Transcript

[DISCLAIMER] The following transcript is being delivered UNEDITED via a streaming service. This transcript has not been proofread. It is a draft transcript, NOT a certified transcript. It may contain computer-generated mistranslations and spelling errors.

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Introduction: Be’Anka Ashaolu, Director of Marketing, Propel (BA)

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BA: Modern product lifecycle can afford to be slow being first to market helps gain market share and increase customer loyalty and increase margins.

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BA: But in order to build products that speed you need collaboration throughout your entire value chain.

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BA: And this session moderated by propel VP of customer success married differentiate

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BA: Animals discuss how the right combination of people process and technology criss cross team visibility and collaboration to get the right products to market faster.

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BA: Very good joined by propel customer Scott King CSU. Oh, Chief Operations and quality entering corks

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BA: populace Director of Engineering at Kichler Lighting, Mark Rumbaugh, VP of information technology at Vizio who will share their strategies and experiences with bringing new products to market. Let's hear how these leaders are innovating at speed to secure customer loyalty

Session moderated by Mary DeFrenchi, VP of Customer Success, Propel (MD)

Panel: 

Mark Rumbaugh, Vizio (MR)

Scott King, Drinkworks (SK)

Paul Philips, Kichler Lighting (PP)

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MD: Good morning, everyone. My name is Mary DeFrenci. I'm the VP of customer success here at propel

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MD: Here with me today are Scott King from DreamWorks Paul Phillips from kinsler and Mark one ball from the CEO. Thank you all for joining me this morning, really excited for our conversation today.

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MR: Thank you for having us. Yeah. Thank you.

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MD: Well, yesterday we had some really exciting keynotes. Not sure if you're able to join any of them specifically, but something that stood out to me while I was listening to Tiffany Bova of you know

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MD: When she stated that customers are willing to pay a premium for products that are diversified and reach the market sooner Scott what but you, would you agree or disagree with this statement.

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SK: You know, it's a tricky question because you know willingness to pay is up to the consumer, you know, a lot of times they look at the value. What is in it for me. You know what value do I get, am I thinking about variety and I think about quality.

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SK: You know, for us a drink works. We think about, you know, what is the pool of the market, you know, what are the top, you know, percentage 5% of that market that's going to pay a premium.

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SK: And then we say based on our competitors. How can we go after that market as fast as we can so speed to market does, you know, connect into that capturing of the high willingness to pay. But you got to make sure you're still addressing the customers needs to be a value.

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MD: Mark I see you shaking your hand, would you agree or different Well look, we're Vizio we're in the consumer electronics space, right.

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MR: We start off here at CES and in everybody gets to see the shiny new toys and then wait three or four months to be able to actually go out and buy them.

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MR: And and it's kind of paradoxical because what ends up happening is you buy the TV based upon all of these specs that you see and then really the thing that's the most important and what

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MR: Really dictates the experience the customer has is in the long term is is how well the company has leveraged the TV to actually make your experience better right

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MR: There's nothing more frustrating than realizing that oh you know this this menu structure doesn't work, or the software doesn't work, it's too slow, or where it doesn't get updated, you know, after you purchased it

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MR: And pretty soon you forget you know some of the reasons why you bought a vision first place. Now your experiences based upon something else. So

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MR: So yeah but but being in consumer electronics. We're always, you know, we're always mindful of what the latest and greatest is so we've got to hit you know our, our deadlines in terms of premium products as quickly as you can.

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MD: Paul what about from your side and it kicks. We're writing. We're definitely diversified both on the product side and on the channel side.

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PP: And, you know, for us it's really understanding the market trends, the technology trends and having the right solutions for the customer at the right time. It's. It is very critical to time that and

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PP: I'm you know if you are new. If you have a new adoption to a market trend or a technology trend, it doesn't stop at your initial launch as you adopt there's you're going to need more solutions more options, maybe lower cost options to keep you know the company's growth in profits.

