supply chain disruption and innovation · supply chain disruption and ... • costs to make changes...

Supply chain disruption and innovation!

Professor John Manners-Bell, Chief Executive, Ti Insight!!October 2017!

The four ‘Ds’ of Supply Chain Disruption!

© Transport Intelligence! July 2017! 2!

Source:Adaptedfrom‘Bold’,byDiamandisandKotler

How to spot a successful innovator!


Wellifweknewthat…Butindicatorstosuccessdoexist:1.  Thestartupistacklingaproblemwithinindustry(suchasinefficiency)whichiffixedwillrelease

value(partly,atleast,tothestartup).2.  TheexisDngmarketincumbentsarefailingtoaddressthisproblem.3.  Themarketislargeenoughtosupportthebusinessmodelandthereisscalability.4.  ThesoluDonmustbecounter-intuiDve,leveragetechnologiespresentinothersectorsorbundle

exisDngtechnologiesinuniqueways.5.  ItsproductmustbedifferenDatedsufficientlyfromotherstartups.6.  TheinnovatorhasacommiMedanddeterminedfounderandastrongmanagementteam.7.  IthascustomersonboardtesDngtheconcept(evenifnotpaying).8.  Ithassufficientfunding-criDcaltoprovidescaletocompetewithincumbentsandotherstartups.9.  ThesoluDonworksintherealworld(especiallywheninvolvingthemovementofphysicalgoods)10.  GreatPRandmarkeDng.

Major Logistics Start-Up Categories!


Cloud-basedsupplychainso2ware

Marketplaces

Blockchain/distributeddatabasesInternetofThings

Autonomousvehicles(outsideacontrolledenvironment)

CollaboraCveroboCcs

European road freight marketplaces!


•  ThebigproblemwithEuropeanroadfreightmarketplacesisthatthereisliMletodifferenDateonefromoneanother.

•  TradiDonal‘freightexchanges’havematchedloadsandsparecapacityformanyyears–theonlydifferencewiththelatestgeneraDonofmarketplacesisthattheseservicesmakeuseofsmartphones.

•  Inordertobesuccessful,thesebusinessesneedtomaintainbothaneffecDveserviceandalargesupplyofdrivers.

•  However,ascompeDDoncommodiDsesthebasicload-matchingservicetheyprovide,shippersrisklowqualityserviceandcarriersrisklowpay–itbecomesaracetotheboMombasedonprice.

•  Thesuccessfulcompaniesbuildingonthemarketplaceideawillbemobile-enabledservicebusinesses,notjustatechnologicallayer.

•  NetworkeffectsarecriDcaltosuccess.Theseoccurwhenaservicebecomesmorevaluabletoitsusersasmorepeopleadoptit,creaDngbarrierstoentryforrivals,andbarrierstoexitforusers.

Why do even ‘good’ start ups fail?!


Casestudy:Palleter•  AimedtotransformEuropeanfreight

market–pla^ormtobeMermatchsupplyanddemand.

•  Smart,linkbetweenfleetGPStelemetryprovidersandshippers’freightoffers.

•  Seeminglystrongbusinessoffering.•  Modelwouldreplaceadhoc

communicaDonmechanisms•  Raised€1minfunding•  However,closeddownin2017and

returnedmoneytoinvestors.•  Why?

AnunderstandingoftheproblemwhichthestartupistryingtosolveiscriDcal.ManystartupsfailbecausetheyareeitherofferingasoluDonnobodywantsoriswillingtopayfor,ortheymisunderstandthefundamentalbehaviourswhichcreatedtheprobleminthefirstplace.

Palleter: lessons for other innovators!


Despitethe‘neat’soluDonaddressingamajorindustryproblematamacrolevel,operaDonalandtechnologicalproblemswerenotaddressed.Technology

•  CompanieswereunwillingtospendmoneyandDmeondataextracDonfromtheirexisDngsystems•  ITdepartmentswerefocusedonkeepingexisDngsystemsrunning,notonnewiniDaDves.•  NobodywillingtogambleonreplacinglegacysystemswithnewoperaDonspla^orms.•  ComplexityofdatasharingbetweensupplypartnersunderesDmated.

