I want to briefly talk about process strategy which is related with this supply chain management. What is process? We talked about process before. Process is basically a collection of tasks and activities and functions. There are connected by flows of goods and information. Physical things as well as virtual things. And, through the process we can transform various inputs into valuable outputs. So process is actually at the core of value creation. And sometimes we talk about whether a certain industry is a service industry or manufacturing industry. In the past, people tried to make a disti, distinction between these two by looking whether we can have inventory or not, whether we can have a physical product or not. But what about McDonald's? Is, is McDonald's in the service industry or in the manufacturing industry? McDonald's obviously makes physical products, hamburgers, right? So somehow we say that McDonald's is in manufacturing sector, but it's not comfortable for us to say that McDonald's is in manufacturing industry. Why? Because we know that during this value creation process, the customers are getting involved to a significant [INAUDIBLE]. And therefore, it's not, you know, comfortable to say that McDonald's is in the manufacturing sector only. And as we can see in this example. How to make distinction between base and manufacturer probably the best criterion is to estimate how much customer involvement is required during the value creation process. Having said that I think that so much useless, to try to make create a distinction between service and manufacturing. Is BMW in in a manufacturing sector? Traditionally, yes, we would say BMW is in the manufacturing sector but as BMW tries to increase its cars manufactured in the made to order system, then BMW is approaching more. Saw this orientation, and therefore sooner or later I just say the automobile industry, will have many characteristics very similar with the service sectors as well. So it's not just about service versus manufacturing, but it's about how to make, you know, ideal mix between these two. And I think that every industry, every company should try to have more service orientation in the future. And we want to get this as, you know, process structure or process strategy. Which can be applied to both service sectors and also manufacturing sectors at the same time. In order to define this services process or strategy, we wanted to get [UNKNOWN] volume versus customization. Okay, so volume we'll just say that low volume and high volume or customization, high level of customization, and low level of customization and high level of customization. And let’s think about this one, what, what are the examples, what are some of the examples? If we look at the food industry, let’s say, McDonald’s, somehow we can place here. The McDonalds volume is large [INAUDIBLE] they sell lots of you know, hamburgers in a day. But their customization, whatever it is, is relatively low. So McDonald's is you know, placed here, and we call that as standardized system. Or if it's manufacturing, we call that as make to stack system, make to stack system. What about you know, very luxurious French or Italian restaurant in five star hotel. In that restaurant, the food is prepared exactly according to the requirements of the customer, requirements of the consumer, 'kay? So the customization [INAUDIBLE] very high. Yet, we know that the volume is not that big. In other words, you don't actually you know sell your table several times. In the hotel probably, the table is sought only one time during the dinner time, right? So the volume is pretty low and customization [UNKNOWN] is really high. So we place the luxurious restaurant here and we call that as a made to order system. Made to the system. Or we can say that that's kind of project start, project to start process. Project to start process. And now we can imagine that there might be some inverse relationship or trade-off relationship between, between customization and volume, right? So we have sort of a trade off relationship. And here some people also add some other system, and they call that as assemble, assemble to order system. And now, somehow we can say that there is a trade-off or inverse relationship between volume and customization. It makes sense. And that's why we sometimes call this as a feasible region. Feasible region. That means that any company can have business here. Any company can do business in this area as long as you have the so-called you know, quality. The, a qualifier right? Or the qualifying attribute. As long as you have all the qualifying attributes you can be here. Everybody can be here. The other side of that statement is that nobody can make more money than others. If they are in the feasible region. So everybody just have barely you know, marginal profit that helps them to survive in the market. But there is another concept which is mass customization, mass customization, mass customization is what? We want to retain high level of customization, yet we want to make those things in large volume. So mass customization, has become a very important goal of a company. But the thing is that mass customization is somehow, occur in the sense that it is outside the feasible region. So by definition, mass customization is kind of contradicting our common sense. Contradicting our traditional way of thinking. But we know that if company achieves this mass customization. The company will be able to own more profit, and the company will have more competitive advantages, versus its competitors. Then the question is, how can a company achieve this mass customization? [BLANK_AUDIO] Supply chain coordination or value chain coordination and integration, is the way, the company can achieve mass customization. Mass customization. So this we also call general capability. As opposed to individual capability. There's a big difference between general capability and individual capability. General capability is actually supply chain capability, supply chain capability. On the other end, there is individual capability. Individual capability is the ability forms ability that that individual company can unilaterally in hands so individual capabilities is specific to that individual company individual. Where as tenure capability is something a single company can not unilaterally develop the tenure capability must be nurtured through the co ordination. Between the supply chain partners and between this value chain partners. So how to accomplish this mass customization? How, you know, can the company reach that goal of mass customization? The only way to achieve that mass customization is through effective supply chain coordination or effective in value chain coordination. So, this is another example of why we emphasize the importance of coordination. And why it's really, you know, [UNKNOWN], not only from this, you know supply chain management. But, you know from this value chain management, and sustainable issues, and so on and so forth. I think this concludes our discussion on the supply chain design, and [INAUDIBLE] structure dimension and infrastructure dimension. So whatever you do, you have to pay attention to these two dimensions at the same time and think about this computer analogy. If you have only hardware, that's useless. If you have only software, it's useless. Only when you put them together and only when you use them together effectively and efficiently. Then you create some values. This is the same situation in supply chain management. You better, you better do get this structure dimension, infrastructure dimension at the same time. That's how you can optimize, you can maximize both efficiency given value and responsiveness given value at the same time. [BLANK_AUDIO]