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PP: Increasing and maintaining so so it's it's it's really important for us as a company to have

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PP: Speed in our development cycles and also our change management cycles.

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PP: To maintain those diverse product lines channels and

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PP: And do it quickly, quickly and accurately.

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MD: Agree. And I know that you all kind of touched on a little bit about your individual industries and market.

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MD: You know drinks works is inventing a new category is using a very highly competitive electronics market while killers or traditional manufacturer that seeing a lot of change, you know, with big technology changes.

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MD: I'd like to hear from each of you if you believe faster time to market you've kind of touched on this a little bit in you know are important to all manufacturers, you know, as you're seeing in the market, Paul, what do you think, and

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PP: Yeah, it's something we're working on. I'm very diligently right now we realize

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PP: That

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PP: The trends come and go. And, you know, with our product lines we are we have

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PP: For those who don't know about kinsler

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PP: We so I'm a vast line of products, but our majority of our product line is decorated products that really depends on the ice static of the fixture.

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PP: And so, tapping into the current trends that people want and and being able to develop those and offer those solutions quickly is isn't is very important to our business.

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SK: Scott and I know things have changed quite a bit for you over the last year. You're just making any faster. You think this is important to manufacturers that diversity asked market.

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SK: Yeah, I think Paul hit on you know a good topic around what the consumer wants today. They really want new and interesting and variety

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SK: And, you know, part of what we think about is what is agile supply chain and the ad is that actually come to fruition to benefit the consumer.

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SK: And so for us it's about, you know, beverage drink varieties. That's our agility piece.

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SK: And you know where we may have a core of beverages 16 beverages in our core portfolio. You know, every quarter, we're thinking about

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SK: What is on trend for the season, you know, what is a limited time offer and we can come out with that kind of keeps that consumer engaged and excited

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SK: And then we develop our supply chain around making sure we can actually fulfill those those needs and then continue to evolve as the customer. Customer trends change.

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MD: What about electronics

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MR: As we have kind of a two fold approach it. Think about it. So for those of you who are not quite familiar with zero grams so entertainment electronic entertainment company we primarily sell televisions and sound bar products in the marketplace.

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MR: As a hardware product. And so when you when you think about it from a hardware perspective.

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MR: You know Vizio contracts with partners around the world to manufacture products so

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MR: You know tools like propel for us are critically important, because they allow us to collaborate on by closely with our

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MR: OEM partners and ensure that we're hitting our targets. We've done a minimum of change orders and they just helped to increase the velocity with which we can bring products to market.

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MR: But that's just the first part of it because we've always done at that point, or with it.

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MR: Now we have the software component of it which is continuously updating. So the latest version of our smart cast product, for example.

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MR: Is updating on TV is all the way back.

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MR: And so we have to be able to bring software to market on those televisions update and continue to improve the experience. And so we have able to respond to

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MD: And he would kind of following along with that, you know, let's take a look at, you know, shifting gears to talk a little bit more specifically around the technologies that you're using.

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MD: You know, to turn factors diversify your specific products and getting them to market faster, you know, Mark. I know you were just talking about kind of the race to get your products to consumers as quickly as possible.

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MD: You know, what are you doing to diversify your products to get them to market faster.

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MR: Yeah, so again propel is a critical part of that, you know, we have

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MR: We have a wide variety of products to to kind of respond to different types of consumer needs on everything from our D series products.

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MR: Which which have an alignment with with retailers, such as Walmart and it's a little bigger, bigger vendors, all the way up to our new will lead to an RPG service teams and and those are, you know, available.

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MR: in smaller quantities at different kinds of retailers and so you really have to be able to satisfy that that wide variety and, as such, you can imagine that the technologies that are in those TV very wide.

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MR: And so a product like a D series television medium and have as many chip sets, you know, have these requirements.

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MR: And specifications. So you can bring products to market faster you can be more responsible around the holidays and offer better price points for consumers.

