Session Information:

It’s Time to Bring Manufacturing Back to America

Time to Act. That’s what many companies are feeling now that manufacturing risks and vulnerabilities have been exposed by the pandemic. Parts shipments have been delayed from Asia. Freight rates have doubled. Markets have changed and demand has shifted wildly. The economy is uncertain. What do we do now?

We will discuss global manufacturing strategies and reshoring of manufacturing and sourcing. It’s time to rebuild manufacturing in America.

Session Transcript:

And we're gonna bring you Rosemary Coach, who is the Executive Director and Chairman of the Board for the reshoring Institute. The Re-assuring Institute is all about understanding the re-assuring capabilities for our supply chains, And Rosemary is going to share her message with you and her approach to restoring that is the significantly transforming sectors of the economy. Now, after, for a video message, I'll come back and do final awards for the segment and also for the conference. But without further ado, I'm going to play her message starting now.

Silicon Valley, everyone. I'm Rosemary Coats, the Executive Director of the Re-assuring Institute. And today, I'm going to talk to you a little bit about re-assuring back to the US, as well as rethinking your global supply chain strategy.

We think, yeah, we always say it's time to bring manufacturing back. And that may be to the US, as well as to other countries around the world. But basically, what's happening now, our companies are rethinking their overall strategy.

This is a little bit more about me. I've been doing global supply chain management work for 35 years or so, And I used to, I used to tell people about what I did for a living, tried to explain it.

And their eyes would glaze over, they walk away slowly.

But these days, the supply chain is top of mind for most companies. And what I do is strategically important, in terms of helping companies rethink their strategy.

I've written five books on Global Supply Chain Management, And those are, at the bottom, you can see them there. The one on the far left is 42 rules for Sourcing and manufacturing in China.

And it's been around for about 12 years now, and is still selling copies. I don't know who's buying it now.

But it was bestseller on Amazon for awhile.

And then the one on the far right is Legal Black Smith.

And that is a book about the legal ramifications of defending yourself when you get into a supply chain dispute, so I wrote that together with an attorney.

I do quite a bit of expert witness work and global supply chain cases, and this attorney, ..., and I decided to write this book together when we were working on an aerospace, a big aerospace claim a couple of years ago.

The reason why I mentioned this is, first of all, I've spent many years, probably 15 or 20 years, helping companies outsource to China set up a lot of a lot of companies there, help them enhance their systems.

I helped them implement software, all kinds of things, all kinds of expansions.

And a few years ago, I sort of changed direction and helped companies now start to rethink their strategies.

We started the Re-assuring Institute about seven going on seven years now, and it has a dual mission. And we are a non-profit and non partisan organization.

We don't do politics other than how it affects manufacturing, but we try to keep focused on expanding and helping companies expand their manufacturing worldwide.

We provide research and consulting services.

We do a lot of domestic sourcing, site selection, product labeling, trade compliance issues, a lot of different kind of things related to global manufacturing.

We also, 50% of our mission, is to help graduate student interns understand and learn about the manufacturing environment.

No, over the last 20 or 25 years in the US, there's practically been no education for university students in manufacturing.

And, so, you know, we were teaching business students about marketing and finance, but very little about manufacturing.

So, we have taken it upon ourselves to take insurance and start teaching these graduate students who are going to be the leaders of the future, about the global manufacturing environment.

And you can see there are 14 universities right now, where we have taken interns.

We have these are all paid internships, so they insurance help us with our consulting work, as well as research, they do case studies, and so forth.

So, all across the nation, we have taken on interns from these universities. Some of them are fantastically smart, and they're going to be great leaders in the future.

So, in the 19 nineties and two thousands, and you probably recognize this picture, this is the Forbidden City in Beijing.

So, in the nineties, and two thousands offshoring to China was the economic strategy of most of my clients in the big consulting world.

As well as around the world where companies were looking at China, as China opened its doors, and looking for a low cost environment in which to manufacture.

And certainly, China was the solution viewer and supply chain, and doing work in that area, and the early two thousands. You were probably involved in moving things to China in one way or another, or at least sourcing some parts from China.

This is a picture that I took of the Forbidden City as a museum these days. And pretty fantastic to go and visit there.

I, as I mentioned, I've done a lot of work in China. And I was working with an automotive company for awhile in Beijing.

And one day, I came to work, and the purchasing manager said to me, we're going off to see one of our machine shops. Do you want to come along?

