583. Christian Hyatt, Growing a Cybersecurity Firm

12 ago 2024 · Unleashed - How to Thrive as an Independent Professional

00:32:18

Show Notes:

Christian Hyatt, Founder of Risk3Sixty, discusses the top three or four things that chief information security officers at sub-enterprise firms are most worried about right now. He explains that these concerns include the business environment, threat actors, cybersecurity regulation, nation-state actors like Russia and China, and phishing campaigns. He also highlights the unique bridge between cybersecurity and information technology coming to a head with the recent CrowdStrike incident.

Advice to Clients on Cybersecurity

Christian suggests that independent consultants should ask clients questions or warning signs to raise their concerns and consider consulting a cybersecurity expert. He suggests that clients are looking for someone who is a good listener and not operating off fear, uncertainty, and doubt. By listening to clients' needs and concerns, consultants can offer advice on implementing best practices on their existing toolset and spreading security awareness. Christian emphasizes that many big enterprise tools, such as Office 365 and Google Suite, have built-in security, covering many bases. Independent consultants should listen for how well implemented their tools are, listen for business problems they have, and offer security assurance. Offering advice on implementing best practices and spreading security awareness can help firms understand how security is impacting their business and make informed decisions about investing in security measures.

Cybersecurity Due Diligence

In the context of due diligence, Christian states that it is important to consider the company's internal infrastructure, including its cloud-based and on-premises systems. This can help identify potential red flags and ensure the company's sustainability and scalability. For example, if a product company is being acquired, it is crucial to ask about its application security, product security, and scalability. Additionally, understanding the company's mastery of its own product and its ability to scale without the team is essential. Another key factor to consider is the company's internal infrastructure, whether it is cloud-based or on-premises. Integrating with the acquiring firm can impact the cost of the process.

Cybersecurity for Independent Consultants and Boutique Firms

Independent consultants and boutique firms with a few employees should also take cybersecurity precautions. Some good tools for small businesses include G Suite or Office 365, which have built-in tools for file share sharing, email security, and internal messaging. These tools help protect against cybersecurity attacks that originate from email. Installing antivirus tools like CrowdStrike and Sentinel can help prevent attacks at the endpoint level. Blocking and tackling security processes, such as using file sharing platforms like OneDrive or Dropbox. It’s also important to identify areas where money changes hands and take protective measures. Creating an offline backup of key files once a month can help protect against ransomware attacks. Office 365 or G Suite can also be used to store files in the cloud, with tools like spanning for Office 365 creating backup copies of cloud storage. Exploring the full suite of options available to small business owners can help them get coverage for their biggest risks.

Employee Training on Cybersecurity

The conversation turns to the importance of raising employees' awareness of phishing dangers. He recommends using tools that periodically send white hat phishing messages to test employees' skills. Christian suggests that small businesses should focus on creating a culture of awareness and vigilance, letting candidates know about potential scams and asking questions if they feel uncomfortable. There are several tools available for security awareness training, including Curricula. Additionally, he suggests using YouTube videos as part of training, as they can be more effective than expected. By implementing these tools, businesses can create a culture of vigilance and prevent employees from clicking on suspicious links.

The Origins and Growth of Risk 3 Sixty

Christian started his firm as an independent consultant eight years ago, with a trajectory of impressive growth. He initially had one client, a $30,000 one-off engagement, but from there eventually grew the business to 60 clients. Christian shares a few of the tactics behind the growth, including his shift towards cybersecurity. He focused on a few cybersecurity services that had great demand and packaged them as multi-year deals, and recurring revenue. He also learned that organizations have huge compliance requirements. They built a SaaS platform to help them manage the information. They invested in the SaaS platform and started selling it as a subscription. Today, their services are tech-enabled services, where companies often outsource their entire programs to them due to the need for human labor. Christian made strategic decisions early on, scaling the business around recurring revenue streams, over-delivering, and building a good culture. He centered around those activities that felt risky at the time, saying no to big contracts that didn't fit within his revenue stream. He also explains how a book by Gino Wickman, Traction, and The Entrepreneur Operating System, helped him shift the responsibility for business development off of his shoulders to other members of the firm.

Recruiting Talent for Risk3Sixty

Christian hired a West Point graduate to become an ops manager. He believed that hiring great people was a risky move but ultimately helped build a sales function and complement the founder's role. The company also hired a strategic partner with Georgia Tech to hire top students. Despite the early hires, the success of the company can be attributed to the smart people who pushed the founder to think more like a leader and helped him see the future. The company's success can be attributed to the excellent people who helped him make decisions that he wouldn't have made on his own.

The Structure of a Successful Company

Christian’s company has 60 employees, and a top-down structure consisting of an Executive Leadership Team (ELT) consisting of six members: the CEO, President, Head of People, the Chief Operating Officer, the Chief Revenue Officer, and the CTO. The CEO focuses on mission and metrics, breaking down the vision into KPIs and measurables, and making sure everyone understands it. He also works on brand equity through social media, podcasts, and speaking events. He also talks about how he approached pay bands and benefits to attract talent and maintain retention. The CEO manages the ELT, ensuring they are motivated and have the same vision. An initiative Review Board was created to address pent up projects or initiatives that were not previously budgeted. This allowed people to request new projects or initiatives outside of budget season, providing a pressure relief valve for strategic initiatives.

A Successful Marketing Philosophy

Christian's marketing philosophy focuses on teaching good concepts and adding value to people, rather than being an influencer. He uses content such as videos and white papers to add value and engage people, leading to more leads and engagement. He initially used LinkedIn outbound to find open job opportunities and reach out to hiring managers, but found that more people would ignore him than respond. Christian shares his teaching methods on LinkedIn, YouTube, and a newsletter. For cybersecurity-focused content, he hosts a weekly cybersecurity executive brief on YouTube. He also has a marketing team that helps with content creation, and practice leaders who produce content regularly, called media properties, on LinkedIn. Each member of the team has a dedicated content pillar, and it's up to them to create content that resonates with the audience. A marketing team supports them with video editing and accountability. Christian initially did it all himself, using a video editor tool and recording videos and writing white papers.

Timestamps:

03:14: Cybersecurity precautions for independent consultants and small firms

08:10: Cybersecurity awareness training for small businesses

13:51: Growing a consulting firm through strategic decision-making and recurring revenue streams

18:19: Scaling a consulting business by hiring a leadership team

22:24: Leadership decisions and team structure

26:55: Using LinkedIn for business growth and content creation

Links:

Connect with Christian on LinkedIn: https://www.linkedin.com/in/christianhyatt/

Check out his book: https://risk3sixty.com/stos

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

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604. Stephan Meier, Author of The Employee Advantage
17 mar· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Stephan Meier, a professor at Columbia Business School, is the author of the book "Employee Advantage." He teaches the business strategy core class, which is required for all MBA students. Stephan also teaches an elective on the future of work, focusing on how treating employees and labor interacts with technology and business strategy. Stephan conducts international trips to African countries, such as Ghana, South Africa, and Kenya, to provide students with international experiences and perspectives on businesses, strategy, and different environments. His focus is on putting workers first to help businesses thrive.

The conversation turns to Stephan’s book and the concept of the workplace and business strategy. He mentions how the pandemic brought the workplace under the spotlight and technology use ramped up, while at the same time, Stephan was teaching a class on the Future of Work. The conversation turns to the concept of putting workers first as a key element of business success, and how the business language reveals the mode of managing the employee base. This outlook has led to a large divide between employee and employer. According to Gallup surveys, about 65% of Americans are not engaged at work, and this number is even higher worldwide. Stephan also talks about customer centricity and how employee experience is crucial for both innovation and customer satisfaction.

The Employee First Approach

Stephan cites Jeff Bezos, and Amazon as examples of organizations that prioritize employee satisfaction. Amazon's CEO Jeff Bezos believes that learning from dissatisfied employees can lead to continuous improvement and better business outcomes. This mindset is also seen in other industries, such as Costco in the US, which provides clear career paths, communicates clearly, and promotes internally. DHL Express, for two years in a row, was named the best employer in the world on the best workplaces in the world list for two consecutive years. They put employees first because they realized that turnover is terrible and happy employees are more engaged and leads to satisfied customers. They changed aspects of communication, listening, training, and career path within the organization, leading to financial success.

How the Employee/Customer Centric Approach Wins

Stephan discusses the importance of treating employees well and putting them first at the margin when making trade-offs. He talks about Starbucks, where the company's customer-centric approach has led to a loss of a customer-centric environment. He talks about how this could be improved. Stephan also emphasizes that both customers and employees are critical stakeholders that create value within the organization. Companies that prioritize their employees are more likely to be successful. This is because they have a strong focus on competence, which is encouraged by offering the right tasks that push employees optimally. This is crucial for motivation and retention, as people often leave organizations when they don't learn anything new.

How Successful Companies Prioritize Employees

Stephan states that companies strive to differentiate through a customer-centric approach, but he goes on to explain that the employee-centric and the customer-centric approach are often interchangeable. He offers examples of companies that prioritize their employees including Costco, DHL Express, and MasterCard. Microsoft uses an AI-powered tool called Unlocked, which allows employees to choose projects they want to participate in and matches them with opportunities within the company. This approach not only improves the internal market but also creates a better experience for employees. Companies like KKR, which invest heavily in portfolio companies, implement ownership programs, which give employees stock options as a start. To differentiate between companies that prioritize their employees, companies should consider metrics such as engagement level and turnover rates. By focusing on these early indicators, companies can better understand their commitment to their employees and work towards creating a healthy workplace culture that leads to productive and engaged workers.

How to Build an Employee-centric Workplace

Stephan suggests that companies should start by focusing on what they do with customers and how they do it with employees. They can use ideation workshops to understand customer needs and differentiate themselves from competitors. For example, Eli Lilly applied customer journeys to employees, focusing on their experiences and moments that matter. This approach helped them get more people promoted and had a significant impact on their business. Stephan recommends designing workshops to help employees think about ideas and motivations, as well as redesigning processes and procedures within the organization. By doing so, companies can better understand their employees' needs and preferences, leading to a more engaged, productive, and innovative workforce.

Timestamps:

04:09: Development of The Employee Advantage

04:29: Counterintuitive Claims and Examples of Employee-Centric Companies

12:29: Balancing Employee and Customer Centricity

15:01: Practical Examples of Employee-Centric Companies

19:44: Criteria for Identifying Employee-Centric Companies

23:23: Industry-Specific Considerations

27:30: Consulting Approach for Implementing Employee-Centric Strategies

Links:

Website: https://www.stephanmeier.com/

Stephan’s Book: The Employee Advantage

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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603. Dori Yona, Founder of Simple Closure, How to Shut Down a Business
10 mar· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Dori Yona, founder of Simple Closure, explains the process of shutting down a company. The process is painful, manual, and bureaucratic, with an average time of nine to 12 months. It can cost companies thousands of dollars or even hundreds of thousands of dollars in fees. Many companies end up doing it incorrectly, leading to fines and penalties.

The Multiple Moving Parts of a Business Shut Down

Dori explains that the main difficulty in shutting down a company is the coordination of multiple moving parts, such as the state of incorporation, IRS, lawyers, accountants, payroll provider, vendors, service providers, investors, payroll, and state departments. The average shutdown for a venture-backed company has about 95 moving parts, and if any of them are missed or not done correctly, the process can drag on and on.

First Steps in Shutting Down a Business

Dori talks about three typical approaches for a shutdown of a firm, which they categorize into three main “buckets”. The first bucket is companies that reach out six to nine months before they need to shut down, as they are running out of cash and trying to raise another round or convince existing investors to invest more in their company. They want to be ready for what happens if it doesn't work out, so they reach out to the Simple Closure six months before to discover what the process involves. Dori mentions the Shut Down calculator his firm developed and put on their website to help business owners work through costs and assess the time they have left before going into the red and complicating the shut down. Bucket number two is when companies decide to shut down immediately, need quick media advice, need help presenting to the board, or with winding down the business. Bucket number three is when companies have shut down operationally six months or a year ago but never dealt with properly winding down the business. They may face penalties, fines, and liens on their personal property due to improper actions.

The Financial Reality of Shutting Down a Business

Dori emphasizes that it is not easy to walk away from a company, as it can come back and haunt the owner(s). He explains that while a corporate entity is there to protect board members, investors, and founders, if certain things are not done properly, it can pierce the corporate veil, making the board and founders personally liable and potentially sued. The most common issue is wages, where an employee is owed wages and has not been paid. Companies should make sure that the proper winding up process is done to avoid loose ends and potential lawsuits from stakeholders, such as vendors, investors, state departments, and payroll departments. Dori also stresses the importance of considering investors during the shutdown process.

Payroll Providers and the Shut Down Process

A company's shutdown process involves understanding the number of employees it has and how to properly shut down them. Dori uses a typical seed stage company as an example. This type of company usually has around 15 to 20 employees at its peak, with a few founders and one more engineer or person. To properly shut down the company, it is crucial to know who is currently on payroll, whether full-time or contractors, and how many employees the company had at its peak across different states and locations. Most startups use payroll providers, but they are not good at shutting down payroll accounts. When a company shuts down, they terminate the relationship between themselves and the payroll provider, this does not mean the payroll provider has closed down all accounts in all states. To help close out all accounts and notify all states, companies should ask for the HRIS census, which provides background and history of employees. Analyzing this data helps determine who is a past employee versus an active employee. The discussion explores the issue of 1099s for companies that are about to shut down, such as those in the US. Dori explains that the ultimate goal is to close out all accounts and notify all states, as every state operates differently and how to shut down accounts for active and non-active employees, and contractors.

Technology that Automates and Scales the Shutdown Process

The goal of Dori’s company is to build a technology solution to automate and scale the process of closing out payroll departments. The company aims to be the TurboTax shutting down platform, providing a platform for companies to easily close out their payroll departments. He mentions that the company has built automations to automate various processes, such as faxes, phone calls, emails, and online forms. However, there are many AI solutions available today, such as outbound SDR and AI calls that can call in and provide basic account information. The company's goal is to develop a platform that allows companies to easily close out their payroll departments and help streamline and automate the process. Dori also talks about shutting down repeat services such as subscriptions.

Three Main Phases of a Company Shut Down

The winding down of a company involves three main phases: dissolution, wind up, and shut down. In Delaware, the first phase involves notifying the state and other entities, such as shareholders, board, and employees, about the decision to shut down the company. This involves notifying the state, preparing franchise taxes, filing the certificate of dissolution, and canceling the EIN. The second phase is the winding up phase, which involves unwinding payroll, paying out vendors, collecting invoices, and dealing with accounts receivable and payable. After the dissolution phase, the company must file a final tax return, distribute any remaining money to investors or creditors, and close out bank accounts. The third phase is the shutdown phase, which involves closing out bank accounts and sending out certificates of closure to investors and shareholders. It's important to have an export of all contracts with vendors and understand their options for cancellation. This process depends on the type of vendor and the company's capital. Dori shares information on how to deal with vendors during the shut down process.

