• 29:14
  clear
• 29:14
  success
• 29:14
  criteria
• 29:15
  and
• 29:15
  a
• 29:15
  good
• 29:15
  look
• 29:16
  at
• 29:16
  the
• 29:16
  data
• 29:16
  before
• 29:16
  deploying
• 29:17
  it
• 29:17
  at
• 29:17
  Internet
• 29:17
  scale?
• 29:18
  Well,
• 29:19
  it's
• 29:19
  that
• 29:19
  kind
• 29:19
  of
• 29:20
  thing
• 29:20
  that
• 29:20
  I
• 29:21
  feel
• 29:21
  that
• 29:21
  at
• 29:22
  the
• 29:22
  end
• 29:22
  of
• 29:22
  2027,
• 29:23
  when
• 29:23
  Enterprise
• 29:24
  Agentix
• 29:25
  out
• 29:26
  and
• 29:26
  you
• 29:26
  see
• 29:27
  people
• 29:27
  with
• 29:27
  fragmented
• 29:28
  businesses
• 29:28
  and
• 29:29
  they're
• 29:29
  like,
• 29:29
  oh,
• 29:30
  well,
• 29:30
  we've
• 29:30
  run
• 29:30
  a
• 29:30
  pilot,
• 29:31
  we'll
• 29:32
  run
• 29:32
  Enterprise
• 29:33
  Agentic.
• 29:33
  It'll
• 29:34
  go
• 29:34
  and
• 29:34
  do
• 29:34
  something
• 29:35
  like
• 29:35
  that
• 29:35
  and
• 29:36
  wreck
• 29:36
  so
• 29:36
  many
• 29:37
  businesses.
• 29:37
  So
• 29:37
  there's
• 29:38
  going
• 29:38
  to
• 29:38
  be
• 29:38
  some
• 29:38
  interesting
• 29:39
  headlines
• 29:39
  coming
• 29:39
  up.
• 29:40
  Yeah,
• 29:40
  there's
• 29:40
  going
• 29:41
  to
• 29:41
  be
• 29:41
  people
• 29:41
  who've
• 29:41
  canceled
• 29:42
  big
• 29:42
  SaaS
• 29:42
  subscriptions
• 29:43
  as
• 29:43
  well.
• 29:43
  Like,
• 29:44
  I
• 29:44
  don't
• 29:44
  know
• 29:45
  where
• 29:45
  I
• 29:45
  stand
• 29:45
  on
• 29:46
  the,
• 29:46
  on
• 29:46
  the
• 29:46
  believer
• 29:47
  scale
• 29:47
  or
• 29:47
  the
• 29:47
  believer
• 29:48
  spectrum
• 29:48
  about
• 29:48
  the
• 29:48
  sasspocalypse,
• 29:50
  but
• 29:50
  I
• 29:50
  am
• 29:50
  sure
• 29:51
  there
• 29:51
  will
• 29:51
  be
• 29:51
  companies
• 29:52
  that
• 29:52
  have
• 29:52
  ditched
• 29:52
  big
• 29:53
  SaaS
• 29:53
  platforms,
• 29:54
  built
• 29:54
  something
• 29:54
  themselves
• 29:55
  in
• 29:55
  house.
• 29:55
  And
• 29:55
  it's
• 29:56
  like
• 29:56
  they've
• 29:57
  built
• 29:57
  it
• 29:57
  on.
• 29:57
  It's
• 29:58
  the
• 29:58
  straw
• 29:58
  house,
• 29:58
  right
• 29:58
  from
• 29:59
  the
• 29:59
  Three
• 29:59
  Little
• 29:59
  Pigs
• 29:59
  and
• 30:00
  a
• 30:00
  little
• 30:00
  bit
• 30:00
  of
• 30:01
  wind's
• 30:01
  going
• 30:01
  to
• 30:01
  blow
• 30:01
  and
• 30:01
  suddenly
• 30:02
  they're
• 30:02
  going
• 30:02
  to
• 30:02
  be
• 30:02
  sitting
• 30:02
  there
• 30:03
  with
• 30:03
  no
• 30:03
  houses.
• 30:04
  Yeah,
• 30:04
  I
• 30:05
  thought
• 30:05
  thing
• 30:05
  last
• 30:05
  week,
• 30:06
  funnily
• 30:06
  enough,
• 30:07
  I
• 30:07
  was
• 30:07
  writing
• 30:08
  a
• 30:08
  post
• 30:09
  for
• 30:09
  LinkedIn
• 30:10
  and
• 30:10
  my
• 30:11
  post
• 30:11
  had
• 30:11
  all
• 30:11
  of
• 30:12
  the
• 30:12
  future
• 30:12
  modes
• 30:13
  of
• 30:13
  what
• 30:14
  might
• 30:14
  happen.
• 30:15
  And
• 30:15
  one
• 30:15
  of
• 30:15
  these
• 30:15
  modes,
• 30:16
  I
• 30:17
  called
• 30:17
  it
• 30:17
  the
• 30:17
  vibe
• 30:18
  coding
• 30:18
  of
• 30:18
  businesses.
• 30:19
  And
• 30:19
  then
• 30:20
  just
• 30:20
  last
• 30:20
  week,
• 30:21
  posts
• 30:21
  came
• 30:21
  out
• 30:22
  that
• 30:22
  Bain
• 30:22
  are
• 30:22
  actually
• 30:23
  doing
• 30:23
  this,
• 30:23
  so
• 30:24
  they're
• 30:24
  looking
• 30:24
  at
• 30:25
  a
• 30:25
  SaaS
• 30:25
  type
• 30:25
  business
• 30:26
  and
• 30:26
  then
• 30:26
  they're
• 30:26
  vibe
• 30:27
  coding
• 30:27
  it
• 30:27
  and
• 30:27
  saying,
• 30:28
  right,
• 30:29
  this
• 30:29
  is
• 30:29
  how
• 30:29
  it
• 30:30
  kind
• 30:30
  of
• 30:30
  works.
• 30:31
  And
• 30:31
  obviously
• 30:31
  they'd
• 30:32
  have
• 30:32
  to
• 30:32
  do
• 30:32
  a.
• 30:32
  Proper
• 30:33
  job
• 30:33
  to
• 30:33
  like
• 30:34
  reverse
• 30:34
  engineering
• 30:34
  it.
• 30:35
  Yeah,
• 30:35
  yeah,
• 30:36
  with
• 30:36
  vibe
• 30:36
  coding.
• 30:37
  But
• 30:37
  they'd
• 30:37
  have
• 30:37
  to
• 30:38
  do
• 30:38
  a
• 30:38
  proper
• 30:38
  job
• 30:39
  to
• 30:39
  then
• 30:39
  make
• 30:39
  it
• 30:39
  institutional
• 30:40
  grade.
• 30:41
  But
• 30:41
  it
• 30:42
  gives
• 30:42
  you
• 30:42
  a
• 30:43
  feel
• 30:43
  for
• 30:43
  how
• 30:43
  the
• 30:44
  business
• 30:44
  runs
• 30:45
  and
• 30:46
  how
• 30:46
  to
• 30:46
  make
• 30:46
  it
• 30:46
  better,
• 30:47
  how
• 30:47
  to
• 30:47
  make
• 30:47
  it
• 30:47
  worse.
• 30:48
  And
• 30:48
  then
• 30:48
  you've
• 30:49
  got
• 30:49
  the
• 30:49
  decision,
• 30:49
  should
• 30:49
  we
• 30:50
  buy
• 30:50
  that
• 30:50
  company
• 30:50
  that's
• 30:51
  just
• 30:51
  come
• 30:51
  on
• 30:51
  the
• 30:51
  market
• 30:51
  like
• 30:52
  that,
• 30:52
  or
• 30:52
  should
• 30:52
  we
• 30:53
  spin
• 30:53
  one
• 30:53
  up
• 30:53
  ourselves,
• 30:54
  vibe
• 30:54
  code
• 30:55
  it
• 30:55
  and
• 30:55
  then
• 30:56
  build
• 30:56
  it
• 30:56
  for
• 30:56
  real,.
• 30:57
  You
• 30:57
  know,
• 30:57
  as
• 30:58
  well
• 30:58
  as
• 30:58
  the,
• 30:59
  you
• 30:59
  know,
• 30:59
  build
• 30:59
  our
• 31:00
  own
• 31:00
  or
• 31:00
  buy
• 31:00
  one.
• 31:02
  They're
• 31:02
  testing
• 31:02
  the
• 31:02
  susceptibility
• 31:03
  of
• 31:03
  the
• 31:03
  company
• 31:03
  to
• 31:04
  AI
• 31:04
  disruption
• 31:04
  as
• 31:05
  well.
• 31:05
  Like
• 31:05
  by
• 31:05
  effectively
• 31:06
  modeling
• 31:06
  it
• 31:06
  themselves
• 31:07
  of,
• 31:07
  like,
• 31:08
  if
• 31:08
  we
• 31:08
  can
• 31:09
  disrupt
• 31:09
  it
• 31:09
  with
• 31:09
  AI,
• 31:09
  then
• 31:10
  I'm
• 31:10
  sure
• 31:10
  there's
• 31:10
  a
• 31:10
  bunch
• 31:10
  of
• 31:10
  other
• 31:11
  people,
• 31:11
  smart
• 31:11
  people
• 31:11
  out
• 31:11
  there
• 31:12
  who
• 31:12
  can
• 31:12
  also
• 31:12
  do
• 31:12
  it.
• 31:12
  And
• 31:12
  therefore
• 31:13
  it's
• 31:13
  not
• 31:13
  necessarily
• 31:14
  the
• 31:14
  best
• 31:14
  investment
• 31:15
  because
• 31:16
  it
• 31:16
  needs
• 31:16
  to
• 31:16
  have
• 31:16
  a
• 31:16
  moat.
• 31:16
  Right.
• 31:17
  And
• 31:17
  it's
• 31:17
  a
• 31:18
  bit
• 31:18
  like
• 31:18
  the,
• 31:19
  you
• 31:19
  know,
• 31:19
  the
• 31:19
  big
• 31:19
  boom
• 31:20
  in
• 31:20
  Amazon
• 31:21
  FBA
• 31:21
  that
• 31:21
  fulfilled
• 31:22
  by
• 31:22
  Amazon,
• 31:22
  where
• 31:22
  there
• 31:22
  was
• 31:23
  people,
• 31:23
  you
• 31:24
  know,
• 31:24
  spinning
• 31:25
  up
• 31:25
  their
• 31:25
  own
• 31:25
  businesses,
• 31:25
  sourcing
• 31:26
  stuff
• 31:26
  on
• 31:26
  Ali,
• 31:27
  you
• 31:27
  know,
• 31:27
  Alibaba
• 31:28
  from
• 31:28
  China
• 31:29
  and
• 31:29
  Whatever
• 31:29
  else.