And, of course, that's my favorite thing to do, is to crawl around some factory in somewhere in the world. And in China, in particular, it's really interesting.

And so I said, of course, this particular factory was as partially state owned enterprise out on the fifth ring road of Beijing. And if you're familiar with Beijing, there ring roads around the city each about 10 miles apart and there they go successively further and further out. And so, this was the fifth ring road outside of Beijing, took us about an hour and a half to get there from downtown Beijing.

And other way, am I caught my clients, told me that this was a very good factory, that they were getting high quality parts from this machine shop, and they were excited to go and talk to the operators, and to talk about some new ideas that they had for new, new products.

And so we showed up at the factory, and the, the factory manager met us at the door, and he said he had to take a year to take a conference call, and just go ahead, and look around.

Now, those of you who've ever been in a factory before know that you're not just allowed to wander through the factory.

And you're always escorted, you have typically have a hard hat on, some kind of eye protection, toe protection very often in these big factories. And you are absolutely required to stay within the yellow lines and you're never ever allowed to just wander around.

So that was my first clue that this is going to be a little bit different kind of day.

And if you, you can barely see the yellow line on the floor there. So essentially, they had yellow lines, but nobody was paying any attention to it.

The guy, in the bottom right, and the blue, was operating a machine, that was cutting metal.

And if you look closely, you can see yes, no goggles, no gloves, no lead apron.

No, I protection, no hard hatch, no toe protection.

I, he was just the guy and some blue clothes, operating this machine that was throwing off metal parts.

And so, you can see, my colleagues are in the middle, in the middle aisle. They're talking to one of the machine operators.

And so we walked all the way down to the middle there, and we're talking to one of the, one of the operators and I started feeling very uncomfortable.

I mean, it just didn't feel safe to me and it smelled bad.

I was concerned, so backed up and ask someone if it was OK if I took pictures.

And I think that's probably, you know, that's pretty amusing, too because you never allowed to take pictures inside of factories. It's, you know, it's their process and you're just, You're just not allowed to do it, but they said, Sure, go ahead. So, I went up to the mezzanine. I'm snapping pictures now. This was part of a much larger factory. There were about five days like this, the very large machine shop, very large.

Now, the reason why I show you this picture is because it's helpful to understand the cost structures in China.

Know, we hear a lot of stuff from the press that says, well, the lay labor rates are going up in China, and it's true they are, but they're still far less than the US.

The guy in the blue in the bottom right is making four dollars and 63% an hour.

The same job operating machine tool like that in the US is 26 dollars and 10% an hour.

And the same job in Europe is $32 and change per hour.

So you can see, there's a huge differential still, and even if the price of labor goes up, 10% or so, it's still cheaper to use labor in China.

But that's not the point.

If you look at this factory overall, you can see, while they had safety guidelines they weren't following on, there was no expenditures for protective materials. There are all kinds of reasons why this factory was a low cost operation, and that's sort of the point.

It isn't just low cost labor, but indeed, low cost overall operations.

So that puts us into a dilemma.

How do we compete, or how do we bring manufacturing back two higher cost countries, including the US.

And Western Europe, if we have this big cost differential.

So let's explore some some more ideas about that.

Actually, the catalyst for re-assuring started in 20 12 during the US presidential elections so both Barack Obama and Mitt Romney were China bashing like crazy.

So everything was China's fault and it's all China's fault that we have these economic woes and China's stealing.

Our jobs in China is unfair with human rights issues in China, China, China and I'm not unlike. I can't tell anybody what I do for a living since I was helping companies go to China.

But they started really, really a significant catalyst for discussions regarding where in the world to manufacture.

And a lot of my clients at the time, as we initiated some discussions about this, said, you know, we would, we would consider bringing some manufacturing back to the US. Or maybe even Mexico?

Can you help us with that?

And so we started doing work on global strategy, and the result of that was the the Re-assuring Institute.

But here's the real reason to re-assure. So these are my grandkids.

This was a couple of years ago. So the one in the front with the curly hair, she's my favorite.

She, she's definitely going to be an engineer, she likes to take things apart, put them back together, and she's very mathematical, but you know, we had a, We had ..., or have family reunion about this time, and we, I'm looking at my grandkids.

And one wants to be a fireman, and one wants to be a baseball star, and one wants to be a Ballerina, but I'm looking at him thinking if we keep putting a big hole in the middle class because we're moving manufacturing jobs overseas.