The Legal Requirements of Data Retention

The conversation turns to the importance of data retention and the value of company data and IP. Dori talks about the importance of understanding the industry and company type, such as healthcare companies needing to keep patient records for seven years post-shutdown. Dori recommends using data custodians to store these records in a safe place, adhering to protocols and encryption levels. He also discusses the need for tokenization around the store to ensure a safe and secure process. On the IP side, Dori explains how founders can monetize their IP after the company shuts down. Delaware law states that winding down the business should maximize value for shareholders, as it is the shareholders' company. They can either acquire the IP or sell it, depending on the situation. They also support the process of repurposing IP, which can take various forms, such as acquiring a domain or selling the domain. Overall, the conversation highlights the importance of considering the legal requirements and the value of IP in the business world.

Sale of Data during a Business Shut Down

The discussion revolves around the process of closing a company, including the sale of data, intellectual property, patents, and code base. A platform called Simple Closing offers buyers to buy assets of companies shutting down, making the process as simple and streamlined as possible. Tax reporting and other tasks are prepaid by the accountant or accounting firm, but the final stage involves closing the bank account, paying off vendors, and sending out final checks to investors.The final stage involves record retention, notifying the IRS about the shutdown, and distributing funds to investors. This process is methodical and involves a waterfall calculation to determine the amount each person should receive back. This calculation is done on a pro rata basis, and after paying all taxes and closing the company, the money is wired out and distributed back to investors.

The Final Stage of a Company Shut Down

The final stage involves closing the bank account, paying off vendors, and sending out final checks to investors, record retention, payment of vendors, and distribution of funds. The final stage involves tying up loose ends and ensuring accurate distribution of funds to investors. Dori explains the process of closing a business, particularly when it comes to payroll, and the challenges faced by founders, such as filing quarterly taxes and dealing with payroll issues. He also talks about the importance of estimating the involvement and duration of founders, such as prepaying themselves with severance packages or bulk sums and why waterfall calculations must be done and how they work.

The Simple Closure Company Explained

Dori talks about Simple Closure, an online platform that helps founders and operators in the unfortunate position of wanting to shut down their firm. Their mission is not to shut down companies, but to help founders and operators have the peace of mind to move on to what's next. They believe that entrepreneurship is a community of repeat founders and businesses, and the faster they can get founders back on their feet, the more mind space they can give them to build and find their next job. He shares his company's go-to market, which includes referrals from venture-backed firms or inbounds from their website. He explains that they invest in partnerships to meet customers at the right moment in time and build trust with them. The company aims to partner with companies, firms, or entities, such as venture-backed firms, to help them navigate the process and ensure their brand reputation is built.

Timestamps:

02:49: Overview of Shutdown Process

05:42: Handling Payroll and Employee Wages

19:28: Wind-Up Phase and Vendor Management

27:36: Data and Intellectual Property Management

31:53: Final Stages and Distribution of Funds

38:44: Go-to-Market Strategy and Pricing

Link:

Company website: simpleclosure.com

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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602. Jacob Bank, Founder of Relay.app, No-code AI Agents
3 mar· Unleashed - How to Thrive as an Independent Professional
Show Notes

Jacob Bank, founder and CEO of Relay.App, talks about the rise of AI agents, a type of chatbot that can work on your behalf in the background. He explains that AI agents can perform tasks similar to junior-level employees or interns.

How AI Agents Work

An example of an AI agent working on your blog post is Chat GPT, which can automatically draft a blog post about a new recipe. The agent may ask for feedback and then publish it for you. This makes AI agents less of a thought prompt partner and more like an intern who takes on a mission on your behalf. There are two ways AI agents can take action on your behalf: making direct computer calls called API calls, or controlling your computer. API calls allow agents to make direct connections with tools like Salesforce, Calendly, Microsoft Teams, Google Calendar, and HubSpot. The second approach involves the AI controlling your computer, i.e., constantly looking at the screen and clicking buttons on it. Relay.App focuses on business productivity applications and automated calls, so it cannot log into your bank and perform actions on your behalf. However, a tool using the computer use capability would need two factor authentication and captcha.

AI Agent Interaction: Solutions and Problems

AI agents can interact with any website or tool that has an API, such as email browsers, CRM systems, and business productivity tools. There are three categories of AI agents: APIs, which perform tasks on a computer screen, AI in-built capabilities, and capabilities in reasoning. One problem AI agents need to solve is how they interact with their tools, such as reading and writing data from Salesforce, and how they can do this either via an API or by controlling the browser. Additionally, AI agents have the ability to extract information from PDFs, translate language information, turn text to speech, create videos automatically, and browse the web and do research.

Three Models of AI Agents

There are three models of AI agents to keep in mind: one class is a tool like relay.app, where the tool comes on your cloud or services, and interacts with things, while another class is a tool owned by the customer or freelancing agents. Models to consider when building AI agents: pre-built AI agents, which are commonly used in customer support tools, custom AI agents, and freelancing agents. These models are designed for specific vertical use cases and can be hosted on a platform or servers. AI agents can interact with various tools and platforms, including email marketing tools, CRM systems, and cloud-based versions of Microsoft tools. They can also perform tasks such as transcription, summary notes, and internet research.

Customer Service Agents

Customer service agents can be trained on a company's knowledge base. These agents can take various actions, such as replying to emails, triggering password reset emails, or issuing refunds. There are three main types of customer support agents: pre-built agents for specific use cases, custom built agents on easy-to-use platforms like lyndee.ai, relevance.ai, and Zapier, and engineers building their own agents using developer-focused frameworks. There are two options for building agents: one that interacts with APIs, and another that almost takes over your desktop. The fully browser-based approach is less reliable and predictable, but API-based approaches provide clearer guardrails for the agents.

Common Use Cases for Relay.App

The most common use cases for Relay.app include email handling, calendar management, customer interaction and relationship management, and marketing content creation. Email calendar management involves extracting information from emails, summarizing PDFs, forwarding them to others, drafting or applying to emails, labeling them, and archived emails. Personal productivity use cases involve managing emails, scheduling meetings, and reminding people to RSVP. Customer interaction and relationship management involves researching prospects, sending personalized emails, creating contracts, and reviewing support tickets. Marketing content creation involves creating life cycle marketing campaigns, blog posts, LinkedIn posts, and Twitter posts. These are the big three use cases for AI agents. However, there are also a wide range of businesses with different bespoke use cases, so they can build AI agents to do custom tasks.

AI Agent Meeting Prep

Jacob shares the step-by-step process to using the AI agent. The agent will help prepare for meetings by providing information about the person they are about to meet. The next step is to add a trigger, which is what happens in the outside world that causes the agent to wake up and start working on our behalf. The trigger can be based on an event in an application or on a scheduled basis. In this case, the trigger will be when an event is upcoming in Google Calendar. The agent will then be able to check if any changes in the person's calendar are made and reschedule the meeting. The AI agent will then be able to look at all the meetings that the person has tomorrow, and the time picker will show that the trigger will happen daily at 5pm.

Using AI Agents to Find Events

Jacob introduces a new step in Google Calendar that allows users to find events and filter them based on criteria. The step is set up to find all events that match the specified criteria, such as start time coming after today or before today plus two. If no events are found, the system can either notify the user or continue with the day without meetings. The next step is to use an iterator to iterate over the list of events found in the previous step. The output of one step can be used as input for the next step, as it often references previous information. In this case, the list of events is the list of events found in the previous step.

Using AI Judgement

To use AI judgement, Jacob adds a step to an AI step, selecting Custom Prompt. This prompts the AI to provide detailed instructions and insert relevant data for context. For example, if everyone has responded to a meeting, Jacob sends an email stating "looking forward to seeing you tomorrow" and if not, an email asking if the meeting still works for everyone. A path is created, which allows the user to decide whether to proceed with the AI's task. The first branch of the path is everyone replied, where the user can choose which rules determine whether to go down that path. In this case, the user selects "everybody replied," which will send an email to the list of guests, stating "looking forward to seeing you tomorrow." The email can be written manually or sent by the user.

AI Agents' Primary Target Audience

The primary target audience is non-technical individuals who have never written code or used code tools. The goal is to make the product easy for everyone to use. The company offers a partner program with automation and AI experts and agencies to help businesses set up workflows or advise on AI usage. Jacob also provides YouTube tutorials that can be helpful for creating workflows. Once people watch tutorials and follow them, they can understand the process at each step. The hope is that everyone can create their own workflows without needing a partner. However, complex business needs may require assistance.The goal is to make the product accessible to everyone, regardless of their technical skills. The company also offers a partner program with automation and AI experts to help businesses set up workflows and advise on AI usage.

Relay.App Pricing

The pricing of the tool is a standard self-serve freemium model, with subscriptions based on how much users use the product. The free tier offers 200 steps and 500 AI credits, while the first paid tier is $9 a month, which includes more steps and AI credits. The team tier starts at $59 a month for companies using it with multiple people. As users use the tool more, it needs more steps and AI reasoning. Bundles of credits are available on top of the subscriptions.The typical cost for a typical business is between $100 and $200 a month. However, if users are getting value from the product, they will pay $100 to $200 a month.

Finding Talent with Relay.App

On the Relay.App website, which features a gallery of common use cases, such as competitive research, pre-meeting dossiers, and email extracting. The app also includes a human-in-the-loop step where users can ask for help in identifying the right profile based on their information. This human-led approach can help AI agents make more informed decisions and ensure the effectiveness of their work. The app also includes a human-in-the-loop step, allowing users to identify the most suitable profile based on their information.

Timestamps:

03:12: Capabilities and Limitations of AI Agents

10:01: Interaction Models and Use Cases

14:13: Building an AI Agent: Step-by-Step

29:56: Advanced Features and Customization

31:25: Pricing and Availability

33:33: LinkedIn Profile Finder Use Case

38:02: Conclusion and Resources

Link:

Company website: https://www.relay.app/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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601. Nikola Lazarov, Co-Founder & CEO at Eilla AI
24 fev· Unleashed - How to Thrive as an Independent Professional
Nikola Lazarov is the co-founder and CEO of Eilla AI, a tool that provides AI workers for private market intelligence. Nikola is an AI engineer who started his career at a London-based hedge fund, Marble Bar Asset Management, where he worked as a quant. He realized the value of AI in structuring unstructured data for private companies and decided to start a company almost three years ago.

What Eilla AI Does

While Nikola mentions that their target clients are investors and investment bankers, Eilla AI's tool does various tasks, such as finding competitors, analyzing their USP, target market, and financials. It also offers a solution for finding comparable transactions and conducting valuation reports. By searching for similar companies, it can determine their multiples, revenues, and valuations. The tool collects data from various data providers, including CrunchBase Zero and PitchBook, and scrapes it on its own. One of the most exciting solutions offered by Eilla AI is finding comparable transactions and doing valuation reports. This involves finding similar companies, analyzing their financials, average multiples, and what is driving these valuations. The tool automatically gathers and compares the data, providing valuable insights for startups, investors, and investment bankers.

How Eilla AI Works

The conversation turns to how it works. Nikola talks through using the software and explains the visuals on the screen, which includes tabs such as company, profile, competitor, research, buyer, selection, investment highlights, key questions, risks and mitigates, and a one-pager. The company profile page provides a consolidated set of information about the company, including its headquarters location, number of employees, founding status, total raised, and last transaction. The company description, industry, problem solved, key team members, funding, product, clients, business model, digital intelligence, and news are all included. The platform is similar to CrunchBase and other data aggregators, but it aggregates data from various sources, such as LinkedIn, their website, CrunchBase, and Capita. The platform also offers footnotes for each piece of data, allowing users to hover over it to see the source of the information. The platform also provides information on the website traffic, such as the source and the number of followers.

Aggregating Data from Various Sources

Nikola explains how the tool works using competitor research as the example to find the closest competitors to Pay Hawk. He explains that this process saves time and helps save time by aggregating data. However, what differentiates Eilla AI is what happens on top of this aggregated data. It uses a proprietary database of in-depth product information to gather information from over 7 million companies, ranking them based on funding, cat count, and other factors. AI is used to determine the number of competitors and similar companies.

A Vertical View of Information

Users can select a few companies to dive deeper into, and a vertical view allows for a comparison table. The table includes company name type, description, product description, headquarters location, team, year of founding, last round of funding, status, ownership status, detailed offering, unique selling proposition, and target market. The information is organized in a way that would take weeks to pull together. Users can use the vertical view to see the companies side by side. The platform also includes green dots on product descriptions to indicate high similarity and source information. This tool is unique in that it not only provides data but also replicates the workflow of competitor research. It offers insights such as a SWOT analysis on the strengths, weaknesses, opportunities, and threats of Pay Hawk versus its competitors.

Product and Services

The platform also includes a Products and Services tab with bullet points around PayHawk versus its competitors. Each product has a footnote where users can click to see the sources and scroll down to understand the differences between the two companies. Nikola also mentions the upcoming release of Cap IQ Financial, which includes important information like revenue, beta, valuation, and financials. The buyer selection tab is particularly interesting, as it shows all similar companies to Payco, including acquisitions and mergers. These companies are split into potential strategic buyers, competitors, and financial buyers. The tool also highlights the similarities between Pay Hawk and other companies, such as Visma and Instant, a platform that automates control for secure payments and trustworthy suppliers. The platform also assesses the financial capabilities of the company to buy companies like Pay Hawk.

Eilla AI Features Eilla AI

Nikola explains that the platform aims to replicate the workflow of investors and investment bankers by breaking down complex workflows into simpler steps. This is done by breaking down data from various sources, such as data providers, CRMs, emails, and nodes. The goal is to provide a comprehensive overview of the company's funding, team, head count, product, services, USP, and detailed offering. The platform also offers a one-pager, which can be easily downloaded and viewed as a PDF. This information provides a detailed overview of the company's funding, team, head count, product, and services, as well as its unique selling points. The platform also provides a free seven-day trial for potential customers, such as corporate executives or business consultants looking for acquisitions.

Eilla AI Pricing Schedule

The pricing schedule is based on the number of requests per user and the amount of time spent on due diligence. For larger companies, the standard price is $98 per month per seat, while for smaller companies, it is $300 per month per user. The platform also offers a free seven-day trial for those interested in trying out the product without the need for sales meetings.

Timestamps:

02:38: Overview of Eilla AI’s Services

04:46: Demonstration of Eilla AI’s Capabilities

09:50: Competitor Research and Insights

16:08: Buyer Selection and Investment Highlights

20:18: Key Questions and Risks Mitigation

22:09: Customer Base and Pricing

24:50: Conclusion and Next Steps

Links:

https://Eilla.ai

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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600. Jeff Sinclair, The History of the Operations Practice at McKinsey
17 fev· Unleashed - How to Thrive as an Independent Professional
Jeff Sinclair, a senior global leader at McKinsey, discusses the history of operations at the firm. The firm was initially known as a strategy firm and did some organization and marketing work. However, in the 1980s, clients began to draw more attention to operations, particularly in the automotive industry in Europe and North America. Operations became a strategic function for automotive OEMs and part suppliers, as they needed to serve their customers with high quality, cost-effective, and operationally effective services.