• 31:30
  And
• 31:30
  the
• 31:31
  smart
• 31:31
  cuckoos
• 31:31
  at
• 31:31
  Amazon
• 31:32
  just
• 31:32
  watched
• 31:32
  the
• 31:32
  data
• 31:32
  and
• 31:33
  said,
• 31:33
  well,
• 31:33
  what's
• 31:34
  going
• 31:34
  really
• 31:34
  well,
• 31:35
  whatever
• 31:35
  it
• 31:35
  might
• 31:36
  be,
• 31:36
  we're
• 31:36
  just
• 31:36
  going
• 31:37
  to
• 31:37
  then
• 31:37
  create
• 31:37
  Amazon
• 31:38
  Essentials
• 31:38
  version
• 31:39
  of
• 31:39
  that
• 31:39
  because
• 31:39
  we've
• 31:40
  got
• 31:40
  far
• 31:40
  more
• 31:40
  purchasing
• 31:40
  power,
• 31:41
  far
• 31:41
  more
• 31:41
  brand
• 31:41
  power,
• 31:42
  we
• 31:42
  can
• 31:42
  put
• 31:42
  it
• 31:42
  straight
• 31:42
  to
• 31:42
  the
• 31:42
  top
• 31:43
  of
• 31:43
  the
• 31:43
  search
• 31:43
  results
• 31:43
  without
• 31:43
  having
• 31:44
  to
• 31:44
  pay
• 31:44
  for
• 31:44
  keywords.
• 31:45
  And
• 31:46
  we
• 31:46
  just
• 31:46
  run
• 31:46
  all
• 31:46
  these
• 31:46
  people
• 31:47
  out
• 31:47
  of
• 31:47
  business
• 31:48
  now
• 31:48
  that
• 31:48
  they've
• 31:48
  established
• 31:49
  as
• 31:49
  a
• 31:49
  market
• 31:49
  for
• 31:49
  this.
• 31:51
  Yeah,
• 31:52
  it
• 31:53
  sounds
• 31:53
  very
• 31:53
  similar.
• 31:54
  Next
• 31:54
  thing
• 31:54
  I
• 31:54
  want
• 31:54
  to
• 31:55
  come
• 31:55
  on
• 31:55
  to
• 31:55
  and
• 31:55
  you
• 31:56
  know,
• 31:56
  I'm
• 31:56
  a
• 31:56
  kindred
• 31:56
  spirit
• 31:57
  with
• 31:57
  you
• 31:57
  on
• 31:57
  this
• 31:57
  AI
• 31:58
  readiness
• 31:58
  you
• 31:58
  keep
• 31:58
  saying
• 31:59
  isn't
• 31:59
  a
• 31:59
  technology
• 31:59
  problem.
• 32:00
  I
• 32:00
  say
• 32:00
  this
• 32:01
  so
• 32:01
  often
• 32:01
  to
• 32:01
  clients,
• 32:02
  to
• 32:02
  people
• 32:04
  in
• 32:04
  talks,
• 32:04
  on
• 32:05
  podcasts,
• 32:05
  to
• 32:05
  anyone
• 32:05
  who'll
• 32:06
  listen.
• 32:06
  It's
• 32:07
  a
• 32:07
  business
• 32:07
  coherence
• 32:07
  problem.
• 32:08
  And
• 32:08
  I
• 32:08
  think,
• 32:08
  you
• 32:08
  know,
• 32:08
  when
• 32:09
  my
• 32:09
  team
• 32:09
  show
• 32:09
  up
• 32:09
  with
• 32:09
  clients,
• 32:10
  often
• 32:10
  the
• 32:10
  biggest,
• 32:11
  and
• 32:11
  I
• 32:11
  set
• 32:11
  this
• 32:11
  expectation
• 32:12
  up
• 32:12
  front
• 32:13
  before
• 32:13
  we
• 32:13
  even
• 32:13
  sign
• 32:14
  a
• 32:14
  statement
• 32:14
  of
• 32:14
  work.
• 32:14
  It's
• 32:14
  like
• 32:15
  we
• 32:15
  do
• 32:16
  not
• 32:16
  have
• 32:16
  a
• 32:16
  secret
• 32:17
  menu
• 32:17
  of
• 32:17
  business
• 32:18
  intelligence
• 32:18
  and
• 32:18
  data
• 32:19
  tools
• 32:19
  that
• 32:19
  you
• 32:19
  don't
• 32:20
  have
• 32:20
  access
• 32:20
  to.
• 32:21
  Like,
• 32:22
  because
• 32:23
  sometimes
• 32:23
  the
• 32:23
  expectation
• 32:24
  is
• 32:24
  like,
• 32:24
  oh,
• 32:24
  all
• 32:24
  you
• 32:24
  need
• 32:25
  to
• 32:25
  do
• 32:25
  is
• 32:26
  get
• 32:26
  some
• 32:26
  licenses
• 32:26
  for
• 32:26
  this,
• 32:27
  buy
• 32:27
  this,
• 32:27
  move
• 32:27
  on
• 32:28
  to
• 32:28
  this
• 32:28
  database
• 32:28
  and
• 32:28
  all
• 32:29
  your
• 32:29
  data
• 32:29
  problems
• 32:29
  will
• 32:29
  be
• 32:29
  solved.
• 32:31
  Some
• 32:32
  consultants
• 32:32
  operate
• 32:32
  like
• 32:33
  that,
• 32:33
  are
• 32:33
  like,
• 32:34
  I
• 32:34
  don't
• 32:34
  know,
• 32:35
  just
• 32:35
  not
• 32:35
  my
• 32:35
  thing.
• 32:35
  Because
• 32:37
  it's
• 32:37
  so
• 32:37
  rarely
• 32:38
  the
• 32:38
  problem
• 32:38
  that
• 32:39
  you're
• 32:39
  not
• 32:39
  on
• 32:39
  the
• 32:39
  right
• 32:40
  technology
• 32:40
  and
• 32:40
  it's
• 32:40
  so
• 32:41
  rarely
• 32:41
  the
• 32:42
  problem
• 32:42
  that
• 32:42
  you
• 32:42
  push
• 32:42
  that
• 32:43
  a
• 32:43
  mid
• 32:43
  market
• 32:44
  company
• 32:44
  is
• 32:44
  even
• 32:44
  pushing
• 32:44
  the
• 32:45
  boundaries.
• 32:46
  And
• 32:47
  this
• 32:48
  also
• 32:48
  surprises
• 32:48
  clients.
• 32:49
  The
• 32:49
  first
• 32:50
  thing
• 32:50
  my
• 32:50
  team
• 32:50
  does
• 32:51
  in
• 32:51
  the
• 32:51
  first
• 32:51
  two
• 32:52
  weeks
• 32:52
  in
• 32:52
  the
• 32:52
  business
• 32:52
  is,
• 32:53
  is
• 32:53
  seek
• 32:53
  to
• 32:53
  understand
• 32:54
  the
• 32:54
  business,
• 32:55
  right?
• 32:55
  What
• 32:56
  are
• 32:56
  you
• 32:56
  trying
• 32:56
  to
• 32:56
  do?
• 32:56
  How
• 32:57
  do
• 32:57
  you
• 32:57
  make
• 32:57
  money?
• 32:58
  How
• 32:58
  do
• 32:59
  you
• 32:59
  make
• 32:59
  decisions
• 32:59
  around
• 33:00
  here?
• 33:00
  What
• 33:00
  is
• 33:01
  the
• 33:01
  company
• 33:01
  strategy?
• 33:02
  Because
• 33:02
  without
• 33:02
  that,
• 33:02
  you
• 33:03
  can't
• 33:03
  make
• 33:03
  good
• 33:03
  technology
• 33:03
  recommendations
• 33:04
  without
• 33:04
  that.
• 33:05
  And
• 33:05
  so
• 33:05
  that's
• 33:06
  my
• 33:06
  version
• 33:06
  of
• 33:07
  business
• 33:07
  coherence.
• 33:07
  Like
• 33:08
  how,
• 33:08
  how
• 33:08
  does
• 33:08
  that
• 33:09
  match
• 33:09
  up
• 33:09
  with,
• 33:10
  with
• 33:11
  yours
• 33:11
  and
• 33:12
  how
• 33:12
  is
• 33:12
  that
• 33:12
  framing
• 33:13
  different,
• 33:13
  you
• 33:13
  know,
• 33:13
  from
• 33:13
  what
• 33:14
  the
• 33:14
  market
• 33:14
  at
• 33:14
  large
• 33:14
  is
• 33:15
  saying?
• 33:18
  Well,
• 33:18
  it's
• 33:19
  a
• 33:19
  very
• 33:19
  good
• 33:19
  question.
• 33:20
  So,
• 33:20
  and
• 33:21
  I
• 33:21
  could
• 33:21
  talk
• 33:22
  for
• 33:22
  days
• 33:22
  about
• 33:22
  this
• 33:23
  because
• 33:23
  it,
• 33:24
  it's
• 33:24
  what
• 33:25
  I
• 33:25
  do.
• 33:26
  So
• 33:26
  business
• 33:27
  coherent
• 33:28
  coherence.
• 33:29
  So
• 33:29
  I,
• 33:30
  I
• 33:30
  run
• 33:30
  transformations,
• 33:31
  I
• 33:31
  run
• 33:31
  merger
• 33:31
  integrations.
• 33:33
  And
• 33:33
  for
• 33:34
  business
• 33:35
  coherence,
• 33:36
  running
• 33:36
  a
• 33:36
  post
• 33:37
  merger
• 33:37
  integration
• 33:38
  is
• 33:38
  something
• 33:39
  that
• 33:39
  gets
• 33:40
  you
• 33:40
  70%
• 33:41
  of
• 33:41
  the
• 33:41
  way
• 33:42
  to
• 33:42
  being
• 33:42
  AI
• 33:43
  ready.
• 33:44
  And
• 33:45
  that's
• 33:45
  the
• 33:46
  stack
• 33:46
  that
• 33:46
  I
• 33:46
  talked
• 33:47
  about
• 33:47
  which
• 33:47
  is
• 33:48
  business
• 33:48
  model,
• 33:48
  operating
• 33:49
  model,
• 33:49
  systems
• 33:50
  people.
• 33:51
  The
• 33:51
  thing
• 33:51
  about
• 33:52
  that
• 33:52
  is
• 33:52
  if,
• 33:53
  if
• 33:53
  you
• 33:53
  imagine
• 33:54
  that,
• 33:55
  let's
• 33:55
  say
• 33:56
  the
• 33:56
  business
• 33:58
  or
• 33:58
  an
• 33:58
  enterprise
• 33:59
  agentic
• 34:00
  business
• 34:00
  is
• 34:00
  a
• 34:01
  Formula
• 34:01
  one
• 34:01
  race
• 34:02
  car
• 34:03
  and
• 34:05
  you
• 34:05
  need
• 34:05
  to
• 34:06
  run
• 34:06
  that
• 34:06
  on
• 34:06
  a
• 34:06
  track.
• 34:07
  Well,
• 34:07
  the
• 34:07
  track
• 34:08
  needs
• 34:08
  to
• 34:08
  be
• 34:08
  Formula
• 34:09
  one
• 34:09
  grade,
• 34:10
  so
• 34:10
  it
• 34:10
  needs
• 34:11
  to
• 34:11
  be
• 34:11
  you.
• 34:11
  You
• 34:11
  can't
• 34:12
  run
• 34:12
  it
• 34:12
  on
• 34:12
  a
• 34:12
  track
• 34:12
  that's,
• 34:13
  you
• 34:13
  know,
• 34:14
  part
• 34:14
  tarmac,
• 34:15
  part
• 34:15
  dirt,
• 34:15
  part
• 34:16
  gravel,
• 34:16
  part
• 34:16
  water.
• 34:17
  Yeah.
