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Caterpillar is an IIoT Hipster — they’ve been into it since the 90s

How the heavy equipment manufacturer unlocks 45% increases in efficiency for customers with the Internet of Things

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J&B Excavating owner Brenen Newman was facing a labour shortage. To avoid a slowdown in the business, he needed to get his 19-year-old son working on excavating operating equipment fast.

Problem was his son had little experience. But thanks to advances in digital and IoT tech, Brennan’s son had no trouble getting up to speed.

“He picked it up the first day,” Newman said. “The second day he dug a basement by himself without a grade checker. I don’t know that a guy with 20 years of experience could do that.”

Unlock decades of experience

The machine Newman’s son was working on was a Cat 300 series excavator that includes Caterpillar’s IoT technology and services toolkit called Cat Connect. The tech allows for services to increase efficiency and improve performance, like Grade with Assist. Grade with Assist allows operators to reach grade quickly and accurately, by offering guidance for depth, slope and horizontal distance to grade.

Related: Stepping into digital with IoT – 14 Case Studies

Both Newman and his son appreciated the simplicity of the tech. “This machine is a trainer,” Newman says. “You can put an inexperienced operator in it, and the machine will train that operator how to dig flat and how to hold grade.”

Caterpillar says this Cat Connect feature and others — such as Cat GPS, Cat Link, Cat Payload and others — increase operating efficiency by up to 45 percent.

For example, another construction company, Hemphill Construction, has been able to cut down on surveying, reduce project cost per hour and, working with their Cat dealer, perform predictive maintenance and protect the value of their assets.

Cat’s been into IIoT since the 90s

Caterpillar launched its vision to leverage the internet for service in the 1990s. Now, the company has 186 dealers and about 500,000 connected assets worldwide.

Tom Bucklar, Caterpillar’s director of IoT and channel solutions, says their digital strategy is “customer-centric.” It’s not just focused on giving insights for Cat equipment, but all the equipment a customer may have in a “mixed fleet.”

“We started in the mid-90s connecting equipment, we now have one of the largest install bases of connected equipment, which gives us a lot of rich data to build customer solutions,” says Bucklar. “When we start to talk about our digital strategy, we really look at digital as an enabler. At the end of the day, we’re not trying to build a digital business. We’re trying to make our customers more profitable.”

[Download]: Stepping into digital with IoT – 14 Case Studies

Earlier this year, Caterpillar started using AT&T’s IoT services for the connectivity and management of their fleet of heavy machines in 155+ countries, which will bring 4G to Cat Connect services. “[It] will deliver near real-time information to Caterpillar, its dealers and customers about their equipment’s performance on a job site,” according to reports.

Well Positioned for the Future

In the next 3 years, Caterpillar is planning on “using augmented reality (AR) and virtual reality (VR) for sales, operations and service applications,” says Terri Lewis, digital and technology director at Caterpillar in this Automation World article. Possibilities include virtual rendering of products for sales conversations or machine performance data displayed via an AR overlay on a physical product via on a mobile device.

Bucklar says that all the data collected from Cat’s IoT devices means companies and consumers are able to access insights and analytics en masse.

[Download]: Stepping into digital with IoT – 14 Case Studies

“What IoT does is bringing all that data from connected machines into one place,” he says. “You can start to get massive amounts of insights, and with analytics can really start to build some rich solutions and customer value.”

DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.

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Events

Elevate Scaleup takes over Toronto Sept. 26

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September is festival month in Toronto, and with TIFF coming to an end, the city’s next festival begins. Elevate kicks off its city-wide tech and innovation festival Sept. 21-27 to celebrate North America’s growing tech ecosystem.

Global thought leaders will take to the main stage at the Sony Centre, and content tracks will take place throughout the city, with thousands of attendees expected.

With the rise of scaleup companies, one of the featured tracks this year is, naturally, focused on scaleup companies. Taking place Sept. 26, Elevate ScaleUp gives startups the unique opportunity to learn from industry leaders who have scaled real businesses, and have the scars to prove it. Startup veterans will give real insights from years in the field, on everything from hiring, to financing, to distribution.

The track is presented by CIBC and Osler, and DX Journal is a community partner and providing coverage at the event. The event takes place at Osler (100 King St. West, 63rd floor)

What can you expect? Here’s a full run-down of the day and agenda. You can get tickets here.



Kickoff from Julia Kassam (CIBC)


Welcome from Fast Company journalist Lydia Dishman, who covers the intersection of innovation, tech, leadership, and entrepreneurship.



