Lyft - February 2022

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DIGITAL REPORT 2022

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Lyft, the universe and the internet of everything

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Zach Greenberger explains Lyft’s growing ‘rideshare’ business and how it is hitting super aggressive targets, in partnership with Oracle

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o digital enterprise is an island entirely of itself. They need strong, well-suited partnerships, realistic but ambitious targets, and some creative “beyond the box thinking.”

That’s how Zach Greenberger approaches his pivotal role at Lyft. Greenberger is a supply chain guy. He knows it link by link. He hails from an impressive background. IBM and Tesla. He’s been with Lyft for three years.

“My focus is delivering value to the endto-end supply chain for our broader business and then fostering partnerships that drive incrementality and loyalty to our customer base,” he says. In other words: growing a business step-by-step and ensuring you don’t lose your loyal customers along the way.

To do that Greenberger says he needs working relationships with suppliers who become long term partners, with similar goals and a matching culture.

“I’ve always been one who believes mature supply chain organisations play critical roles, not only driving efficiencies to the business through its supply base, but also becoming trusted advisors, operators and problem-solvers for our stakeholders.

“Most people know Lyft as a rideshare company. But, we are focused on a broader mission improving people's lives with the world's best transportation,” says Greenberger.

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When your usual course is blocked, how do you find new streams?

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HOW EY IS HELPING LYFT RAISE ITS POST IPO GAME

designing their internal controls, redesigning the chart of accounts to scale with their targeted growth, and supporting the company’s financial transformation.

Lyft raised more than two billion dollars in its 2019 IPO. Timing these events is often a hit or miss affair. Lyft nailed it with huge success. But keeping up that growth momentum and spending the money wisely while steering a route through the new regulatory constraints going public took serious teamwork.

‘Sanjay is spot on,’ says Greenberger.

EY brings a ton of expertise to support and augment our team and make sure we are building that proper foundation for long term success.’

And if that wasn’t enough, Lyft and EY had to exploit the benefits of a successful funding round just as the global pandemic took hold.

According to Khunti, with so many separate business lines and units being developed under the Lyft banner – from rideshare to scooter hire to product delivery to name just three – EY needed to take a holistic approach.

‘The IPO was a super exciting time for us,’ says Greenberger. ‘It necessitated a level of maturity and growth we needed to properly scale business operations.’

He says this is where Lyft’s relationship with EY became so critical.

Khunti agrees. ‘Absolutely. Lyft being in hyper-growth mode…but then having to face the requirements of being a public company meant it found itself in an interesting position. Working with EY at the Speed of Lyft, as we call it, meant they had a successful IPO and built a strong partnership.’

‘Operating in the public domain with a host of new regulations, laws and expectations from investors was just the tip of the iceberg.’

‘EY helped them through setting up their internal audit and SOX functions,

‘One major step was to implement Oracle Financial Accounting Hub (FAH)’, he says. This gave Lyft a more scalable accounting system which was auditable, traceable and provides a complete and accurate picture of their financials and the data they need to make the right business decisions.

‘That was really the first step in getting this transformation journey started and it’s providing successful outcomes for our ongoing work together,’ says Khunti.

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How Lyft Is Raising The Stakes In The Supply Chain

Sounds good? But what does that mean?

“We are developing and innovating products that address the end-toend value chain of all of our customers' transportation needs. From our core rideshare business to micro-mobility, we offer everything from on-demand vehicles, bikes and scooter solutions, and even vehicle servicing and rentals.

Ultimately, our goal is to create products that effectively eliminate any barriers to transportation and make them accessible and enjoyable for everyone.”

This may sound like a well-rehearsed mission statement, but behind these words is a culture where providing the best services is deeply engrained.

“At its core, we need a supply chain that delivers the best experience to our customers and stakeholders, so we are, in fact, able to focus on how we progress against our mission.”

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“ Mature supply chain organisations play a critical role, not only driving efficiencies to the business through a world class supply base but also becoming trusted advisors, operators and problem solvers for our stakeholders” ZACH GREENBERGER

HEAD OF STRATEGIC BUSINESS DEVELOPMENT & GLOBAL SUPPLY MANAGEMENT, LYFT BUSINESS

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“This vision really ‘jives’ perfectly with Lyft’s mentality as a broader company. We have an exceptional culture that promotes healthy debate,” he says.

Greenberger expands on this and what he means when it comes to setting goals: “I take significant pride in the trust and reputation that we have built with our internal team members, and to me, that defines the power of our team's ability to deliver against super aggressive targets.”

“Super Aggressive Targets?” That sounds impressive but what does that mean?

