Dick Hyatt, the CEO and President of Decisiv, grew his company’s revenue 157% from 2014 to 2018.
Decisiv is a service event management platform provider for high value, complex commercial assets.
In this interview with Eversprint‘s Malcolm Lui, Dick shares how he and his team accelerated their high value sales by:
- Enjoying first mover advantages after spending years educating and developing the market for their platform.
- Capitalizing on the network effect of their ecosystem — providers are now coming to them to join.
- Creating a platform that has high barriers to entry and switching costs, and also provides high value to participants.
Malcolm Lui: Welcome to the High Value Sales Show of Eversprint.com. I'm Malcolm Lui, the Managing Member of Eversprint, and today we're speaking with Dick Hyatt, the CEO and President of Decisiv, a service event management platform provider for high value, complex commercial assets. Welcome to the show Dick.
Dick Hyatt: Thank you welcome. Appreciated.
Malcolm Lui: Dick, you grew your company's revenue 157% from 2014 to 2018. Before we talk about how you grew your company so fast, can you briefly share what your company does beyond my quick intro, and how your company differs from the competition?
Dick Hyatt: Sure. So just by way of a little bit of background you decisive was built by a team that has really been working on various different businesses over the past several decades. The common thread in all those is using advanced technology to just remediate or transform a service process in various different industries. In this particular case what we have seen and what we noticed some time ago was that the service supply chain for maintaining a service in commercial assets was really disconnected. It was information with siloed it was difficult to communicate and the net result of a broken service supply chain for maintaining and servicing commercial assets resulted in excessive downtime costs lack of transparency and really all the constituents were were suffering although they at the time certainly may not have known it by having a supply chain that that just didn't really work for them. So that was kind of the thing that we saw in the industry and we saw an opportunity because cloud computing I.T. collaboration connecting to devices and information had reached a point where we really could do a lot of we could do a lot of that work we could bring all the constituents together we share information and we can drive inefficiencies out of the service supply chain to the benefit of everybody. So that was kind of the driver that was like I said we've built a number of companies in the past. That was a transformative opportunity that really drove us to to build the size of
Malcolm Lui: And when you say we. Are you saying that that your team a decisive year we're doing other types of work before and these are this opportunity or is this a different entity that saw this opportunity and then create decisive to take advantage of it.
Dick Hyatt: Has a team of it that have been working together for as I said several decades across six or seven businesses and those businesses evolved to the point where they made more sense immersion to some other entity and we basically reconnect and look for an opportunity. And that's really how we got decisive off the ground running part of the team had previously built a business in the telecommunications space. It built a business in the automotive space with automobile dealers working for manufacturers. And so we had a fair amount of experience in building early stage businesses growing them and solving problems in vertical niche businesses
Malcolm Lui: Sounds like all the CEOs came together for a decisive year.
Dick Hyatt: Absolutely
Malcolm Lui: What were the three biggest drivers of your growth from 2014 to 2018 when you grew one hundred fifty seven percent
Dick Hyatt: That's a really interesting question. Like other businesses we have built. We were evangelizing something it hadn't been done before. So there's a decade's worth of experience in doing the same thing over and over again in the service supply chain for commercial assets the way those assets where service and maintain was typically with telephone calls and faxes and independent emails and multiple portals to get the information in a very disconnected environment. And so when we first brought this solution to market we really had to try to bring people along in terms of their understanding of what the opportunity was. That took quite a bit of time. And so what the driver to our rapid growth is really have been about this concept being table stakes. So there's a winner recognition and understanding in particular by manufacturers of commercial assets that they need to build the lifecycle relationship with their customer and they need to provide a better level of service connected ecosystem shared information and transparency. And so once we establish the first beachhead and then carry that forward to a couple of other opportunities that are global industrial manufacturer or players then the groundswell started to take place. And we think of people in terms tipping points network effect ecosystem. Those are things that that that are you hear a lot of people talk about it. But in fact are true there. They're true in that when you reach those points although they're very difficult to get to the acceleration kind of takes a life of its own