Seize the Opportunity: How Canada is Empowering Startups to Scale Globally
Dennis Kavelman, general partner at iNovia Capital and former COO & CFO of RIM/BlackBerry, shares his perspective on scaling in today’s environment, highlighting the various hurdles associated with transforming a startup to a growth stage business.



Kickstarting Your Business Into a Market Leader

Janet Bannister (Real Ventures), Joanna Griffiths (Knixwear)

Joanna Griffiths, founder and CEO of Knixwear, ran a record-breaking Kickstarter campaign—raising over $1 million in 40 days—to launch an intimate apparel line. In this session, she will share her scaleup story and how she financed her way to success.


Scaling Up: How to Pick a Working Model – Panel

Dan Debow (Helpful.com), Dean Hopkins (OneEleven), Sonia Sennik (CDL), Yung Wu (MaRS), 

Toronto has a robust network of incubators and work spaces supported by a diverse mix of corporates, universities, communities, and VCs. This panel will explore the impact and value of different network and work space community models for companies scaling up. Panelists will answer: How do you choose what is right for your company?


How We Built Hopper

Frederic Lalonde (Hopper)

Serial entrepreneur and Hopper cofounder and CEO Frederic Lalonde shares the growth story of the fourth-most-downloaded travel app. Lalonde will focus on why product market fit is so important for scaleups, including how to get it, and what to do once you find it.


How to Finance Your Business for Long-Term Success

Mark Usher (CIBC), Mark Wallace (Cority),Stuart  Lombard (Ecobee)

Ecobee’s Stuart Lombard and Cority’s Mark Wallace know a thing or two about how to finance a growing scaleup. Listen to these leaders of world-class, high-growth companies talk about the good, the bad, and the ugly decisions they made in financing their businesses over time.


What Matters Most When Building a Multi-Billion Dollar Business

Michelle Zatlyn (Cloudflare), Colleen Moorehead (Osler, Hoskin & Harcourt LLP)

Join Colleen Moorehead, cofounder and past president of E*TRADE Canada, as she chats with serial entrepreneur and technology leader Michelle Zatlyn about what matters most when building highly scaleable multi-billion dollar companies.


Scaling Lessons from the Trenches

Ali Asaria (Tulip Retail), Chad Bayne (Osler)

Osler’s Chad Bayne will sit down for a chat with serial entrepreneur Ali Asaria. They will talk about scaling lessons Asaria has learned in various types of businesses—from RIM, to Well.ca, to his current role as CEO of Tulip Retail. A year after raising $50 million in a Series B led by Kleiner Perkins, Asaria will discuss differences and learning around scaling in corporate environments, startups, and scaleups.


Scale Success: Launch Now, Refine Later

Ray Reddy (Ritual)

Most people think you need a perfect product before you launch. Truth is, you don’t. Ray Reddy, cofounder and CEO of order-ahead app Ritual, has lived by the philosophy: “launch now, refine later.” During this session, Ray will share the insights he’s learned through his successful expansion into 10 U.S. markets in under two years with an “experiment, fail fast, and move forward” mentality.  


Rapid-fire Q&A

Leigh Doyle and Chris Hogg will do a rapid-fire interviews on stage with keynotes.

DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.

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Culture

#ScaleStrategy Q&A: Borrowell’s Co-Founder on Why Scaleups Need Values More than Culture

Eva Wong discusses how the credit and fintech company keeps applying their values to support growth.

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Eva Wong, COO, Borrowell
Eva Wong, COO, Borrowell. - Photo by Tom and Keidi Photography
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#ScaleStrategy is produced by DX Journal and OneEleven. This editorial series delivers insights, advice, and practical recommendations to innovative and disruptive entrepreneurs and intrapreneurs. 

Humility and half an hour saved Eva Wong, co-founder and COO of credit and fintech company Borrowell, nine months of tough learning.

“I remember having a half hour conversation about building a sales team with our OneEleven office neighbour. He took me into a board room and wrote out everything that he learned and the mistakes he made in the nine months it took to build out his team. That’s just one example of our first value: humility. Admitting there’s someone 15 years younger who’s been in business way less than I have been, but who knows way more about this than I do,” she recalls.  

Wong says values and the culture that emerges from them can help companies scale by bypassing cumbersome process and bureaucracy that can slow growing organizations. As Borrowell has grown from 4 to 45 employees, Wong says she has learned that values are more fixed — and crucial — than culture.

In the early days, we talked about culture fit. Now we talk much more about culture contribution. [New team members] don’t have to fit into the existing culture. As we grow and change, the culture will too. The values are more important to hold true to,” she says.

Recently, John Ruffolo, the chief executive officer of OMERS Ventures, caught up with Wong to discuss why scaleups need to pay close attention to culture, how it impacts hiring and how to scale it as the company grows.