Greenberger explains: “Data-driven decision making and focusing on our core competencies is priority thinking. It’s that mentality that is really a supply chain team’s dream, and helps us focus on hitting aggressive goals we set for ourselves.”

Greenberger is driven to ensure his teams at Lyft are undeniably ‘best in class’.

“They really differentiate themselves from other supply chain teams in the industry,” he says. “Not only does that play out in our results as a supply chain team, but I also see how we support our internal stakeholders has unlocked efficiencies for the business to deliver against the company’s core mission without distraction.”

The upshot of this, according to Greenberger, is allowing his people to ‘hyper focus’ on customers and make sure they are being delivered the best products day-to-day.

TITLE: H EAD OF STRATEGIC BUSINESS DEVELOPMENT & GLOBAL SUPPLY MANAGEMENT INDUSTRY: TRANSPORTATION LOCATION: SAN FRANCISCO Zach Greenberger is the Head of Strategic Business Development & Global Supply Management at Lyft, where he leads efforts on Lyft’s growth partnership strategies and delivering value to the end-to-end supply chain.

Zach has not only brought a strong procurement background to the role, but he’s also always had a passion for emerging technologies and prioritised a customer-centric approach. Prior to joining Lyft, Zach was integral to the Global Supply Management and Operations team at the Tesla Corporation and before that, he spent 3 years at IBM as a Strategic Sourcing Consultant. With an impressive list of over 20 technology patents under his belt, Zach stays committed to driving loyalty to Lyft's customer base while continuing the company’s mission to improve people’s lives with the world’s best transportation.

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ZACH GREENBERGER

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“ It was critical that we took every step we could to effectively run our business, while also building a foundation that would allow them to scale, and this is precisely where Oracle came in” ZACH GREENBERGER

HEAD OF STRATEGIC BUSINESS DEVELOPMENT & GLOBAL SUPPLY MANAGEMENT, LYFT BUSINESS

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Consulting with Oracle Greenberger says he wants the driving force behind Lyft’s supply chain to always be its ability to influence decision making and truly partner with stakeholders to help drive the best results for Lyft. “Growing businesses survive and prosper by nurturing the right working culture and innovative thinking.”

At this point, it is clear Greenberger can’t take this narrative any further until he talks about Oracle. The two businesses ‘hitched a ride’ together some time ago and the journey has become more comfortable and successful with each passing year.

“Oracle was the foundational solution that was able to solve our end-to-end needs

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and really give us the tooling that we needed to scale business operations long term,” says Greenberger.

“So, one of the main things that we've really enjoyed by having a very strategic partnership is the ability to discuss and roadmap solutions that historically haven’t been offered in the market.”

“Oracle is very focused on helping unlock infrastructure efficiencies for Lyft every day.

The partnership overall has been fantastic and I do believe a lot of that is because we see so many similarities within our cultures.”

Greenberger says Oracle was a fundamental element of Lyft’s Enterprise Resource Planning (ERP) journey. lyft.com

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“ Ultimately, I believe as IoT develops, we are going to see the offerings that we've built become crisper and easier to consume” ZACH GREENBERGER

HEAD OF STRATEGIC BUSINESS DEVELOPMENT & GLOBAL SUPPLY MANAGEMENT, LYFT BUSINESS

“It was critical that we took every step we could to effectively run [the] business, while also building a foundation that would allow it to scale, and this is precisely where Oracle came in.”

“Implementing Oracle's ERP infrastructure really unlocked access to data that our finance and supply chain teams needed while simultaneously providing leadership a more holistic view of how we conduct resource planning and execute strategies through our evaluation of the market.’

Focus, focus, focus Zach Greenberger attributes Lyft’s ability to step up several gears to the company’s successful IPO just before the pandemic.

He also believes Lyft had a head start over its competitors by originating as a digital platform. lyft.com

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Oracle Native Applications on Oracle Cloud Infrastructure (OCI) Oracle’s cloud native services driven modern application development by using standards-based technologies giving developers a comprehensive, standards-based platform for a building, deploying, and managing applications.

CONSULTING THE ORACLE Lyft Reimagines the Future of Transportation with Oracle “Oracle’s culture is all about innovation - It has been from the beginning. Forty years on and it is still leading the way.” That’s according to Trey Parsons, Group VP at Oracle’s Cloud Infrastructure Group.

“Our mission statement is to help people, our clients and partners, see data in new ways, gain valuable insights and discover endless possibilities” says Parsons.