OperaDonal•  Muchofthevauntedsparecapacityontruckswas,inreality,notaccessible.•  Companieswereunwillingtore-routetrucksevenshortdistances•  Pla^ormrequiredcooperaDonofexisDngplayersandculturalshig

EventhoughaproblemhadbeenidenDfied,Palleter’ssoluDononlyovercamesomeofthechallenges.ItssoluDondidnotfactorintruecostofitsusersandopposiDontochangeatgrassrootslevel.

‘Start up’ value ratio!


Doestheloadmatchingpla^ormoffercompellingvalueforbothsuppliersandshippers?

StartUpValue=Perceivedbenefits/TotalcostPerceivedbenefits=Valueofincreasedloadsforsuppliers,lowerratesforshippersTotalcost=chargeforusingservice(negligible,inPalleter’sesDmaDon)BUTPalleterunder-esDmatedtangibleandintangiblecostsforsuppliers(andhenceshippers)Totalcostshouldhaveincluded:•  coststomakechangestosuppliers’andshippers’technologysystemsaswellasmanagementDme•  intangiblecostssuchaschangingoperaDngpracDces(andunwillingnesstoadoptnewoperaDng

models)•  Dmetakentore-routetrucks

Theresultwas:•  notenoughuserstocreatecompeDDvemarket•  higherpricesonPalleterthanonopenmarket•  incumbents(suchasDSV)wereactuallymorepricecompeDDveforlessefficienttransport.

Creating a defensible freight exchange!


•  TruckerPathofferscrowd-sourcedguidancetotruckdrivers;thisincludesthenearesttruckstop,weighstaDons,hotels,dieselfuelandfreightshipments.

•  Freightshipmentsaremanagedthroughamarketplacesystemforregionalorlong-haulbusiness,wherebrokerssubmitshipmentsalongwithdeadlines,desDnaDonsandotherrequirements,withparkingandnavigaDoninformaDontolong-haultruckersintheUS.

•  ThecompanyiniDallylaunchedasafreeinformaDonserviceapp,beforesubsequentlyaddingthefreightmarketplace.Assuch,thebusinesshadculDvatedacommunityofusers,andhasbuiltoutitsmarketplaceasanaddiDonalservicewithinawiderecosystem.

•  Furthermore,TruckerPathhasbeensuccessfulinaddingapaymentsservice‘InstaPay’.Thisnon-recoursefactoringarrangementpayscarriersimmediately,issuingaone-Dmeflatratewithnohiddenfees,andaddressesamajorpainpointamongstcarrierswhoogenwait30-60daysbeforereceivingpayment.

•  Intotal,TruckerPathclaimstoserve550,000longhaultruckersintheUS,outofatotalofroughly1.6m.Thecompany’smarketplacebusiness,‘Truckloads’,servessubstanDallyless(around100,000with3mmonthlyloadposDngs),butbygainingtracDonamongstthepopulaDonoflong-hauldriversintheUS,thecompanyhasestablishedadefensibleposiDon.

Start up successes!


PurchasedbyeBay(forlessthanUS$100m).ShutlpreviouslyraisedUS$8.69mfromUPS,LaPosteandothers,in7venturecapitalfundingrounds

€22minvestmentin2015byGeoPost

ThecompanyhasreceivedfundingofUS$186.7minfiverounds,from16investors

FundingofUS$274.8minfiverounds,from12investors.AnewUS$220mSeriesCfundinground,thatvaluedthecompanyatmorethan$2bn,wasannouncedinJanuary2015

FundingofUS$25.03m,infourrounds,from8investors

Backedbyfirst-DerinvestorsraisingUS$1bn.Launchedin2011,itoperatesfooddeliveryservicesin33countries,employing3,000people

StartedoutasthelogisDcsarmofXerion.GainedUS$20minfundingfromSnapdealinOctober2015,beforebeingacquiredbythee-commercemarketplaceinJuly2016

eBayconDnuestoinvestinSHUTL.InSeptember2016itannouncedarevampallowingeasieraccessforSMEs

ThecompanylauncheditslastmiledeliveryserviceforbusinessesinApril2016.PosiDvesignsarebackingfromLaPosteandapartnershipwithJustEat

GainedUS$127minfundingataSeriesCroundduringMarch2016,andexpandedintoAusDn,Texas,inAugust

HasexpandedintociDesinMassachuseMs,Florida,Georgia,NewJersey,NorthCarolinaandCaliforniaduring2016

GainedUS$15minSeriesBfundingduringJune2016

PulledoutofChina,butisnowseekinganIPOtoraise€175mtofundaddiDonalgrowthprojects

TheacquisiDonbySnapdealwasdrivenbytheacquirer’simperaDvetokeepupwithrivalsFlipkartandAmazon,andsecureguaranteedcapacity

Start up failures!