Malcolm Lui: So the key driver was educating the manufacturers about this opportunity about this gap that they had which which potentially they might not have recognized that as well. Would that be safe to say
Dick Hyatt: Yeah well it's actually educate the entire industry. So it's not just the manufacturers but also service providers in the in the specific area of commercial assets and also the customers and component suppliers we unify all of those. And so the way we've approached this market is that like we've done in other businesses we created you need to get a groundswell you need to have what we refer to as anchor tenant. You know if you think of a multi use project in these major cities these days as people start moving into urban environments you have multi use projects and you also always have an anchor tenant. So the big draw is somebody significant then you have really cool bars and restaurants that pop up. And if you do those things then you get all the all the apartment dwellers really want to live there and you have a very high occupancy. We view vertical markets the same way. So in the commercial assets space we view their command body the anchor tenant as the as the manufacturer the asset it's their business to lose this relationship that they should formulate. So they we built the business around our anchor tenant. We filled in with you know probably bad analogy but bars and restaurants which are component suppliers and other service suppliers and because we built such a compelling eco system then moving over to asset managers and fleet consumers of those commercial assets becomes a whole lot easier. So that's how we view really building the business and driving growth
Malcolm Lui: Right. Who is their first anchor tenant. Can you talk about that
Dick Hyatt: Sure the first anchor tenant in the. So first of all from the commercial asset space we focused initially on commercial vehicles and commercial vehicles in North America and then in particular we focused on class six to eight trucks those are the big trucks that carry loads from point to point or used as dump trucks and there's the most complex so we figured if we can solve the problem with the most complex assets then we can move to other spaces as well. Our first anchor tenant was bolt trucks in North America and they came on board probably about 10 years ago somewhere between eight and 10 years ago. And we kind of incrementally built that relationship. Solving problems along the way. And today they're really super strong customer have really built out their entire eco system to support their customers. Driven a lot of cost out of that service supply chain and deliver a great service to their to their customers and to the entire eco system built on our platform.
Malcolm Lui: So when you brought onboard volleyball I guess at the very beginning there wasn't a huge amount you could do and to get the component suppliers and the service providers onboard as well. At the same time is I correct
Dick Hyatt: Well today they represent a microcosm in some some respect to Microsoft a microcosm they're a they are self-contained a manufacturer of a commercial asset could be in fact a self-contained ecosystem. They have dealers they already have relationships with with with component suppliers. They are the manufacturer of the asset. They have all the source information on the build and replacement parts and how it should be maintained. They have remote diagnostics relative to what's going on on the vehicle at that point time. So. So initially as we built out the Volvo relationship and then we moved that to other OEMs as well we built all the pieces around there. There are self-contained ecosystem. So our percent of their dealers are on our platform their call center agents their technical support people all their information about their assets and all their assets are all onboard add onto our platform and then we will then once that's built that in fact can can be very effective as it has been. And from there we can add additional component suppliers additional customers additional service locations and those types of things.
Malcolm Lui: Right. Can you give an example in layman's terms as to how your platform drove down the costs for mobile trucks
Dick Hyatt: Sure. So let me give you the use case to begin with. So let's let's assume this is one of several use cases. This is a truck moving from point A to Point B. The more advanced vehicles and assets these days have remote diagnostics embedded into the into the major components. So let's assume that truck is rolling down the road in the engine has some problem. It's not a problem it's going to shut down the engine but it is it is a problem that needs to be dealt with and it's of a high severity that throws an indicator for most of the rest of us. We think of it in terms of a lamp on the dashboard so a light comes on but there's a whole lot more information that's actually been presented from the truck. It's pushed up to our cloud to the decisive cloud. And so we now know that a service event needs to take place. We capture that information the location of the vehicle lot of information about how fast it's traveling fuel consumption those types of things. We open a service event in on our platform then we identify the service location that's close enough that can deal with the problem.