Operations Practice at McKinsey

When Jeff joined the firm in 1981, there were about 500 people in the firm. Today, it is estimated that there are 40,000 people worldwide. The firm started building its operations capability in the 80s by recruiting people with specific functional expertise, particularly in manufacturing. They started hiring people from Toyota Supplier Support Center, and creating a well-defined career path within the firm, which is the specialist path or expert path. The operations practice was at the leading edge of other functional practices, such as marketing, market research, and organization. However, the firm had to create new career paths, which led to many iterations of the expert path. The firm had to continuously improve how it recognized and understood their contributions beyond the traditional generalist path.

Bureaucratic Maneuvering in Creating a Career Path

Jeff discusses the transition from a strong culture to multiple career paths within McKinsey. He explains that this change took about 18 years and was driven by the firm's strong culture and the willingness of senior partners in positions of power to help navigate the new path. As employees advanced in the firm, they had to develop relationships with senior executives, which led to ongoing opportunities to serve them. This made it difficult for experts to fit in and develop new service lines and ways of thinking about problem-solving. The firm struggled to recognize the contribution of subject matter expertise to their ability to serve clients and give them credit for developing new service lines and ways of helping clients execute more effectively. Experts were used on projects in a mixture of subject matter expertise, consulting director roles, and full-time execution people.

The Evolution of Consultants at McKinsey

The firm gave some of the personnel role responsibility to the functional practices themselves, hiring lean manufacturing or supply chain experts into the practice. They would take over the personnel development role, evaluation of performance, counseling, and coaching on how to evolve these new career paths. Over time, the firm recognized the high value added contribution of functional practices and expanded its service to clients. While there is still a tension between generalist and specialist paths within McKinsey today, it has improved significantly. Bob Sternfels, the managing director of the firm, was a functional practice leader who recognized the level of contribution of functional practices and grew the career path within the firm.

McKinsey’s Expansion into other Industries

The firm's operations practice evolved from a dominant career path of the generalist partner to a more diverse range of ways of delivering value for clients. The firm initially faced resistance from some office leaders who believed that the new approach would lead to professional suicide. However, over time, the firm embraced the idea of having multiple functional practices, including the operations practice. In the 90s, McKinsey expanded its service to healthcare providers, which led to the growth of the operations practice. This led to the development of Lean principles, such as the Toyota Production System, which were applied in various industries, such as healthcare, consumer goods, and banking. These principles allowed the firm to create real value in areas where people didn't expect it. One example of this transformation is the expansion of the healthcare practice into other industries, such as consumer goods and banking. This allowed the firm to draw in functional expertise from other industries, such as manufacturing and supply chain management, which allowed them to create real value in these areas.

The McKinsey Impact

Jeff talks about the impact of McKinsey's operations practice on various industries in America. McKinsey has contributed to changes in healthcare operating theaters and hospitals, and even hospitals that didn't work with McKinsey may have learned from their projects. Jeff emphasizes the importance of a partnership within the firm, as it takes many people to make things happen. He believes that McKinsey's strengths lie in its ability to nurture the capability to grow and work with industry practices to deliver functional capabilities to clients.

The McKinsey Framework

The firm organized itself to develop partnerships with industry practices and work in the wholesale fashion, and working in the retail side of the firm for example. They continuously invested in new knowledge, both bringing in established knowledge and developing their own. They also worked on career paths and managed practices and enterprise, creating a four-part framework of client knowledge, people, and infrastructure to build a practice. This framework was explicitly managed through the 90s and 2000s to create functional practices as legitimate entities in parallel with offices and industry practices, ensuring co-equalization between industry practice and functional practice.

Building Manufacturing Capability

Jeff shares his experiences with building manufacturing capability in a company. He partnered with Felix Brooke to understand and codify the technical, management, and people leadership systems that drive performance transformation. This expanded to include processes in healthcare and banking. Jeff also discusses the importance of understanding the current state of operational capability in an organization and applying Lean thinking at the overall organizational culture and capability building level. Jeff also emphasizes the need to invest in understanding how to design the operating and management systems, train people, build capability, and use pilot projects to demonstrate their effectiveness.

Investment in Knowledge Project Work

The conversation turns to the firm's investment in knowledge project work, which includes research and application engineering. McKinsey excels at translating various theories into service delivery capability service lines for clients. The firm invests a significant amount every year, spending more than the top five business schools combined on research and development of new service lines. They sponsor projects across multiple functional practices, including operations practice, to take their current knowledge to the next level and serve clients more effectively.

Capability Building and Transformation

McKinsey has developed a network of model factories around the world for capability building and transformation in manufacturing operations. The model factories are physical locations where McKinsey teams can bring client people in and train them in a simulated environment. The firm recognized that training for capability building in many organizations was weak. They formed teams around the world to identify the modules that people need to learn, such as lean principles, rapid change over stamping operations, pull scheduling, and the Kanban methodology. They codified and made tangible the processes. Over time, they accumulated multiple projects and started building knowledge outside of the manufacturing operation. To provide client training, the firm built multiple factories around the world. The first model factory was started in Germany. These small model factories were 15 to 20,000 square feet with real operations within them. These models helped with client training. The model factories were designed to provide a realistic experience for clients and to help clients learn and adapt to the changing needs of their operations.

On Building a Practice

Jeff helped launch a practice that focused on understanding customer value and defining functional specifications. This practice, which involves working with companies to define customer value, translates these requirements into functional specifications, which then translates into technical specifications that translates into the work that is being done. The practice evolved from helping clients drive growth in a market with potential opportunities. Jeff learned how to do this by working with people who knew how to do things like functional discovery and functional specification development. This led to the development of various product development programs, including consumer products, high tech, and healthcare. The practice began in traditional industries like automotive, industrial, and electronics but expanded to areas like consumer products, high tech, and healthcare.

Product Development Practice

In the product development practice, some classic project types include product platforming, product development roadmaps, and product teardown projects. These projects help identify market applicability, customer needs, and the platform that needs to be put in place to have a range of product capability. By understanding how to think about the platform from both a hardware and software point of view, the product development roadmap can be managed to get products to market faster, with each product being cheaper to produce and having a competitive price point. Jeff shares one example of a project that was involved in a major acquisition included doing a product platforming strategy and a product development roadmap. This helped identify the range of market applicability, customer needs, and the platform that needs to be put in place to maximize the amount of commonality across the product line. By understanding how to think about the platform from both a hardware and software point of view, the product development roadmap could be managed in a way that got the product to market faster. Jeff also talks about reverse engineering.

Current Positions and Interests

Jeff has been teaching at the University of Michigan, focusing on business and customer discovery. He teaches engineers that their designs need to be able to meet customer needs and be willing to pay for them. He also works with undergraduates in a consulting class at the business school, helping them develop turnaround strategies for companies in the avionics business. Jeff is an adjunct faculty member and has been doing this for about a dozen years. He is also involved in a startup consulting effort with his son, who worked for a small boutique firm called Magnet, which focuses on serving smaller companies, and he is an investor in various small, private equity owned and startup companies.

Timestamps:

03:39: Building Operations Capability in the 1980s

07:45: Challenges in Creating Career Paths for Experts

09:55: Role of Experts in Projects

12:10: Evolution of Career Paths in the 1990s

17:10: Impact of Operations Practice on Industry Practices

31:36: Knowledge Initiatives and Model Factories

36:31: Product Development Practice

43:34: Reverse Engineering Projects

Links:

Company website: https://shorewaypartners.com/

LinkedIn: https://www.linkedin.com/in/jeff-sinclair-87a7392b/

Michigan Ross: https://michiganross.umich.edu/faculty-research/faculty/jeff-sinclair

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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599. Anne-Laure Le Cunff, Author of Tiny Experiments: How to Live Freely in a Goal-Obsessed World
10 fev· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Anne-Laure Le Cunff, author of Tiny Experiments and founder of Ness Labs, shares her approach to understanding her own life and why she does things the way she does. Anne-Laure explains that self anthropology is a powerful tool for problem-solvers and doers to understand their own lives and prioritize their priorities. By embracing uncertainty and turning it into curiosity, individuals can overcome procrastination and achieve more in their lives. She emphasizes the importance of self-anthropology in helping people become anthropologists of their own lives by observing themselves throughout their daily lives and asking themselves why they are doing things the way they do. This allows them to understand what is happening right now before planning for the future.

Overcoming Procrastination with Curiosity

One example of how self-anthropology can be applied to procrastination is by focusing on the problem with curiosity rather than trying to beat it. Procrastination is often seen as a signal from the brain and body that something is not working for you right now. By approaching procrastination from a place of curiosity, individuals can learn useful things from it. By identifying the problem, learning more about it, addressing it constructively, and seeking mentorship, coaching, and the right tools, individuals can design tasks in a more fun and enjoyable way. This approach allows individuals to move forward and get unstuck from the pressure to beat the problem. Anne-Laure explains that self-anthropology is a powerful tool for problem-solvers and doers to understand their own lives and prioritize their priorities. By embracing uncertainty and turning it into curiosity, individuals can overcome procrastination and achieve more in their lives.

A Framework for Overcoming Procrastination

The conversation turns to the effectiveness of a framework that treats procrastination with empathy, and overcoming procrastination by asking questions and experimenting with different approaches. This approach can be applied to various challenges, such as managing anger, managing health, and examining patterns in emotions and anxiety. Journaling is a great tool for reflecting on experiences and understanding the root causes of issues. Journaling is a mindfulness practice that allows for non-judgmental observation and self-anthropology. By taking notes about thoughts, emotions, and behavioral patterns, one can ask questions about why they happen, what could be different, and what new approaches or ideas could be explored. Regular reviews of journal entries can help identify patterns and changes in one's life, which can help in dealing with challenges in the present moment and providing material for future reflection.

Tiny Experiments and Atomic Habits

Anne-Laure discusses the concept of making PACTs and how they can be used in conjunction with habits. PACT stands for Purposeful, Actionable, Continuous, and Trackable and they work well with habits. Atomic habits involve building habits by making tiny experiments with specific durations and outcomes. A tiny experiment is a type of PACT that involves choosing one action and a specific duration to collect data. The main difference between a tiny experiment and an atomic habit is that the experimenter withholds judgment until the data is collected, allowing them to decide if the habit is beneficial or not. The main difference between a tiny experiment and an atomic habit is that the experimenter withholds judgment until the data is collected. This allows them to determine if the habit is beneficial and if it is something they want to continue with in the future. Anne-Laure also discusses the importance of reflection in small experiments, as it helps individuals identify what they enjoy and what they should continue with. Anne-Laure suggests aligning the data with the measures of success at the end. She suggests tracking internal and external signals, such as mood, heart rate variability, stress, or sleep score, and collecting quantitative data through journaling.

The Power of Learning in Public

Anne-Laure also emphasizes the importance of learning in public, such as announcing the experiment to others and building accountability. This can be done through social media, WhatsApp groups, or even with a few friends, or even just one accountability factor. She stresses remembering that dips in motivation are also important signals. If you notice procrastination or dreading, you can observe those responses and behaviors and try different things the next day. She explains how to keep going, noting any days where you missed it, and then trying something different the day after. If you find yourself bored or unable to stick with the experiment, you can either pause it and go back to designing a different version or consider that you have collected all the necessary data for one version. Additionally, success for an experiment is learned even if it is discarded, as it has allowed you to learn that it is not a direction you want to follow.

Greek Concepts of Time and a Shift in Perception

Anne-Laure Le Cunff discusses ancient Greek concepts of time, Chronos and Kairos. Chronos is the quantitative approach to time, where every minute is an identical box that needs to be filled efficiently. Kairos, on the other hand, is a qualitative approach that recognizes that time is elastic and each moment is unique and has a special quality. This approach is crucial in decision-making in daily life and work, as it embraces losing a sense of quantitative time, allowing deeper flow in projects. Anne-Laure goes on to talk about generativity, which is about focusing on the impact one can have today on others, rather than building something that will be forgotten after one or two generations. This approach aligns with an experimental mindset, as it allows for better understanding of what works and what doesn't, and allows for adjustments to be made in the present moment. She mentions her PhD research in ADHD and how it inspired her to adopt an experimental mindset and scientific method. She learned that success is not about getting to a specific destination but about learning something new. By applying this approach to her daily life and work, she noticed more progress without clinging to linear goals.

A Community for Curious Individuals

Ness Labs is an online community created by Anne-Laure. The community initially started as a newsletter, where she would translate concepts into practical applications for daily life. However, during the pandemic, people felt lonely and missed the opportunity to connect with others. Anne-Laure decided to create an online community for curious individuals who enjoyed discussing topics in her newsletter. The community allows anyone to host workshops, especially those still in the process of learning, and run Tiny Experiments together. During the pandemic, the community hosted events on various topics, such as meditation, creative collages, mental health, psychosis, psychedelics, and philosophical movements. The community also offered co-working sessions, guided creative exercises, and small experiments. Participants could create a log in the community, taking notes based on their experiments, and receive support from the community. The format includes a mix of Pomodoro sessions, intentions, and conversation, with participants sharing their progress and resources related to their projects. Anne-Laure shares a few examples of sessions and Tiny Experiments within the community and how she chose the design of the cover for her book

Timestamps:

03:30: Explaining Self-Anthropology

05:40: Addressing Procrastination with Curiosity

10:38: Implementing Self-Anthropology in Journaling

13:49: Introduction to PACTs (Productive and Curious Trials)

14:04: Collecting Data and Building Discipline for PACTs

23:38: Time Shift from Chronos to Kairos

26:29: Focusing on Generativity Over Legacy

29:46: Influence of Academic Studies on the Book

31:33: Introduction to Nest Labs

36:22: Examples of Community Activities and Personal Experiments

Links:

Book: TinyExperiments.org

Ness Labs website: https://nesslabs.com/

Anne-Laure Le Cunff website: https://anne-laure.net/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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598. Harsh Sahai, AI-powered Due Diligence
3 fev· Unleashed - How to Thrive as an Independent Professional
Show Notes:

In this episode of Unleashed, Will Bachman interviews Harsh Sahai, CEO and co-founder of Bridgetown Research, a company that has built an AI tool and he talks about it in this episode. Harsh previously worked at McKinsey, where he focused on commercial due diligence. He also ran a machine learning lab at Amazon, where they researched sequential decision-making algorithms.