We're going to have a real problem going forward.

And that was, you know, as sort of a turning point for me considering that we needed to two, 'cause we needed to help companies consider their global manufacturing strategy.

So rebuilding the middle-class in America is, as I mentioned, we have and put a big hole in manufacturing. In America.

By ship shipping a lot of jobs overseas, whether it's China, or Vietnam, or Malaysia, or Mexico, or Eastern Europe.

A lot of the manufacturing, the solid core, typical manufacturing, has moved away from the US.

But manufacturing is very key to middle-class growth and that's because manufacturing plate pays a middle-class wage.

In the US that wage is somewhere between 65 and $85,000 a year.

and that is squarely middle class.

Of course here in Silicon Valley, you'd be living under an overpass or something. It's too expensive here, and that's why there's no manufacturing here. Very little.

But in most of America, and most of countries of the world, manufacturing pays a living wage, a living middle-class wage.

And what do we know about middle-class workers? Well, they have a big effect on the economy.

There are some estimates that it's 1.4 times a magnifier effect on the local economy, meaning that for every one job you put in place, in a, in the local economy.

It People spend money, and so it has a magnifier effective. 1.4 times. Now, I've heard some statistics that it's way higher than that. I've seen something that says 11 times more effective or with a multiplier effect. So there's all kinds of estimates out there, but we know for sure it has a positive effect.

And why is that?

Because people who earn a living wage spend money, they buy cars, They buy houses, they go to the beauty shop.

They buy pizza. They go out to eat. They remodel their houses. They buy be big screen TVs. And all these things have an economic multiplier effect on the local economy.

But we're not going back to 19 sixties manufacturing, so, even if we want to improve manufacturing in America, or whatever economy we're talking about, and we're not going backwards.

We're not going to.

I go back to a non technical environment or low-cost manufacturing where people put pegs and holes or something like that.

What is more likely to happen is our new factories are full of computers. If you've been in a factory lately, you know that computers are used to move inventory along.

They are used for quality issues.

They, they calculate the calculate, place, and position, and sorting, and all kinds of things, as well as running machine tools and so forth.

So manufacturing has become considerably more sophisticated.

And what we want are also workers who are more sophisticated so that we can earn, or they can earn a higher wage level.

And so these jobs have become some of somewhat of a crossover between the old fashioned manufacturing and the new industrial manufacturing involving a lot of computers and technical data.

And so we call those new collar jobs.

They're crossover between non skilled workers and engineers.

I guess I would say we'd like to say this is not your grandfather's manufactory.

So why your company's re-assuring now, so we talked a little bit about the catalysts for it, we talked about the low cost environment li, you know we certainly know there are some geopolitical things going on.

So why though, are companies making this decision now?

Well in the US, the mood of America has certainly changed.

Used to be that companies or people and companies who are looking for low cost stuff wherever, buying low cost stuff for looking for the the cheapest and highest quality that they could get for a certain price.

But these days, there is more efforts as emphasis put on products that are made in America.

And that's a significant shift to where there is now a consideration for American products.

The Tax Reform and Jobs Page Repatriation Act of 2017 was also important.

So that reduced the factory cost tax cost in America to 21% from about 2728% than it had been in the past.

Now, worldwide, factory tax rates are at about 24%.

So in the US, we are actually lower, are less costly in terms of taxes than most places in the world.

And the idea behind that was that it was going to drive all this manufacturing back to the US. Wow.

That didn't happen. All that happened was we got lower taxes for factories and they pocketed the difference.

So it was, while it was really helpful, and lowering the tax rate, it didn't have a significant difference in driving, re-assuring products back to the US.

The 232 and 301 tariffs, so to 232 tariffs are on aluminum and steel, and they apply to many countries shipping aluminum and steel into the US.

The 301 Penalty terrorists, or the Trump era terrorists that were a penalty terrorist placed on anything coming back coming into the US. From China.

And those are on imports.

Now both these tariffs, as well as anti-dumping and countervailing duties, which is unfair competition duties on products coming into the US.

All of these things were supposed to drive all this manufacturing back, and all, because it was much more expensive now, to bring things from China.

We were, we were gonna manufacture everything in America now, and, and, of course, as you probably know, that didn't happen either.

So, all that happened with these terrorists, or we place additional cost on importers. So companies that needed to source products or other goods or finish finish goods or raw materials from overseas, particularly from China, ended up simply paying more for those products because now they have to pay the penalty tariffs.