GainedUS$2minseedfunding.Setupasafooddeliverycompany

VariousinsDtuDonalandindividualinvestorsraisedUS$23m

SubsidiarydeliveryarmofDeliveryHero,launchedin2015.AMemptedtooutsourcedeliveryforfastfoodrestaurants

FoodpandaraisedUS$210min2015—includingaUS$100minjecDonfromGoldmanSachsandaseparateUS$110mround

SecuredUS$51.2macross4roundsoffunding,from7investors

HasgainedUS$165.5mthrough3investors,in4fundingrounds

GainedUS$7.26macross3roundsoffunding

Lackedtheresourcesandcostcontrolnecessarytoscale.Soldtechnologypla^ormtoJustEatinSeptember2016

CloseddownandacquiredbydeliveryserviceAlfredinMay2015.Failedtoscaleenoughtocompete

EnteredadministraDoninApril2016agerfailingtogetcostsundercontrol.ScaleduptooquicklyandfoundacceptablemarginsunaMainable

HassoldbusinessesinMexico,BrazilandIndonesiaandhaslaidoff15%ofemployeesinIndiaandHongKong.ItisrethinkingitsSouthEastAsiastrategy.OnlyprofitableinsmallermarketsofSaudiArabiaandEasternEurope.ParentRocketInternethasbeenunabletofindbuyers.

CollapsedinApril2016asaresultofscalinguptooquickly.

ForcedtodownsizeoperaDonsfrom26ciDesto17ciDesandalsolaidoff10%ofitsstaffin2016.Enduringlegalcasesfromrevokedhires

ZyllemexitedthelogisDcsbusinessinSeptember2016,inordertofocusitsresourcesonthedevelopmentofsogwareinserviceoflogisDcsfirms

Incumbents precarious on the ‘Burning Platform’!


Marketincumbents(suchasFedEx–seegraphicbelow)areundersustainedaMackfromnewmarketentrants.WilltheyremainverDcallyintegratedorwillnewmarketplayersemergethatbundle‘bestinbreed’soluDons?

!


•  Foundedin2013byCEORyanPetersen•  VCfundingof$94minlastfouryears(spentonR&D,recruitmentandtraining)•  4officesinUS;2inAsiaand1inEurope•  280employees•  Planstocreate25crossdockfaciliDesformergeintransitservices•  CEOexpectstobeTop20NVOCContranspacificlanesbyendof2017

FlexportisparttradiDonalforwarderandparttechnologycompany.Itrealisesthatforwardingisnotacommodity,butatthesameDmecanusetechnologytoimprovedecision-makingthroughincreasedvisibility.‘…forwardingfirst,codingsecond’SuiteofdigiDzedservicesinclude:•  Palletlevelvisibility•  Compliance•  Truckingcompanypla^orm•  Purchaseordermanagement

•  SMEsalargeproporDonofFlexport’scustomersusingself-serviceinterface•  ManycustomerssellingonAmazonorfast-growinge-commercecompanies•  China-USabigmarket•  PredictabilityfundamentaltoFlexport’srelaDonswithairandoceancarriers•  Aimstobe‘premiumprovider’

E-Commerce Challenges and Opportunities!

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JohnLewisOnlineSalesY-o-Y-BlackFridayWeek

UKretailerJohnLewisexemplifiesthechallengesfacedbye-commerceoperaDons.By2019,JLforecaststhat50%ofitssaleswillbeonline.However,wildvolaDlityduringBlackFridayweek–howcanretailersandtheirlogisDcsproviderscope?


E-Commerce logistics is expensive!!


E-Commerce Logistics and Last Mile!

CustomersincreasinglydemanddeliverychoiceoflocaDonandDmeplusflexibility.Carriersarepaidlowrates,havehighdeliverycosts(dispersedresidenDalnetworkandnot-at-homes),andlowefficiency.Howcanthesedemandsbemet?•  AlternaDvedeliverylocaDons(e.g.lockers

attrainstaDons/garagesetc,neighbour,depots).