AI Pricing Algorithms and Convex Optimization

Harsh talks about his work at Amazon where main use cases were pricing products, as people tend to remember old prices and make decisions based on what they remember. For example, planning the sequence in which to launch products or introducing new shows on Prime Video could be done in a multi-step planning process. Harsh talks about his background in convex optimization, which is a mathematical model that can be used to represent various outcomes. Convex optimization is often used to model price versus volume, and it helps in making more sequential decisions for more than just pricing.

Bridgetown Research Explained

On founding Bridgetown Research, many of Harsh’s former colleagues joined him in the mission to build tools for the consulting industry and more. Bridgetown Research developed a platform that automates data collection and analysis, allowing them to curate these analyses and deliver value to clients. The firm developed software products that can conduct interviews at scale at a fraction of the cost, run 300 common analyses, evaluate approximately 10 decisions, and work alongside clients to build interactive documents. The firm primarily serves investors in the software industry, similar to McKinsey due diligence.

Automating Consulting Groundwork

They use AI agents to conduct interviews, breaking down high-level questions into sub-questions that can be answered by the AI agents. The agents then map the best sources of data for each analyze, such as Gartner or Forrester, and compile secondary research. The AI agents are integrated with a few expert networks, which they recruit on the company’s behalf. They have a fully adaptive conversation, similar to a consultant's conversation, and then parse out the analysis to answer the main questions. The cost of these interviews is lower than a normal human-to-human interview because they can do it on their own schedule. Harsh also discusses the benefits of owning a research platform for consultants. They have researched this topic extensively and have 1000 interview transcripts of both people who hired a consultant and like consultants. The platform offers voice-based conversations, text prompts, and interactive screens for additional context.

Using AI Agents in Surveys

The AI agent in the discussion is similar to a traditional survey, but it allows users to answer questions directly on their screen. It can also embed multiple choice or ranked sorting questions, and can follow a different chain of questioning depending on the user's response. The agent constructs a hypothesis based on secondary research and uses adaptive questions to collect enough data to either prove or disprove these hypotheses. If it disproves the hypotheses, it goes back and looks at all transcripts to come up with new hypotheses and start collecting more data. One of the reasons for the cost efficiency is that, unlike regular surveys, the AI agent doesn't ask the exact same questions, reducing the length by about 20 to 25% once statistical conviction is reached. This flexibility allows for discounts from the person taking the interview, as it's extremely convenient for them.

Examples of AI Agent’s Responsiveness

The agent's responsiveness works by comparing the user's responses to previous answers, such as asking about the main reasons they chose a particular software versus another. The agent then moves on to the next question based on the user's response. Harsh offers a few examples and verifies that the agents have received positive feedback from experts who are willing to interact with the voice agent, but they also interviewed people with slightly different profiles than consultants at McKinsey.

More Information about the AI Tool

The AI tool used in this discussion is a work in progress that aims to provide insights into competitor archetypes and their strategies. It is designed to be more efficient than traditional human interviews, as it can gather data from mid-tenure professionals and frontline users closer to the business operations. This approach allows for a more comprehensive understanding of the business, reducing the need for frequent human interviews. The tool is fully scalable, allowing for 100 interviews in three days, which is the time it takes to recruit individuals rather than the time it takes to interview them. This allows for the creation of compelling projects within a week. Before the interview phase, the AI tool asks a set of questions and breaks them down into sub hypotheses. The tool then constructs sub questions to explain various factors, such as margins, go-to-market channel, and strategy. The tool is capable of explaining up to 200 different factors, making it a versatile tool for analyzing competitor archetypes. It can also provide examples of how to segment competitors and investigate their cost. The tool's output includes eight hypotheses, which can be investigated through secondary research or questionnaires.

Examples of the Tool at Work

The AI tool is largely a work in progress, with multiple steps taken to chase each hypotheses down. The team is working on improving the UI and UX to make the process more tractable. Harsh explains that the sentiment analysis workflow involves a series of custom trained machine learning models that perform various tasks to produce a final output. He gives the example of an agent searching Reddit posts, determining if they are positive, negative, or neutral, and extracting themes from positive quotes. The main model categorizes comments as positive or negative, extracts themes, and summarizes codes by themes. Harsh explains that there can be around 300 analyzes executed by a permutation of 40 fundamental tasks. Another example is analyzing the average case buying process, deviations from the buying process, and key factors considered in decision-making stages. The standard KPC analysis on the platform includes two fine-tuned models: one extracting mentions of keeper Chase criteria across the transcript, and other clustering words to represent different meanings. The third component counts the number of mentions by category, which is the relative importance metric for each key purchase criteria.

Research Completed Before the Interview Stage

The secondary research that the platform performs before the interview stage, such as creating lists of competitors, acquisitions, customers, and suppliers. The platform triggers secondary research by identifying areas of interest and providing cues to help users interact more smartly. For example, when creating a new interview, the platform can identify main competitor types and determine reliable domains for secondary analysis. The tool can create personas of people to chat with, based on their background, geography, work experience, roles, and competitor employees. The platform then generates an interview guide for each segment, which includes text, background checkpoints, and a series of questions for the interviewee to answer. Users can edit these questions or add more options. The platform also provides a multiple choice option for users to choose from blank solution providers. The platform also offers an estimate of how long it would take for the person to fill out the survey, allowing users to save time and edit questions. The platform then prepares a granular set of hypotheses for each question, breaking them down and collecting data to either prove or disprove them. This process is similar to machine learning, where the information provided by the respondent validates or invalidates the hypotheses.

The Future of AI Tools and Human Consultants

Harsh shows a more manual flow where users can have full control over each step and explains how it works. The role of human consultants in the future is becoming increasingly important as AI tools become more prevalent. Three main factors drive clients' assessments of a consultant's contribution: experience, expertise, authority, credibility, and connections across the organization. These factors are fundamentally human and hard to replace. The tasks of early and mid-term consultants will shift from writing interview guides or conducting interviews to using AI tools or competitors. They will need to master these tools and learn how to review, approve, or edit the interview guide, synthesize the results, and make judgments about the quality of the results.

Bridgetown Research and the AI Tool

The main business for the tool is providing customized versions of the tool to clients, catering to their specific analysis needs. However, there is a long wait list for users of the common platform, and one of the goals for 2025 is to onboard small to mid-sized consulting firms to use the product hosted by the firm without modification and see if they like it. Private equity investors are using Bridgetown Research's tool to conduct their own research, generating results directly without hiring consultants. The tool is cost-effective and provides a 60-70% answer without much effort. Investors typically hire consulting firms when they have a high degree of conviction to invest, but they are now using the platform for any deal they come across. The marginal cost is practically zero, making it a rational choice to use the platform for early stages of the deal pipeline. The platform is also available for use with investment professionals, consultants, and other professional services.

Timestamps:

04:17: Explanation of Convex Optimization

06:53: Overview of Bridgetown Research's Platform

09:06: Details of AI Interview Process

13:59: Examples of AI Interview Questions and Responses

19:51: Feedback and Adoption of AI Interviews

23:22: Secondary Research and Hypothesis Generation

28:08: Examples of AI-Generated Analyzes

40:26: Customization and Integration with Client Data

Links:

Website: https://www.bridgetownresearch.org/

LinkedIn: https://www.linkedin.com/company/bridgetownresearch/?originalSubdomain=ca

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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597. Jim Ettamarna, A Framework for Commercial Excellence
27 jan· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Jim Ettamarna, a renowned expert in commercial excellence, defines it as incorporating commercial efficacy and efficiency. He believes that there are two key branches to drive down in this area, and it holds tremendous potential for clients and organizations. Jim's framework for commercial excellence is value creation, which involves understanding market demand, go-to- market models, market growth, and demand trends with a focus on each specific industry.

A Six Sigma Lean Framework

Jim uses a lean framework, starting with Six Sigma, to standardize the right work and ensure associates and employees are conducting the right activities and behaviors. He also emphasizes the importance of systems in psychology in commercial results, as it helps design standardized systems for onboarding talent, enhancing team engagement, and engaging with customers. In sales, motivation is crucial, and the human element of having a team is essential. However, dealing with complex buying processes can be challenging, so it is essential to tune processes and approaches to the specific needs of the customers.

A Go-to-market Model

The go-to-market model is a linkage between strategy and execution and commercial excellence. It should be tuned for the company's strategy and the strategic context. For example, a $300 million middle market private equity-backed company serving the Durable Medical Equipment market that sold to 5,000 independent organizations and specialty retailers. The company had to strategically think through market growth, accounts to capture, and the buying cycle for customers. To drive efficiency and effectiveness, the company had a set of building blocks, including an online component, independent sales reps, an inside sales team, and specialty sales people. The strategy piece involved determining what would drive value, growth, renewals, base volumes, and pricing. The go-to-market model was designed around these building blocks, and commercial excellence was driven by optimizing these aspects.

Components of Commercial Excellence

Jim discusses the importance of breaking down commercial excellence into various components, including channels, sales operations, content, and management systems. He emphasizes the need for segmentation at the top level to understand what will drive value and optimize the go-to-market model for the business. Within this model, he suggests ways to optimize each element, such as sales enablement, which includes training, scripts, and engagement strategies. He also emphasizes the importance of benchmarking and understanding the nuances of sales teams. He shares an example of a furniture retailer where he worked with 2500 full-time employees and 1000 part-time employees. The performance of the company was analyzed using Pareto curves, but some outliers were more successful than averages. To replicate these outliers, he spent time in the field with the best sellers and identified their backgrounds and profiles. He also highlights the importance of identifying B+ and A minus players and setting them as standards. The A plus players are often unique individuals that can be difficult to replicate, but they can still learn from them. Segmentation is crucial in understanding customer nuances.

Value Mapping and Needs-based Segmentation

In the past, value mapping and needs-based segmentation were crucial for designing sales teams and engaging with customers. This was particularly important when selling software into hospital systems, where hospitals may make localized decisions or have a system or GPO that drives these decisions. The CIO or clinical or nursing professional may specify the solution, and the CIO and finance will negotiate it. Jim cites a case where a big client involved segmenting the market and designing selling approaches based on how customers operated and how they bought. This involved investing in customer success research, conducting field interviews, and conducting surveys to understand their usage of the product. The consultant rolled out five archetypes and profiles for four segments, which were then rolled into product development and product teams. Different teams focused on different segments, such as geographic, size, SMB, or enterprise, and focusing on needs-based and purchasing behavior-based segmentation. The go-to-market model was designed around these archetypes, with territory design considering geographic, size, SMB, or enterprise boundaries. There is no right or wrong answer to this, but it is essential to consider these factors when designing the go-to-market model. This approach helps to understand the value in use and what drives value for customers.

Diagnostics and Metrics

The conversation turns to commercial excellence in organizations, particularly in B2B industrial or SaaS sectors. Jim emphasizes the need for a diagnostic assessment to understand opportunities and challenges. A diagnostic should focus on input and output metrics, such as sales reps' success, territories, and numbers. He suggests that data from sales operations and rev ops can be used to conduct quick diagnostics. Additionally, examining spreads and distributions to identify right spots and dark spots, which are indicators of opportunities and challenges. For example, he could work with a labeling client and identify bright spots where individuals were selling unique markets and promoting innovative products. These best practices could be disseminated among the team. A diagnostic should involve analytics, cost, interviews with sales people, and customer visits to gather customer feedback. The goal is to identify three to five things that can be done to achieve commercial excellence. Jim also offers tips on how to work with the sales department.

The Role of a Sales Playbook in Commercial Excellence

Jim talks about the importance of rolling out a sales playbook and its role in commercial excellence. He shares an example of a software company that he helped develop a sales playbook for, which focused on making standard work and minimizing waste. The company had three different sales processes, and they trained employees on territory management, account management, and prospecting. They created a set of 10 difference makers based on actual activities performed by the best people, which were rolled out in a fun, gamified way to encourage adoption and recognition. Some of the key difference markers included prospecting, owning territory, and using Salesforce to drive compliance.

Metrics to Monitor in Sales

Jim mentions the importance of having the right input and output metrics, such as the number of meaningful meetings and demonstrations per week, to ensure the right outbound results. By tracking these metrics, the sales team can make necessary adjustments to improve their performance and drive more profitable deals. To drive results in sales, Jim highlights metrics such as deal size, velocity, win rates, attachment, cross, sell, and upsell. He also emphasizes the importance of driving customer success and retention. He mentions that, in one case, key initiatives were displayed at the office, allowing for a competitive dynamic. The metrics were then distilled down to the board, with some metrics for frontline commercial team members and others for the board pack. The goal was to turn the dial on sales enablement, resulting in better win rates and accelerated funnel velocity. Jim also highlights the importance of gamification, making it fun, and rewards to encourage employees to work harder and drive competitive juices.

Timestamps:

01:32: Value Creation Framework

04:18: Go-to-Market Model

07:24: Tangible Elements of Commercial Excellence

11:10: Segmentation and Customer Nuances

14:18: Practical Segmentation Approach

18:18: Diagnostic Approach to Commercial Excellence

24:04: Sales Playbook and Metrics

29:50: Customer Success and Competitive Dynamics

Links:

Company website: https://www.suttongrowth.com/

LinkedIn: https://linkedin.com/in/jimettamarna

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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596. Bart Sayer, Looking Beyond the Mirror: The Business and Science of Beauty.
20 jan· Unleashed - How to Thrive as an Independent Professional
Show Notes:

In this episode of Unleashed, Will Bachman interviews Bart Sayer, an expert on the beauty industry. Bart worked for nine years at the Estée Lauder Companies, most recently as the International General Manager for one of its largest brands, Clinique, managing the $1B P&L. Previously, Bart was a partner at Booz & Company (now Strategy&, part of PwC), focused on strategy and commercial transformation in the Consumer & Retail sectors. The conversation focuses on understanding the structure of the beauty market and the main drivers of value creation.

The Beauty Industry Explained

Bart explains that the beauty industry is divided into four main categories: skincare, makeup, hair, care, and body. The market is divided into luxury and mass segments, with luxury beauty expected to grow between six and 8% in the foreseeable future. Taking the example of the United States, mass brands are more likely to be found in drugstores, such as Walgreens and CVs. Premium brands are more available in department stores or specialty multi, such as Sephora and Ulta, and a third channel being direct to consumer. At Estee Lauder they believed that distribution defines your equity, so prestige brands are careful about where they appear, hence the careful consideration and strict conditions associated with entering a channel like Amazon. Looking beyond the NA market, Travel Retail has been an important growth vehicle for luxury beauty brands over the past decade, though this growth has tempered in the past few years. Future growth of the beauty industry will remain defined by its two largest markets, the United States and China, while up-and-coming middle market countries will also represent attractive opportunities (e.g., India, Mexico, Brazil).

