 Hi everyone welcome again to our spring live series time flies This is already our third and last live event for the spring series if you missed with the first two You can watch them on MIT CTL YouTube channel By the way there you will find many other great videos on supply chain management education So feel free to explore the channel. Thank you for joining us today I am Paulo Sosa junior course lead for SC3x supply chain dynamics Which is part of the MITx MicroMasters and supply chain management program from MIT once more I'm happy to be co-host in this live event today with my colleague Miguel Rodriguez Garcia course lead for SC1x supply chain fundamentals. Hello Miguel Hi Paulo. Thank you so much for the introduction and hi everyone I'm really happy to be here with you. I'm excited to bring the industry perspective for our MicroMasters learners once again As you guys know, this is our core that connection between academia and the industry So we are really happy and to be hosting one of these events again So today we are going to be discussing two key topics in supply chain management One is going to be network design and the other one is going to be inventory management And for that we have an amazing speaker joining us from one of the largest e-commerce retailers in the world So stay connected because this is going to be a really really great talk And as always we're going to follow the same agenda and first our guest speaker Will give us a presentation that will last around 25 minutes And after that we'll have some time at the end to answer some questions from you guys from the audience So that will be probably around 15 minutes And and so the total length of the lifer band will be 45 minutes And we encourage you to participate by using the q&a feature in zoom Please try to avoid the the chat for questions Because it's going to be really hard for paul and i to keep track of them So when you want to ask any questions to our guest speaker use the q&a feature in zoom And at the end as we said paul and i will be channeling those questions to our guest speaker And remember paul also mentioned that the event and is part of the mitx micro masses program in supply chain management A program that we developed here at the center for transportation logistics at mit And as well as supply chain fundamentals and supply chain dynamics the micro masters program includes five courses in total And some of them are currently open for enrollment. So don't hesitate to check them out We'll be imposing the link in the chat group in case you guys are interested And now with this back to you paul so you can introduce our guest speaker for today Thank you so much miguel Today we are honored to have afael grillo in front directly from berlin germany Ha file is in operation analytics senior manager at wafer He leads global fulfillment center network design within the operations analytics team Before wafer he worked for brazil based consulting firm Elos enabling growth and competitive advantage through supply chain management strategies for ecom retail and cpg companies Ha file holds a bachelor's degree in naval engineering from university of san paulo And a masters in supply chain management from mit He's also a micro masters alum, which means he passed all courses from the micro masters program Like many of you are doing it right now As some of you may know one one among many other benefits from earning the micro masters program credential Is that you become eligible to apply to the mit supply chain management blended masters program at mit Just like ha file did and also to other universities around the world All right. So, um, welcome back to the micro masters program. Ha file the floor is yours Cool, it's awesome to be here paulo. Uh, thanks everyone for for uh being here as well and to discuss to you super interesting topics I remember, uh, maybe four or five years ago, uh, attending these live events and and and Uh, seeing like what folks were doing in the industry and looking forward to To be doing that as well And it it's it's great to be here. Uh, again now as a speaker So a bit different But well, uh, let me get started with, uh, the presentation that we have for today Let me know if you can see my screen, but hopefully you can Yes, awesome. Thanks guys. Uh, so, uh, the topic for today, uh is network design and inventory management for cost-efficient in time and perfect deliveries. So Network design and inventory management are rather broad topics But I want to explore, uh, a little bit of how we are doing it at Wayfair and, uh, more specifically, uh, how I am doing within the operations analytics team, uh, of course supported by many other teams, uh, at Wayfair So quick, uh, intro about myself, follow already, uh, mentioned a bunch, uh, I am an MIT SCM alum from the class of 2021 Uh, I have a bachelor's in naval engineering And spent, uh, six years in consulting prior to Wayfair With heavy focus on network design and inventory management, which is probably the reason I ended up Doing what I'm doing today I'm currently based in Berlin, Germany So I've added two pictures that I took, uh, uh, here This the the one in the bottom right is the Wayfair office. So we are, uh, right in the central part of Berlin and like center plots Overlooking the tv