•  ClickandCollect.•  Enhanceddeliveryflexibility.“ThefutureofcurrentlastmiledeliverysoluDonsisnon-existent.Togiveitafuture,youneedtomakesurethateverytransportcapacitybecomestransferable,scalable,andcanbeadaptedatnoextracosttotheservicetheconsumerwants,toenableapricewhereyoucanmakeaprofit.”JeromeCharlez,formerstrategyandmarkeEngexecuEveatGeoPost/LaPoste


Last Mile Solutions Case Studies!


Urbantz•  Belgium-basedfirstandlastmiledelivery

cloudsogware•  Raisedapproximately€750k•  SavingDmebyincreasingdelivery

efficiencyofparcelsrounds•  AutomaDcallyorderingdeliveryschedule

andinformingdrivervia•  RealDmeend-to-endtracking•  Improveefficiency‘byupto50%’–from

140ordersperdayto210(atpeak)•  Negligibletrainingrequired•  Believedtobedevelopingdynamic

deliveryopDons–geofencingofend-recipients.

‘Stuart’(acquiredbyLaPoste)•  DisrupDveon-demanddeliveryappand

pla^ormdesignedforCityLogisDcs.•  Foundedin2015inParisandBarcelona.•  Backedby€22Mininvestment,Stuartis

buildingoutitsurbanlogisDcspla^ormacrossEurope:London,Brussels,Berlin,Madrid.

•  Operatesnetworksofself-employedcouriers.

•  Samehourdelivery.•  ‘AmazonPrimeNowforlocalstores’•  Notjustfood(peaksandtroughsfor

couriers)–deliveryallday.•  GeoPostearlyinvestor(22%in2015)but

now100%owner.

Strategy•  ProvideSMEcouriercompanieswith

‘corporatequality’TMScapabiliDes.

Strategy•  Enableincumbenttotestlastmile

technologiesandbusinessmodelbeforeenteringmarket.

Consolidation in the on-demand delivery sphere!


•  ThecriDcalquesDonforcompaniesprovidingon-demanddeliveryservicesiswhetherornotthereisalargeenoughmarkettosupportthem.

•  Inordertomakeaprofit,businesseslikeDeliverooneedtohaveahighfrequencyoforderswithinanoperaDonalarea,andifthisfrequencydropsbelowacertainrate,theuniteconomicsoftheserviceareunworkable.

•  Therearetwomaincausesofthis:•  Themarketwasneverlargeenoughtosupporttheserviceinthefirstplace•  CompeDDonfromrivalserviceprovidershasdilutedmarketshare

•  SolongascompeDngstart-upspossessthefundingtoexpandtheirbusiness,thelaMerissuecanbeaddressedbypricingincenDvesforbothcouriersandconsumersinordertobuildeffecDveeconomiesofscale.

•  Thisinevitablyresultsinfinanciallosses,forcingstart-upsinacompeDDvemarkettomaketoughchoiceswhenthemoneybeginstorunout.

•  ConsolidaDonamongsttheexisDngcompaniesisinevitable,throughM&Aandbankruptcy.Duetothegeographicalnatureofthismarket,itislikelythatcertaincompanieswilldominateincertaincountries;DidiChuxinginChinaversusUberintheUSA,forexample.

Sharing Economy and Crowdshipping!

TransportaDonservicesarehighlyinefficient:29%HGVsrunningempty(FTA).Thankstotheadvancesinmobiletechnologies,independentcontractorscannowbelinkedmoreefficientlywhichinthecaseofUber,couldresultindisintermediaDonoflegacycarriers.Wal-martnowpiloCngtheuseofemployeestoundertakedeliveries

NetworkconnectedmobiledevicesareverypowerfulcommunicaDonandsensorpla^orms.

Theyarethemeanstoengageeverypartyinthechain.AlloftheparDescanbecombinedintoavirtualpartnershiptaskedwithdeliveringtheservicetothecustomer.

TheyhavebeenuDlizedbydisruptorssuchasUbertochallengeregulatedsectorssuchastaxis–butnowalsotransportaDon.


The future retail last mile market?!


Amazon – The Ultimate Disruptor?!


StepOne–ReduceCosts

Amazon’sstrategyhasbeentoachieveeconomiesofscalethroughitsownershipofavastnetworkofwarehousingandfulfilmentcentresandisjusDfiedbythevolumesofmaterialitputsthroughthem.