Manufacturing, Testing and Ingredients

The ingredients in mass and prestige products can differ in terms of the scarcity or rarity of the actives, including use of proprietary ingredients and formulations. Formulation philosophies vary widely across different entities. Many brands, for example, put extra protections in place to ensure product safety for sensitive skin and/or to conduct rigorous allergy testing. Bart discusses the importance of clinical testing in product and research development, highlighting that it is a high barrier to entry for indie brands. He also discusses the evolution of more nimble production models, including the prevalence of contract manufacturers that can manufacture the latest ingredients and bespoke formulations in quicker and more cost-effective ways than many of the brands themselves. This approach is not binary, as L'Oreal has over 40 different manufacturing facilities worldwide. Before leaving the manufacturing discussion, Bart quickly hit upon another topic, that of the evolution to more earned media-led marketing models, whereby companies seize organic market buzz before amplifying these messages with paid media.

Local vs. Global Adaptation

The concept of local versus global adaptation is crucial in the beauty industry. Brands must find a locally relevant articulation of their brand essence. Large media companies often have global ambassadors who can speak for the brand, but if a local face is not available, the brand may not get the traction needed. To succeed, brands must be more reactive to local market trends, deploying local influencers, tailored messaging and selecting locally relevant forums for generating PR, both online and offline.

Indie and Newer Brands

The conversation turned to the shift towards indie and newer brands in the beauty retail industry. The reasons behind the growth of the indies include lower barriers to entry on social media channels, an agile marketing model, the wide availability of contract manufacturers, and channel partners like Sephora that are focused on curating exclusive collections of the next “it” beauty brands. Often for these indie brands, the problem is not the launch itself (recruitment), but the stickiness (retention). Many of these companies struggle with repeat purchases, which are the key to success.

Sales and Distribution in the Beauty Industry

Bart discussed several high growth channels, including Sephora, a leading premium beauty retailer owned by the LVMH group, travel retailer and beauty e-tailers such as Zalando and Notino. Traditional points of distribution, such as department stores and perfumeries, have seen slower growth, especially in the West (and far less so in the East). Whatever the channel, the importance of constructing good “self-navigating experience” for prestige consumers is key. Across many of these newer retailers, clean beauty is a key theme, as is green and sustainable, free of parabens, sulfates, certain ingredients and fragrances. This raises the bar for brands to prove their bona fides in terms of ingredient publishing and sourcing. The conversation then pivoted to challenges in the supply chain, including shelf life of products (especially for consumers in the East) and SKU proliferation.

Demand Forecasting

Robust demand forecasting is crucial for brands to succeed to avoid out-of-stock situations and, conversely, the proliferation of excess. This can be particularly problematic when trying to create buzz and excitement with limited edition collections such as those sold over the holidays. Given profit, brand equity and sustainability concerns, rands have increasingly tried to err on the side of caution in their forecasts (FOMO). SKU periphery proliferation is another issue that brands are constantly fighting, seeking a balance between getting new out there while staying consistent and building out their portfolio.

Store Design and Staffing Models

In department stores, cosmetics brands often have significant control over the design of their stores, including all signage, key visuals and other elements of visual merchandising (e.g., gondola design, planogram setup). Done correctly, these can be huge differentiators. Unsurprisingly, prestige beauty brands have armies of store design, visual merchandising and staff (beauty advisor) education teams. Cost sharing with retail partners – CAPEX, staffing, promo – vary by channel and partner, thus representing a critical point in commercial negotiations (along with other topics like trade margin).

The Lucrative Nature of the Beauty Industry

The cosmetics industry is a highly lucrative business with operating profits ranging from 10 to 25%. Gross margins can be 65% or more, depending on the brand and the type of product. Highest gross margin categories include skincare and luxury fragrances. However, there is no room for complacency, with many waging a constant war to lower the cost of goods through a combination of gross to net improvements, price increases, mix optimization, promo efficiencies and, of course, manufacturing savings. A hero-product focus is needed to get scale, thus providing ballast for marketing investments. Premiumization trade trends are continuing across categories and subcategories, with no sign of these trends abating.

Timestamps:

03:30: Structure of the Cosmetics Industry and Market Segments

05:26: Specialty Channels and Distribution Strategies

07:58: Differences Between Mass and Prestige Brands

10:06: Analyzing the Cosmetics Industry: Product and Research Development

13:44: Marketing and Consumer Insights

18:33: Sales and Distribution Channels

22:49: Operations and Supply Chain

31:57: Gross Margin Analysis and Financial Performance

Website Links:

#1, Beauty Market Outlook:

https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-beauty-boom-and-beyond-can-the-industry-maintain-its-growth

#2, FDA Regulations of Cosmetics:

https://www.fda.gov/cosmetics/cosmetics-science-research/product-testing-cosmetics

#3, Risk of Indie Beauty Brands:

https://cosmeticsbusiness.com/how-indie-beauty-brands-can-break-america#:~:text=Indie%20brands%20are%20greatly%20influencing,and%20most%20likely%20through%202025.

#4, Beauty and Travel Retail:

https://wwd.com/beauty-industry-news/beauty-features/tackling-beautys-travel-retail-conundrum-estee-lauder-loreal-clarins-bulgari-dfs-heinemann-1236682262/

#5, Green Beauty:

https://www.forbes.com/sites/meimeifox/2023/12/22/green-glamour-12-clean-beauty-brands-leading-the-eco-revolution/

#6, Beauty & Supply Chain Challenges:

https://www.voguebusiness.com/beauty/new-ingredients-higher-prices-reformulating-beauty-in-the-supply-crisis

#7, QVC and Beauty:

https://entm.ag/1wEfOci

#8, Love, Indus (company referenced by Will and I during the discussion):

https://loveindus.com/collections/shop?gad_source=1&gclid=Cj0KCQiAkJO8BhCGARIsAMkswyiVNdA36DRltbku4DqHeLj-dAbZxAfsVOWmkyEP6Ah9bsxaNi3L4g4aAqP4EALw_wcB

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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595. Robert Garmaise, AI Marketplace Insights
13 jan· Unleashed - How to Thrive as an Independent Professional
Rob Garmaise, VP of AI research at Info-tech Research Group, is at the forefront of Info-tech research, helping clients identify best practices across their IT operations. They conduct extensive primary and secondary research, speaking with industry experts and other clients to understand the drivers of value and proof that a given practice leads to better results.

AI Vendors, Verticals, and Research Taxonomy

Rob explains that the firm has a vast research taxonomy, with AI being an important part of it. They have a team in place to connect with thought-leading vendors and their leading adopter clients to gather insights on various functions, rules, verticals, and sub-segments where AI is taking root. The strength in the marketplace currently lies in the horizontal focus on functions and roles across organizations rather than the various verticals or lines of business. Most AI vendors aim to maximize their total addressable market which is difficult to do when focusing on just one vertical.

The Market and Vertically-orientated Competitors

Rob predicts that the mix of vertically-oriented competitors will change as the market evolves. Currently, the strength is 80% on functions and roles, 20% on verticals. This approach allows AI vendors to maximize their total addressable market and stay competitive in the market.

In this discussion, Rob discusses the implementation of AI solutions in various functions and roles within companies, including IT. He highlights the strengths in CO generation, data and analytics, service management, HR, sales, and marketing.

AI in HR, Sales and Marketing, and Operations

In HR, AI is being used to improve employee experience by indexing content and interacting with users. Talent acquisition recruiting uses AI on both sides of the recruiting equation, with AI being used in talent assessment, helping to cut through biases and improve diverse hiring. Sales enablement and sales automation tools are the top lead and revenue-driving categories, while customer experience is the top cost-saving category. Operations are also being explored, with AI parsing information captured from video cameras for various applications such as shop floor settings, retail environments, and restaurants. Natural language conversations with equipment can lead to predictive maintenance, allowing organizations to strategize and optimize operations. Robert goes on to explain more about the improvements made using AI in HR, IT, and sales and management.

AI-based Solutions in the Retail and Insurance Industry

The conversation turns to the use of AI in various industries, including retail, and insurance. In the retail industry, AI-based solutions have impressed with their ability to scan store shelves with smartphones and receive critical metrics like stock availability, pricing, promotion, and competitor positioning. Smart Digital Signage solutions can also be used to adapt to demographics and reactions of customers. In the insurance industry, AI-based solutions include smart digital signage that can adapt to demographics and react to customer reactions. In the insurance industry, AI-based solutions include smart digital signage that can adapt to different demographics and respond to customer needs. Companies are exploring AI solutions to improve employee experience, sales, and marketing, while also focusing on cost-saving and predictive maintenance strategies. Robert discusses the potential benefits of AI in retail, such as real-time reactions to client information, and automated stock out detection.

AI in the Legal and Financial Sectors

In the legal sector, AI is being used for various purposes, including legal research, contract review, and contract management. This is particularly important for law firms and organizations with understaffed legal teams. In manufacturing, AI is being used to offer real-time instructions to machine line operators. Rob talks about disappointments in areas like financial services, healthcare, and government. In financial services, AI is being used for fraud detection, digital trust, and remote inspections. In insurance, AI can parse frequent documents into well-constructed spreadsheets or databases, and can conduct remote inspections. Rob also points out areas of disappointment.

Advice on Adopting AI

The conversation turns to the trend of AI being bought rather than built, particularly in the context of AI models. AI should be bought unless a build is absolutely necessary. The build side involves more uncertain investment levels and lead times, as it can lead to app sprawl and uncertainty in the market. Companies are advised to be deliberate about their build decisions, especially when it comes to AI models. On the talent side, companies are hiring new types of Chief AI officers or existing employees, such as Chief Digital Officers, Chief Technology Officers, and Chief Information Officers. These individuals are often left in charge of driving AI forward, but they may not have the necessary skills for building a new and unique model. On the build side, companies may need additional data scientists and data modelers, which can be challenging to achieve. On the consulting side, there is a growing trend of companies using top strategy firms on multiple AI projects. While most clients are still trying to orient themselves, consulting firms can help direct them towards buy-side scenarios where a POC or two can be done without a large implementation. Rob also touches on the importance of understanding the market and the potential benefits of AI solutions.

Timestamps:

03:40: AI Market Insights and Research Methodology

05:28: Practical AI Applications in IT and Service Management

06:53: AI in HR and Talent Management

08:11: AI in Sales and Marketing

09:43: AI in Operations and Predictive Maintenance

11:31: AI in Retail and Supply Chain

14:49: AI in Legal and Manufacturing

17:55: Trends in AI Adoption and Talent Management

22:30: Consulting and AI Marketplace

Links:

Website: https://www.infotech.com/

YouTube: https://www.youtube.com/@InfoTechRG

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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594. Marilyn Lin, SaaS Customer Support
6 jan· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Marilyn Lin, a customer support thought leader with over two decades of experience, discusses the importance of customer support in driving business success in the Software as a Service (SaaS) industry. She has led global Technical Support Teams that not only resolve issues but also foster customer loyalty, drive renewals, and inform product strategies. In today's competitive SaaS landscape, customer support is not just a cost center but a linchpin of retention and growth.

Customer Support in the SaaS Industry

The conversation turns to the different terms for customer support, such as customer support, customer service, customer care, and customer success. Marilyn identifies the difference between terms. She equates customer success to the team focused on the health of a customer, focusing on how they are leveraging and using the product and solution, realizing value from their investments. They are more akin to the account management side of the organization, taking care to understand the customer's top priorities and helping guide them through leveraging and using the solution and products they have purchased or subscribed to. She explains that customer support and customer service are terms used interchangeably to describe the teams that help customers resolve issues with using their products or services. In B-to-B environments, customer support are more technical support teams, while customer care and customer service is more tactical and often describe teams within B-to-C environments.

Subcategories within Customer Support

There are different subcategories within customer support, such as onboarding teams, which help new B2B customers onboard with a SaaS company. Major functions tied to customer support include customer training and onboarding, customer delivery teams, and customer escalation teams. The support delivery team handles cases and interacts with end users, helping them find solutions to their issues. A customer escalation team is involved when customers escalate issues or outages, ensuring timely resolution. Marilyn explains that historically, customer support organizations have been seen as reactive and cost centers rather than a strategic arm. However, there is a treasure trove of insights from the interactions with end users, which can be used to drive improvements in the product and solution. This information can feed into the product development cycle, helping product and engineering teams prioritize their roadmaps and drive the voice of the customer. Support teams can also provide insights related to training and enablement, usability, and user experience, which can be shared with the enablement and design teams.

The Importance of Customer Support in Business

The importance of customer support in a business is discussed, including the need for analytics to understand the impact of the customer support team and how that ties back to customer retention rates. A high retention rate can lead to increased value and a better brand image. Marilyn talks about key metrics she pays attention to as VP of customer support, including the importance of understanding the time to resolution, common themes of issues, and the financial impact of these metrics is mentioned. In a recurring revenue environment, it is crucial to highlight top case drivers or issues tied back to the customers and provide the ARR to the executive team. The need to prioritize areas like product bug fixes or feature enhancements is stressed, and the cost to serve customers, breaking it down by segments and regions to better understand customer needs and improve efficiency. By focusing on these metrics, businesses can better serve their B2B customers and drive more value. Examples are shared.

Tracking Trends and Changes in the Support Business

In a VP of Customer Support role, key metrics include time to resolve issues, first time to resolve, and the ability to address user issues with the first interaction. Additionally, the team and individual level is monitored to identify areas for improvement. Employee engagement is a key focus, with companies conducting quarterly or twice a year employee satisfaction surveys. The focus is on analyzing trends and identifying high priority areas for improvement. In a support organization, it is crucial to prioritize employee experience, provide the right tools and processes, and listen to employee feedback. Support leaders should prioritize their team's well-being, as it translates into better customer service and interaction. By taking care of their employees, support leaders can improve their overall customer experience.

Evaluating a SaaS Company’s Customer Support

In evaluating a SaaS company, it is essential to consider whether the support organization has a strategic roadmap outlining their vision and quarterly milestones. This roadmap should evolve as business objectives and priorities change. A more holistic view of investments should be considered, not just focusing on key metrics. Marilyn suggests that organizations should give their team the support to take time to step back and look for ways to make things more efficient, such as creating knowledge articles based on interactions to prevent customers from having to log cases. Training and enablement should be provided for employees to continue learning and grow.

AI Customer Support Solutions

AI solutions are being evaluated and implemented by support organizations to enhance customer service. Marilyn led the first support team at Salesforce to leverage AI and machine learning within their support processes, using SupportLogic. The app helped identify potential cases that would escalate, allowing managers and teams to be aware of potential cases and provide timely resolutions to end users.

The SupportLogic app has improved the way managers manage their teams and assigned cases to the right agents with the right knowledge and experience to handle unresolved cases more efficiently. This has led to improvements in the way managers manage their teams and elevating the customer experience provided by their support agents.