Some companies pass those on to their clients or to their customers.

Some companies simply absorb the additional cost and some companies were actually driven out of business.

I have a client and Minneapolis that makes speakers and industrial speakers, and with a factory of about 200 people.

And one of their key, and most expensive parts, come, comes from China and it's not made anywhere else.

And so they had to pay the 25% penalty tariff on those incoming parts. And because it was too, it was cost prohibitive to do that.

They ended up actually moving the factory from the US to the Philippines and then importing products from the Philippines. And unfortunately, a number of people were put out of work in the wake of that move.

So, the US actually lost jobs because of this penalty tariff, but all of these things are financially related.

I have to tell you when the global pandemic happened, though, boy, it was a completely different picture because now we're dealing with risk.

So, before, it was all about dollars, cost benefit, analysis, how do we get the cheapest place?

Now, we're dealing with risk and understanding how risk enters into the equation.

It makes a big difference in how we consider the overall decision making process.

Of course, many companies are still dealing with intellectual problem property problems.

The introduction of advanced technologies has allowed us to automate production and therefore extract cost.

That's really important. Remember, when I showed you the factory before, and inexpensive, overall, cost of operations, was, is hard to compete against.

But once you introduce advanced technologies and extract costs out of the manufacturing process, you start to even out those costs considerably.

There are also lots of incentives now offered by state and local governments. As I mentioned, we do a lot of site selection for companies on behalf of companies.

And I'll tell you, the states are hungry to get new factories to be built, to be built in their areas, and as a result of that, they are offering a lot of state and local incentives.

And finally, economic patriotism. I've had a number of my clients. Tell me it's, you know, it's just the right thing to do to bring manufacturing back.

So I'm not sure global manufacturing strategy.

There are a lot of things to consider on the left-hand side. Things like geopolitics.

You know, what's going to happen with our relationships with China, for example, there was a considerable degradation in our relationships with China during the Trump administration and even continues on today, And those are those tariffs that I talked about before.

They're still in place.

They have not been, they have not been shut down, they're still there.

So, you know, there are things to consider like that.

Certainly the pandemic risk, climate change, looking at what is sustainable, How close can we get manufacturing to are customers?

Because that reduces our carbon footprint. There's lots of things like that to consider.

Logistics.

I have, I have a client that is paying 17 times more, 17 times more, four containers coming from China than they were in 2019.

You know, there's a lot of reasons for that having to do with container and balance worldwide.

The steamship lines, not servicing court so often containers that are in the wrong place at the wrong time, they're all backed up in all these ports, you've seen the pictures, probably of Los Angeles with hundreds of us, of container ships backed up waiting to be unloaded.

I mean, it's just logistics is in chaos right now, and very expensive. We used to be able to get a container from Shanghai to Los Angeles for about $1500 today's environment. That same container is $10000.

The trade wars is another issue, Of course.

Not only did the US start a trade war with China, but China retaliated with tariffs of their own.

All the advances in technology, labor shortages, I'm sure a lot of you are experiencing labor shortages. That's a, that's a critical issue, and we will continue to be economists tell us, there are not enough workers in the new generation to work in factories, so, it's not like it's going to be solved in a year or two. Those labor shortages are likely to continue for the next 10 or 15 years.

Proximity to markets, as I mentioned before, based on your emphasis and interest in climate change and in circularity, you may want to locate close to your markets.

So companies consider re-assuring, near shoring perhaps to China, or, perhaps from China to Mexico.

Having a China Plus one strategy, which means you're manufacturing in China, plus one other country, or plus two other countries.

So, it's pretty significant.

I mean, what I used to see, what I used to be asked to do was move everything to a low cost environment in China or Malaysia, or earlier, when we first started going to Asia with Singapore.

So, um, that, that kind of idea about just moving to the low-cost country has really matured and morphed into something completely different, and that is now considering your global manufacturing strategy.

So, where in the world should you manufacture And why, and how close can you get to your customer markets?

We often refer to that as local for local, so Manufacturing locally 4, four, the local customer base.

A couple of case studies, just to kind of drive the point home, this is water logic, and they were our customer for about a year or so, We worked with them.

They're headquartered in the UK, and had a fantastic, modern manufacturing site factory in Qingdao China, but their growth market was in the US. So they're very popular, they make the water filtration systems. Like when you fill up your water bottle at the airport with a filtered water, they make that filtration kind of equipment.