John Ruffolo: Why is culture so key for scaleups?

Eva Wong: There’s a really popular quote that says “culture eats strategy for breakfast.” Culture is what keeps larger companies agile. If people don’t intuitively do the right things on their own, you have to add process and that slows companies down. For us, as we grow, a really strong culture involves ensuring people understand how they help us continue to scale in a way that avoids bureaucracy.

Ruffolo: How would you describe the culture at Borrowell?

Wong: Culture isn’t about perks. It’s not about things we do for fun. Or how the company has shared interests. For us, it’s clearly tied to our values. Our values are:

  1. We’re high-performing and humble.
  2. We’re trustworthy and team-oriented.
  3. We love learning.
  4. Act like owners.
  5. Diversity makes us better.

Ruffolo: When the initial team came together, did all of you share those values?

Wong: I don’t think it was as explicit. When you come together as co-founding team, you just click. It was more implicit. We did read the Netflix culture deck and said “that’s what we want our culture to be!” We knew we’d have to articulate it one day because people were asking what our culture is and we wanted to be consistent in how we described it.

Ruffolo: How did the culture shift as you grew from 4 to 45 employees?

Wong: We didn’t have our values established or written down when we were four people. That came when we were maybe 16 to 20. It was a collaborative, organic, bottom-up approach where we asked employees, ”What’s different about working here than other places you’ve worked?” People shared different things and we came up with the values that way.

But as we continue to grow, culture is naturally going to change and we’re okay with that. It has to change. What we don’t want to change are the values. We want to add people to the company who add to the culture, not necessarily stick in the lanes. We recognize that as we grow and become more diverse those values can manifest differently. We still want people to act like owners, but it just might look different compared to where we were when we started.

One thing our VP Talent, Larissa Holmes, launched within the company is a competency matrix, which explains what behaviours we expect from team members at each level of the organization. For example, if you’re a senior director what does it mean to be ‘high-performing and humble’? It’s also a way for employees to know what competencies are needed to move from a manager to a senior manager to a director and how those things are tied to our values. Employees have to get better at exemplifying the values to move up in the organization.

Ruffolo: Do you think culture is playing a role for talent wanting to work with you?

Wong: One hundred percent it is. A lot of people will check out Glassdoor before they come in, so they already have a sense of our culture and values. We take the interview process seriously as well, since it will be their first real taste of our culture. On Glassdoor, people can actually post reviews of the interview process, even if they’re not hired. There are posts from people who we turned down but who wrote positive reviews of their experience. We try to make sure that people we are interviewing see and meet various team members from different levels within the organization. That’s important to us.

Part of the interview process is doing an assignment, which exemplifies our values as well. It’s not just about who can talk a good game. You have to produce good work, too.

Ruffolo: In interviews, how do you describe your culture to a candidate?

Wong: Like any company, you can put values on a wall. But you need to give specific examples of how you actually live them. Our value ‘act like owners’ is a pretty good way of encompassing us. We really do encourage everyone to think about what they would do to make the whole company successful — to put on their CEO hat and think about what’s best for the business. It encourages people to avoid thinking in a very narrow sense about their role.

Our ‘high-performing and humble’ value is a big part of who we are too. Humility helps us recognize that although we’re all really smart and capable, you can’t just operate as an island. You’re dependant on your teammates, and we need to listen to our customers. Humility allows people to be able to take a step back and have their ideas challenged by others.

Ruffolo: Is there one of your five values that needs to be taken to the next level?

Wong: The value — ‘diversity makes us better’ — is something that we’re working to improve on. Our goal is to have a gender-balanced company, and we’re not there yet. We’re currently at 40%, which is not bad, but it’s not evenly distributed within our company. We’re continuing to track as we grow as a team at different levels and different departments.

Obviously, diversity isn’t only about gender. There are a number of different metrics we measure, including the percentage of employees that are born outside Canada. Since we have this focus on diversity and inclusion, I think we’re more likely to attract and retain diverse talent and to promote people with different backgrounds and experiences.

Ruffolo: Which entrepreneur inspires you the most and why?

Wong: There’s an entrepreneur named Kim Scott who has written a great book called “Radical Candor”. I admire her because she’s been very effective as a business person and operator without losing her humanity. She still cares very much about her team, and I think she would say those two things reinforce each other, whereas some people think you can either be a strong operator or a good person. She said in order to be an effective operator, you have to care about your team and have authentic relationships.

Ruffolo: Are there are books that helped you in your scaleup journey?