Timestamps:

03:40: Defining Key Customer Service Terms

07:47: Classification of Customer Service Roles

10:22: Transforming Customer Support from a Cost Center to a Revenue Driver

13:00: Metrics and KPIs for Customer Support

18:00: War Stories and Practical Examples

21:48: Daily, Weekly, and Monthly Metrics for VP of Customer Service

25:44: Evaluating Customer Service in SaaS Companies

29:07: Implementation of AI in Customer Service

Links:

Resource: https://umbrex.com/resources/how-to-analyze-a-saas-company/

Website: Golotusgroup.com

LinkedIn: https://www.linkedin.com/in/marilynlin/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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593. Scott Markman, Conducting a Brand Diagnostic
23 dez 2024· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Scott Markman, founder of MonogramGroup, discusses his journey as an entrepreneur and the challenges he faces in the private equity sector. Scott kicks off the conversation with a quick introduction to his podcast, "Beer Stories for Private Equity," which focuses on issues related to the firms, companies they own, and consultants.

About the Agency

Scott founded the agency, MonogramGroup, in 1990. The agency has evolved from a design firm to a full-fledged agency, with a focus on brand expertise and deliverables. Services include research, insights, positioning strategy, ideation around who or what is a brand today versus tomorrow, building out content, and creating a reservoir of assets. They also address the complexity of audiences, competitors, and going to market. For example, Starbucks has a single brand but must address specific needs for consumers, employees, coffee growers, Wall Street, and social media audiences. Scott talks about the agency’s work and how they serve their market.

Defining Brand

Scott defines brand as two things: the DNA of an organization, which is connected to the ‘why’ of an organization, relating to Simon Sinek’s definition of a company’s mission, which should connect to all aspects of the brand. The second is that the brand is the everything and Scott explains how this ties to all aspects of the company. This approach has been successful for them serving large global brands for about 20 years, including Life Fitness, Mintel and Sensata, the world's largest maker of sensors for vehicles.

A Focus on Private Equity and a New Brand

The agency’s focus turned to private equity firms when Scott was introduced to the sector in 1996. They created a brand called Antares Capital, which is the largest provider of credit to PE middle market deals. The success of this brand earned recognition across the private equity sector in North America. The practice has since grown to include 90 clients, and over this period, they have interviewed investment bankers, representatives, institutional capital, pension funds, foundations, insurance companies, hired CEOs, founders, and sellers of businesses to private equity, which has given them in-depth knowledge in this field. Among agencies, there is typically a competitive conflict issue where working for two competitive companies is not allowed.

The Role of Branding in Private Equity Firms

The conversation turns to the role of branding in private equity firms (PE firms) and their portfolio companies. Scott explains that the business model is to get gigs with PE firms or lenders, but now it is secondary to engagements with portfolio companies. The primary goal is to create relationships with PE firms, building trust and proving themselves. He also discusses the concept of differentiating between PE firms and portfolio companies. Private equity firms are pattern recognizers, template driven, and risk-averse, making them more likely to follow similar practices unlike venture capital. Scott talks about developing distinctive messaging and differentiation for private equity firms when there is a proliferation of thousands of firms following the same patterns in branding. Private equity firms can be categorized into three levels: top, middle, and lower middle market. Scott offers examples of each level and where his agency has served clients and why they focus on serving the lower-middle market.

The Diagnostic Guide to Branding

Scott talks about Umbrex's diagnostic guide to branding, which is a comprehensive document on the subject matter. He talks about categories within the framework which are a great way to rate a brand on sub-topic factors such as brand strategy, communication, marketing, and customer experience. Scott suggests that this framework could be applied to look at levels A, B, C, and D of complexity and rigor, and then compress and streamline it into a degree of detail and actionability commensurate with the company's size and future goals. For example, if a consultant or small consulting firm is asked to analyze a 30-page deck of data points, they could apply this framework to their clients and present it in a more concise and actionable manner. The major categories of brand strategy in the diagnostic guide include overall, communication, marketing, customer experience, and corporate responsibility. Each sub area has 28 slides with a maturity model to rate it from nascent to optimized. This resource is designed to allow users to draw from relevant slides for various aspects of a company's branding, such as communication function and/or brand positioning.

A Discussion on Brand Architecture

Scott shares information from a document developed in response to a PE firm client who wanted to build a master brand from four foundational companies, and one from a company that had a foundational brand with several add-ons and needed a unified brand. Scott’s agency developed their own four buckets: brand architecture factors, assets and sophistication of the brands, business factors, and PE firm factors. Scott states that private equity firms have a daily focus on priority and responsibility, which can make it difficult for them to prioritize the brand over other aspects. He explains that the firm's branding diagnostic involves two main processes: an in-person information gathering and whiteboarding session with all the leaders, and a detailed set of Zoom interviews. They look for interaction, behavior, responses to questions, and the physical environment of the room. This qualitative approach is important for understanding the design of a space and identifying what other people want. The firm also conducts detailed Zoom interviews with external audiences, customers, channel partners, and suppliers. In summary, MonogramGroup offers a comprehensive branding assessment process that includes in-person meetings, detailed interviews, and external research. Their approach is based on observation, creativity, and a thorough understanding of the organization's brand.

Timestamps:

04:01: MonogramGroup's Services and Evolution

09:13: Clientele and Focus on Private Equity

20:30: Challenges and Opportunities in Branding Private Equity Firms

28:16: Feedback on Umbrex Diagnostic Guide to Branding

37:20: MonogramGroup's Branding Framework

44:34: Due Diligence and Research Process

Links:

Brand Guide: https://umbrex.com/wp-content/uploads/2024/11/Brand-Factors-Guide-for-Portcos_MonogramGroup.pdf

MonogramGroup website: https://www.monogramgroup.com/

The Umbrex Diagnostic Guide to Branding: https://umbrex.com/resources/branding-diagnostic/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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592. Matthew Hunt, Generating Clients through LinkedIn Thought Leadership
16 dez 2024· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Matthew Hunt talks about Demandii, a firm that helps busy B2B executives create snackable content for LinkedIn from a single monthly interview. Matthew explains that most clients struggle with time, and they don't know how to create content or want to do it. Demandii offers a structured approach where they interview executives privately, turn their one-hour interview into 40 hours of content in a variety of formats. They then work on it until they are satisfied, and syndicate it across social media, focusing on LinkedIn.

Demandii Customers

The types of customers for Demandii include CEOs, founders, SAS owners, consultants, and small businesses selling high-ticket items. They help them create various formats of content, such as videos, audio grams, text pieces, and graphic or image pieces. The most impactful content for clients is usually video-based, as people can consume the whole view, see, hear, and feel the content, attracting their tribe. Demandii's primary channel is LinkedIn, as most B2B executives want to be known and seen.

The ACES Method for Content Creation

Matthew discusses the ACES method for creating content for an audience. The ACES method consists of three core pillars: Authority, Content, Connect, and Engagement. Authority refers to the knowledge and expertise of an expert in a specific field, such as marketing, SEO, or digital PR. Content should be engaging, heartfelt, and relatable to the audience. Engagement is achieved through asking probing questions or starting conversations on social media. S stands for Show and covers showing content, which includes behind-the-scenes stories and achievements, is also important.

The 100-foot View Explained

The 100-foot view involves creating content that is interesting, compelling, helpful, and that the author will be proud of. The best content creators are good coaches and teachers, and to engage your audience, Matt suggests thinking about a problem the audience has and leading with that. He then states that the content should also agitate the customer by discussing the negative consequences of not solving the problem. This helps the audience recognize that the problem is not their fault and encourages them to resolve it. Matt shares the formula for the above content tactic. The formula for creating content is P, A, S. The formula stands for people plus problem, A is agitate plus absolve, and S is sell with a story or show how you solve the problem. This approach will create content that is helpful and that the author is proud of.

The B2B LinkedIn Demand Generation Course

In this discussion, Matthew Hunt discusses his B2B LinkedIn course and offers three options for clients: do-it-yourself, done-with-you, and done-for-you. The do-it-yourself course is free and can be completed by busy individuals or those with a team. Done-for-you involves marketing, creating lead magnets, and conducting LinkedIn events to generate inbound interest. The cost of these programs varies depending on the budget. Additional services and content in courses offered by Matthew include creating lead magnets and creating LinkedIn ads. He also offers marketing collateral that makes ideal customers instantly better or more awesome in 10 minutes or less. He talks about targeting large B2B businesses, such as CMOs at manufacturing companies with revenues of 10 million to 100 million, through LinkedIn. The goal is not to sell them, but to push them to long-form content, where they build demand and trust with people. He can create LinkedIn events that resemble interviews or webinars, aiming to position the host as a strategic advisor.

The Importance of LinkedIn Events

Matthew discusses the importance of LinkedIn events and their effectiveness. He recommends running at least one event every two months, with a minimum of four weeks for promotion. The length of an event depends on who you're selling to, with C suite individuals typically having a 15-minute event. For lower-level executives, events should be 30-to-an hour long. To ensure success, it's important to follow up with attendees via the LinkedIn DMS, as decision makers often watch replays. The best time for events is Tuesday, Wednesday, or Thursday, with Tuesday being the preferred day. When people are winning the week, they are more likely to attend the event, while when they're not, they may choose something else.

Team Building Events

Matthew also recommends using events for team-building, such as panel discussions or interviews with team members. Panels can be structured and can be used to create short content for company pages and showcase long-form content. If you sell a tool, it's essential to show your tool. If you don't have a team, it's best to focus on yourself. For customer interviews, you can use eco-bake works. The order of doing events depends on the complexity and difficulty of the process. You can control your time and message more easily, but it's difficult to control your team's and clients' time. Matt explains that LinkedIn events are a valuable tool for businesses to engage with their audience and drive business growth. It's essential to promote events effectively, maintain a consistent schedule, and focus on personal growth to maximize the impact of these events.

Updating LinkedIn Profiles

Matthew discusses the importance of updating LinkedIn profiles for clients. He explains that less than two or 3% of people who view content will return to the profile page, but it's crucial to have an optimized page. To optimize the profile, Hunt suggests having a great profile photo, a headline that accurately represents your brand and how you help, and a header image that quickly articulates your help and brand feeling. The bio should be written in first person, as it allows you to sell results you've driven for others. The featured section should be used with intention to get more clicks back to your work. The career section should include case studies and testimonials, and recommendations should be given from the current year. Regular practice is recommended to get regular recommendations, as it's social proof when other people can see that you have helped people like them. Matthew also emphasizes the importance of having a strong LinkedIn presence, as less than two or 3% of people will return to the profile page once they're considering doing business with you. He mentions tools that can be used to test the impact of your profile photograph.

The Impact of Recommendations

Matthew discusses the impact of recommendations on the buying cycle and their impact on job opportunities. He suggests that recommendations can make it easier for people to confirm their skills and qualifications. He encourages everyone to do this, even employees, as it makes it easier to get hired. He believes that coaching and teaching can lead to more interesting and compelling work, rather than just selling or showing off. He also mentions that anyone can sign up for his do-it-yourself course or explore his services on DemandingDotcom, which offers a variety of resources and resources. The focus is on providing value and making the hiring process more enjoyable.

Timestamps:

00:02: Introduction to Demandii and Its Services

03:32: Types of Content Created and Their Impact

10:13: Course Offerings and Pricing

11:34: Lead Magnets and LinkedIn Events

18:38: Optimizing LinkedIn Profiles

24:08: Final Thoughts and Contact Information

Links:

Website: https://img.newoldstamp.com/r/607910/w

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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591. River Tompkins, 17-year-old Independent Consultant
11 dez 2024· Unleashed - How to Thrive as an Independent Professional
Show Notes:

River Tompkins, a 17-year-old high school senior, started his own consulting practice in Austin, Texas, with five different clients. He provides services in the experimental education space, helping school owners implement systems and train teachers. His first clients were a group of schools in Florida, where he worked on implementing student government and learner-driven accountability. He has been at Ackman Academy for 10 years, a learner-driven off-the-beaten-path education, and now he is going to other younger schools to share his experience.

Finding Clients as a New Consultant

To find clients, River emailed schools in Florida to see what they were doing and potentially get a teaching job. They eventually invited him to visit for a couple of days to consult. He now seeks out clients with the primary goal of consulting. He targets schools in the Acton Academy domain, as his experience at Acton Academy is not applicable to the general masses. River discusses the unique approach to education that he has developed. He explains that the Acton Academy is a learner-driven model where teachers guide students through their learning process, allowing them to see progress and make decisions. River shares more about the Acton Academy approach and how he sets pricing and payment for his consulting services.

Educational Consulting Services Explained

River discusses more about the Acton Academy approach and his plans for expanding his practice and mentions giving a guaranteed parent speech to every school he visits, which is his journey, how the Acton approach works and why, followed by a Q&A session. River mentions that the Acton Academy is open to different school types, age groups, and staff levels.

The Acton Academy Education in Action

The conversation turns to potential education and structure models that work in the Acton Academy by breaking it down into a range of dimensions. River explains that Acton Academy has small class sizes, with elementary students ranging from 20 to 40 kids, middle school students from sixth to eighth grade, and sixth to eighth graders in the same classroom. Acton Academy runs in person classes with online courses through programs like Khan Academy Newsela, allowing students to work on core curriculars like math and reading in the same space while working at their own pace with their own computer. The first half of the day focuses on individual studies, such as math and reading, while the second half is more project-based electives, such as science engineering or real-world skills. Teachers are known as guides while students take a proactive approach to learning. The older kids are encouraged to tutor and mentor the younger ones, focusing on leadership skills. Extracurricular activities are often outside of the school, as they are often independent of the school.

Developing a Diagnostic Guide

Will Bachman talks about mentoring in education, which can be divided into four dimensions: student-to-student mentoring, academic progression, and open-ended research programs. He suggests that these dimensions should be mutually exclusive and collectively exhaustive, covering all aspects of the educational process. He also mentions the importance of parent involvement and homework and suggests that schools should be assessed based on their maturity model, which includes the maturity of the program, the novice stage, and the developing stage. He mentions that a diagnostic guide could be developed to help identify problems or opportunities. He suggests offering productized offerings, such as a student government module, which can be tailored to the specific needs of the school.

Timestamps:

01:07: Consulting Services and Client Engagement

02:54: Finding Clients and Initial Projects

05:07: Contract Negotiation and Pricing

06:03: Future Plans and Service Offerings

08:35: Developing Productized Services

10:24: Acton Academy School Structure and Operations

16:20: Potential for Productized Services and Diagnostics

18:43: Conclusion and Contact Information

Links:

Email: [email protected].

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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590. Jenelle Sheridan, How to Analyze a Retail Company
9 dez 2024· Unleashed - How to Thrive as an Independent Professional
Jenelle Sheridan, a former VP and GM at Athleta, discusses how to analyze a retail company. Jenelle has 15 years of experience in retail and e-commerce, working as a consultant and operating executive. She has experience in pre-revenue startups and larger enterprise businesses, and recently launched her consulting and advisory practice, Far View Partners, which focuses on helping consumer and retail companies unlock growth. Jenelle served on the leadership team at Athleta for almost 10 years, leading strategic growth from a $200 million business to over a billion dollars. She has also held functional roles in marketing, strategy, and business development.