• 34:17
  I
• 34:17
  don't
• 34:17
  know
• 34:17
  how
• 34:17
  Formula
• 34:18
  one
• 34:18
  car
• 34:18
  would
• 34:18
  do
• 34:18
  with
• 34:18
  all
• 34:18
  the
• 34:18
  potholes
• 34:19
  running
• 34:19
  near
• 34:19
  my
• 34:19
  house.
• 34:20
  Probably
• 34:20
  not
• 34:20
  great,
• 34:20
  right?
• 34:21
  Exactly.
• 34:22
  And
• 34:23
  that's
• 34:23
  essentially
• 34:23
  what
• 34:24
  business
• 34:24
  coherence
• 34:25
  is.
• 34:25
  If
• 34:25
  you're
• 34:25
  going
• 34:25
  to
• 34:25
  go
• 34:26
  into
• 34:27
  enterprise
• 34:27
  agentic
• 34:28
  and
• 34:28
  you're
• 34:28
  going
• 34:28
  to
• 34:28
  run
• 34:29
  this
• 34:29
  Formula
• 34:29
  one
• 34:29
  car,
• 34:30
  you
• 34:30
  need
• 34:30
  a
• 34:30
  Formula
• 34:31
  one
• 34:31
  track
• 34:31
  to
• 34:31
  run
• 34:32
  it
• 34:32
  on.
• 34:33
  And
• 34:34
  there's
• 34:34
  an
• 34:34
  argument
• 34:35
  and
• 34:35
  people
• 34:35
  say,
• 34:36
  yeah,
• 34:36
  but
• 34:36
  you
• 34:36
  could
• 34:36
  just
• 34:37
  deploy
• 34:37
  governance
• 34:38
  or
• 34:38
  runtime
• 34:39
  encoding
• 34:39
  to
• 34:39
  keep.
• 34:40
  Keep
• 34:40
  things
• 34:40
  on
• 34:40
  track.
• 34:41
  Not
• 34:42
  really,
• 34:42
  because
• 34:43
  that's
• 34:43
  like
• 34:43
  FIA
• 34:44
  rule
• 34:44
  book
• 34:45
  and
• 34:45
  the
• 34:46
  marshals.
• 34:47
  So
• 34:48
  usually
• 34:50
  the
• 34:50
  rule
• 34:50
  book
• 34:50
  keeps
• 34:51
  things
• 34:51
  standardized,
• 34:53
  whereas
• 34:53
  the
• 34:54
  marshals
• 34:54
  pull
• 34:54
  you
• 34:55
  back
• 34:55
  on
• 34:55
  track
• 34:55
  once
• 34:55
  you've
• 34:56
  flipped
• 34:56
  off
• 34:56
  into
• 34:57
  the
• 34:57
  barriers.
• 34:58
  Yeah.
• 34:58
  No
• 34:58
  one
• 34:59
  wants
• 34:59
  their
• 34:59
  business
• 34:59
  to
• 34:59
  flip
• 35:00
  off
• 35:00
  into
• 35:00
  the
• 35:00
  barriers,
• 35:00
  do
• 35:01
  they?
• 35:01
  Yeah,
• 35:02
  yeah,
• 35:03
  absolutely.
• 35:03
  So
• 35:04
  there's
• 35:04
  a
• 35:04
  lot
• 35:04
  to
• 35:04
  be
• 35:04
  said
• 35:05
  about
• 35:05
  business
• 35:05
  coherence
• 35:06
  and
• 35:06
  everything
• 35:07
  drives
• 35:08
  top
• 35:08
  down.
• 35:08
  So
• 35:09
  I,
• 35:09
  I
• 35:10
  saw
• 35:10
  a
• 35:10
  thing
• 35:10
  the
• 35:10
  other
• 35:11
  day
• 35:11
  that
• 35:11
  made.
• 35:11
  Made
• 35:12
  me
• 35:12
  laugh,
• 35:12
  that
• 35:12
  YouTube's
• 35:13
  business
• 35:13
  model,
• 35:15
  so
• 35:16
  they
• 35:17
  own
• 35:18
  the
• 35:18
  platform
• 35:19
  but
• 35:19
  they
• 35:19
  don't
• 35:20
  make
• 35:20
  the
• 35:20
  content.
• 35:21
  You
• 35:21
  have
• 35:21
  to
• 35:21
  make
• 35:21
  the
• 35:22
  content
• 35:22
  and
• 35:23
  they
• 35:24
  sell
• 35:24
  that
• 35:24
  content
• 35:25
  that
• 35:25
  other
• 35:25
  people
• 35:25
  make
• 35:26
  to
• 35:27
  companies,
• 35:28
  so
• 35:28
  they
• 35:28
  get
• 35:29
  paid
• 35:29
  from
• 35:29
  that.
• 35:30
  But
• 35:31
  if
• 35:31
  you
• 35:31
  want
• 35:32
  to
• 35:32
  not
• 35:32
  watch
• 35:32
  the
• 35:33
  adverts,
• 35:33
  you
• 35:33
  have
• 35:33
  to
• 35:34
  pay
• 35:34
  for
• 35:34
  that
• 35:34
  as
• 35:34
  a
• 35:35
  viewer.
• 35:35
  Yeah.
• 35:36
  As
• 35:36
  I
• 35:36
  do.
• 35:37
  So
• 35:37
  you
• 35:37
  get,
• 35:38
  you're
• 35:38
  getting
• 35:38
  paid
• 35:39
  twice
• 35:39
  for
• 35:39
  that.
• 35:40
  And
• 35:40
  you
• 35:40
  can
• 35:41
  shape
• 35:41
  the
• 35:41
  content
• 35:41
  that
• 35:42
  you
• 35:42
  want
• 35:42
  made
• 35:42
  by
• 35:43
  rewarding
• 35:44
  certain
• 35:44
  types
• 35:44
  of
• 35:45
  content
• 35:45
  and
• 35:46
  demonetizing
• 35:47
  other
• 35:47
  types
• 35:48
  of
• 35:48
  content.
• 35:48
  And
• 35:48
  that
• 35:49
  is
• 35:49
  a
• 35:49
  brilliant
• 35:49
  example
• 35:50
  of
• 35:50
  a
• 35:50
  business
• 35:50
  model,
• 35:51
  I
• 35:51
  think.
• 35:52
  And
• 35:52
  then
• 35:52
  if
• 35:53
  you
• 35:53
  take
• 35:53
  things
• 35:53
  down
• 35:54
  into
• 35:54
  the
• 35:54
  operating
• 35:54
  model
• 35:55
  and
• 35:55
  the
• 35:55
  systems,
• 35:56
  everything
• 35:56
  flows
• 35:57
  from
• 35:57
  there.
• 35:57
  But
• 35:58
  if
• 35:58
  you
• 35:58
  try
• 35:58
  to
• 35:58
  do
• 35:58
  it
• 35:58
  from
• 35:59
  the
• 35:59
  bottom
• 35:59
  up,
• 35:59
  so
• 36:00
  you're
• 36:00
  a
• 36:00
  data
• 36:00
  guy,
• 36:01
  if
• 36:01
  sat
• 36:02
  at
• 36:02
  the.
• 36:03
  I'm
• 36:03
  not
• 36:03
  saying
• 36:03
  it's
• 36:04
  the
• 36:04
  bottom
• 36:04
  level,
• 36:04
  but
• 36:04
  it's
• 36:04
  the
• 36:05
  last
• 36:05
  layer.
• 36:07
  If
• 36:07
  you
• 36:08
  can
• 36:08
  go
• 36:09
  into
• 36:09
  there
• 36:09
  and
• 36:09
  clean
• 36:10
  up
• 36:10
  the
• 36:10
  data,
• 36:10
  it's
• 36:11
  only
• 36:11
  going
• 36:11
  to
• 36:11
  get
• 36:11
  dirtied
• 36:12
  again
• 36:12
  because
• 36:12
  the
• 36:12
  things
• 36:13
  above
• 36:13
  it
• 36:13
  are
• 36:14
  going
• 36:14
  to
• 36:14
  consistently
• 36:15
  make
• 36:15
  it
• 36:16
  dirtier.
• 36:16
  And
• 36:17
  by
• 36:17
  fixing
• 36:18
  these
• 36:18
  top
• 36:18
  down,
• 36:20
  eventually
• 36:20
  you
• 36:21
  get
• 36:21
  to
• 36:21
  a
• 36:21
  point
• 36:21
  where
• 36:21
  your
• 36:22
  data
• 36:22
  coming
• 36:22
  out
• 36:22
  of
• 36:22
  the
• 36:22
  bottom
• 36:23
  is
• 36:23
  much,
• 36:23
  much
• 36:23
  cleaner
• 36:24
  if
• 36:24
  not
• 36:24
  fully
• 36:25
  clean.
• 36:26
  And
• 36:26
  you
• 36:27
  don't
• 36:27
  then
• 36:27
  need
• 36:27
  to
• 36:27
  keep
• 36:27
  running
• 36:28
  remediation
• 36:29
  cycles.
• 36:29
  And
• 36:29
  that's
• 36:30
  when
• 36:30
  you
• 36:30
  know
• 36:30
  that
• 36:30
  you've
• 36:30
  got
• 36:31
  it
• 36:31
  right.
• 36:31
  But
• 36:31
  if
• 36:31
  your
• 36:31
  data's
• 36:32
  still
• 36:32
  dirty,
• 36:32
  there's
• 36:33
  something
• 36:33
  in
• 36:33
  that
• 36:34
  stack
• 36:34
  that's
• 36:34
  not
• 36:34
  quite
• 36:35
  right
• 36:35
  somewhere.
• 36:36
  Absolutely
• 36:36
  right,
• 36:37
  Absolutely
• 36:37
  right.
• 36:37
  And,
• 36:38
  you
• 36:38
  know,
• 36:38
  often
• 36:38
  the
• 36:39
  implementations
• 36:40
  we
• 36:40
  do
• 36:40
  with
• 36:41
  clients
• 36:41
  are
• 36:42
  pointed
• 36:42
  exactly
• 36:43
  at
• 36:43
  that
• 36:43
  problem.
• 36:44
  Right.
• 36:44
  You
• 36:44
  know,
• 36:45
  we
• 36:45
  can,
• 36:45
  sure,
• 36:45
  we
• 36:46
  can
• 36:47
  do
• 36:47
  data
• 36:47
  quality
• 36:48
  checks,
• 36:48
  identify,
• 36:49
  you
• 36:49
  know,
• 36:49
  do
• 36:50
  data
• 36:50
  profiling,
• 36:51
  identify
• 36:51
  how
• 36:51
  much
• 36:52
  you,
• 36:52
  you
• 36:52
  know,
• 36:53
  this
• 36:53
  column
• 36:54
  is
• 36:54
  missing
• 36:54
  8%
• 36:55
  of
• 36:55
  entries
• 36:56
  when
• 36:56
  it
• 36:57
  should
• 36:57
  be
• 36:57
  a
• 36:57
  mandatory
• 36:57
  column,
• 36:58
  whatever
• 36:58
  else,
• 36:58
  but,
• 36:58
  and
• 36:58
  you're
• 36:59
  right,
• 36:59
  you
• 36:59
  can
• 36:59
  fix
• 36:59
  it
• 36:59
  manually,
• 37:00
  but
• 37:00
  if
• 37:00
  you
• 37:00
  don't
• 37:01
  fix
• 37:01
  the
• 37:01
  course,
• 37:02
  then
• 37:02
  it's
• 37:02
  just
• 37:03
  gonna,
• 37:03
  you
• 37:03
  know,
• 37:04
  the
• 37:04
  sewage
• 37:04
  pipe
• 37:04
  is
• 37:04
  gonna
• 37:05
  run
• 37:05
  into
• 37:05
  the
• 37:05
  data
• 37:05
  lake
• 37:06
  still
• 37:06
  and
• 37:06
  turn
• 37:07
  it
• 37:07
  into,
• 37:08
  you
• 37:08
  know,
• 37:08
  whatever
• 37:08
  that
• 37:08
  turns
• 37:09
  it
• 37:09
  into.