And they had a huge growth market in the US, So they were looking for a place to manufacture in America and eventually chose near the Dallas Fort Worth Airport, where they had access to lots of international flights.

And they are trying to manufacture their import close to their customers in the US and develop the US customer base.

They put 200 people to work in Dallas. And by doing that and manufacturing here, they were able to avoid China import tariffs.

This is G, when Jack Welch was CEO of GE, he pretty much moved all the manufacturing offshore to low cost environments.

And he was lauded for for his brilliance and financially turning GE around and really doing well.

But all of that manufacturing went away and they closed most of their major manufacturing sites.

When Jeff Immelt took over, he challenged the engineers to think about what they could perhaps manufactured in the US.

And the first thing they came up with was water heaters.

Now, most of us have a traditional big ground whitewater heater in our basement or garage, and what GE did was invent a heat on demand water heater.

And so the heat on demand, water heater. When you turn on the faucet, it instantly heats water. It's got a chip in it.

And so they, not only did that, but the engineers redesigned all of the manufacturing lines to get the most efficiency out of it.

They automated, where they could, they negotiated with the unions for a step program. So new employees coming into the manufacturing site started at a lower wage rate and then graduated up.

They did all kinds of things to make the the production as efficient as possible and they re-opened Appliance Park in Louisville, Kentucky, and eventually put 4000 people back to work.

Just an amazing story.

And, of course, there's a failure. You know, I had described the book at the beginning that I wrote with an attorney. It's called Legal Blacksmith.

And instead of doing case studies in that book, we did failure alerts. So, we pointed to places where there was a supply chain, failure of some kind or another, and then what we can learn from those failures. And I think that's a really important approach, because we learn more, I think, from failures than we do from successes.

So, here's one of those.

This is the Otis Elevator.

They're one of the few elevator makers in the world, and they decided to bring a manufacturing plant from Mexico and build a brand new plant in Florence, South Carolina.

And so they built this fabulous, new, automated plant and sorted through the doors open.

South Florida, South Carolina had a fairly high unemployment rate, So they felt pretty good about getting workers and so forth.

But when they started trying to hire, they didn't have workers who had the proper skills.

So they had neglected to train people and to get people ready for those jobs through some kind of training program.

And so they stumbled along, didn't have enough workers.

They also decided this is brilliant. They decided to implement SEP.

At the same time, if you, if you're familiar with the operating environment, you probably recognize SEP.

It's the largest a business software company in the world, um, and I worked for sap for five years.

So it's truly remarkable business software, but it's very complicated and difficult to implement.

So, trying to implement, while you're building a factory and doing all this stuff, wow! It was, it was a real problem.

And so, they stumbled along O to stumble along for a more than a year.

And costs the company $60 million.

And they lost a lot of clients, a lot of business, losses, and eventually, the CEO was fired.

And, yeah, this is no secret. It was in the Wall Street Journal, and it's been reported all over the place.

They didn't partner with local schools and colleges to train employees.

They didn't think ahead that far.

They concurrently did this ERP implementation, it was just really poorly executed strategy.

OK, I'm going to change gears for just a couple of minutes and talk to you about a survey that we did about a year ago.

We asked about 500 people, I think, 497 people, cross the US, Some very simple questions about their preferences regarding products made in the USA.

So, the first question we asked is: Do you prefer products that are made in the USA?

It's very simple, Straightforward question.

No qualifications, just do, prefer products that are made in the US.

And almost 70% of people said, Yes, they had a preference for products that were made here.

And then we asked if that was, if that's the case, would you pay more for those products?

And a good portion of the people said, yes, indeed.

We're willing to pay more for products made here.

And so, the natural follow on question was, How much more would you pay?

And you can see in this chart on the right, that about 82%, 83%, of the people who responded Yes, said they'd be willing to pay between 10 and 20% more for products made in the USA.

And that is really based on the perception that products made here are higher quality.

And that's a very important statistic.

Because what we've found is, if we can make the case for getting products manufactured in the US through automation, and re-engineering and getting really efficient, if we can get the cost within 15% of the cost of a product made somewhere else, it's a winner. We can make the case for bringing manufacturing back.

This is the products made in the USA, I talked about that also.

And how much would you pay more? And you can say, about 60% of the people said they would pay up to 20% more.

So, then we asked, Do you think products made in the USA are better quality?