Oracle Cloud Infrastructure (OCI) has created a platform for companies to innovate and Oracle’s own culture of innovation translates to the accounts that our Cloud Venture team covers: ‘Unicorn’, cloud native, high growth accounts.

Oracle’s four-year relationship with the ride share business, Lyft Inc. is a

perfect example of how this brand of collaboration and partnership works.

“Lyft is a ‘cloud first’ company,” says Parsons. “Oracle’s Enterprise Fusion ERP application is one of the best in the business. It is an integrated, scalable suite. Lyft has gone from running hundreds of thousands of transactions to billions. Oracle’s scalable platform played a fundamental role in achieving this.”

Lyft’s first collaboration with Oracle was by adopting its Fusion Accounting Hub. This was implemented in a record 4 months.

They then successfully implemented Oracle Cloud Applications, Oracle Autonomous Data Warehouse and Oracle Analytics Cloud.

When Lyft successfully implemented Oracle Cloud it had the capability to close its books in half the time and to significantly improve relevant processes.

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“ One of the unique things that Lyft provides is building is the fleet management capability to be able to maintain and operate autonomous vehicles in a way that most effectively utilises them, given the daily supply and demand signals in the marketplace” ZACH GREENBERGER

HEAD OF STRATEGIC BUSINESS DEVELOPMENT & GLOBAL SUPPLY MANAGEMENT, LYFT BUSINESS

“The initial public offering has certainly benefited us,” he says. “One of our differentiators in the market is that we are hyper-focused on our mission. We don't get distracted with other things that aren't directly tied to that mission of improving people's lives with the world's best transportation. Every day, we are ruthlessly prioritising projects and products that continue to bring us closer to our goals.”

To infinity and beyond So, that was then. We’ve covered now what of the future?

No interview with a leading supply chain ‘guy’ is complete these days without drilling down where they see their business going in the future, especially in the Covid age. So, where does Zach Greenberger expect Lyft 16

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DID YOU KNOW...

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LYFT MARKET SHARE AND GROWTH SINCE IPO Ride-hailing startup Lyft Inc raised US$2.2bn in its initial public offering on T pricing 30.77 million shares at US$72, the top of its already elevated US$70 to US$72 per share target range.

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to lead the charge in innovation, particularly in the Internet of Things (IoT) and artificial intelligence (AI) as driving forces?

Greenberger claims Lyft is uniquely placed to take the market into uncharted territory here and can overcome perhaps the biggest obstacle to the expansion of automated transportation: Economics, not technology which will hold the market back.

“We've seen a tonne of progress in the acceleration of autonomy within vehicles, right?” he says. “One of the unique things

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that Lyft provides is the fleet management capability to be able to maintain and operate autonomous vehicles in a way that most effectively utilises them, given the daily supply and demand signals in the marketplace.”

“We see that with the vehicles that are operated on the platform today. Even though the vehicles are progressing towards full autonomy, there is also a lingering question on how the economics will pencil out long term.”

This is where Greenberger thinks Lyft comes into its own. Creating demand is one

thing. Turning that demand into a viable business is another. The two don’t always travel together.

“Not only do we have millions of customers looking to connect to transportation needs daily, but we are also providing the necessary fleet management capabilities that are ultimately required for a vehicle to be able to operate at maximum efficiency in the marketplace.”

“This is probably one of the most interesting parts of where we're headed with autonomy, but of course, it's a long road to get there.”

Greenberger brings this narrative back down to earth at this point. He’s back to his key skills in supply chains.

“These are natural progressions of technologies [referring to AI and IoT] that are going to be incredibly critical to every business' strategy, but I think more specifically as it relates to supply chain,” he says.

“I have a very strong conviction that evolving tech such as IoT and AI will play a key role in upskilling supply chain professionals to be more strategic and less transactional than they've historically been. We've seen a transformation on the impact that supply chain organisations can drive to an enterprise over the past decade.”

“I believe IoT and AI in the supply chain can give businesses the tools they need to execute against transactional needs without too much intervention. They are critical factors in how we think about long term product offerings - whether that is simply through connectivity, or the role played in autonomous vehicles.”

“My mentality on these technologies is that, as they develop, they expand the art of the possible. We’re cultivating what can be offered both in the supply chain and from a broader business innovation perspective.

That includes embedded systems that are providing better telematics to our owned and operated fleet or IoT devices deep within the heart of our supply chain hardware – our vehicles – making it easier to assess and predict optimal vehicle positioning, asset utilisation, more accurate ETA estimates and so on.”

“Ultimately, I believe as IoT develops, we are going to see the innovative offerings that we've built, become crisper and easier to consume.”

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