• 37:09
  Right.
• 37:10
  So,
• 37:10
  yeah,
• 37:10
  yeah,
• 37:11
  I,
• 37:11
  I,
• 37:12
  I
• 37:12
  absolutely
• 37:13
  agree
• 37:13
  and
• 37:14
  I
• 37:14
  think
• 37:14
  it
• 37:14
  is
• 37:14
  a
• 37:14
  very
• 37:14
  common
• 37:15
  misconception
• 37:16
  because
• 37:16
  as
• 37:16
  I
• 37:16
  said,
• 37:17
  like,
• 37:17
  it
• 37:17
  often
• 37:17
  surprises
• 37:18
  clients.
• 37:18
  So,
• 37:18
  like,
• 37:18
  I
• 37:18
  go
• 37:19
  in
• 37:19
  and
• 37:19
  like,
• 37:19
  the
• 37:19
  first
• 37:19
  question
• 37:19
  I'm
• 37:20
  not
• 37:20
  asking
• 37:20
  is
• 37:20
  like,
• 37:23
  get
• 37:23
  me
• 37:23
  a
• 37:23
  logon
• 37:24
  to
• 37:24
  your
• 37:25
  Oracle,
• 37:26
  right?
• 37:27
  It's
• 37:28
  what
• 37:28
  are
• 37:28
  you
• 37:29
  trying
• 37:29
  to
• 37:29
  do
• 37:29
  as
• 37:29
  a
• 37:29
  business?
• 37:30
  Right?
• 37:31
  What
• 37:31
  your
• 37:31
  objectives?
• 37:32
  How
• 37:32
  are
• 37:32
  you
• 37:32
  measuring
• 37:32
  them?
• 37:32
  How
• 37:33
  are
• 37:33
  you
• 37:33
  making
• 37:33
  decisions?
• 37:34
  Who
• 37:34
  have
• 37:34
  you
• 37:34
  got?
• 37:34
  What
• 37:35
  are
• 37:35
  they
• 37:35
  doing?
• 37:35
  How
• 37:35
  are
• 37:35
  they
• 37:36
  reporting
• 37:36
  success
• 37:36
  or
• 37:36
  failure?
• 37:37
  To
• 37:37
  you,
• 37:38
  those
• 37:39
  things
• 37:39
  are
• 37:39
  far
• 37:39
  more
• 37:39
  important
• 37:40
  because
• 37:40
  until
• 37:40
  you
• 37:40
  understand
• 37:40
  those
• 37:41
  things,
• 37:41
  then
• 37:41
  yes,
• 37:42
  as
• 37:42
  you
• 37:42
  say,
• 37:42
  fixing
• 37:43
  the
• 37:43
  data
• 37:43
  is
• 37:43
  a
• 37:44
  temporary
• 37:44
  thing,
• 37:44
  a
• 37:45
  very
• 37:45
  temporary
• 37:45
  thing.
• 37:46
  And
• 37:46
  the
• 37:47
  other
• 37:47
  thing,
• 37:47
  by
• 37:47
  the
• 37:47
  way,
• 37:47
  which
• 37:47
  is
• 37:47
  a
• 37:48
  bit
• 37:48
  of
• 37:48
  a
• 37:48
  personal
• 37:49
  bugbear
• 37:49
  of
• 37:49
  mine,
• 37:50
  is
• 37:50
  all
• 37:50
  of
• 37:50
  the,
• 37:51
  some
• 37:51
  of
• 37:51
  them
• 37:52
  vicode
• 37:52
  at
• 37:52
  all
• 37:52
  of
• 37:53
  the
• 37:53
  platforms
• 37:54
  out
• 37:54
  there.
• 37:55
  And
• 37:56
  this
• 37:56
  is
• 37:56
  the
• 37:56
  other
• 37:57
  issue,
• 37:57
  I
• 37:57
  think,
• 37:57
  with
• 37:57
  the
• 37:58
  Vibe
• 37:58
  code
• 37:59
  wave.
• 38:01
  If
• 38:01
  people
• 38:01
  try
• 38:02
  to
• 38:02
  jump
• 38:02
  straight
• 38:03
  to
• 38:03
  software,
• 38:04
  best
• 38:05
  case,
• 38:05
  they
• 38:05
  end
• 38:05
  up
• 38:06
  having
• 38:06
  to
• 38:06
  reverse
• 38:06
  engineer
• 38:07
  consultancy
• 38:07
  services
• 38:07
  because
• 38:08
  they
• 38:08
  don't
• 38:08
  understand
• 38:08
  the
• 38:09
  market
• 38:09
  that
• 38:09
  they're
• 38:09
  trying
• 38:09
  to
• 38:09
  serve
• 38:10
  or
• 38:10
  the
• 38:10
  industry
• 38:10
  they're
• 38:10
  trying
• 38:11
  to
• 38:11
  serve,
• 38:11
  or
• 38:11
  the
• 38:11
  businesses
• 38:11
  that
• 38:12
  they're
• 38:12
  trying
• 38:12
  to
• 38:12
  serve.
• 38:13
  And
• 38:13
  they
• 38:13
  have
• 38:13
  to
• 38:13
  then
• 38:13
  basically
• 38:14
  reverse
• 38:14
  engineer
• 38:15
  a
• 38:15
  service
• 38:15
  offering
• 38:15
  into
• 38:16
  it.
• 38:16
  I've
• 38:17
  seen
• 38:17
  some
• 38:17
  of
• 38:17
  those
• 38:17
  things
• 38:18
  on
• 38:19
  LinkedIn
• 38:20
  where
• 38:20
  it's
• 38:20
  like,
• 38:21
  comment
• 38:21
  AI
• 38:22
  in
• 38:22
  the
• 38:22
  comments
• 38:22
  below
• 38:23
  and
• 38:23
  we'll
• 38:23
  give
• 38:23
  you
• 38:23
  this
• 38:24
  McKinsey
• 38:24
  pack
• 38:25
  and
• 38:25
  then
• 38:26
  you
• 38:26
  get
• 38:26
  it
• 38:26
  and
• 38:26
  you
• 38:27
  run
• 38:27
  it
• 38:27
  into
• 38:27
  your
• 38:28
  AI
• 38:28
  and
• 38:28
  you
• 38:28
  look
• 38:28
  at
• 38:28
  it
• 38:29
  and
• 38:29
  you
• 38:29
  go,
• 38:30
  that's
• 38:30
  not
• 38:31
  how
• 38:31
  it's
• 38:31
  done.
• 38:31
  At
• 38:31
  all,
• 38:32
  and
• 38:32
  certainly
• 38:32
  not
• 38:32
  by
• 38:33
  McKinsey.
• 38:35
  So
• 38:35
  what
• 38:35
  goes
• 38:35
  wrong?
• 38:36
  I
• 38:36
  know
• 38:36
  the
• 38:37
  answer
• 38:37
  to
• 38:37
  this,
• 38:37
  but
• 38:37
  for
• 38:38
  the
• 38:38
  audience's
• 38:38
  sake,
• 38:39
  when
• 38:39
  an
• 38:39
  agent
• 38:40
  hits
• 38:40
  fragmentation
• 38:41
  and
• 38:41
  data,
• 38:42
  what
• 38:42
  are
• 38:42
  some
• 38:43
  examples
• 38:43
  of
• 38:43
  that
• 38:43
  and
• 38:43
  what
• 38:43
  actually
• 38:44
  happens
• 38:44
  to
• 38:45
  the
• 38:45
  business?
• 38:46
  Yeah,
• 38:46
  so,
• 38:47
  I
• 38:47
  mean,
• 38:47
  I
• 38:47
  gave
• 38:48
  you
• 38:48
  some
• 38:48
  big
• 38:49
  examples
• 38:49
  at
• 38:49
  Zillow
• 38:50
  there,
• 38:50
  but
• 38:50
  what
• 38:51
  happens
• 38:51
  in
• 38:52
  enterprise
• 38:53
  agentic
• 38:53
  is
• 38:54
  it
• 38:54
  can
• 38:54
  either
• 38:54
  stop
• 38:55
  completely
• 38:55
  or
• 38:56
  it
• 38:56
  can
• 38:56
  fire
• 38:57
  on
• 38:57
  the
• 38:57
  wrong
• 38:58
  data
• 38:58
  point.
• 38:58
  So
• 38:59
  it
• 39:00
  can,
• 39:00
  I
• 39:01
  suppose
• 39:01
  it
• 39:01
  depends
• 39:01
  how
• 39:02
  you
• 39:02
  have
• 39:02
  set
• 39:02
  up
• 39:03
  your
• 39:03
  AI
• 39:03
  and
• 39:03
  whether
• 39:04
  it's
• 39:04
  customer
• 39:04
  facing.
• 39:05
  But
• 39:05
  imagine
• 39:07
  putting
• 39:07
  people
• 39:08
  into
• 39:08
  the
• 39:08
  wrong
• 39:08
  category,
• 39:09
  1,
• 39:10
  2,
• 39:10
  3,
• 39:10
  4
• 39:10
  million
• 39:11
  people
• 39:11
  into
• 39:11
  the
• 39:11
  wrong
• 39:12
  category
• 39:12
  because
• 39:12
  it's
• 39:13
  looking
• 39:13
  at
• 39:13
  the
• 39:13
  wrong
• 39:13
  data
• 39:13
  point
• 39:14
  and
• 39:14
  then
• 39:14
  sending
• 39:14
  them
• 39:15
  a
• 39:15
  letter
• 39:16
  that
• 39:17
  isn't
• 39:17
  quite
• 39:17
  nice.
• 39:18
  Like
• 39:18
  we're
• 39:18
  canceling
• 39:19
  your
• 39:19
  subscription
• 39:19
  because
• 39:20
  you
• 39:20
  didn't
• 39:20
  receive
• 39:21
  your
• 39:21
  payment
• 39:21
  this
• 39:22
  month.
• 39:22
  Something
• 39:22
  like
• 39:22
  that
• 39:23
  even.
• 39:23
  I've
• 39:23
  had
• 39:23
  a
• 39:24
  few
• 39:24
  emails
• 39:24
  like
• 39:24
  that
• 39:24
  actually.
• 39:25
  Not
• 39:25
  specifically
• 39:25
  that
• 39:25
  one,
• 39:26
  but
• 39:26
  yeah,
• 39:26
  I've
• 39:26
  had
• 39:27
  a
• 39:27
  few
• 39:27
  retraction
• 39:27
  emails
• 39:28
  come
• 39:28
  out
• 39:28
  presumably
• 39:29
  from
• 39:29
  AI
• 39:30
  agents
• 39:30
  getting
• 39:30
  things
• 39:30
  wrong.
• 39:31
  Yeah.
• 39:32
  So
• 39:32
  it
• 39:33
  will
• 39:33
  either
• 39:33
  stop
• 39:34
  completely
• 39:34
  if
• 39:34
  you're
• 39:35
  lucky
• 39:35
  or
• 39:36
  it
• 39:36
  will
• 39:37
  completely
• 39:37
  go.