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MR: So that and or integrated supply chain with these organizations. I was on as quickly as we can. I will preface this by saying that most of this conversation is outside of a coded kind of supply chain, which has been obviously disrupted substantially especially

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MD: What do you think keys to success. You think in from competitive competitive industry for you.

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MR: As well for us. It's, it's

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MR: It's not I'm following the trend of our, our competitors, just for the sake of following trends.

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MR: And I think what what Vizio was really tried to do is stand out in the marketplace to try and deliver a uniquely curated individual

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MR: Experience to each consumer and that's what you really get with with the software and the hardware that's available on the on the product it's it's smarter than most. And it allows you to

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MR: Have a unique experience and we hope that's the thing that keeps people happy with the product as we continue to evolve over time and it makes sticky when consumers decide to invest account.

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MD: And then Paul I know recently, you know, your perspective, you kind of made this decision to kind of move to the cloud, you know, how's that kind of platform shift per product shift, you know, helped you through this process.

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PP: It's helped immensely. We're using

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PP: That there's a few examples. One is a is

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PP: CAD software. We've gone to the cloud. And then also we have a commitment to you, utilizing propel and we have a global team. We have him.

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MD: Call freezers interested, I think.

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PP: This has helped us do is kind of

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MD: Sorry, probably just lost you just for a moment there. We're going to have to maybe ask you to restart a little bit. Oh.

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PP: I'm

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PP: Sorry, new world. It's okay.

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PP: All right. Um, yeah. So we've definitely

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PP: made a commitment to cloud based software tools to help our business. We've done it, both on the CAD side and then and then recently with propel and we're we have many global suppliers. I'm personally I have half of my team.

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PP: That's global. And this is really help with collaboration, so that you're collaborating on the same documents on the same development, the same designs, there's not some vault where you're checking in and checking out. You, you, you are

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PP: Very current on what's the one source of truth within, within the development

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PP: Cycle, so that's that's been very critical and in the collaboration piece of it is has been

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PP: Extremely useful as far as speed to market. And then also driving data accuracy and like I said that one source of truth.

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MD: I know Scott, you can kind of experience the same you know with your selection of propel and time to market. He wanted to speak to that a little bit and how they device diversifying your products get to market faster.

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SK: Sure you know probably just to just to update on drink works, you know, word joint venture between, you know, current Dr. Pepper and Anheuser Busch

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SK: And in our client side of our supply chain, you know, typical coffee maker takes two or three years to actually get from innovation, all the way through.

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SK: You know, development and out to market. And part of that is just the amount of quality testing that's required.

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SK: You know, as a startup is this new startup company. We had to think about how do we move faster and you know you don't always have the same resources that larger companies have so

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SK: Part of propel was how do we get our contract manufacturers and Asia in our quality team and our manufacturing team and our procurement team on the same page.

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SK: About what is the bill of material. What are the right revision codes were to the manufacturer parts and costs.

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SK: And then continually use the tools that we have available to make sure everyone is communicating and everyone's on the same page.

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SK: Now really sped our time to market between what we would typically seen and occurred business to drink works going

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SK: Within 12 months to a small pilot no pre production unit small small pilot

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SK: To a full year after that of continuously, you know, increasing revisions every couple months right so continually improving our product that doing so because we had a tool that allowed us to communicate with our

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SK: Asian contract manufacturing partners. So for us it was huge fault in that initial release, but also the continuous improvement after that.

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MD: And Mark

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MD: First year in all the ones to with Paul and and Scott up share. Oh, it's just interesting to hear how the three of us at slightly different experiences with propel, for example, physios

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MR: For large part of finished goods kind of manufacturer know there's there's important components like panels and chip sets that we certainly keep track of. But, you know, we're not

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MR: Drilling down into the players of the bomb for us. The biggest thing biggest advantage for us as Paul alluded to, was was being able to manage version and specifications well

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MR: Being able to when you see those come out flying know what exactly changed able to assess that and ending in the

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MR: Consumer Electronics be able, a lot of different third party specifications. So it could be specifications from Dolby DTS, we have E waste specifications that we have to be compliant with

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MR: Our products will be from. You have to be able to report those. And so being able to leverage that the specifications and compliance components.