Dick Hyatt: We provide an alert and notification. We provide an alert to the to the customer because we know who the customer is. We provide an alert and notifications the call center. And we bring everybody together to collaborate around that event. And we deliver all the information that's relevant inside of the specific case the fall the recommended repair plan the location of the vehicle and any other pending work or things that need to be done. So that particularly use cases is to create that event push it to a service location by doing that. What we found is that we can reduce the amount of time that asset is out of service by 57 percent in the best case we can improve. Trish time so figuring out what's wrong by 70 percent we can assure that what fix takes place is correct the first time ninety seven ninety percent of the time and there's a whole bunch of other benefits but everybody in the supply chain benefits by having better information presented to the point of service so the right people can make the right decision at the right time.
Malcolm Lui: And in the old school way or for those people who don't have this platform. It's a lot of depending on people
Dick Hyatt: Yeah.
Malcolm Lui: To
Dick Hyatt: So
Malcolm Lui: Do the right thing at the right time.
Dick Hyatt: So the old school way the truck breaks down sit on the side of the road somebody makes a phone call gets a tow truck tries to drag it to a service location get in touch with the fleet tell them you think you've got a problem that's over the phone you get voicemail you get call waiting you get put on hold you start faxing information back and forth go to multiple portals to try to find information that's relevant. So seriously the service ecosystem was a bit of a mess before decisive introduced this collaboration information sharing platform.
Malcolm Lui: Right now are all the major OEM truck manufacturers using something like this now. Are there some still doing the old school way of getting things fixed
Dick Hyatt: Yeah. So in the North American virtual vehicle space we have we we have most of the manufacturers and service networks and assets on our platform today. So we have about 40000 users we have over 4.5 million assets that touch our platform. We are run rate of about 350 to 400000 service events a month we're over 13 million or around 13 million service events cumulatively on the platform.
Malcolm Lui: Wow that's a who's a big numbers there.
Dick Hyatt: Well I think the link to the solution has been well recognized as a significant driver of productivity and profitability and efficiency. And I said before we have annualized something new because a long time to get the first anchor tenant and then start to take off. And today I refer to this is really table stakes. If you're going to build a commercial asset you have to build a long term relationship with your customer. You have to take care of that asset over the lifecycle of that relationship with the customer and if you do that effectively using all the assets you have available to you on this platform you can sell the next asset a lot easier than if you didn't do it.
Malcolm Lui: Right. So I see my notes here that the company started in 2001 and it took what 10 years before your area. But while onboard
Dick Hyatt: Well we did that a bit before that. So although as our first rule in content we had other customers prior to that as well.
Malcolm Lui: Ok
Dick Hyatt: But in terms of really the full breadth and scope of the platform mobile was the first to come on board. And since then we've got park car and keno Zuzu Michelin tires and a number of other component suppliers. We have a pretty broad set of customers today but you know it is I think many of your we refer to ourselves as is an 18 year overnight success.
Malcolm Lui: Okay.
Dick Hyatt: And I think many of the people we talked to no doubt. Take some time to a few pivots a few times figuring out what they needed to do evolve their technology and then reach the sweet spot of their market opportunity. And that's really what happened about 2000 2007.
Malcolm Lui: Right. Okay. Now you. You're doing really well in the commercial truck space weather whether their spaces are you and now
Dick Hyatt: So we in a commercial truck space a couple of growth vectors for us are as I mentioned we started in heavy commercial vehicle space class six to eight of the big trucks dragging trailers around. And we've since moved into a class three through five space. So you know for most people don't track the classes of trucks that's like a box truck or a delivery truck. And now we're we have just started in that space we have gotten some significant traction with a number of different manufacturers its suppliers and customers. And we now moved into the class 1 through to space. So this is really about passenger vehicles being used in a commercial setting. And then beyond that we follow our customers around the globe. So we have implementations in Europe and Asia Pacific and then from the truck space we have been pursuing adjacent spaces in power generation construction Marine agriculture all of those have very similar issues that they deal with very similar to the ones that we talked about earlier
Malcolm Lui: Right. How about planes. Is that on the target.