Thisstrategycanbeappliedtoair,roadandseatoleveragebuyingpowerand,ifappropriate,in-sourcing.StepTwo–Disrupttheindustry

MirroringthestrategyofAmazon'scloudcompuDngarm,AmazonWebServices(nowthecompany'sfastestgrowingunit).TheservicewaslaunchedtoserveitsownretailoperaDonsbutnowhostsdataforothercompanies.LikewiseFulfilledbyAmazon(FBA)–providingservicesforotherretailersfromitsownfulfilmentcentres.Future,providethirdpartytransportaDonservicesforothershippers,therebymaximisingassetuDlisaDon(andreducingcosts).

Amazon:LogisCcscostsasaproporConoftotalsales

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Amazon – Logistics strategy!


AirCargo

AmazoniscurrentlyoperaDng16planesinitsNorthAmericanoperaDons,havingsecuredleasesfromATSGandAtlasAirduring2016.EachcompanywillprovideAmazonwith20B767Faircragaspartoftheagreements.

Amazonannouncedplansfora$1.49bn,900acreairhubinNorthernKentuckythisFebruary.ItwilliniDallyuseDHLExpressfortransatlanDcflights.AmazonhasalreadytrialledacharteredB767flyingfiveDmesaweekbetweentheUK,GermanyandPoland.

SeaFreight

Amazonhasobtainedlicencesthroughsubsidiary‘BeijingCenturyJoyoCourierService’tooperateasanNVOCCtoconsolidateshipmentstoportsinJapan,EuropeandUS.

Why?Tocutshippingcostsbybundlingproductsfromsmallandmedium-sizedcompaniestofillcontainers.

Amazonshipped10,00020-footcontainersintotheUSin2015andanaddiDonal20,000containersfrommerchantsaspartofthecompany's‘FulfillmentbyAmazon’program.

Amazon – Last Mile!


StrategytoverDcallyintegratetransportservicesinsomemarketswhereitseespotenDaltodrivedowncosts.Actas4PLinothers.

US•  AmazonPrimeFresh(groceries)ownsdeliveryfleets

insomestates•  PrimeNowtrucksinselectedciDes•  Amazonrestaurants–mealdeliveryservice•  AmazonPrimeSame-Day•  AmazonFlex–Uber-Cargolikeservice•  Ownsandoperatestrailersfortrunkingbetween

AmazonfaciliDes

France•  Amazonholds25%ofColisPrivé,ahomedelivery

companywith2,000sub-contractorsandvolumesof35millionparcels.FullacquisiDonblockedoncompeDDongrounds.

UK•  Amazonoperatesatleast24deliverydepotsinthe

UK,whichareoperatedbyAmazonLogisDcs–thisdisintermediatestransportoperaDonstouDlisearound45smallandregionalplayers

Germany

•  AmazonhasopenedasorDngcentreinMunich,employing130workersasafirststeptocutoutlargerparcelscompanies(DHLandHermes).Alsoestablishingparcellockernetwork.

•  InMunich,Amazonnowhas240deliveryvansoperatedbysixsub-contractors.Onlaunch,thisoperaDontookathirdofDHL'svolumesinMunich.

•  Amazonisnotonlylookingatmovingitsowngoods.‘Weknowwe’reverygoodatlogisDcs.Whyshouldn’tweturnthatintoaninfrastructureofferthatotherscanuse?’-RoyPerDcucci,Amazon’sEuropeanheadoflogisDcs.

Next steps: Groceries and Fashion supply chains!


WholefoodsacquisiDon

•  AmazonentersbricksandmortargroceryretailingpredominantlyintheUS.

•  DeploybothitslogisDcsandtechnologyinfrastructure.

•  HelpWholeFoodsdevelop,drivingdowncostsandsalesup.

•  PotenDalhomedeliveryand‘PrimeNow’•  In-store‘clickandcollect’capabiliDes.•  Dronedispatchpoints?•  ThespringboardtofurtheracquisiDons–

especiallyintherestofworld?

AmazonPrimeWardrobe

•  Pickbetween3-15items.•  Tryonforupto7days•  Freepickupofreturnedclothes•  Keep5ormorefor20%discount•  FreeserviceforPrimemembers•  Onlinefashionfastgrowingmarket–17%of

allonlinespend.•  ImplicaDonsforreverselogisDcs–increasein

costs.AmazonFashion

•  End-to-endsupplychainapproach•  OtheriniDaDves:‘Stylecheck’throughthe

EchoLookdevice(Alexa-enabledcamera)tocreatea‘personallookbook’.