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MR: Has been fantastic. And it was kind of not really one of the reasons that we thought you were going to buy propel but it's turned out to be one of the things that's absolutely essential for for business.

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PP: And Scott touched on that change management portion of it. And that's something as we're

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PP: Adopted as we're initiate initializing with propel we haven't launched yet we're launching soon and very excited about it. But, um, it allows us to system monetize our

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PP: Engineering change processes and our MPI release processes which we're very excited about to have, you know, the approval streams and notifications. All of that is going to help help us.

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PP: Really

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PP: In speed and accuracy, which are there. Those are just two critical things for us from our development cycle at our company.

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MD: And then I know Scott something else. We were kind of recently talking about, you know, as you've moved into kind of the cloud product platform with the whole concept of the closed loop quality, you know, kind of flow. Could you talk to that a little bit. Would you mind.

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SK: Sure you know we chose we chose a PM tool that

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SK: Was was really on the same platform as a lot of our other

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SK: Other tools that drink work. So we use Salesforce is kind of our main platform that's for you know appliance manufacturing records.

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SK: Warranty registrations customer service CRM our call centers, based on Salesforce. So adding propellant to the mix was great because now we've got, you know, our product development lifecycle.

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SK: And our quality teams and quality tools accessing it. Which means that they can also access when a customer calls in with a specific serial number.

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SK: What their ticket is what they're complaining about. And then the triage on the quality team can link all that together review that case and then create a cap are creating

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SK: Create a recommendation to our engineering team. So you start to see this flow where engineering pushes the manufacturing, you know,

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SK: The, the consumer purchases that kind of comes back to customer service, we get the

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SK: Results of that customer service. Take a quality handles it and it goes back to engineering. And so, that whole loop, you know, in general, sometimes takes years and sometimes you never get that loop back to engineering

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SK: We've been able to do it. So, you know, on a quarterly basis, more or less, you know that that feedback gets all the way back to the engineers quickly make some some changes to components sourcing

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SK: Quality enhancements, etc. And then incorporate that back into the next version of the appliance that we produce the nature. So for us, you know,

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SK: One platform Propel being part of that, you know, key, key ecosystem has really enabled us to have a speed of closure to

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SK: The customer complaints we have driven down warranty replacements revision over revision approximately 30% you look at

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SK: 30% reduction, every time we do a closed loop process. So for us, there's value in it and it directly correlates to what our consumers say about both interaction with a customer service and you know the full, you know, complete resolution of their issue, the next time they get a replacement

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MD: Mark, I know you're fairly new getting started, but, you know, any thoughts on on that.

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MR: Well, yeah, absolutely. We're not we aspire to be as complete as Scott is at this point.

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MR: Our journey is ongoing. We are we are we have gone through or successfully completed our conference room pilots on our products we're now.

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MR: Getting pilots running on this and and the challenge for us is just one time because we have kind of a fixed schedule and and it presented a lot of

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MR: potential risk for us to just say, hey, we're going to start every single project immediately on a platform that we've never used for with all of our idioms ones.

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MR: That seem to be a good risk position. So we're piloting with a couple of idioms, to make sure that we've got this week before we actually get to the January time

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MR: Off the balance of our projects. But, you know, effective, you know, next year, we're going to be running every one of our products through the system through this

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MR: Like Scott, we, we also have Salesforce for our support organization. It's been a fantastic product and the vision is that we're going to

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MR: Continue to drive the other components of propel terms of quality into into into our ultimate solution. I'm just gonna be can get in Wall of those complete kind of complete 360

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MR: You know, we still have we still evidence, you know, a software organization and they have specific tools and ways in which they want to manage it, you have to recognize that and so it's built integrations to manage the rest of

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MD: Paul Anything you'd like to, and then

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PP: I'm going off of Scott, you know, talking about the ecosystem. It sounds like Mark and I are and and then

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PP: It sounds like Mark and I are in a similar position will be rolling out propel and the next two weeks, and we are using it for full ecosystem is our MTI process or change management process or quality and then just the item information. We talked about diversification.