Now, we didn't qualify this in any way. We didn't say, compared to what we did, none of that. It was very simple question.

Well, you just said, do you think the products made in the USA are better quality?

And surprisingly, 46% of the people said yes, with no reason behind it, Just simply, yes.

It's clearly a perception that the quality is better if it's made in the US.

Then we asked about the country of origin on product labeling. So as you may know, the US Customs requires and has strict regulations regarding labeling of products.

So the Federal Trade Commission requires that any consumer in the US, whether it's industrial or personal, consumer, has the right to know where their products came from, and that goes to the labeling requirements of US. Customs.

And so, the country of origin has to be labeled on products that are imported.

It needs to say it's product of China, or Germany, or Mexico, wherever it is, or made in the USA if the product is actually made here.

And so, most people just simply believe, just simply believe that the product label is accurate.

But what we know is there's an awful lot of counterfeiters around the world.

And these people don't people don't simply understand the counterfeiting is a major problem. Even looking at Amazon or e-bay, there is some statistics that say that, up to 20%.

Think about that.

One in five products you buy off Amazon or e-bay are counterfeits.

I always think about, when I get on an airplane and buckle my seatbelt And electronics are a big problem for counterfeiting and I always think, Oh, man, I hope there's no counterfeits and those avionics on this play because, counterfeiter counterfeiting has gone rampant.

So, we asked about belief, I just talked about that belief in the labeling products. By the way, this particular study is available on our website, and I'll give you the website.

In a minute, It's on the front page, You can download it and go through more detail, if you're interested.

So, what we can conclude is that Americans prefer products that are made in the USA.

They believe they're better or higher quality.

They're willing to pay up to 20% more, and they appear to be unaware of Glober global counterfeiting.

So all this ties up to the support for bringing and manufacturing products in America. You may be able to check to charge more for them.

You're going to put people back to work and overall will rebuild manufacturing in the US.

This is contact information info at ... institute dot org.

And our website, you can see it there along the top. It's just re-assuring institute dot org. And we publish all of our surveys, All of our case studies, all of our white papers. Everything is published on our website. We have a huge website. So go there and have a look around. Everything is downloadable. It's all free, Don't have to sign up for anything. We think of it as a public service, and you're certainly welcome to go there.

It's been my pleasure today to share this information with you, and I hope you'll be back in touch. And thank you very much.

Thank you, Rosemary Coats, for such an insightful presentation on the progress and the mission that you have with the Re-assuring Institute and the thanks for sharing that with our global audience today. We appreciate those insights and learning about what's going on in that area of supply chain.

Now, this is our, excuse me, our last session of Supply Chain Planning Live.

I want to thank every one of you for being here and participating with us across the three days. We had fantastic speakers, We wanna thank all of them for sharing their wisdom and expertise of our global audience. Want to say special thanks to Brian Raffle, the conference director, who makes all of this work symbolists for you, but it's incredibly complex co-ordination of people in times and time zones. And during this three days. So thank you, Brian, for all that you do. ..., the CEO of broke his digital for helping create an environment like this, where great people and great ideas can connect.

And of course our sponsor UI path that makes it possible for all of us to enjoy this quality of content on a global scale. You can still engage with the speakers with myself. Look, my name's Josie appears under LinkedIn, you're gonna see a post for supply chain, plenty live in that post. You can certainly put your comments in there like the bows to thank the sponsors. Thank the speakers for sharing their wisdom and expertise with all of us. That is much appreciate, and that we hope to see you in future events. The next, Business Transformation Operational Excellence Summit Live Event, will be focused on enterprise architecture and exponential technologies. So, Enterprise Architecture Live is the name of the conference.

It's going to take place March 15th, through 17th, so make sure you sign up and register for that conference because your registration here will not automatically transfer to that next conference. Again, as your host, it's been a privilege and an honor to facilitate these discussions. You can follow me on LinkedIn, work with more than 50,000 global excellence and innovation leaders in the public activities that we do. I post on LinkedIn. I will be in dozens of events in the coming months, in person, and virtual events.

So I hope I get to meet you again in future event across the multiple industries that we collaborate on.

So, for now, have a rest, a great rest of your day. Whether it's morning, afternoon, or evening, in where you are right now. If we truly appreciate this collaborations and together, remember, we learn. We share, and we create the future. Have a great rest of your day and the rest of the week, everyone, bye bye.