• 39:38
  Ahead
• 39:38
  and
• 39:39
  guess
• 39:39
  right
• 39:39
  once.
• 39:40
  Yeah,
• 39:40
  guess,
• 39:41
  yeah.
• 39:42
  And
• 39:43
  linking
• 39:43
  that
• 39:44
  into
• 39:44
  fragmented
• 39:45
  companies
• 39:45
  that
• 39:45
  are
• 39:46
  companies
• 39:47
  that
• 39:47
  were
• 39:47
  acquired
• 39:47
  and
• 39:48
  never
• 39:48
  actually
• 39:49
  integrated,
• 39:50
  that
• 39:51
  can
• 39:51
  be
• 39:51
  really
• 39:51
  bad.
• 39:52
  In
• 39:52
  PE
• 39:53
  you
• 39:53
  have
• 39:53
  companies
• 39:54
  specifically
• 39:55
  in
• 39:56
  things
• 39:56
  like
• 39:57
  professional
• 39:57
  services
• 39:58
  type
• 39:58
  businesses
• 39:59
  or
• 39:59
  wealth
• 39:59
  type
• 40:00
  businesses
• 40:01
  where
• 40:01
  they're
• 40:01
  consolidators
• 40:02
  of
• 40:02
  consolidators.
• 40:03
  So
• 40:04
  you
• 40:04
  buy
• 40:04
  a
• 40:04
  company
• 40:04
  that's
• 40:05
  already
• 40:05
  bought
• 40:06
  20
• 40:06
  other
• 40:06
  companies.
• 40:07
  So
• 40:07
  you
• 40:07
  buy
• 40:08
  company
• 40:08
  A
• 40:08
  has
• 40:09
  already
• 40:10
  got
• 40:10
  20
• 40:10
  ERP
• 40:11
  systems
• 40:11
  inside.
• 40:12
  It
• 40:12
  can
• 40:12
  be
• 40:12
  very
• 40:13
  messy.
• 40:13
  You
• 40:13
  go
• 40:13
  out
• 40:14
  to
• 40:14
  buy
• 40:14
  20
• 40:14
  of
• 40:15
  those
• 40:15
  and
• 40:15
  it
• 40:15
  can
• 40:16
  be
• 40:16
  very,
• 40:16
  very
• 40:16
  messy.
• 40:17
  Yeah,
• 40:17
  20
• 40:17
  times
• 40:18
  20
• 40:18
  is
• 40:19
  400
• 40:19
  erps.
• 40:20
  That's
• 40:20
  not
• 40:21
  a
• 40:21
  project
• 40:21
  I
• 40:21
  want
• 40:21
  to
• 40:21
  send
• 40:22
  you
• 40:22
  into.
• 40:23
  Yeah,
• 40:23
  it's,
• 40:24
  and
• 40:24
  it's
• 40:24
  interesting,
• 40:25
  this
• 40:25
  concept
• 40:25
  of
• 40:26
  integration
• 40:26
  as
• 40:26
  well
• 40:26
  because
• 40:27
  this
• 40:27
  might
• 40:27
  be
• 40:28
  a
• 40:28
  bit
• 40:28
  of
• 40:28
  a
• 40:28
  PR
• 40:28
  play
• 40:28
  but
• 40:29
  like
• 40:29
  you
• 40:30
  can
• 40:30
  do
• 40:30
  the
• 40:30
  roll
• 40:30
  ups
• 40:30
  and
• 40:31
  the
• 40:31
  tuck
• 40:31
  ins
• 40:31
  and
• 40:31
  claim
• 40:31
  that
• 40:32
  you've
• 40:32
  integrated
• 40:32
  these
• 40:32
  companies,
• 40:33
  but
• 40:33
  actually
• 40:33
  in
• 40:34
  a
• 40:34
  number
• 40:34
  of
• 40:34
  cases
• 40:34
  they
• 40:35
  just
• 40:35
  continue
• 40:35
  to
• 40:35
  operate
• 40:36
  as
• 40:36
  siloed
• 40:37
  entities
• 40:37
  that
• 40:37
  just,
• 40:38
  you
• 40:38
  know,
• 40:38
  you
• 40:38
  can
• 40:38
  add
• 40:39
  the
• 40:39
  revenue
• 40:39
  and
• 40:39
  profit
• 40:40
  numbers
• 40:40
  up
• 40:40
  at
• 40:40
  the
• 40:40
  end
• 40:40
  of
• 40:40
  the
• 40:41
  year,
• 40:41
  but
• 40:41
  there's
• 40:41
  no
• 40:41
  true
• 40:42
  integration
• 40:42
  there
• 40:43
  because
• 40:43
  they're
• 40:43
  operating
• 40:43
  basically
• 40:44
  as
• 40:44
  separate
• 40:44
  businesses.
• 40:45
  And
• 40:45
  you
• 40:45
  haven't
• 40:45
  realized
• 40:46
  the
• 40:46
  efficiency
• 40:46
  of
• 40:46
  doing
• 40:47
  the
• 40:47
  integration,
• 40:48
  which
• 40:48
  is
• 40:48
  the
• 40:48
  reason
• 40:48
  PE
• 40:49
  does
• 40:49
  integrations
• 40:49
  and
• 40:50
  tuck
• 40:50
  ins
• 40:50
  in
• 40:50
  the
• 40:50
  first
• 40:50
  place.
• 40:51
  Absolutely.
• 40:52
  And
• 40:52
  I
• 40:52
  mean
• 40:53
  you
• 40:53
  can
• 40:53
  speak
• 40:53
  spot
• 40:54
  these
• 40:54
  businesses
• 40:54
  because
• 40:55
  they're
• 40:55
  always
• 40:55
  boasting
• 40:56
  about
• 40:56
  revenue,
• 40:57
  but
• 40:57
  they're
• 40:58
  not,
• 40:58
  they're
• 40:59
  not
• 40:59
  boasting
• 40:59
  about
• 41:00
  margin
• 41:00
  so
• 41:00
  much.
• 41:01
  Yes,
• 41:02
  yes,
• 41:02
  please,
• 41:02
  let's
• 41:03
  just
• 41:03
  do
• 41:03
  revenue
• 41:03
  multiple,
• 41:04
  not
• 41:04
  you
• 41:04
  better,
• 41:04
  please.
• 41:05
  I've
• 41:05
  seen
• 41:05
  a
• 41:05
  bunch
• 41:06
  of
• 41:06
  that
• 41:06
  and
• 41:06
  actually
• 41:06
  there's
• 41:08
  this
• 41:08
  is,
• 41:08
  I'd
• 41:09
  love
• 41:09
  your
• 41:09
  take
• 41:09
  on
• 41:09
  it,
• 41:09
  Ben.
• 41:10
  Like
• 41:10
  I,
• 41:10
  you
• 41:11
  know,
• 41:11
  I,
• 41:11
  I,
• 41:12
  I
• 41:12
  do
• 41:12
  diligence
• 41:13
  work
• 41:13
  with
• 41:13
  through
• 41:14
  my
• 41:14
  teams.
• 41:15
  Understanding
• 41:15
  the
• 41:15
  data
• 41:15
  layer
• 41:16
  and
• 41:16
  how
• 41:16
  it's
• 41:16
  performing
• 41:16
  decision
• 41:16
  making
• 41:17
  can
• 41:17
  actually
• 41:17
  be
• 41:17
  a
• 41:17
  really
• 41:18
  good
• 41:18
  indicator
• 41:18
  of
• 41:18
  how
• 41:19
  to
• 41:19
  correctly
• 41:19
  price
• 41:19
  a
• 41:19
  deal.
• 41:21
  But
• 41:21
  to
• 41:22
  my
• 41:22
  surprise
• 41:22
  throughout
• 41:23
  2026
• 41:24
  at
• 41:24
  least
• 41:24
  I've
• 41:25
  had
• 41:25
  far
• 41:25
  more
• 41:26
  inbound
• 41:26
  about
• 41:27
  companies
• 41:27
  that
• 41:28
  are
• 41:28
  a
• 41:29
  couple
• 41:29
  of
• 41:29
  years
• 41:29
  into
• 41:29
  whole
• 41:29
  period
• 41:30
  enterprise
• 41:31
  value
• 41:31
  is
• 41:31
  not
• 41:31
  growing.
• 41:32
  And
• 41:32
  I
• 41:32
  think
• 41:33
  what's
• 41:33
  underneath
• 41:34
  it
• 41:34
  is
• 41:34
  typically
• 41:34
  all
• 41:34
  of
• 41:35
  the
• 41:35
  stuff
• 41:35
  we've
• 41:35
  been
• 41:35
  talking
• 41:35
  about.
• 41:36
  And
• 41:36
  that's
• 41:37
  probably
• 41:37
  contributing
• 41:37
  to
• 41:37
  the
• 41:38
  extended
• 41:38
  whole
• 41:38
  periods
• 41:39
  that
• 41:39
  we're
• 41:39
  hearing,
• 41:39
  the
• 41:39
  continuation
• 41:40
  funds,
• 41:40
  the
• 41:42
  rebranding
• 41:42
  funds
• 41:43
  to
• 41:43
  something
• 41:43
  else.
• 41:44
  But
• 41:44
  just
• 41:44
  carrying
• 41:45
  on,
• 41:46
  I
• 41:46
  agree
• 41:46
  with
• 41:46
  you
• 41:46
  that
• 41:46
  there's
• 41:47
  some
• 41:47
  chickens
• 41:47
  to
• 41:48
  come
• 41:48
  home
• 41:48
  to
• 41:48
  root
• 41:48
  in
• 41:48
  the
• 41:48
  next
• 41:49
  few
• 41:49
  years
• 41:49
  for
• 41:49
  sure.
• 41:50
  Absolutely.
• 41:50
  I
• 41:50
  mean,
• 41:51
  that's,
• 41:51
  that's
• 41:51
  why
• 41:51
  I
• 41:52
  built
• 41:52
  the
• 41:52
  growth
• 41:52
  engine.
• 41:53
  So
• 41:53
  it's
• 41:54
  a,
• 41:54
  an
• 41:54
  operating
• 41:55
  system
• 41:55
  designed
• 41:56
  to
• 41:57
  buy
• 41:58
  businesses.
• 41:59
  Soon
• 41:59
  as
• 41:59
  you
• 41:59
  buy
• 41:59
  them,
• 42:00
  you
• 42:00
  put
• 42:00
  insights
• 42:01
  into
• 42:01
  the
• 42:02
  business
• 42:02
  to
• 42:03
  measure
• 42:03
  and
• 42:04
  understand
• 42:04
  the
• 42:04
  baseline
• 42:05
  of
• 42:05
  what
• 42:05
  the
• 42:05
  main
• 42:06
  platform
• 42:06
  is
• 42:07
  and
• 42:08
  look
• 42:09
  at
• 42:09
  potential
• 42:09
  acquisitions
• 42:10
  through
• 42:10
  that
• 42:11
  lens.