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PP: We are very diversified on the product side as well as the channels. And when you think of the channels are channels are getting more reliant on e commerce, which which

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PP: brings with it more content that's required for different customers. And so we're going to be able to manage that content much better within the system on, you know, to help service those customers.

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PP: It's so you know we're excited about the rollout. I like the word ecosystem, you know, for it because we are using utilizing many, many processes with in

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PP: Our Propel launch and it's a it's a tool that's going to help us continue to standardization of the processes, the business processes that we've created at Kichler

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MD: And for, you know, for audience, you know, listening today, what recommendations would you share you know with manufacturers focused on product diversification and getting new products to market faster and would you summarize a record. What would you recommend

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PP: From my standpoint. Um, I'll go back to the

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PP: You know companies have business processes and having the right tools and systems to manage those processes is I think the biggest recommendation. We've spent a lot of the past year, developing certain processes and now having a tool that's going to expand that and manage that is

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PP: Is going to make things even more efficient than what they are now.

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MR: I

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MR: Agree with Paul. Yeah, I think we're in a we're in kind of the same situation you know we we started this a little bit about four years ago when we implemented a centralized Master Data Management System and and that God is out of, you know,

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MR: Kind of paper versions of what our products were in trying to manage it and PDF files and PR ds, then such and got it you know partway to the digital

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MR: And digital transformation. And I think what we realized at that point was

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MR: The promise that we had. But what what we were missing was kind of the iterative process that you get with an API that's just not built into typical master data management solution and so

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MR: It was a it was a fairly easy sell at that point for the executive management team to realize that that yeah we really could you really could

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MR: And against efficiency and gain some quality improvements and just be more collaborative partners increase velocity in terms of getting our products to market by by

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MR: By using propel and so the management team or just putting them in regard to what this what the promise. This is going to bring

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SK: Yeah, so I can build a little bit on on what Mark and Paul said, you know, probably two more things that I would say, you know, their capabilities and propel that

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SK: You know, I think, are huge and not well understood, such as cost management and cost for all of

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SK: You know, if you're in an industry where you're continuously being pressured to reduce costs, you know, being able to have features like that to be able to simulate and to compare and contrast different versions of

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SK: Of your products with the cost right there in real time really limits the internal stakeholder jockeying that happens. Oftentimes, where

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SK: You know, somebody, somebody has a certain perspective on this should be the cost or this is what caused it, but one tool to really keep that conversation fluid.

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SK: And factual is is very useful. And it's a feature. I think that that most companies to try to leverage

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SK: The other thing is, you know, in today's day and age where we think about, you know, agility and speed to market.

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SK: Especially products with long life cycles and overseas productions, you know, can't always necessarily continue to increase that pole and in but what you could do is try to

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SK: You know, shrink reaction time but think tools like propel really allow you to be more agile and your day to day, you know, closed loop, like I mentioned earlier.

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SK: But really be focused on reducing that reaction time between when you first build something to react and respond to a new version of that product.

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SK: That may be you know accommodates a new market segment and new channel a new customer pool. So I think, you know, reaction time to me is huge and tools like propel are key to helping with that.

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MD: Thank you. Well, gentlemen, actually, our time has gone by quickly and we're about to close.

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MD: I thank you all again for your time today. It was great hearing from all of you and your stories.

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MD: Hopefully we'll be able to have all of you back next year we can hear from Mark and Paul how things have gone and changed over the last, you know, 10 to 12 months and

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MD: Scott your continued success. So thank you all very much. I appreciate your time today and you were right. Yeah, thank you very much experience. Thanks, everyone. Bye bye.