Dick Hyatt: As well. So the commercial aircraft the the large commercial aircraft have for the most part built enough redundancies and systems you know the issue there is something goes wrong the plane falls out of the sky. That's that's a serious problem they have to deal with maybe deal with that for some time. So we have opted not to go into that space we think that's a pretty mature space with a lot of technology applied to it. And you know if you count the number of assets in the spaces in the market space as I just mentioned to you we're probably at about a billion. So I think our market size is big enough
Malcolm Lui: Yeah. How many assets do you think your you you're covering one point five million assets right now. Right. That we share
Dick Hyatt: No
Malcolm Lui: Already
Dick Hyatt: Closer to 5 million assets right now. So we've got a lot of run room left
Malcolm Lui: Yeah I'd say so.
Dick Hyatt: And we're and we're probably primarily in the commercial vehicle space today so the adjacent markets is relatively new to US power generation construction. And so I mentioned there's there's the needs are very similar a market size is very big. And we we just continue to stay pretty focused on the adjacent markets in the near and opportunities.
Malcolm Lui: Right now has have competitors come in now after seeing your success
Dick Hyatt: So part of what we do is you know you can think of what we do is we we are the glue that holds all the pieces of a service ecosystem together and we sit in the middle of that as well we refer to as a system of engagement. So in terms of a company that does what we do really IO T for this specific vertical niche in terms of bringing all the pieces together and also providing this collaboration platform we are alone in that space we work with a lot of end point customers or partners or technologies including dealer management systems telematics providers maintenance systems and the like and so terms of that space which we occupied today. We have not seen many competitors coming into it. Now that's both a blessing and a curse and that we and we as I mentioned we evangelize the need for this we've done in a way so we've brought enough of the ecosystem together that we've really created this network effect. And so now we have a lot more the end point solution providers component suppliers other technologies coming to us that want to participate in our ecosystem. So it's a really hard it's hard to replicate what we've done. We've certainly taken some time to do it but relatively significant barriers or barriers to entry to to enter the space that we have.
Malcolm Lui: Yeah. And I imagine from your customer perspective they'll be reluctant to make a change as well
Dick Hyatt: It's a big commitment on both sides. So that's right. It's as we often refer to it as maybe not to the heartbeat but a significant major organ and you don't want to replace those
Malcolm Lui: Yeah. So. So the recap the biggest driver here and we talk quite quite a lot here. Biggest driver here is that when you're yet you're the first mover. So you are developing a new market and you have the first mover advantages that come from that. But that big summary of your biggest driver
Dick Hyatt: Yeah. So I would say that's true and reaching a point where we have a net win really what's often referred to as a network effect ecosystem. So now that we've we've built that momentum as the first mover other participants come to us. So we have a lot of demand for wanting to participate in the service event from manufacturers and service providers from motor manufacturers and and information providers. So that's been really kind of a cool part of our business that we've reached that point where we get calls on a regular basis for from members of the service ecosystem who want to participate want to be part of our of our of our strategy in our platform
Malcolm Lui: Right. And then perhaps a third driver is that the nature of what you do has very high barriers to entry and high switching costs as well.
Dick Hyatt: Correct. Absolutely. And high value. So as I mentioned the the KPI the the specific metrics on returns are measurable sustainable and high
Malcolm Lui: Right. Are you able to share with sort of our eyes here are your customers able to get from your platform. I mean these
Dick Hyatt: So
Malcolm Lui: Cost savings
Dick Hyatt: Yeah
Malcolm Lui: Some pretty big from what you shared earlier
Dick Hyatt: So interesting enough in in 2018. Based on reducing downtime and delivering back asset utilization for our primary market we've been able to generate about three billion dollars in value back to our back to our customers. So in the way to think about that is is a commercial vehicle larger commercial vehicle generates about two thousand dollars a day in revenue and by reducing downtime anywhere from 25 percent to 50 percent we provide back to our customers over two and a half billion dollars worth of asset utilization or asset value.
Malcolm Lui: Right. There's a huge outcry. They're getting enormous really because you know I know we didn't go to go into exact revenue numbers at the very beginning but you know based on what we shared online it's it's it's impressive. So this is definitely pretty happy with your service.
Dick Hyatt: And in growing very very rapidly. So with that said we're we are at about 13 million service events but we're adding about four million on an annualized basis. And so if you if you if you take that by the you know the amount of value we deliver back to the constituents the 2.5 billion is probably 5 billion in 2019.