• 42:12
  Also
• 42:12
  to
• 42:12
  understand
• 42:12
  what
• 42:13
  the
• 42:13
  business
• 42:13
  model
• 42:13
  and
• 42:14
  the
• 42:14
  operating
• 42:14
  model
• 42:14
  of
• 42:14
  your
• 42:15
  own
• 42:15
  platform
• 42:15
  are
• 42:16
  and
• 42:16
  to
• 42:16
  look
• 42:16
  at
• 42:16
  potential
• 42:17
  acquisitions
• 42:18
  through
• 42:18
  that
• 42:18
  lens
• 42:19
  so
• 42:19
  that
• 42:19
  you're
• 42:20
  buying
• 42:20
  companies
• 42:21
  that
• 42:21
  are
• 42:21
  better
• 42:21
  aligned
• 42:22
  to
• 42:22
  what
• 42:22
  you
• 42:22
  are
• 42:23
  so
• 42:23
  that
• 42:23
  the
• 42:23
  integration
• 42:24
  is
• 42:24
  going
• 42:24
  to
• 42:24
  go
• 42:25
  smoother.
• 42:26
  And
• 42:26
  you
• 42:27
  know,
• 42:27
  there
• 42:27
  might
• 42:27
  be
• 42:27
  some
• 42:28
  changes
• 42:28
  to
• 42:28
  either
• 42:29
  the
• 42:29
  operating
• 42:30
  model
• 42:30
  of
• 42:30
  the
• 42:30
  main
• 42:31
  platform
• 42:31
  or
• 42:31
  to
• 42:31
  the
• 42:32
  business
• 42:32
  that
• 42:32
  you're
• 42:32
  buying,
• 42:33
  but
• 42:33
  as
• 42:33
  you're
• 42:33
  going
• 42:34
  through
• 42:34
  and
• 42:34
  integrating
• 42:35
  them,
• 42:35
  you
• 42:36
  get
• 42:36
  better
• 42:36
  and
• 42:36
  better
• 42:37
  and
• 42:37
  it
• 42:37
  becomes,
• 42:37
  becomes
• 42:38
  quicker,
• 42:39
  faster,
• 42:39
  easier,
• 42:40
  cheaper
• 42:40
  to
• 42:40
  do
• 42:40
  the
• 42:41
  work.
• 42:41
  But
• 42:42
  you're
• 42:43
  taking
• 42:43
  the
• 42:43
  complexity
• 42:44
  out
• 42:44
  of
• 42:44
  all
• 42:45
  of
• 42:45
  the
• 42:45
  businesses
• 42:46
  that
• 42:46
  have
• 42:46
  just
• 42:46
  been
• 42:47
  aggregated
• 42:48
  because
• 42:48
  you're
• 42:48
  integrating
• 42:49
  them
• 42:49
  onto
• 42:49
  one
• 42:50
  single
• 42:50
  platform.
• 42:51
  And
• 42:52
  by
• 42:52
  doing
• 42:53
  that,
• 42:54
  because
• 42:54
  you've
• 42:54
  done
• 42:55
  right
• 42:55
  up
• 42:55
  front,
• 42:56
  you've
• 42:56
  done
• 42:56
  the
• 42:56
  insights
• 42:57
  and
• 42:57
  you're
• 42:57
  measuring
• 42:58
  and
• 42:58
  tracking
• 42:58
  all
• 42:59
  the
• 42:59
  important
• 42:59
  numbers
• 43:00
  all
• 43:00
  the
• 43:00
  way
• 43:01
  through
• 43:01
  integration,
• 43:02
  transformation
• 43:03
  and
• 43:03
  value
• 43:04
  creation,
• 43:04
  and
• 43:04
  doing
• 43:05
  it
• 43:05
  again
• 43:05
  and
• 43:05
  again
• 43:05
  and
• 43:06
  again
• 43:06
  in
• 43:06
  a
• 43:06
  cyclic
• 43:07
  way.
• 43:07
  You
• 43:08
  can
• 43:08
  prove
• 43:08
  what
• 43:09
  uplift
• 43:09
  and
• 43:09
  what
• 43:10
  value
• 43:10
  you've
• 43:10
  added
• 43:10
  onto
• 43:11
  the
• 43:11
  business,
• 43:11
  what
• 43:12
  it
• 43:12
  cost
• 43:12
  you,
• 43:13
  and
• 43:13
  you
• 43:13
  can
• 43:13
  see
• 43:14
  the
• 43:14
  deltas
• 43:14
  there
• 43:14
  and
• 43:14
  you
• 43:15
  start
• 43:15
  building
• 43:15
  the
• 43:15
  exit
• 43:16
  story
• 43:16
  from
• 43:16
  the
• 43:16
  very
• 43:17
  start.
• 43:17
  But
• 43:18
  what
• 43:18
  you're
• 43:18
  doing
• 43:18
  while
• 43:18
  you're
• 43:19
  doing
• 43:19
  that
• 43:19
  is
• 43:19
  you're
• 43:19
  taking
• 43:19
  out
• 43:20
  the
• 43:20
  complexity,
• 43:21
  you're
• 43:21
  taking
• 43:21
  out
• 43:21
  the
• 43:22
  leakage,
• 43:22
  you're
• 43:23
  taking
• 43:23
  out
• 43:23
  all
• 43:24
  those
• 43:24
  late
• 43:24
  nights
• 43:25
  where
• 43:25
  people
• 43:25
  are
• 43:25
  consolidating
• 43:26
  reports
• 43:27
  because
• 43:28
  you're
• 43:28
  working
• 43:28
  across
• 43:29
  multiple
• 43:29
  systems,
• 43:31
  you're
• 43:31
  just
• 43:31
  making
• 43:31
  it
• 43:32
  easy.
• 43:32
  But
• 43:32
  the
• 43:33
  other
• 43:33
  thing
• 43:33
  is
• 43:33
  that
• 43:34
  you're
• 43:34
  making
• 43:34
  the
• 43:34
  business
• 43:35
  AI
• 43:35
  ready
• 43:36
  as
• 43:36
  well.
• 43:38
  And
• 43:38
  if
• 43:38
  you're
• 43:39
  looking
• 43:39
  to
• 43:39
  sell
• 43:40
  in
• 43:40
  the
• 43:40
  next
• 43:40
  12
• 43:41
  months
• 43:41
  and
• 43:41
  you're
• 43:42
  not
• 43:42
  AI
• 43:42
  ready,
• 43:43
  so
• 43:43
  if
• 43:43
  you
• 43:43
  don't
• 43:43
  have
• 43:43
  that
• 43:43
  transformation
• 43:44
  stack
• 43:45
  sorted
• 43:45
  out,
• 43:46
  businesses
• 43:47
  are
• 43:47
  going
• 43:47
  to
• 43:47
  be
• 43:47
  discounting
• 43:48
  you.
• 43:48
  They're
• 43:48
  going
• 43:48
  to
• 43:49
  be
• 43:49
  looking
• 43:49
  hugely
• 43:50
  and
• 43:50
  saying,
• 43:51
  well,
• 43:51
  first
• 43:51
  of
• 43:51
  all,
• 43:52
  you're
• 43:52
  not
• 43:53
  harmonized
• 43:54
  as
• 43:54
  a
• 43:54
  business,
• 43:54
  you're
• 43:55
  not
• 43:55
  unified,
• 43:55
  so
• 43:56
  you've
• 43:56
  got
• 43:56
  leakage,
• 43:56
  you've
• 43:57
  got
• 43:57
  complexity,
• 43:58
  but
• 43:58
  actually
• 43:59
  you're
• 43:59
  not
• 43:59
  ready
• 44:00
  for
• 44:00
  Enterprise
• 44:01
  Agentic.
• 44:02
  Yeah.
• 44:02
  So
• 44:03
  there's
• 44:03
  a
• 44:03
  big
• 44:04
  discount
• 44:04
  there
• 44:05
  because.
• 44:05
  We're
• 44:05
  going
• 44:05
  to
• 44:05
  have
• 44:06
  to
• 44:06
  pay
• 44:06
  to
• 44:06
  do
• 44:06
  that
• 44:06
  work
• 44:06
  ourselves.
• 44:07
  Right?
• 44:07
  As
• 44:07
  a
• 44:07
  PE
• 44:07
  firm.
• 44:08
  Exactly.
• 44:08
  Well,
• 44:08
  it's
• 44:09
  not
• 44:09
  just
• 44:09
  they've
• 44:09
  got
• 44:09
  to
• 44:10
  pay
• 44:10
  to
• 44:10
  do
• 44:11
  that
• 44:11
  themselves.
• 44:12
  Imagine
• 44:12
  if
• 44:13
  you're
• 44:13
  buying
• 44:14
  a
• 44:14
  company
• 44:14
  in
• 44:14
  12
• 44:14
  months
• 44:15
  from
• 44:15
  now,
• 44:15
  it's
• 44:16
  going
• 44:16
  to
• 44:16
  take
• 44:16
  12,
• 44:17
  18,
• 44:18
  24
• 44:18
  months
• 44:19
  to
• 44:19
  do
• 44:19
  the
• 44:19
  work.
• 44:20
  Meanwhile,
• 44:21
  all
• 44:21
  of
• 44:21
  the
• 44:21
  competition
• 44:22
  that
• 44:23
  were
• 44:23
  ready,
• 44:24
  and
• 44:24
  not
• 44:24
  many
• 44:24
  of
• 44:24
  them
• 44:25
  are,
• 44:25
  but
• 44:25
  some
• 44:25
  will
• 44:25
  get
• 44:26
  ready,
• 44:27
  they've
• 44:27
  just
• 44:27
  set
• 44:27
  off
• 44:28
  at
• 44:28
  speed
• 44:29
  with
• 44:29
  their
• 44:29
  new
• 44:29
  toys
• 44:30
  because
• 44:31
  they
• 44:31
  got
• 44:31
  prepared
• 44:32
  and
• 44:32
  they
• 44:32
  got
• 44:32
  ready
• 44:33
  at
• 44:33
  the
• 44:33
  right
• 44:33
  time.
• 44:34
  But
• 44:34
  any
• 44:34
  businesses
• 44:35
  coming
• 44:35
  to
• 44:35
  market
• 44:36
  in
• 44:36
  12
• 44:36
  months
• 44:36
  that
• 44:37
  are
• 44:37
  not
• 44:37
  ready,
• 44:38
  you've
• 44:38
  got
• 44:39
  to
• 44:39
  question
• 44:39
  would
• 44:40
  you
• 44:40
  want
• 44:40
  to
• 44:40
  buy
• 44:40
  it?
• 44:41
  Because
• 44:42
  you're
• 44:43
  going
• 44:43
  to
• 44:43
  spend
• 44:43
  that
• 44:43
  next
• 44:43
  12,
• 44:44
  18
• 44:44
  months
• 44:45
  getting
• 44:45
  them
• 44:46
  ready.
• 44:46
  And
• 44:47
  meanwhile
• 44:47
  your
• 44:48
  business
• 44:48
  is
• 44:48
  just
• 44:49
  collapsed
• 44:50
  because
• 44:51
  your
• 44:51
  competition's
• 44:52
  just
• 44:52
  taken
• 44:52
  all
• 44:53
  the
• 44:53
  market
• 44:53
  share
• 44:53
  from
• 44:54
  you.
• 44:54
  And
• 44:55
  if,
• 44:55
  if
• 44:55
  you
• 44:55
  did
• 44:56
  get
• 44:56
  AI
• 44:57
  ready
• 44:57
  and
• 44:58
  you
• 44:58
  were
• 44:58
  able
• 44:58
  to
• 44:58
  deploy
• 44:59
  Enterprise
• 44:59
  Agentic
• 45:00
  at
• 45:01
  the
• 45:01
  right
• 45:01
  time,
• 45:02
  then
• 45:02
  you
• 45:02
  would
• 45:02
  be
• 45:02
  the
• 45:03
  one
• 45:03
  taking
• 45:04
  all
• 45:04
  the
• 45:04
  market
• 45:04
  share
• 45:05
  of
• 45:05
  your
• 45:05
  competition.
