WEBVTT - Bloomberg Markets: Fundamental Shift in Customer Intelligence

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<v Speaker 1>Globile Business News twenty four hours a day at Bloomberg

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<v Speaker 1>dot Com, the Radio plus Mobile Lab and on your radio.

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<v Speaker 1>This he's a Bloomberg Business Lab from Bloomberg World Headquarters.

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<v Speaker 1>I'm Charlie Pellott. Stocks lower for a second day, the

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<v Speaker 1>dollar weekend to an eight month low. Treasuries advanced as

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<v Speaker 1>caution prevailed ahead of Thursday's testimony from former FBI Director

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<v Speaker 1>James Comey. There's also the ECB policy decision. Along with

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<v Speaker 1>the UK election. SMP down six to twenty nine, down

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<v Speaker 1>three tenths of one percent, the Dow down forty eight,

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<v Speaker 1>down two tenths of one percent. Has stacked down twenty

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<v Speaker 1>a drop of three tenths of one percent. Gold up

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<v Speaker 1>fourteen ten They owns to twelve ninety six, up one

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<v Speaker 1>point one percent. West Texas Intermediate crewed up one point

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<v Speaker 1>two percent to forty seven ninety eight A barrel are

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<v Speaker 1>by fifty seven cents, and the tenure of eleven thirty

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<v Speaker 1>seconds at yield two point one four percent. I'm Charlie Pellot.

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<v Speaker 1>That's a Bloomberg Business Flash. This is your Bloomberg real

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<v Speaker 1>estate report. I'm Denise Pelgueni. Single family home prices in

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<v Speaker 1>the Bay Area are showing signs of weakening. San Francisco,

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<v Speaker 1>which was which has been booming in terms of home prices,

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<v Speaker 1>suddenly when negative in the first quarter. Brashanco Paul Is

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<v Speaker 1>reported for Bloomberg News. He says unaffordability is weighing on

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<v Speaker 1>the housing market after prices surged. You know, San Francisco

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<v Speaker 1>is overpriced. You know, not everybody has a tech salary

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<v Speaker 1>out there, which is I think everyone assumes everybody's working

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<v Speaker 1>in tech and Starrsisco. That's not really true. Paul says.

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<v Speaker 1>That has some people wishing for the worst. I think

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<v Speaker 1>many San Francisco residents are hoping for a crash. You know,

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<v Speaker 1>there are many people who want to get into the

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<v Speaker 1>the market and they feel like they're not going to

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<v Speaker 1>get in anytime soon. But Copaul says not all tech

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<v Speaker 1>related metos are seeing a similar problem. Take Boston, for example,

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<v Speaker 1>where tech jobs are increasing in single family home prices

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<v Speaker 1>gained six percent in April from a year ago, but

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<v Speaker 1>are still seen as relatively affordable. And that's your Bloomberg

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<v Speaker 1>real estate report. I'm Denise Pelgueni. You're listening to Bloomberg

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<v Speaker 1>Markets with Carol Messer and Corey Johnson on Bloomberg Radio.

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<v Speaker 1>Data Fox is the competence Thateo joins right now best

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<v Speaker 1>and john and George Joins has been here in our

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<v Speaker 1>am My sixty studios. But to see you, I haven't

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<v Speaker 1>seen him a couple of years. Maybe yeah, I could

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<v Speaker 1>see um, uh explain what data Fox is and maybe

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<v Speaker 1>how it's changed over the last few years. Definitely, Yeah,

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<v Speaker 1>it's been quite an evolution. Data Fox is a CRM

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<v Speaker 1>orchestration platform, which I'm gonna have to explain what that

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<v Speaker 1>is to you. Where this all came from was myself

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<v Speaker 1>and my co founders. We used to work in banking

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<v Speaker 1>and finance and we came out of that and uh,

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<v Speaker 1>I thought that there ought to be a better way

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<v Speaker 1>to collect all of the world's business information on privately

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<v Speaker 1>held businesses to basically on earth growth trends among those

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<v Speaker 1>amongst those companies to help inform better investment decisions, better

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<v Speaker 1>lending decisions. And that proved to be proved to be there,

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<v Speaker 1>proved indeed to be that neat. But what really was

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<v Speaker 1>interesting was when we found that there's a similar I

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<v Speaker 1>would feel like that's like a donea bread Streets, even

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<v Speaker 1>a Bloomberg for private companies. That's essentially how we how

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<v Speaker 1>we started exactly exactly, and then what we found was

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<v Speaker 1>that in the enterprise landscape, people working in sales, marketing,

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<v Speaker 1>business development, commercial, real estate, anybody, everybody has needs just

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<v Speaker 1>like that, and so the business evolves into what we now.