Malcolm Lui: All right. So the way you're able to add more service events. How how's that working. Is it because the technology is improving and the vehicles can detect issues much more a greater number of issues or you just simply adding more assets under management
Dick Hyatt: Really both. So this is a lot to do with growing the ecosystem onboarding more more partners and also more customers which by virtue of doing that brings us more assets but we're also really innovating on the platform to make it the service events much more efficient to reduce the amount of time it takes to to run a service event. And part of that is really around our IO T strategy we're getting more sensors more information and the more information we can deliver to the point of service to the we can we can we can reduce the time and increase the efficiencies of the of the people on the front line.
Malcolm Lui: Right. Yeah. Sounds like things are looking pretty good for you guys. What can you share with us about your 2019 targets and plans.
Dick Hyatt: We also just to carry on the themes that we've talked about our plans are to expand our ecosystem in North American commercial vehicles and that's partially by growing the footprint in the larger trucks but also bringing on the smaller passenger vehicles and delivery vehicles. So growing the North American commercial vehicle space and then expanding with our partners into Asia Pacific and Europe and then also moving into power generation construction Marine spaces
Malcolm Lui: What do you
Dick Hyatt: So
Malcolm Lui: Estimate.
Dick Hyatt: Those are goals for. Yeah. Yeah.
Malcolm Lui: I
Dick Hyatt: So
Malcolm Lui: Got
Dick Hyatt: If you. Yeah. So just just a you know if you if you think of that in terms of expansion strategy we have lots of room to grow a lot of that infrastructure to support Europe and Asia Pacific is really going to take place in 2019 with the the opportune to reap the benefits of that for ourselves and our constituents in 2020 and beyond.
Malcolm Lui: Right now roughly speaking you grew your business over the prior four years about 40 percent a year. Very simple calculations. One hundred fifty seven percent growth from 2014 to 18. You see that growth continuing at that 40 percent per year level or perhaps accelerating
Dick Hyatt: I think we would expect to see it really accelerate as we add these additional market opportunities and expand our ecosystem in North America.
Malcolm Lui: And what do you see as the biggest challenges that you need to overcome to to execute your objectives.
Dick Hyatt: You know we we share the same challenges that I think every one of the people you talk to have which is finding really really good people and I think the opportunity space is big enough so that as we onboard really quality people constantly averaging up the skill sets and the experience base of the company that really helps us grow the opportunity base. So I would say that when I think of the my challenges that certainly is it. And then as we move into other spaces like Asia Pacific and in Europe and some of these adjacent market opportunities and other commercial assets there's a certain amount of evangelizing that needs to take place because they have not had or seen the opportunity that we've created in the North American personal vehicle space. So evangelizing adjacent markets and also finding good people that can help us grow the business. So to your listener base people are looking for a really exciting opportunity please please call us please reach out to us
Malcolm Lui: Yeah. Now we say by finding really good people what's the challenge there. Is it because you're hiring so you're growing your business so fast that just can't hire that fast enough or is it hard to fight back with the skill set you're looking for and what is it that makes it tough to find really good people.
Dick Hyatt: Saying it's a little bit of it's a little bit of both. Certainly in India certainly in North America you know technology hires are in demand. So that's certainly part of it. We've been able to scale up pretty rapidly as you can tell by the numbers. So we've been able to overcome that. But that's always something we're looking for is more technology provide are more technology experts that can come and help us grow the business and then really people in the business development world. So about half of our team right now is really technology people. We have as we talked about earlier about 150 people and about half of those people are technology people. So that's a that's something we have to keep feeding. And then as we get to new markets finding business development people who can engage really strategic customers most of our relationships are very strategic long term. And so that's a special skill set as well.