• 45:06
  And
• 45:06
  as
• 45:06
  they
• 45:07
  start
• 45:07
  collapsing,
• 45:07
  you
• 45:08
  can
• 45:08
  buy
• 45:08
  them
• 45:08
  for
• 45:08
  pennies
• 45:09
  on
• 45:09
  the
• 45:09
  pound.
• 45:09
  Yeah,
• 45:10
  yeah,
• 45:11
  I
• 45:11
  totally
• 45:12
  agree
• 45:12
  with
• 45:12
  your
• 45:12
  hypothesis
• 45:13
  here
• 45:13
  and
• 45:13
  I
• 45:14
  think
• 45:14
  there's
• 45:14
  going
• 45:14
  to
• 45:14
  be
• 45:14
  a
• 45:14
  lot
• 45:14
  of
• 45:16
  companies
• 45:16
  getting
• 45:16
  overtaken
• 45:17
  from
• 45:17
  behind.
• 45:17
  Right.
• 45:17
  And
• 45:19
  I'll
• 45:19
  go
• 45:19
  back
• 45:19
  to
• 45:19
  the
• 45:20
  people
• 45:20
  and
• 45:20
  culture
• 45:20
  thing
• 45:20
  in
• 45:20
  your
• 45:21
  stack
• 45:21
  because
• 45:22
  I
• 45:22
  think
• 45:22
  this
• 45:23
  is
• 45:23
  a
• 45:23
  big
• 45:23
  thing
• 45:23
  that
• 45:23
  I'm
• 45:24
  seeing
• 45:25
  with
• 45:25
  AI
• 45:25
  native
• 45:26
  companies.
• 45:26
  And
• 45:27
  I
• 45:27
  started
• 45:27
  my
• 45:27
  company
• 45:27
  two
• 45:28
  years
• 45:28
  ago,
• 45:28
  it's
• 45:29
  an
• 45:29
  AI
• 45:29
  native
• 45:29
  company.
• 45:30
  Right.
• 45:30
  And
• 45:30
  I
• 45:31
  think
• 45:31
  many
• 45:31
  other
• 45:31
  companies
• 45:32
  who
• 45:32
  started
• 45:32
  in
• 45:32
  the
• 45:32
  last
• 45:32
  two
• 45:33
  years
• 45:33
  have
• 45:33
  been
• 45:33
  AI
• 45:33
  native.
• 45:34
  It's
• 45:35
  much
• 45:35
  easier
• 45:35
  to
• 45:36
  do
• 45:38
  in
• 45:38
  this
• 45:38
  place,
• 45:38
  in
• 45:39
  this
• 45:39
  time
• 45:39
  to
• 45:39
  build
• 45:39
  an
• 45:40
  AI
• 45:40
  native
• 45:40
  company
• 45:41
  than
• 45:41
  it
• 45:41
  is
• 45:42
  to
• 45:42
  change
• 45:42
  a
• 45:43
  company
• 45:43
  that
• 45:43
  already
• 45:43
  exists
• 45:44
  that
• 45:45
  isn't
• 45:45
  AI
• 45:45
  ready.
• 45:45
  Right.
• 45:46
  And
• 45:46
  as
• 45:46
  a
• 45:47
  result
• 45:47
  like
• 45:47
  those,
• 45:47
  those
• 45:48
  conversations
• 45:48
  can
• 45:48
  be
• 45:48
  difficult
• 45:49
  because
• 45:49
  then
• 45:49
  be
• 45:49
  like,
• 45:49
  oh,
• 45:50
  we
• 45:50
  need
• 45:50
  to
• 45:50
  automate
• 45:51
  workflows,
• 45:51
  we
• 45:51
  need
• 45:52
  to
• 45:52
  move
• 45:52
  people
• 45:52
  around,
• 45:53
  we
• 45:53
  need
• 45:53
  to
• 45:53
  potentially
• 45:54
  lay
• 45:54
  people
• 45:54
  off.
• 45:54
  We
• 45:55
  need
• 45:55
  different
• 45:55
  skills
• 45:56
  in
• 45:56
  here
• 45:56
  than
• 45:56
  we've,
• 45:57
  than
• 45:57
  we've
• 45:58
  currently
• 45:58
  got.
• 45:58
  And
• 45:58
  I
• 45:58
  think
• 45:58
  that's
• 45:59
  the
• 45:59
  thing
• 45:59
  I
• 45:59
  see
• 45:59
  holding
• 46:00
  mid
• 46:00
  market
• 46:00
  firms
• 46:00
  back
• 46:01
  a
• 46:01
  lot.
• 46:01
  We
• 46:02
  can
• 46:02
  build
• 46:02
  whatever
• 46:02
  fancy
• 46:03
  data
• 46:03
  and
• 46:03
  technology
• 46:03
  stack
• 46:04
  they
• 46:04
  like.
• 46:04
  They
• 46:05
  have
• 46:05
  to
• 46:05
  have
• 46:05
  a
• 46:05
  team
• 46:05
  to
• 46:05
  run
• 46:06
  it.
• 46:06
  Right?
• 46:07
  They
• 46:07
  have
• 46:07
  to
• 46:07
  have
• 46:08
  a
• 46:08
  team
• 46:08
  to
• 46:08
  run
• 46:08
  it.
• 46:08
  And
• 46:09
  this
• 46:10
  modern
• 46:10
  era
• 46:10
  is
• 46:10
  going
• 46:10
  to
• 46:11
  require
• 46:11
  some
• 46:11
  different
• 46:11
  skills
• 46:13
  that
• 46:13
  are
• 46:13
  different
• 46:14
  than
• 46:14
  the
• 46:14
  ones
• 46:14
  they've
• 46:15
  currently
• 46:15
  got.
• 46:15
  And
• 46:15
  that
• 46:16
  for
• 46:16
  a
• 46:16
  leadership
• 46:16
  team
• 46:17
  creates
• 46:17
  hard
• 46:17
  conversations.
• 46:18
  And
• 46:18
  humans
• 46:19
  are
• 46:19
  naturally
• 46:19
  slow
• 46:19
  to
• 46:19
  do
• 46:20
  hard
• 46:20
  conversations.
• 46:20
  I
• 46:21
  think
• 46:21
  there's
• 46:21
  going
• 46:22
  to
• 46:22
  be
• 46:22
  a
• 46:22
  whole
• 46:22
  bunch
• 46:23
  of
• 46:23
  businesses
• 46:24
  overtaking
• 46:24
  from
• 46:25
  behind
• 46:25
  in
• 46:25
  the
• 46:25
  next
• 46:26
  few
• 46:26
  years,
• 46:26
  but
• 46:27
  we
• 46:27
  will
• 46:27
  see
• 46:28
  if
• 46:28
  I
• 46:28
  want
• 46:28
  to.
• 46:28
  You
• 46:29
  gave
• 46:29
  a
• 46:29
  great
• 46:29
  rundown
• 46:29
  there
• 46:30
  of
• 46:30
  what
• 46:30
  it
• 46:31
  feels
• 46:31
  like
• 46:32
  when
• 46:32
  you
• 46:32
  do
• 46:32
  it
• 46:32
  right.
• 46:33
  If,
• 46:33
  you
• 46:34
  know,
• 46:34
  imagine
• 46:34
  you're
• 46:34
  talking
• 46:34
  to
• 46:35
  a
• 46:35
  PE
• 46:35
  firm
• 46:35
  who's
• 46:36
  got
• 46:36
  a
• 46:36
  portfolio
• 46:36
  company
• 46:37
  that's
• 46:37
  like
• 46:37
  the
• 46:37
  one
• 46:37
  you've
• 46:38
  described.
• 46:38
  They're
• 46:39
  already
• 46:39
  in,
• 46:39
  right?
• 46:39
  They're
• 46:39
  in
• 46:40
  whole
• 46:40
  period.
• 46:40
  It's
• 46:40
  not
• 46:40
  AI
• 46:41
  already.
• 46:41
  They
• 46:41
  realize
• 46:42
  that
• 46:42
  now.
• 46:42
  Like,
• 46:42
  what's
• 46:43
  the
• 46:43
  first
• 46:43
  thing
• 46:43
  that
• 46:44
  you
• 46:44
  think
• 46:44
  they
• 46:44
  should
• 46:45
  do
• 46:45
  to
• 46:45
  sort
• 46:45
  of
• 46:45
  take
• 46:45
  the
• 46:46
  step
• 46:46
  on
• 46:46
  the
• 46:46
  right
• 46:46
  road?
• 46:47
  So
• 46:48
  I
• 46:48
  have
• 46:48
  built
• 46:49
  on
• 46:49
  LinkedIn
• 46:50
  a
• 46:50
  diagnostic,
• 46:51
  which
• 46:51
  is
• 46:51
  a
• 46:52
  60
• 46:52
  second
• 46:53
  diagnostic,
• 46:54
  which
• 46:54
  you
• 46:55
  don't
• 46:55
  need
• 46:55
  to
• 46:55
  be
• 46:56
  a
• 46:56
  transformation
• 46:56
  director
• 46:57
  or
• 46:57
  operations
• 46:58
  director.
• 46:58
  You
• 46:58
  could
• 46:59
  be
• 46:59
  anybody
• 46:59
  in
• 46:59
  the
• 46:59
  business.
• 47:00
  Just
• 47:01
  they're
• 47:01
  simple
• 47:02
  questions.
• 47:02
  And
• 47:02
  it
• 47:03
  asks
• 47:04
  a
• 47:04
  question
• 47:04
  at
• 47:04
  each
• 47:05
  layer
• 47:05
  of
• 47:05
  the
• 47:05
  stack
• 47:07
  and
• 47:07
  you
• 47:07
  place
• 47:08
  where
• 47:08
  you
• 47:08
  are
• 47:08
  at
• 47:08
  one
• 47:09
  end
• 47:09
  of
• 47:09
  the
• 47:09
  scale
• 47:09
  or
• 47:10
  the
• 47:10
  other
• 47:10
  or
• 47:10
  somewhere
• 47:10
  in
• 47:11
  the
• 47:11
  middle.
• 47:11
  And
• 47:12
  at
• 47:12
  the
• 47:12
  end
• 47:12
  of
• 47:13
  that,
• 47:13
  it
• 47:13
  will
• 47:13
  give
• 47:13
  you
• 47:14
  a
• 47:14
  view,
• 47:15
  a
• 47:15
  quantitative
• 47:16
  view
• 47:16
  of
• 47:17
  where
• 47:17
  you
• 47:17
  are,
• 47:17
  where
• 47:18
  your
• 47:18
  strengths
• 47:18
  are,
• 47:18
  where
• 47:19
  your
• 47:19
  weaknesses
• 47:19
  are.