tower, which is quite nice view during the summer. This was about last week in the end of the day Uh, but why don't we get started with what you guys are here for and not my, uh, silly pictures so Let me briefly try to Capture Wayfair's business model in a slide, uh Basically Wayfair is a platform that connects suppliers and customers So suppliers are essentially the ones that manufacture the furniture and decor that we sell in our website Customers, of course, are the people that won't want to go there and buy it Now the so the we are essentially a classic dual sided platform like many other platforms like uber, uh, or Other micro places like amazon Uh, the difference is we are specialized in a specific market, which is, uh Home and decor Now the the fact that So we are a dual sided platform makes suppliers also customers in a way because our platform needs to Be something that tries value for them And therefore they need to fill compelled to Ship products to us or sell stuff in our website. So in that sense, they're also customers for us So here really supplier relationship management is key Uh to doing what we do Uh Key important topic. We don't own inventory apart from very specific Cases where we are mandated to so to do so but we we we aim to be asset light in that sense Originally Wayfair was a pure drop ship business and by what what does that mean? Essentially drop ship business means We don't have any delivery infrastructure. We rely Fully on third party So we relied a lot on FedEx UPS to do the deliveries. So deliveries were happening from suppliers directly Uh from their warehouses in north america and europe to customers Now around 2014 we shift things around a bit and we started heavily investing in building a physical distribution network so that entails not only Adding fulfillment centers, but also adding cross docking stations pull point stations and delivery stations for last mile deliveries We don't aim to own trucks, uh despite people We despite that like there are there are sometimes that we paint trucks with the Wayfair logo But those trucks are not ours. They're third party. They just have to do Wayfair logo So people from the u.s might have seen them Delivering stuff near your neighborhood But yeah, uh, essentially that's what Wayfair does in a nutshell now we We serve more than 20 million customers in north america focusing on canada in the u.s U.s is our largest market We also serve customers in germany and in the uk and ourland Uh, our suppliers are mainly uh in southeast asia china Uh, a few of them in eastern europe and us and canada So it's really a global supply chain that we're managing here essentially needing to transport goods from asia to north america and europe and really managing inventory availability To a point where we can ensure that the customers are going to have The products that they want near them to enable faster deliveries Uh, last year we recorded, uh revenues just above 12 billion And just to give a sense of the size of the network, uh that the footprint network that we have today we're talking about more than 17 17 million square feet of warehousing space Is adding up not only fulfillment centers, but also the delivery stations and cross-docking stations that we we have across, uh, north american europe Of course the majority of them is fulfillment centers because they are the largest buildings um But the other things are um are there as well accounting for Now let me try to give you a summarized view Of what the way first supply chain looks like Uh, essentially we have two types of suppliers. We have international suppliers, which are those Uh, located in southeast southeast asia and china We have domestic suppliers, which are suppliers essentially like located in north america canada in europe Uh, they are market specific, so it's It's not common that a north america supplier is going to serve european customers We actually don't want that happening because like product portfolio is different So We try to keep them market specific. So that's why we are calling them domestic um And really the international suppliers the way to get them The product from the suppliers into our castle gate network, which is essentially the the physical distribution network that we Have built uh through since 2014 We have a few ways of doing that for domestic suppliers we can Ship product directly from the supplier to the fc. So the fulfillment centers Sometimes we decide to skip the fulfillment centers if for example, the supplier has Uh warehouse nearby one of our fulfillment centers There isn't really much of a reason to add a touch there So we we skip the fulfillment center and grow directly to a cross docking location Where we then can inject into a parcel carrier like fedex or ups Or we can Ship it to one of our Asset-based delivery stations and then make the delivery to the customer Another option is sending product to what we call a domestic breakbook facility That's something that we started to do this year. We didn't do much Before so still the idea is that this domestic breakbook facility will be able to Break uh the bulk coming from the suppliers So essentially it's similar to a cross docking location, uh, but uh operating on the imbalanced side Um and then for the international suppliers, we