Malcolm Lui: Right. So do I identify the strategic long term partners I seem you already know who they are. It's pretty straightforward
Dick Hyatt: Yes exactly. So that's one of the good news about having a fairly tight vertical market focus is that we know who our targets are and we don't have to blast out you know come one come all Web site and hope people respond to it. We know who they are. We. Know how to reach them. Really the the step in that business development cycle is are they ready to really accept the fact that they should have a long term relationship with their customer historically and commercial assets bases manufacturers have built trucks or buses or pieces of construction equipment pumped it out through a distribution channel and really lost sight of the customer and the asset. That's changing. And we've been instrumental in changing that whole view. That is what we've been evangelizing and we've basically gone to the manufacturers and the other participants in this ecosystem and said hey that doesn't make any sense. You know you spend a lot of money build the product and brilliant and design a product bring it to market. You should have a long term relationship with your customer you should help them maintain it and service it. You should have transparency into how that assets being worked on you should be able to collect all the data back because there's a future state with decisive in terms of bringing bringing real value to our partners and to our customers. And that's data analytics what's breaking. Why is it breaking. What are the use cases. How can we predict failures. How can you avoid failures. As I mentioned we're running at a rate of about three and a half four million service events per year and that's escalating very rapidly. You can imagine the volume of data that we have access to to help our customers actually figure out how to better build their components provide better engineering figure out use cases so that the you know the right truck the right piece of construction equipment goes into the right application. Those are all use cases for the volume of data we have. And that's a kind of a current and future value we deliver to our partners
Malcolm Lui: Yeah. Very cool. And that in his own can be tremendously helpful. I mean they figure out what a part that's causing a lot of failures and a fix that reduces the service events increases the utilization rate of the assets. The big upside there
Dick Hyatt: Exactly mountainous. That's. There's there's lots of upside lots of opportunity. And the better we collectively as an industry get it being able to manage serve the service process through a more proactive approach or collaborative approach. A structured approach. The better the data the better the data. The more we can learn from and the more that we can shine as shorten the cycle so it's very much a virtuous cycle
Malcolm Lui: Yeah. Now you're providing the data today or is that a feature offering.
Dick Hyatt: We do to some extent. We don't do it on a broad scale today. So that's kind of a future offering.
Malcolm Lui: Okay. And would that be also analysis as well. You either have people or tools to help identify the areas where the manufacturer or the component makers of the service department need to take a closer look at fixing
Dick Hyatt: Yeah absolutely. We do some of that today but it's more it's more than just the analysis of the asset. It's also around the service process. So one of the things that we do is we measure every step. How long did it take to get to the truck to a service location. How long from the service entering the service location to a triage Bay to figure out what needs to be done to get the parts to get the trucks serviced. The wrench time to fix it and then delivery back. So we measure everything and so by doing that we can really identify where the opportunities are to squeeze that cycle down and reduce time. So that's part of the analytics is just around the process. Part of the analytic analytics is really around the service operations and part of it is really around the componentry and the configuration of the assets.
Malcolm Lui: Right now. Very interesting. Time is clearly money when it comes to to keeping assets on the road.
Dick Hyatt: Apps. Absolutely in this particular case. Time is really money as I said 2.5 billion delivered back last year and I would strongly suspect we'll be up close to 5 billion dollars in value delivered back just in our commercial vehicle segment in North America this year.
Malcolm Lui: Right now you said the second challenge would be evangelizing the solution in the adjacent markets in Asia and Europe. What about that is is challenging
Dick Hyatt: Well so as I mentioned in in North America we we we created really the proof point. So as you go into other markets you really have to establish the beachhead. The proof point and then everybody sees it. So the great thing about our market is that when you go into a new adjacent market as you establish that beachhead and proof point that particular asset whether it's construction or power generation or commercial vehicle is in use by a entity that uses lots of assets and you know they're sitting right next to somebody who uses a lot of assets as well. So you get a viral effect pretty pretty simply once you establish that beachhead. The challenge is really establishing the beachhead and these other markets
Malcolm Lui: Right. Can you give me idea as to in your mind what a beachhead is when it comes to evangelizing your solution
Dick Hyatt: Yeah. So as I mentioned early on when we think of anchor tenant. And so you know if I if you take my analogy of the mix use environment and the anchor tenant being the manufacturer because they're really the ones that deliver the asset first and also have a warranty commitment for that asset and also a service network in these other markets. Similarly we view the route to establishing the beachhead is as good as the OEMs in those markets. So give me an example we were establishing a beachhead in in Japan. And so we have as a customer as a partner. One of the major manufacturers of commercial assets in Japan as that becomes more obvious to the fleet's as we roll out that solution with them typically a fleet will have multi multiple brands in their fleet not just a single brand. And so they now now start to see that brand X Y Z is doing something exceptional and they go to the other manufacturers of their other assets and say this is really cool to save me a lot of money. You know we really want to do business this way we don't want to do business the old way.