Metrics to Measure for Success

Jenelle emphasizes the importance of metrics in understanding success and how to look at performance in retail companies. She talks about the importance of evaluating company performance and effectiveness across various stages of maturity. Jenelle emphasizes that success depends on growth metrics like brand awareness, customer acquisition, and revenue growth, while profitability is less critical at emerging retailers. For established retailers, operational efficiencies like inventory turns and return on gross margin are critical.

The Big Three Metrics for Investors

Jenelle states that, regardless of stage of maturity, the big three metrics for investors are same-store sales growth, sales costs, and sales comps. Same-store sales growth measures the change in revenue for stores that have been open for at least a year, helping to isolate organic growth. A strong sales comp metric indicates increasing consumer demand or successful product strategies, while a low or negative rate may signal challenges or market saturation. She explains that best in class sales comps are in the five to seven percent range, the industry average, and discusses the potential consequences of flatlining or decelerating sales comps, such as increased foot traffic, conversion, and basket sizes. Jenelle believes that delivering zero growth is not acceptable for mature brands, as it may not be enough to meet the needs of shareholders and leadership teams. However, if a brand is experiencing flatlining or decelerating sales comps, it is essential to see growth to keep pace with accelerating costs. By focusing on these metrics, retailers can better understand their performance and make informed decisions about their strategies.

Underlying Sales Drivers

The conversation turns to sales and the underlying drivers such as traffic, conversion rate, and transactions. Stores typically have a lower traffic number, but when traffic decreases, the conversion rate increases due to more intentional buyers. The overall basket size is typically the same, but slightly upticks in the basket size are observed. Jenelle explains that public companies typically report store sales growth on traffic and conversion rate, but some brands and retailers report lower-level metrics, such as average customer spending per year. These metrics are often tied more to the customer rather than the transaction level metric.

Gross Margin Metric

Gross margin is another key metric in the big three, reflecting the efficiency with which a retailer manages its costs relative to its sales. High-performing companies use pricing power or efficient supply chains to achieve top-tier margins. She offers a few examples from well-known brands. For example, luxury brands can have margins of 60% and above. Jenelle moves on to break down gross margin, average sales per square foot, and how this usually speaks to efficiency. She explains the key factors in achieving this type of sales efficiency, including turning inventory quickly and pricing correctly.

A Focus on Inventory Turns

Jenelle explains why retailers need to consider inventory turns, which are the frequency of selling and replacing inventory over a period of time. High turnover indicates well-aligned supply and demand management, while low turnover can indicate inefficiencies or excess inventory. For example, Zara has fast-moving inventory. This is industry-specific and category-dependent. For apparel retailers, performing inventory turn analysis by category helps identify fast-moving versus slower-moving items, allowing for more precise management and buying. Fast-moving categories include basics, while slower-turning categories like luxury and formal wear are typically slower-turning. This helps optimize inventory and capital dollars.

Customer Metrics and Segmentation

Customer metrics are increasingly common for retailers to look at, as they provide an omnichannel view and allow for segmentation based on various customer personas. They can look at new versus existing customers, spend per customer, frequency of purchase, and average price of items within transactions. Jenelle talks about the benefit of looking at the data over a 12-month period and mentions that the goal is to increase spend per customer over time by building the customer's basket based on the breadth of the offering, driving additional visits through frequent product drops or promotions, and pulling levers in a customer-centric way. She mentions that segmenting customers by product category or type of customer can also help drive spending per customer. She offers examples of segmentation and how it can increase customer spend. By looking at data this way, retailers can create tactics to drive spending per customer and improve overall brand health. She explains how Athleta, a women's and girls yoga active brand, uses customer data to understand the percentage of women with girls under 18 in their household. By segmenting data, the brand can identify potential customers who are buying girl products and those who are not yet. By targeting these customers, the brand can develop targeted marketing tactics to encourage them to buy in different divisions or categories. The data can also be used to identify customers who only buy one category and target them in other categories. This data can be used to tailor marketing strategies to specific customers and increase sales.

Marketing and Messaging

Jenelle talks about the importance of maintaining a balance of communication in marketing efforts. She emphasizes the need for testing and optimizing messaging to ensure it is effective and not cluttering the background and offers a few examples. Jenelle adds that businesses should avoid sending discounts too often, as it can teach customers to wait for discounts. By balancing promotions with overall brand health, businesses can improve profitability and brand reputation. She explains the Net Promoter Score (NPS), how it works, and how it can be used as a measure of customer loyalty and brand advocacy, which is typically gathered through surveys. NPS is calculated by taking the percentage of promoters and detractors, dividing them by the percentage of detractors. This helps track brand health and overall sentiment, helping businesses understand how people perceive their brand and its offerings in the marketplace. She emphasizes the importance of maintaining a balance between optimizing for budget, achieving desired sales, and maintaining brand health.

Brand Health Metrics

Jenelle explains the importance of brand health metrics, such as discounting addiction and customer feedback. She uses social listening, third-party research, and bespoke consumer research to understand keywords associated with a brand and how they change over time. She also highlights the value of conducting impromptu focus groups with customers to observe and learn from them. Jenelle mentions the practice of going to stores as leaders for new hires to show support and learn from the volume of customers during key moments, and the importance of staying focused on customer metrics, such as brand awareness and customer acquisition, especially for newer brands or entering new markets. She emphasizes the importance of tracking aided and unaided brand awareness over time and by customer segment to gain a better understanding of the overall brand health.

Timestamps:

01:10: 15 plus years of experience working in retail and e-commerce

02:56: The big three growth metrics to monitor

06:42: Growth, inflation, and accelerating costs

08:40: Tracking underlying drivers

11:35: Managing cost relative to sales

14:55: Sales per square foot

23:01: Customer segmentation

32:12: Monitoring brand health

Links:

LinkedIn: https://www.linkedin.com/in/jenelle-sheridan/

Website: https://www.farvuepartners.com/

Email: [email protected]

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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589. Gerd Schenkel, How to Analyze a Telecommunications Company
2 dez 2024· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Gerd Schenkel discusses his experience in creating new telco businesses and how to analyze a telecommunications company. Gerd has spent over 10 years as a consultant and 15 years as an executive in banking and telco. He aims to make a differentiation in consulting work by bringing together both worlds.

Developing a Telco Company
Gerd spent six years at Telstra, Australia's incumbent telco, and three years as the CEO. He talks about his experience there and moves on to his first experience at creating a business which was for National Australia Bank, where he launched a digital bank called EuBank. He later worked as the CEO of a digital team and was tasked with building a telco division. Gerd discusses the creation, development and success of a telco project. He talks about launching a project, what it requires, and what he learned through the process, including accepting and meeting a 10-week launch deadline. He talks about key learnings from his time there, managing the team, product pricing, and making the process of developing and delivering a product simple and effective.

A Telstra Broadband Brand Success
Telstra's internet broadband product was competing with its parent company's product, but the difference was not in speed or quality. The brand and marketing strategy was more about the connection to the local exchange, where the availability of ports was crucial for competitive dynamics. A former Telstra employee and artist was hired to help develop the brand. The team knew they would need to market locally, and in some areas, they would spend more money. However, they turned this limitation into a positive, creating a brand story called "Belong." The name "Belong" was about belonging to the local neighborhood, and the advertising would be with local shops. The brand was launched with white lists, indicating that the product was only available in certain areas. The name "Belong" was part of the "local connection" concept, and the bank "Eubank" was launched to create a national brand story.

Challenges Faced by Telco Startup
Gerd discusses the challenges faced by a startup telco, Telstra, in complying with specialist regulations. The telco license had provisions for executing government and police directions, which were not widely known and not widely discussed. Our team was unaware of these requirements until a dedicated Telstra person contacted us about it. The team found a solution by flying a UK-based technician to install the necessary technology in exchanges. Gerd explains that, in terms of regulation, startups can do all their work upfront, but there are always unknowns and unexpected issues that need to be addressed. Flexibility and agility are essential in finding creative solutions, as demonstrated by Telstra's experience.

Customer Service, Operations, and Billing
Gerd shares an example of changes made to billing, and communication at Telstra. He explains that pro rata was a major cause for complaints due to the high cost of first bills. He talks about costs involved in rolling out a new billing system and how they chose a low-cost platform and how this solution cost them nothing and was immediate, meaning no complaints or phone calls.
Gerd emphasizes that the mindset should be on the customer side, focusing on providing the best possible service and experience for customers. Gerd also mentions that Telstra had to configure routers with customers' accounts, which was impossible. They found a solution that was cheaper and more efficient, saving them $3 each. This resulted in no phone calls or track roles, and customers were happy.

On the Moving Home Process
The conversation turns to the redesign of the moving home process for Telstra, which had a negative NPS of perhaps minus 50 and a churn rate of 85%. The process was outsourced for decades and was a nightmare for customers with multiple products and separate tech stacks. Gerd suggested that they started with a small percentage and then rolled it out to everyone. They used their control of channels to impose a better process, routing website orders wherever they wanted. They then convinced call centers to enter orders on the website instead of the internal system, resulting in a reversal where the website became the internal interface for employees. This principle was also applied to mobile phone ordering, resulting in faster and easier ordering for all employees. Gerd explains that importing these mindsets into Telstra was harder due to the bigger scale, complexity, and politics involved. However, the benefits were 100 times bigger in terms of cost, with savings of 40 minutes per mobile order. He now works for a telco in North America, applying similar mindsets to their operations.

The Business Model of Telecommunications Companies
Gerd discusses the business model of telecommunications companies, particularly telcos. Telcos spend billions of dollars on infrastructure and technology, which is then used to make monthly subscriber payments. This complex system results in an average return on capital of 8% over the long term. However, telcos are less customer-centric than banks due to their network businesses where customers are not even a customer, but rather a subscriber. Gerd offers how telcos could reduce churn and increase revenue by being more customer centric. He suggests offering free basic services, such as data and advertising and shares a few working examples=.

Analyzing a Telco’s Monetization Base
Gerd suggests analyzing a telco's monetization base by separating out non-network access revenue per customer. He suggests that if network access is the only revenue source, it will go towards a marginal return on capital (ROC). Telcos have unique access to populations and good brands, which can lead to increased revenue. Gerd also discusses the concept of local office apps, where users can opt in to receive local offers based on their location. This approach has been successful, but it has faced political debates over ownership of the PLC. He states that telcos can potentially generate 1,000,002 million in a country with 20 million people if done properly. Secondarily, telcos typically report the split between network access revenue and non-network revenue. However, Gerd suggests measuring this separately. To evaluate the non-network revenue, he suggests using incentives, reporting, and management tools. A consulting firm can help with this process, although it may require hiring a consultant. By valuing the non-network revenue dollar, telcos can better manage their costs and maximize their revenue.

Timestamps:

02:42: Creating a New Telco Business at Telstra

05:08: Implementing the New Telco

15:25: Branding and Market Strategy

20:21: Regulatory Challenges and Solutions

24:08: Customer Service and Operations Improvements

29:10: Impact on the Parent Company

32:51: Analyzing a Telecommunications Company

40:23: Monetizing the Customer Base

47:45: Final Thoughts and Contact Information

Links:

Website:https://www.gerdschenkel.com/

LinkedIn: https://www.linkedin.com/in/gerdschenkel/

Resource: https://umbrex.com/resources/how-to-analyze-a-telecommunications-company/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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588. Daniel Bauer, Creating a Summer Entrepreneurship Program
25 nov 2024· Unleashed - How to Thrive as an Independent Professional
Show Notes:

Dan Bauer, a Harvard Business School graduate and independent consultant, talks about the NSLC “Business & Entrepreneurship” program , sponsored by Inc Magazine. The program offers a nine-day immersion in entrepreneurship for high school students aged 14 to 18 from around the world. The students are vetted on their GPAs, and the program takes place on six prestigious college campuses, including Yale, Columbia, Duke, Michigan, Cal-Berkeley, and UCLA.

The NSLC Origins Story

The origin story for the program began with Dan’s business, the MBA Exchange, which focused on career and education consulting. After selling the business in 2016, he decided to find another outlet for teen entrepreneurship education and found that there was room for a better resource with the pedigree of top colleges and a platform for engagement with real-world entrepreneurs from various industries. Dan chose to aggregate best-in-class offerings, such as curriculum, camp teachers, and sponsors, and worked with them to create a successful partnership.

Unpacking the NSLC “Business & Entrepreneurship” Program

The National Student Leadership Conference (NSLC) provides campus housing, administration, supervision, academic adjacent components, social aspects, leadership training, field trips, and dorm life for high school students. It also offers a business simulation where students make real-time decisions that impact the share price of a fictitious public company. The competition is augmented by a pitch competition where students form small teams and work together to formulate a business idea using lessons learned about business and entrepreneurship. There are four sets of partners: individual colleges providing dorm space and classroom space, the National Student Leadership Conference providing administration, adult supervision, and teachers from the National Federation of Teaching Entrepreneurship. Inc. Magazine promotes the program and participates in the curriculum and structure. Teachers also participate in the judging panel and presentations for the group going to Columbia. Dan explains what his experience brings to the table and experiences gained through recruitment and outreach to CEOs who want to pay it forward and share their experience and knowledge.

The NSLC Model

Dan explains the structure of the business, which is a joint venture between a group of partners, with the NSLC being the core strength. They have a solid foundation in hands-on interaction with students and parents, with full-time staff. Dan handles interaction with entrepreneurs, speakers, and judges, while NFTE handles teacher selection training and placement. Inc. provides promotional support and weighs in on content topics and speaker selection. The conversation turns to building long-term, intensive relationships with schools, which involve multiple administrators on both ends. Dan explains that the typical profile of students attending is diverse, from introverts to Alpha students who demonstrate leadership and charisma. The teams are built accordingly, balancing EQ and IQ strengths. The diversity of the group, geographically, racial, racially, gender, and interest wise, is a plus for the experience.

The Curriculum and Learning Outcomes

The curriculum for the program is designed to provide students with a comprehensive understanding of marketing, operations, finance, and leadership. It is an interactive program that includes topics like break even ratios, valuations, partnerships, and strategic alliances. One of the highlights was the introduction of AI in business models, which inspired students to explore new ideas and Dan shares the range of impressive innovative ideas the students developed. The program fits well with traditional business education programs like Junior Achievement, which has an academic bias and advisors. The program mixes students from various backgrounds into the same classroom, allowing them to learn from each other, teachers, mentors, and pitch judges. This exposes students to meaningful, actionable concepts and practices every day.