•  Amazonfilespatentdesignforon-demandapparelmanufacturingfacility.

Blockchain in Supply Chains!


•  Theblockchainisapermanentdigitalrecord(orledger)oftransacDonsthatisstoredacrossadistributednetworkofcomputers.

•  ThewayitoperatesavoidsduplicaDonandisalmostimpossibletomodifyorspoofbyunauthorizedparDes.

•  Althoughthereisoneclearmasterrecord,thecomputersinvolvedarenotownedorcontrolledbyanysinglepartyororganisaDon.

•  Thedistributednatureoftheblockchainmeansthatitcannotbetamperedwitheasily.

•  SupplychainsareessenDallyaseriesofcontractsbetweennumerousparDesengagedinthebuyingofcomponents,productsandservicestomanufacture,verify,transport,storeandselltocustomers.

•  EachelementofthesechainsinvolvesnetworksofparDcipantsexchangingdataandinformaDonwithvaryingdegreesofaccuracyandclarity.

Benefitswillinclude:•  ImprovecashflowbystreamliningfinancialtransacDons.

•  Improvedinventoryvisibilityacrossfragmentednetworks.

•  Shipmentvisibility.•  AuthenDcityofproductsguaranteedandreducDonofcounterfeiDng.

•  AuthenDcaDonofVerifiedGrossMass(VGM)data.

•  EthicalimplicaDons–applicaDoninmovementofendangeredspeciesproducts.

Challengesare:

•  SheervolumeoftransacDonsslowingdownvalidaDonprocess.

•  OvercomingpercepDonoftransparencyandlackofconfidenDality.

Blockchain in Supply Chains!


•  MarineTransportInternaDonal–AforwarderworkingwithblockchaintechnologycompanyTrustMeandpredicDveanalysisexpertBlackSwanData.Thecompanyplanstouseblockchaintoallowcompaniestobuild‘ecosystems’betweensupplychainparDeswithtrustgainedastransacDonsarepubliclyrecorded.ApplyingthetechnologytomanagetheVerifiedGrossMass(VGM)datarequiredbytheIMO’sSOLAStreaty.

•  MaerskLine–MaerskhasdevelopedasystemwithIBMusingtheopen-sourcedHyperledgerblockchaintomanageitscargo,providingvisibility.ItalsoaimstoprovidepubliclyviewableinformaDononemptycontainerstoallowshipperstofindextracapacityacrosstheshippingindustry.

•  Foxconn–FnConn,asubsidiaryofFoxconn,oneofthelargestelectronicmanufacturersintheworld,hasjoinedupwithmarketplacelendingplaôrmDianrong.Thetwocompaniesaretriallingablockchainsupplychainfinanceplaôrmaimedatprovidingfinancetosuppliersviapeer-to-peerlending.

•  Everledger–Astart-upbasedintheUK,Everledgerhasbuiltaglobal,digitalledgerthattracksassetsthroughouttheirproductjourneyandisworkingwithSAPAribaonsupplychainapplicaDons.

•  Skuchain–SkuchainisdevelopingasoluDontofacilitatelendingbyfinanciersagainsttradeinstrumentssuchaspurchaseordersandinvoices,thuscollateralisingtheloans.ThecompanyalsoprovidesvisibilityonthetransacDonstatesoftheseloans.

•  CargoChain–Astart-upwhichoffersaseMlementplaôrmthatprovidesallparDesinashippingtransacDonwithaninterfacetoviewinformaDonassociatedtocargo.DeploysRFIDtoprovidereal-Dmevisibility.

•  Yojee-–Astart-upwhichprovidesaparceldeliverymarketplaceusingArDficialIntelligence(AI)andblockchain.Theformerisusedtoassigndeliveryjobstodrivers,whilstthelaMerrecordsthetransacDons.

•  TransRisk–Financestart-upthatprovidesfuturescontractstohedgeagainstmovementsinlinehaulfreightrates.ItusesblockchaintorecordtransacDonsonitstradingtool.

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supply chain disruption and innovation · supply chain disruption and ... • costs to make changes...

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