Malcolm Lui: Right now do you find it hard to engage the audience because when they see the results that you're getting it's that you should be fairly easy for them to you know have a discussion with your team and hear how you can help them.
Dick Hyatt: And again you know in the North American version of the open market we are this this solution this approach where they use decisive technology or or you can find another ability yourself It's table stakes engage your customer establish in a long term relationship providing the collaborative environment and sharing information is is a must in this market whether you're building a tractor or a trailer or a refrigerated unit or a tire. They all all of those entities now understand that this really needs to be done. So the conversations in this market are pretty simple as we get to other markets where this really hasn't been established. That's a little bit more that you know as I said the first the second the first takes time the second is a little shorter the third is quicker and then becomes table's sake. So we go from you know one to an
Malcolm Lui: Right. Before you made it before one of the challenges finding in the biz deaf people to go into the new verticals new adjacent markets as well as then the new geographic areas as well. Are you have any thoughts as to what challenges they might have in going into these new adjacencies before you have your beachhead established.
Dick Hyatt: Yeah. So the net really goes to who we look for to to engage and to hire and to bring on board. So you know the best case is someone who is a little bit of an evangelist who knows the market space fairly well and knows the the entities within the market space and is looking to to to build a business. So there's an entrepreneurial streak inside of every good business development person at least from decisis perspective entrepreneurial a little bit of evangelist looking for something that's pretty exciting and also has some understanding of the market opportunity and also the participants in the market. That's why it's kind of hard to find that person perfect person. But we've been pretty lucky we found some great people doing some great things here.
Malcolm Lui: Right. You find part of the challenge is that where your base is doesn't have enough people meeting your criteria or these are companies set up that they can pretty much work and live anywhere
Dick Hyatt: Yes so and again for all of us you're listening to the podcast you want to come to work here we're very very very much support a remote worker environment especially for our technologists. We recognize that we can't find seventy five people all to locate in Washington D.C. It's an expensive place to live there. All due respect to Washington. There are other more interesting places to live in the mountains or by the beach or whatever maybe so we very much embrace that remote worker philosophy and we have a lot of really cool tools to support that. We use all kinds of collaborative environments development tools testing tools to make it certainly appear for the remote worker as if they're part of a team and we all work together on the same same goals and same issues
Malcolm Lui: Right. Got it. Three final questions for you actually before I get to the three final questions. From a marketing perspective I took a look at your Web site and your web presence and so on and I didn't see a huge amount of marketing investment for online marketing either on a paid advertisement or a CEO perspective. Is it just the case where your market is growing so fast that you still need it.
Dick Hyatt: One is also we talked about this a little bit earlier we know who our targets are. So we really like a consumer product. We don't have to wait and we don't have to really engage through an online presence. The online presence is mostly about bringing our targets to the to the Web environment and helping them letting them really educate themselves. So it's much more about that and then then outreach to find prospects
Malcolm Lui: Right. But also seem to again use this in the North American market it seems like it might not be needed as much either right because of the great success you're having
Dick Hyatt: Yeah that's right. That's right. And we are. We are fortunate in that our heart our challenges to to manage the number of engagements we have. So. So we have plenty of interest especially within the last 18 months. This has become. Sorry to repeat myself again but very much table stakes and network effect ecosystem we've reached the tipping point. All those buzz words that people hear while they're real they exist. Hard to reach but for the most part we are there today.
Malcolm Lui: Yeah. It's again to point as well where your OEM manufacturers are requiring their their service providers and component suppliers be part of the system now
Dick Hyatt: Yeah absolutely. So when we go to market through one of these entities one of these partners it's really done on a private label basis so it becomes their service management platform their service management solution and they certainly encourage their service ecosystem to be onboard this platform that includes their dealers and their component suppliers and other service providers and the broader the ecosystem the. The more value that can be delivered to the customer
Malcolm Lui: Right.