• 47:20
  But
• 47:20
  more
• 47:21
  importantly,
• 47:21
  it
• 47:22
  will
• 47:22
  also
• 47:22
  give
• 47:22
  you
• 47:23
  a
• 47:23
  qualitative
• 47:23
  view
• 47:24
  of
• 47:24
  these
• 47:24
  are
• 47:24
  the
• 47:25
  things
• 47:25
  that
• 47:25
  you
• 47:25
  need
• 47:25
  to
• 47:26
  do
• 47:26
  or
• 47:26
  need
• 47:26
  to
• 47:27
  be
• 47:27
  looking
• 47:27
  at
• 47:28
  to
• 47:28
  move
• 47:28
  forward
• 47:29
  to
• 47:29
  make
• 47:29
  yourself
• 47:29
  as
• 47:30
  a
• 47:30
  business
• 47:30
  AI
• 47:31
  ready.
• 47:32
  So
• 47:33
  it
• 47:33
  takes
• 47:33
  60
• 47:34
  seconds
• 47:34
  to
• 47:34
  actually
• 47:35
  step
• 47:35
  through
• 47:36
  that
• 47:36
  and
• 47:37
  get
• 47:37
  a
• 47:37
  result.
• 47:38
  And
• 47:38
  so
• 47:39
  rather
• 47:39
  than
• 47:39
  putting
• 47:40
  your
• 47:40
  head
• 47:40
  in
• 47:40
  the
• 47:40
  sand,
• 47:41
  just
• 47:41
  take
• 47:41
  the
• 47:41
  60
• 47:42
  seconds,
• 47:42
  figure
• 47:42
  out
• 47:43
  where
• 47:43
  you
• 47:43
  are.
• 47:43
  It's
• 47:44
  been
• 47:44
  built
• 47:44
  in
• 47:44
  such
• 47:44
  a
• 47:44
  way
• 47:45
  that
• 47:45
  you
• 47:45
  can
• 47:45
  take
• 47:45
  it
• 47:46
  to
• 47:46
  your
• 47:46
  leadership
• 47:46
  team
• 47:47
  and
• 47:47
  say,
• 47:47
  look,
• 47:48
  I
• 47:48
  ran
• 47:48
  this,
• 47:49
  I'm
• 47:50
  not
• 47:50
  the
• 47:50
  expert
• 47:50
  here,
• 47:51
  but
• 47:51
  can
• 47:52
  one
• 47:52
  of
• 47:52
  the
• 47:52
  experts
• 47:53
  take
• 47:54
  this
• 47:54
  test
• 47:54
  and
• 47:55
  agree
• 47:55
  if
• 47:56
  there's
• 47:56
  something
• 47:56
  here
• 47:57
  that
• 47:57
  we
• 47:57
  need
• 47:57
  to
• 47:57
  look
• 47:57
  into
• 47:58
  to,
• 47:58
  and
• 47:59
  if
• 47:59
  there
• 47:59
  is
• 47:59
  something
• 48:00
  that
• 48:00
  they
• 48:00
  need
• 48:00
  to
• 48:00
  look
• 48:00
  into,
• 48:01
  and
• 48:01
  if
• 48:01
  they'd
• 48:02
  like
• 48:02
  to
• 48:02
  have
• 48:02
  a
• 48:02
  chat
• 48:02
  to
• 48:02
  me,
• 48:03
  then
• 48:04
  I
• 48:04
  could
• 48:05
  either
• 48:05
  work
• 48:05
  with
• 48:05
  them
• 48:06
  face
• 48:06
  to
• 48:06
  face
• 48:07
  on
• 48:07
  site
• 48:08
  or
• 48:08
  remotely.
• 48:09
  I
• 48:09
  could
• 48:09
  do
• 48:09
  a
• 48:09
  remote
• 48:10
  session
• 48:11
  to
• 48:11
  ask
• 48:11
  questions,
• 48:12
  get
• 48:12
  evidence
• 48:13
  and
• 48:13
  look
• 48:13
  at
• 48:13
  where
• 48:13
  they
• 48:14
  are
• 48:14
  across
• 48:14
  the
• 48:14
  stack.
• 48:15
  And
• 48:16
  it's
• 48:17
  quite
• 48:17
  loose
• 48:17
  in
• 48:18
  the
• 48:18
  diagnostics.
• 48:18
  It'll
• 48:19
  typically
• 48:19
  say
• 48:20
  somewhere
• 48:20
  between
• 48:20
  12
• 48:21
  to
• 48:21
  18
• 48:21
  months
• 48:22
  or
• 48:22
  12
• 48:22
  to
• 48:23
  36
• 48:24
  months,
• 48:24
  depending
• 48:24
  on
• 48:24
  your
• 48:25
  rating.
• 48:26
  But
• 48:27
  personally
• 48:27
  I'd
• 48:28
  be
• 48:28
  able
• 48:28
  to
• 48:28
  give
• 48:28
  a
• 48:28
  much
• 48:29
  closer
• 48:29
  view
• 48:30
  because
• 48:30
  I
• 48:30
  don't
• 48:30
  know
• 48:30
  how
• 48:31
  complex
• 48:31
  your,
• 48:31
  your
• 48:32
  business
• 48:32
  is.
• 48:32
  I
• 48:32
  don't
• 48:33
  know.
• 48:33
  You're
• 48:33
  a
• 48:33
  consolidator
• 48:34
  of
• 48:34
  consolidators.
• 48:35
  You
• 48:35
  need
• 48:36
  to
• 48:36
  build
• 48:36
  some
• 48:36
  business
• 48:36
  coherence.
• 48:37
  First.
• 48:37
  Right.
• 48:37
  This
• 48:38
  is
• 48:38
  it.
• 48:38
  This
• 48:38
  is
• 48:39
  it.
• 48:39
  Absolutely.
• 48:39
  I.
• 48:40
  So
• 48:40
  as
• 48:41
  we
• 48:41
  wrap
• 48:41
  up,
• 48:41
  if
• 48:42
  people
• 48:42
  want
• 48:42
  to
• 48:42
  take
• 48:42
  you
• 48:42
  up
• 48:42
  on
• 48:42
  the
• 48:43
  offer,
• 48:43
  like,
• 48:43
  where
• 48:43
  is
• 48:43
  the
• 48:44
  best
• 48:44
  place
• 48:44
  for
• 48:44
  them
• 48:44
  to
• 48:44
  come
• 48:45
  find
• 48:45
  you
• 48:45
  on
• 48:46
  LinkedIn?
• 48:46
  Ben
• 48:46
  Banks.
• 48:47
  But
• 48:47
  if
• 48:47
  you
• 48:47
  could
• 48:47
  put
• 48:48
  a
• 48:48
  link
• 48:48
  below
• 48:49
  to
• 48:49
  my
• 48:49
  name
• 48:49
  and
• 48:49
  to
• 48:50
  the
• 48:50
  diagnostic,
• 48:50
  that'll
• 48:51
  just
• 48:51
  make
• 48:51
  it
• 48:51
  simple.
• 48:52
  You
• 48:52
  don't
• 48:53
  need
• 48:53
  to
• 48:53
  put
• 48:53
  an
• 48:53
  email
• 48:53
  in.
• 48:53
  Just
• 48:54
  put
• 48:54
  your
• 48:54
  name
• 48:54
  in
• 48:55
  and
• 48:55
  take
• 48:55
  the
• 48:55
  test.
• 48:56
  60
• 48:56
  seconds
• 48:56
  and
• 48:57
  it'll
• 48:57
  give
• 48:57
  you
• 48:57
  an
• 48:57
  idea
• 48:58
  of
• 48:58
  where.
• 48:58
  Where
• 48:58
  your
• 48:58
  business
• 48:59
  sits.
• 48:59
  Magic.
• 49:00
  Well,
• 49:01
  Ben,
• 49:01
  thanks
• 49:01
  again
• 49:01
  for
• 49:02
  another
• 49:02
  great
• 49:02
  conversation.
• 49:03
  And
• 49:03
  I'm
• 49:03
  sure
• 49:04
  we'll
• 49:04
  continue
• 49:04
  to
• 49:04
  have
• 49:04
  them
• 49:05
  with
• 49:05
  or
• 49:06
  without
• 49:06
  a
• 49:06
  podcast
• 49:06
  running.
• 49:07
  So
• 49:07
  really
• 49:07
  appreciate
• 49:08
  you
• 49:08
  sharing
• 49:08
  your
• 49:08
  insights
• 49:09
  with
• 49:09
  the
• 49:09
  audience
• 49:09
  today
• 49:09
  and
• 49:10
  continuing
• 49:10
  to
• 49:10
  share
• 49:11
  your.
• 49:11
  Your
• 49:11
  kind
• 49:12
  of
• 49:12
  thoughts
• 49:12
  with
• 49:12
  me.
• 49:12
  And
• 49:13
  I
• 49:13
  look
• 49:13
  forward
• 49:13
  to,
• 49:14
  you
• 49:14
  know,
• 49:14
  staying
• 49:15
  closely
• 49:15
  connected
• 49:15
  with
• 49:16
  you
• 49:16
  as
• 49:16
  the,
• 49:17
  as
• 49:17
  this
• 49:17
  wave
• 49:18
  of
• 49:18
  enterprise
• 49:18
  agent
• 49:19
  comes
• 49:19
  to
• 49:19
  these
• 49:20
  shores
• 49:20
  and
• 49:20
  washes
• 49:21
  up
• 49:21
  on
• 49:21
  both
• 49:21
  sides
• 49:21
  of
• 49:21
  the
• 49:22
  Atlantic.
• 49:22
  I
• 49:22
  think
• 49:22
  it's
• 49:22
  going
• 49:22
  to
• 49:22
  be
• 49:23
  a
• 49:23
  very
• 49:23
  exciting
• 49:24
  time
• 49:24
  to
• 49:24
  be
• 49:24
  building
• 49:24
  a
• 49:25
  company
• 49:25
  and
• 49:26
  very
• 49:26
  exciting
• 49:26
  time
• 49:26
  to
• 49:27
  be
• 49:27
  doing
• 49:27
  the
• 49:27
  type
• 49:27
  of
• 49:27
  work
• 49:27
  that
• 49:27
  we
• 49:27
  do.
• 49:28
  Let's
• 49:29
  keep
• 49:29
  rocking
• 49:29
  it.
• 49:29
  Thank
• 49:30
  you
• 49:30
  very
• 49:30
  much,
• 49:30
  Graham.
• 49:31
  It's
• 49:31
  been
• 49:31
  very
• 49:31
  enjoyable
• 49:32
  and
• 49:34
  yeah,
• 49:34
  it's
• 49:34
  been
• 49:34
  a
• 49:34
  great
• 49:35
  podcast.
• 49:35
  Thank
• 49:35
  you.
• 49:35
  All
• 49:36
  right,
• 49:36
  take
• 49:36
  care,
• 49:36
  Ben.
• 49:37
  Thank
• 49:37
  you.
• 49:37
  Cheers.
• 49:38
  Thanks
• 49:38
  for
• 49:39
  listening
• 49:39
  to
• 49:39
  the
• 49:39
  PE
• 49:40
  Data
• 49:40
  guy.
• 49:40
  The
• 49:41
  place
• 49:41
  for
• 49:41
  Private
• 49:41
  Equity
• 49:42
  meets
• 49:43
  Data.
• 49:43
  Please
• 49:43
  forward
• 49:44
  this
• 49:44
  episode
• 49:44
  to
• 49:45
  your
• 49:45
  favorite
• 49:45
  private
• 49:45
  equity
• 49:46
  friend.
• 49:46
  Thanks
• 49:47
  for
• 49:47
  listening.
• 49:48
  See
• 49:48
  you
• 49:48
  next
• 49:48
  time.