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<v Speaker 1>We do two things. So part of what we do

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<v Speaker 1>is we collect proprietary intelligence on companies, information about the

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<v Speaker 1>people who work, their growth trends in that business, where

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<v Speaker 1>they're expanding, the products they're launching. And then the second

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<v Speaker 1>pieces orchestrating all of that information with a company's internal

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<v Speaker 1>customer data. Every company has a CRM or some some

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<v Speaker 1>sort of database of their customers, but that data is

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<v Speaker 1>very siloed. It's difficult to actually keep all that information

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<v Speaker 1>up to date, and so we do that for them

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<v Speaker 1>so they can unearth the best opportunities for them to

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<v Speaker 1>go after. Talk to us little bit about clients that

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<v Speaker 1>you're signing up, the growth and revenues, what kind of

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<v Speaker 1>you know, growth and profitability. Talked to us a little

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<v Speaker 1>bit about that, Yeah, definitely. So it's been an exciting year.

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<v Speaker 1>We've grown revenue hundred year over year and that's on

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<v Speaker 1>the back largely of growth selling into large companies. UM.

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<v Speaker 1>An example I love is we work with ups and

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<v Speaker 1>what we've helped them figure out is that one of

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<v Speaker 1>the best signals for their sales team to reach out

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<v Speaker 1>to a business is when that business expands its geographic footprint.

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<v Speaker 1>Kind of obvious, right when they open a new office

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<v Speaker 1>or a new location. Turns out, it's it's very difficult

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<v Speaker 1>for ups actually know when that happens, but we keep

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<v Speaker 1>track of those signals and surface those opportunities. UM. Another

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<v Speaker 1>example I like is there's a a cleaning service in

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<v Speaker 1>UH in New York. Sounds old school, but it's actually

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<v Speaker 1>a tech company called Managed by Q. They provide office

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<v Speaker 1>management services, and similarly, they're interested when businesses are are

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<v Speaker 1>growing quickly. That's when they ought to reach out to

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<v Speaker 1>a business and say, hey, we can really help you

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<v Speaker 1>take control of your office management services. So this isn't

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<v Speaker 1>just like cr leads where you're sort of saying, here's

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<v Speaker 1>the name of the person that's in purchasing this is

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<v Speaker 1>here's a business and an event that's happening that's going

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<v Speaker 1>to trigger a potential sale for you. Exactly. There's a

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<v Speaker 1>fundamental shift that we're hoping to pioneer away from dumb

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<v Speaker 1>leads in a way, it's just you know, buying lists

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<v Speaker 1>of potential leads to call into towards a lot of

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<v Speaker 1>intelligence that actually helps a company figure out what their

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<v Speaker 1>ideal customer looks like and where they can find more folks.

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<v Speaker 1>Just like that lastion, I've got kind of blockchain on

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<v Speaker 1>my brain because we did I did an event here

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<v Speaker 1>at Bloomberg last night and just talking about kind of

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<v Speaker 1>the potential for blockchain, especially in kind of some boring

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<v Speaker 1>on sexy ways, whether it's back office operations, paperwork. Certainly

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<v Speaker 1>for the financial community this makes a lot of sense,

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<v Speaker 1>but also elsewhere. And I'm just curious as you look

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<v Speaker 1>at the unfolding technologies, whether it's artificial intelligence blockchain, does

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<v Speaker 1>it have a role in you do? I think it does?

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<v Speaker 1>That is that is a good question, you know, taking

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<v Speaker 1>a step back, what what fascinates me is that as consumers,

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<v Speaker 1>we all experience a lot of AI in our day

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<v Speaker 1>to day already, right, and I think we know that

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<v Speaker 1>it's it's interests artificial intelligence. When Google Maps tells you, hey,

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<v Speaker 1>if you want to get to your meeting on time,

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<v Speaker 1>you need to hit the road, Now we know that's

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<v Speaker 1>AI and and and it helps us when with a

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<v Speaker 1>quick search and one click, you've ordered a product from

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<v Speaker 1>Amazon and you know it's going to arrive in two days.

