 I see three key challenges for supply chains today. I see increased complexity, increased globalization, and increased slingly demanding customers. Supply chains today are just more interlinked, more companies, more suppliers, more pieces to manage, more interrelationships, just fundamentally more complex. They're also more global, and that obviously goes along with this increased complexity. So when companies are thinking about sourcing, it's very rare for a product to be made all in one country. There'll be pieces made in Europe and in China and in India, and that all comes together in the supply chain. And then the increasing customer demand, we used to be able to find what we want. So we see shorter product life cycles, more product variety. All of that makes the supply chain more challenging to manage. So collaboration brings the win-win. So what is a win-win? That's when you make more money and I make more money when we're working together. So how does that happen? Usually that happens through better contracting. So for example, most publishers offer bookstores buy-back contracts where the bookstore, if it doesn't sell the book, can send it back to the publisher with no cost. So why does the publisher do that? So that the bookstore actually stocks the book because if they had to buy it and then take all the risk of not selling it, they buy the book, they may buy many fewer. So instead, they do the buy-back contracts which means the retailer sells more, stocks more and therefore sells more. So where does the extra money in the supply chain come from? It comes from extra book sells, right? So we have more money in the supply chain. We just have to figure out how to divvy it up so that both the retailer and the supplier are making more money. And notice it's actually not just win-win, it's actually win-win-win because now you've got happy customers too. Well, the book's on the shelf, they get to buy it. So three wins through collaboration. In this case, it's the form of a buy-back contract but there's lots of other ways. There's revenue sharing contracts. There's vendor managed inventory where the manufacturer or the vendor is actually managing the inventory on the retailer's shelf. And it doesn't have to be supplier retailer. It can be any point within the chain that you actually see this sort of collaborative contracts. So collaboration has always been there in some form but we see more of it these days. And part of that is simply IT systems allow a degree of transparency that previously was based on trust. So if you think about something like a revenue sharing contract where for every unit you sell, a piece of revenue goes back to the supplier. Well, if it's all paper-based, it's a lot easier to hide some of those sales that go into the retailers till and not put the revenue back to the supplier. But when you've got IT systems that every single sale is registered, there's no way to hide your revenue and therefore the supplier is much more willing to take on a revenue sharing contract because they know that they'll actually be getting their fair share of the revenue because the revenue is now extremely visible. One company that's really good at some of these collaborative ideas is Walmart, which is now the world's biggest company in terms of revenue and they've grown from just a small operation in the U.S. and what they do is they do a lot of using their data to inform their suppliers. They do some of these vendor-managed inventory contracts. So for example, Coke and Pepsi actually stopped the shelves at Walmart. I was in a Walmart in the U.S. I asked a question to some guy and he says, I don't know, I work for Coke because it's just their stocking Coke onto the shelves. So they do that to allow this sort of collaboration because then it makes it easier for Coke to plan their whole distribution route, to go via, you know, they can actually say, okay, I'm going to do the north side of the city on Mondays and the south side of the city on Tuesdays rather than just responding to orders as they come in randomly. When they control their own inventory, they can do much better planning. And then another Walmart example was there was a particular type of bug spray that was selling really well in Florida and not selling in Minnesota. And they have the data systems, they can see this. So then they looked into it and they went, oh, this spray is called fly and roach killer. Well, cockroaches in Florida are a natural part of living in Florida. Cockroaches in Minnesota mean that you've got a really dirty house. So nobody's going to buy a spray off the shelf that says fly and roach killer. So Walmart was able to feed that back to the bug spray provider who then, of course, changed their labeling for Minnesota. They took off cockroaches from all the labeling. Sales went up to where they should have been. And that was all about Walmart working collaboratively with its suppliers using the data saying, hey, you've got a problem with your sales in Minnesota because we know what's happening that they sell well in Florida. New Zealand is not very good at collaboration, unfortunately. There was a survey done by IBM a few years ago now that showed that 30% of world-leading companies actually work on their sales planning with their suppliers. And then the figure for the Australian-New Zealand region was 8%. So that's a big gap in terms of performance. And that's just on that one piece of involving your suppliers with your planning process. So we have a lot of work to do. And I think there's a few things going on. For example, I don't know if people actually realize the benefits that can happen from collaboration. They think they're a bit skeptical often. I don't think it's scale-related. I think partly it's maturity-related. If you've been in a company where this works well, then you move to another company, you might bring the best practices with you. We have less of that because we have fewer big companies here and a lot of smaller media enterprises. But I also think the New Zealand culture of number eight fencing wire being independent, doing things yourself, which is great in many ways, doesn't lead to being very collaborative. I would advise companies to start small if they want to look into collaboration. So don't think we're going to suddenly reform everything, but find that low-hanging fruit. Find where are some of these inefficiencies? Where are we losing money? So instead of just grumbling about our customers and not ordering what we want or grumbling about our suppliers not doing what we want them to be doing, let's try and figure out why, because usually it's because the incentives aren't aligned. So what's in the best interest of the supplier is not what we want them to be doing simply because of the way we've set up our contracts and incentives. So not just grumble at them, figure out how can we actually solve their problem and get them to be doing what we were just better for us. I think New Zealand companies need to put a lot more emphasis on their supply chain. I think a lot of the discussion in New Zealand is about smart ideas and better new products and not how do we actually set our processes to make these things efficiently and effectively and actually be thoughtful about how we set up our supply chain. If we take one of our very good companies, Fisher and Paykel Healthcare, I think it's a marvellous company. It's got hugely growing revenues, but they didn't actually have a supply chain separate division until only about five or so years ago. So if a company is as mature as that, cannot realise how necessary it is to have a supply chain department. What are our small and medium companies doing? I think most of the time they're just thinking it will take care of itself. There's not really any strategic choices to be made. We just want to keep costs down and not actually realising that there is money being left on the table by not thinking strategically about their supply chains.