Wong: I read a book by Adam Grant called “Give and Take”. He talks about people falling into one of three categories: givers, takers, and matchers. Within givers, there are smart givers and there are pushovers — those who give but not in a smart way. They tend to burnout and get taken advantage of. Of all those groups, those who do the best are the smart givers. At Borrowell, we ask ourselves: “how do I give smart without burning out or being taken advantage of?”

Ruffolo: What is your number one piece of advice for a founder in the scaleup stage?

Wong: Constantly reevaluate what you’re doing and make sure you’re still working on the highest value things. When you’re scaling, things are constantly changing and you have to keep reevaluating your role. Are you spending your time doing the most high value activities?

#ScaleStrategy is produced by DX Journal and OneEleven. This editorial series delivers insights, advice, and practical recommendations to innovative and disruptive entrepreneurs and intrapreneurs.

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Culture

3 Things to Know About Scaling Culture Through Values

Co-founder and COO of Borrowell on the power of values

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Eva Wong, COO, Borrowell
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#ScaleStrategy is produced by DX Journal and OneEleven. This editorial series delivers insights, advice, and practical recommendations to innovative and disruptive entrepreneurs and intrapreneurs. 

“For us having a strong culture that’s linked to our values has been key to being successful,” says Eva Wong, co-founder and COO of credit and fintech company Borrowell, an alum of OneEleven.

As Wong has helped grow Borrowell from a team of 4 to 45, she has learned that being clear on values is more important than maintaining a culture through scale. Culture emerges from a company’s values, she says, and both together help companies avoid the need to create cumbersome process and bureaucracy that can slow down growth.

Values and culture are what keeps larger companies agile,” she says. “If people don’t do the right things on their own, you have add to process and that slows companies down.”  

When Borrowell was first founded, they didn’t have their values written down, says Wong. As they grew, they needed to articulate those same values clearly for the scaling team.

“We first did it when we were about 16 to 20 people. It was a collaborative, organic, bottom-up approach where we asked employees, ‘What’s different about working here than other places you’ve worked?’ People shared different things and we came up with the values that way.”

About a year ago, as growth continued and Borrowell raised another round of funding, Wong and the rest of the management team knew they needed to add one more value: diversity.

“We care a lot about diversity. Checking off a diversity box and getting them in the door isn’t enough. We want diversity of opinions and to retain diverse employees,” she says.

Today, Borrowell’s values are:

  1. We’re high-performing and humble
  2. We’re trustworthy and team-oriented
  3. We love learning
  4. Act like owners
  5. Diversity makes us better

For scaleups looking to refine their values and culture, Wong has three key lessons she has learned through the evolution of Borrowell.

1) Values Over Culture

“It’s more about values and less about culture,” says Wong. “We’re open to our culture changing, but want to keep our values consistent.”

In the early says, she says, the founders talked about culture fit, while now they talk about culture contribution. Employees don’t have to fit the existing culture or share the same personalities as current employees because those things will grow and change as the company does.

In fact, Wong wants to see a diversity of culture at Borrowell and is open to seeing their values manifest themselves differently as they continue to grow.

We want to add people to the company who add to the culture, not necessarily stick in existing lanes. As we grow and become more diverse those values will look different. We still want people to ‘act like owners’, but it just might look different as we grow compared to where we were when we started,” she says.

 

2) Ask About Values When Hiring  

One lesson Wong learned through trial and error was to be explicit in interviews about the company’s values and share what they mean.

We take the interview process seriously, since it will be a person’s first real taste of our values and culture,” she says. “We embedded our values into the process and we have specific questions we ask during around each of the values to make sure people are aligned with them.”

Part of the interviewing process at Borrowell is to do an assignment, which helps the team see the work a candidate actually produces.

“It’s not just about who can talk a good game,” says Wong. In addition, candidates interview and meet with various people from different levels within the organization who discuss how values are executed throughout the company.

3) Empower Employee Success with Values

Wong and her management team have taken their values one step further in an effort to support the scaling company.

“When we started, people were in contact with the founders every day. But as we’ve grown, that’s less true. So we need to define what each of our values mean at different seniority levels and not just demonstrated by the management team.”

To address this, they launched a competency matrix that defines what skills and behaviours are needed for the values at each level of the organization.

“If you’re a director, what does it mean to be high performing but humble,” she says. “We’re communicating what it takes to move from a manager to a senior manager to a director and what is expected. It’s part of the promotion process. Employees actually have to get better at exemplifying the values to move up in the company.”

#ScaleStrategy is produced by DX Journal and OneEleven. This editorial series delivers insights, advice, and practical recommendations to innovative and disruptive entrepreneurs and intrapreneurs.

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1 download. 14 Case Studies.

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