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<v Speaker 1>You know there's a lot of smart data stuff going

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<v Speaker 1>on behind the scenes, but in our in our jobs,

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<v Speaker 1>we haven't felt that quite the same way. We're we're

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<v Speaker 1>all still filling out reports and and entering data into systems,

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<v Speaker 1>and we're all wasting a lot of time, it seems

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<v Speaker 1>on some of that manual labor and grunt work. So

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<v Speaker 1>is it safe to say that you guys are exploring

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<v Speaker 1>it or spending R and D or looking into it.

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<v Speaker 1>It's Uh, it's a massive area of investment for us.

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<v Speaker 1>We're we're scaling our engineering team, our data science team. Um.

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<v Speaker 1>I mean, we've seen the effect that it can have.

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<v Speaker 1>Our customers are telling us that just by us coming

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<v Speaker 1>in and helping a business to prioritize which customers or

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<v Speaker 1>future customers to focus on, and it can lead to

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<v Speaker 1>an almost overnight increase in revenues just by focusing your

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<v Speaker 1>sales team and your marketing team on the right opportunity.

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<v Speaker 1>Tolos Business Analytics. But what is it is fundamentally different,

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<v Speaker 1>which which what's happened with AI now and the business

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<v Speaker 1>analytics are old. I think there's just so many companies

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<v Speaker 1>use so many disparate systems now that um, what's needed

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<v Speaker 1>is something that ties that all together. That's why you

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<v Speaker 1>see companies actually hiring their own data science teams. Right,

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<v Speaker 1>you've seen the proliferation of new job titles like biz

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<v Speaker 1>ops and sales ops and marketing ops. Those weren't roles

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<v Speaker 1>that really existed five ten years ago. It's because companies

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<v Speaker 1>have so much internal data to manage, but it's all

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<v Speaker 1>sitting in different silos and it takes a lot of

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<v Speaker 1>work to tie that all all together. What kind of

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<v Speaker 1>standards there are going to we need? Like I do

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<v Speaker 1>you think about all of these about to say something?

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<v Speaker 1>I think whether microphone you might say something, my microphone

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<v Speaker 1>is on, We're gonna in either way. Um, as you

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<v Speaker 1>guys do develop this business, what have you found for

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<v Speaker 1>your own business? And what queues you need about when

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<v Speaker 1>you should be making sales calls? Yeah, it's interesting. We obviously,

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<v Speaker 1>uh we dog food right as people like calling it

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<v Speaker 1>here in the Silicon Valley. We use our own product

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<v Speaker 1>UM and it it's helped a lot. UM. I think

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<v Speaker 1>it's been interesting to see that the artificial intelligence component

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<v Speaker 1>to what we do can be incredibly powerful. And uh,

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<v Speaker 1>you put yourself in a in a young sales reps

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<v Speaker 1>shoes right there, joining a team of people who are

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<v Speaker 1>um you know, have a number of years on them,

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<v Speaker 1>have a lot of experience, and how do you if

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<v Speaker 1>if we can help get that sales rep up to

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<v Speaker 1>speed quickly, help them hit the hit the ground running

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<v Speaker 1>by when they walk in into into work in the morning,

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<v Speaker 1>offering them a um an overview of the key accounts

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<v Speaker 1>that they should be hitting. And two, we're really helping

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<v Speaker 1>them do their do their jobs. But it's also back

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<v Speaker 1>to ridding the world of gruntwork and manual labor. It's

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<v Speaker 1>just so much time that's spent every day doing manual

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<v Speaker 1>data entry. So if we can remove that for people

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<v Speaker 1>to cool stuff past and gentlemen, the company's called Data Fox.

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<v Speaker 1>Check it out. He's a CEO. Thanks coming back for sure.

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<v Speaker 1>Listen to bloomber Markets on Bloomberg Rady on Corey Johnson.

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<v Speaker 1>She is Carol Master. This is Bloomberg