The Experience that Led to the Program

Dan talks about how his experience led to establishing the program and making it work. From a Bootstrap startup to his business growth and sale journey, he believes that having a Inc. 5000 badge gave him credibility and familiarity with the pool of entrepreneurs he would tap as speakers. He believes that trust, openness, willingness to take risks, and willingness to help before asking for help are the core of the language he speaks. Dan explains how his background integrated with the program and opened doors to partners and contributors.

Volunteering at NSLC

To become involved with the program, Dan suggests starting at NSLC leaders.org. The speakers and mentors and pitch judges include Inc. 5000, EO Entrepreneurs Organization; Shark Tank CEOs, and Harvard alumni. The entrepreneurial community is a caring, open, and Pay It Forward group, and Dan encourages connecting with others and helping in return.

Timestamps:

02:11: Components and Structure of the NSLC Program

04:21: Origin and Evolution of the NSLC Program

08:00: Partnerships and Coordination

18:03: Student Profiles and Curriculum

23:06: Examples of Student Pitches and Program Impact

25:46: Comparison with Other Business Education Programs

29:03: Dan Bauer's Background and Credibility

33:14: Connecting with the NSLC Program

Links:

Dan’s website: Bauer-inc.com.

NSLC website: NSLCleaders.org

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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587. Jonathan Schwartz, How to Analyze a Manufacturing Company
18 nov 2024· Unleashed - How to Thrive as an Independent Professional
Jonathan Schwartz discusses how to analyze a manufacturing company. Jonathan's background includes working in operations improvement, starting with manufacturing and then transitioning to banking and non-manufacturing roles. He has worked with private equity firms and has been a lean champion at a private equity firm.

Sales and Operations Planning Process

One of the first types of analysis Jonathan talks about is the sales and operations planning process (SOP), which involves integrating what is being told to the sales team with what is being produced. This alignment and match is based on the equipment and production capabilities of the company. The main idea is to align what is going to make the plant the most money with how it is incentivizing the sales team.The main idea is to align what is being sold with what is being produced, and to charge more based on the value added services provided by the company. This aligns with the company's goals and equipment to make the most money.

Production Scheduling Process

Jonathan explains that the production scheduling process in a company can be complex, with different tools used for larger plants and more complex situations. For example, a simple company might schedule production in batches, depending on the flexibility of their equipment and the economic batch size. This helps avoid having a large amount of inventory sitting in inventory when orders are placed for other parts. In some cases, private label products may not be suitable for production, while others may require make to stock or make to order processes. Delays in customization can affect the capacity to build up inventory. To assess the quality of a factory's production scheduling, it is important to consider the number of changes in the schedule over time and overall on-time delivery. An assessment of inventory levels can help identify bottlenecks, quality problems, equipment downtime, or matching schedules from pre-production steps to middle production steps. Visualizing the inventory levels and identifying visible metrics or schedules can help identify areas for improvement. Jonathan shares a couple of war stories as examples.

New Process Implementation and Change Management

The conversation turns to implementing a new process. In manufacturing, while some change management communications can be done ahead of time, training should be done right before the team starts using the new process, rather than a week or two weeks ahead of time. As soon as you implement something that makes their jobs easier, employees become a fountain of ideas and improvements, which can lead to quick changes in morale and overall productivity. Jonathan states that a clear production schedule is crucial for ensuring everyone knows what's up next for their line and is prepared for any changes. By implementing a two-bin system and addressing stockouts, organizations can improve on-time delivery numbers and predictability. He suggests that steady usage can help determine the appropriate amount of inventory to hold, while unpredictable demand can lead to overstocking. He explains how to avoid stock outs and also emphasizes the importance of supplier quality evaluation, which involves ensuring parts are qualified for new products before they are released to production. Jonathan shares an example from a Motorola plant in Atlanta.

Supplier Quality Management

Jonathan discusses the importance of supplier quality management in a manufacturing plant. He emphasizes the need for a sophisticated system to identify and address problems in parts and suppliers. This system involves intake department workers, who need to know whether a part goes into income inspection or goes straight to stock. Inspectors need to be trained to identify and address issues, as it is costly to inspect parts and impossible to inspect 100% of everything. When assessing a manufacturing plant's supplier quality management program, Jonathan talks about the metrics in place and how they are used. These metrics include the percentage of bad parts and good parts when present. He stresses that the system should be communication-intensive, with production line personnel communicating with materials managers when a part is bad or a whole set of parts is bad. Incoming receiving clerks should know which parts from which suppliers are flagged for inspection. Inspectors should track the issues and communicate them back to the supplier.

Efficiency in Manufacturing ERP Systems

Jonathan explains that this involves implementing Kanban and minimizing touches on work-in-process inventory. The conversation turns to the plant layout, including the dock, incoming warehouse, and presentation of parts to the line. Jonathan explains that traditional cost accounting practices can lead to mismeasurements. He provides an example where a plant manager was measured on absorption, which is the amount of overhead he could absorb based on the accounting cost per unit; this led to a lack of inventory quality and poor on-time delivery and productivity. He mentions that traditional measures may not be relevant to workers on the factory floor.

Lean Improvements in a Production Line

Jonathan shares an example of implementing lean improvements in a production line with 180 employees. He emphasizes the importance of minimizing the WIP (work-in-process inventory), ensuring that people only work as much as needed, not as much as possible, thus minimizing inventory levels and the amount of rework when a problem arises. This approach improved quality and throughput, as it reduced the number of reworked items and improved throughput. He also highlights the importance of using fixtures that ensured that tasks were done correctly, even if it took more time. This approach also improved visibility and communication throughout the line. By minimizing the WIP, rebalancing the line, and ensuring that tasks were done correctly, the company achieved significant improvements in quality and output metrics.

Timestamps:

02:23: Overview of Production Scheduling and Sales and Operations Planning

04:47: Complexities of Production Scheduling

07:32: Assessing Production Scheduling Effectiveness

12:44: Implementing Lean Improvements and Supplier Quality Management

12:59: Evaluating Supplier Quality Management Programs

27:05: Material Handling and Internal Logistics Efficiency

33:27: Celebrating Victories and Improving Morale

Links:

Resource: https://umbrex.com/resources/how-to-analyze-a-manufacturing-company/

LinkedIn: https://linkedin.com/in/jonathandschwartz

Email: [email protected]

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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586. Sanjar Iyer, How to Analyze a Telecommunications Company
11 nov 2024· Unleashed - How to Thrive as an Independent Professional
Sanjay Iyer, a consultant for 25 years, discusses the evolution of telecommunications companies, focusing on network, infrastructure, quality, and coverage analysis. He explains that coverage is the first aspect of a network, determining the reach and number of homes it can deliver service to. The structure of networks has evolved over the years, with different types of networks for broadband, such as fiber to the home, hybrid fiber coax, and fixed wireless axis.

Assessing the Infrastructure Quality

Sanjay explains the process of assessing the infrastructure quality of a telecommunications company, which involves evaluating speeds, latency, and other factors such as the density of homes in the neighborhood. Speeds are rated at megabits per second, but factors like the number of people using television, density of homes, and latency can affect the speed of upstream and downstream packets. Latency is another factor that covers systemic network design quality. Sanjay also mentions that there are temporary issues in a coax network, such as fluctuation noise and overhead versus underground cables. To understand the total quality of a network, it is essential to separate temporary issues from systemic problems. He suggests measuring the quality at a home level, rather than at the broad network level.

Network Assessment Factors

Sanjay explains the importance of assessing network outcomes such as latency and speed when buying a provider and explains why companies should focus on outcome metrics and infrastructure quality. He talks about the first and second metric, capital expenditure efficiency and network upgrades. Sanjya explains why getworks have been continuously groomed and expanded to deliver more bandwidth over the years, and understanding how they have done it historically and what it will take to achieve the gold standard of one gigabits per second downstream to every home is crucial and what it would cost.

Challenges Faced when Analyzing Networks

The conversation turns to the challenges companies face in analyzing their own networks, as there is no single source of truth for determining their network coverage. One challenge is the cost of bandwidth, which can be expensive and unpredictable. To get the bandwidth right, companies must calculate the capex efficiency model, which assumes an average number of households per node and exploits it to the entire country. This model is often incorrect, leading to unpredictable network costs. Another challenge is fiber optic and broadband penetration analysis. The Federal Communications Commission has created a national database that tracks every household's speed and coverage from service providers. This information is publicly available and can be used to analyze homes and serviceable locations. The FCC has also created a service coverage map at a national scale, which can be used to allocate government capital to underserved areas and subsidize network bills.

Analyzing Market Share

Sanjay discusses the process of analyzing market share in a given market. He uses the FCC database to measure network footprint, focusing on census block group levels to determine customer penetration. Machine learning is particularly interesting as it provides insights into customer profiles, economic or household level information, which can help predict underperformance, overperformance, and areas for improvement. Iyer is currently working on building tools to predict the ROI of broadband investments, analyzing existing footprints and adjacent locations, and predicting expansion paths. He is also involved in generative AI, which is popular but not widely adopted due to issues with LLM tech adoption. Iyer is developing a governance model that looks at all aspects of Gen AI, from use cases to production and costs, and is building products with an AI-first approach, using tools like chat and GPT to develop software products based on specific requirements.

Timestamps:

04:30: Assessing Infrastructure Quality and Network Economics

08:37: Capital Expenditure Efficiency and Network Upgrades

13:27: Challenges in Network Data Availability

17:52: Fiber Optic and Broadband Penetration Analysis

21:21: Customer Churn Rate and Retention Strategy

25:45: Subscriber-Based Growth and Market Share Analysis

27:32: Sanjay Iyer's Current Practice and AI Focus

Links:

LinkedIn: https://www.linkedin.com/in/sanjay-iyer/

Website: https://www.combinatree.com/

Resource: https://umbrex.com/resources/how-to-analyze-a-telecommunications-company/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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585. Matt Sobieski, How to Analyze a Manufacturing Company
4 nov 2024· Unleashed - How to Thrive as an Independent Professional
Matt Sobieski discusses the process of helping a manufacturing plant improve its performance by understanding the problem statement and 47 different analyzes. He suggests talking to the plant manager or head of operations to understand the biggest challenges, cost buckets, operational constraints, and capacity constraints.

Diving into One of 47 Analyzes

Matt explains more about the 47 analyzes, one of which is the cost of goods sold, breakdown, and margin analysis, which helps in understanding the cost structure of the plant. This includes examining production, backlogs, inventory levels, and other factors. In the case of an agricultural manufacturing company during the pandemic, the focus was on streamlining their ordering process to increase productivity. Matt also discusses the importance of understanding the big cost buckets, such as labor, materials, waste, and inventory management. He shares a case where a client had issues with their cost per unit, where they could not get their arms around their cost per unit. The data provided by the client was not high-quality, and it was difficult to differentiate between different lines. Matt shares a few ways to address this issue.

Dealing with an Inflationary Environment

In the current inflationary environment in the US, costs have been increasing, particularly labor costs. Consultants can help plants by asking questions and providing a fresh perspective to understand why material costs and overtime costs are high. This can lead to better scheduling and equipment utilization, which can help reduce costs and improve productivity. One example of this is an agricultural manufacturing plant where the plant manager was unaware of the importance of morning production meetings. By asking open-ended questions and being curious about how things run, consultants can identify areas for improvement.

Overall Equipment Effectiveness

Operations professionals should always have a plan for the day and recover from deviations when necessary. Asking open-ended questions and understanding the fundamentals of operations can help identify areas for improvement. One analysis that consultants like to use is the overall equipment effectiveness (OEE), which is a measure of overall equipment effectiveness. OEE is calculated by comparing the performance of different pieces of equipment and identifying areas for improvement. Matt goes on to explain how the analysis of OEE is defined and quality calculated. He stresses that it is crucial to calculate the correct OEE and quality first time, as not all units are produced correctly. It is important to ensure that the correct approach is taken when analyzing OEE data.

Identifying Waste in Manufacturing Plants

Matt discusses the concept of identifying waste in manufacturing plants, including the classic seven or eight types of waste. They highlight the importance of removing waste to improve efficiency and productivity. One such type is intellect, which involves people using their brain power inefficiently. To identify waste, they suggest using GEMBA (Go where the work is happening) to observe people and their actions. One example is an automotive plant that had a production cell with two operators, causing a lot of motion. To address this, they moved parts from one end of the line to the middle, reorganizing the path for forklift drivers. This resulted in faster unloading times for parts coming in and out of the area. Matt emphasizes the impact of simple things like moving parts to central locations and reducing the time spent on unloading parts and shares an example that helped eliminate waste and improve efficiency and productivity.

The Importance of Fresh Perspectives when Addressing Issues in Supply Chains

Matt shares an example of a company that had to print labels for products and then wait for them to be printed. To address this, they developed a Kanban system where labels were printed ahead of time for all SKUs, eliminating the need for waiting for labels. This solution was cost-effective and efficient, as it saved labor costs. He also discusses the importance of managing risk in supply chains, particularly during the pandemic. He highlights the importance of understanding the risk associated with individual suppliers, which can help in making informed decisions about ordering buffer stock, onboarding another supplier, or building capability in-house. Matt explains the importance of eliminating single sources of failure in manufacturing. He cites examples of poor performing plants and underinvestment in automation and offers suggestions on factors that need to be analyzed and used to understand what drives failures.

Asset Management Analyzes

The discussion moves on to asset management analyzes, such as make versus buy, capex, effectiveness, equipment and technology, and life cycle management, which are crucial for businesses to understand their costs and make the right capital investments. Capex is important in determining the cost of repairing a machine versus replacing it, especially in a constrained environment like manufacturing. Assessment utilization is also important, as it helps businesses optimize their equipment usage and preventive maintenance. For example, an aluminum manufacturing plant faced a bottleneck in its cold mill, which was fixed by running longer strands of the same material. This allowed the plant to maintain a lower OEE while maximizing asset utilization.

About Matt Sobiesky

As an independent consultant at McKinsey, Matt focuses on operations and capability building. He has experience working with clients struggling with cost reduction, capacity increase, or growth readiness. He has worked with a colleague who is known for his expertise in Lean methodology and has a network of manufacturing professionals eager to help them solve their biggest problems. Matt’s passion for operations stems from his background in operations and his passion for helping clients improve their operations. He has worked with clients who are aspirational and want to be the best of the best, and he is eager to help them achieve their goals.

Timestamps:

02:00: Understanding Cost Structures and Early Analysis

05:25: Challenges in Cost Bucket Analysis

07:05: Insights from Cost Bucket Analysis

10:06: Overall Equipment Effectiveness (OEE) Analysis

16:35: Identifying and Eliminating Waste

18:55: Supply Chain and Procurement Analyzes

25:34: Technology and Automation in Manufacturing

29:08: Asset Management and Capex Effectiveness

33:12: Matt Sobieski's Current Practice and Contact Information

Links:

LinkedIn: https://www.linkedin.com/in/matthewsobieski/

https://umbrex.com/resources/how-to-analyze-a-manufacturing-company/

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
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