Dick Hyatt: And the customers themselves. Really once once a customer who has a commercial asset sees the value of online collaboration online information sharing. Pulling information back. Getting transparency into service events not picking up the phone. Remarkably I hate to admit this but there's parts of our industry that are using faxes. But once we get them past that they now start to see the enormous value of online collaboration and they start to demand that of their service providers. So it's kind of a self-fulfilling solution for ourselves. They actually help us drive demand
Malcolm Lui: Yeah. Nice. Three last questions for you. Who are your ideal customers and what's the best way for them to reach out to your team
Dick Hyatt: So the ideal customers are really broadly around the ecosystem. So a manufacturer of a commercial asset a supplier of components to the commercial asset even the oil and gas companies anybody who wants anybody from a supplier perspective who wants just wants to participate in a service event around a commercial asset. That is important to them. Any of those entities and then on the other side. And it's really a kind of a dual edged platform. Customers who own assets who want to more efficiently manage those assets and engage in a service ecosystem that is highly collaborative provides a great deal of transparency. So really both sides of that the suppliers as well as the consumers of the assets in terms of reaching out to us. The best way is certainly on the Web site they can learn more about what we do and we have the you know the appropriate places to contact us reach out to us and for the most part electronic is probably the best way to communicate with us.
Malcolm Lui: Not by fax right.
Dick Hyatt: We all should do that by fax.
Malcolm Lui: Make
Dick Hyatt: We
Malcolm Lui: It
Dick Hyatt: Also have you know you can go to my LinkedIn profile and I get a lot of outreach directly through LinkedIn to me from various different entities who who would like to learn more.
Malcolm Lui: Not. Very cool
Dick Hyatt: We also have a massive LinkedIn presence for decisive. Another way to reach us
Malcolm Lui: Okay. Would you like to share your Web site address
Dick Hyatt: W w w dot decisive dot com and decisive is D E C I S Ivy. No you at the end of decisive dot com and the quick story behind that is you are L's are really hard to find. We decided we wanted decisive was an important way to brand the company because of things as you could see that we do is really help to help the entire ecosystem and constituency to be more decisive about their decision making. But e was already taken. So we had to drop the e to get the URL
Malcolm Lui: Right.
Dick Hyatt: W
Malcolm Lui: Got
Dick Hyatt: W
Malcolm Lui: It
Dick Hyatt: W decisive knowit dot com
Malcolm Lui: Yeah that's a modern U.R.L. as well cropping.
Dick Hyatt: Passed back with
Malcolm Lui: And my one last question for you. If decisive were to have a billboard somewhere around Washington or in Europe or Asia what would your billboard message be
Dick Hyatt: Wow that's a great question. You know I would say that he would be about improving at that performance. If your business runs on the basis of utilizing commercial assets whether vehicles or construction or power generation you want to maximize the uptime asset utilization and performance of that asset. You should come to decisive
Malcolm Lui: Yeah definitely. Time is money for sure. When it comes to what you want. The solution you provide.
Dick Hyatt: Absolutely yeah. If you actually go to our Web site ah ah ah tagline is we fundamentally changed service management forever
Malcolm Lui: Yeah. Safe to say that's a that's an accurate statement it's a you're really a change to something that's been done ineffectively for decades. And really extracting a lot of value from that forever for all parties who are participating
Dick Hyatt: No going back.
Malcolm Lui: Yeah definitely. It's been great having you on my show today. I really enjoyed hearing how you grew your company so fast.
Dick Hyatt: Malcolm thank you for the opportunity. Really appreciate it. It's been great talking with you and and please you know to your constituency and to yourself there's anything we can do to help support this initiative. Please reach out to a.
Malcolm Lui: Yeah definitely will do.
Malcolm Lui: We've been speaking with Dick Hyatt, the CEO and President of Decisiv, about his company's rapid growth. For interviews with other fast growing, high value sales companies, or to learn how we can accelerate your firm's high value sales through automation, visit Eversprint.com.
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