also have a few options Uh our international suppliers We when we ship product we are talking about shipping for a container normally So that means product is going to be on water for about 30 to 40 days depending on Which coast we are sending product to if we're sending to uh the west coast in the in the u.s That's about 30 days if we are sending to the east coast that's about 40 depends a lot Um And essentially the way we do that is we can ship product directly from the supplier to the fc's So if the if and we would do that in for a supplier that has a lot of volume So enough volume to fill up at least One or two containers If the supplier doesn't have enough volume to fill up One or two containers what we're going to do is we're going to send the product from that supplier To what we called international consolidation centers And those consolidation centers that volume is going to wait for volume from other suppliers to build up container And then we're going to put that container from multiple suppliers in into a ship And that trip is going to travel from southeast Asia or china to The u.s. Canada or europe depends Where we are sending that product to you Then when it gets to the fc's we Make decisions whether we we are going to Position we are going to position that product near the customers or if we're going to hold it back to leverage on essentially safety stock pooling and That is why this whole presentation has a bit of inventory management built into discussion because that decision to either postpone or anticipate the positioning Uh, it's essentially an inventory management decision but mixed with network design and then We can do the the same path that we do with domestic suppliers We can ship the from the fc's to the cross stocking when a sale is made and then we can Move product from the cross stocking stations to the parcel carriers or to the delivery stations and really What happens here is we have multiple modes and we can Do any combination of the of nodes that It's cost optimal in a way. So it's very it gets very complex very fast and It requires a lot of scenario modeling to Determine what's the optimal solution to to get to depending on the supplier and depending on The type of product that we are talking about So uh Here it's this slide is just what we we use internally a way for it to define what operations analytics the team on min Does so essentially what we are trying to do here is We are operating at a long time horizon For decision-making and highly complex decision-making. So it's I mean, it's the best of both words in a way because it's complex. It's interesting, but it's also challenging It to do so so it requires us to leverage a lot of our analytical ability and modeling capacity to get to A good answer that's going to be robust and that's going to give us The results that we're looking for in terms of cost of normality and and speed So really the types of questions that we are trying to answer here specifically talking about network design and inventory management is Where to locate fulfillment centers where to locate cross docking centers Where to locate delivery stations and then once we have defined Where to locate those facilities What types of items or products? Do we want to hold an each facility? And what really what infrastructure do we need to build for each facility? such that The facility can hold the type of inventory that we expected to um I I'm more focused on the fulfillment center network design piece. So question number one over here And the what types of items we want to hold an hfc the cross docking piece and the um, delivery centers piece is done by another Sub team within operations analytics, but uh, I I'm going to try to capture that In in in in in this presentation as well So if anyone in a way is seeing this, I'm going to try to do my best But Our approach to network design here Is really to have a an end-to-end view Where we can trade off cost and speed Fully So really the the tools that we have built across the years are tools that allows us to Not only See what the what's the cost optimal answer But also see what if scenarios because that's ultimately what We need to convince our stakeholders that Answer a is better than answer b uh, and really uh, the the ability to trade off speed and cost is something that I've seen prior to wafer being done in many different ways sometimes Uh, folks try to capture What's the value of a speed which is some somewhat difficult to do because there is an inherently Um Valued to speed that is hard to put a number on which is essentially like What if my competitors? Invest a lot on speed And that becomes a reality in the future and I don't invest in speed like measuring that type of Thing is very very difficult to do So the way we we do it way fair is we try to Uh show what's a speed outcome and what's the cost outcome and then we make inferences based on on those two results So it's almost like we have a multi objective function of minimizing cost but also trying to be better at speed um Let me go to the next slide over here. Um in a cinch Oops Okay, cool. Um, so The the the ways we are tackling these challenges that we face on a day-to-day is To use a combination of classical optimization and simulation methods to analyze the various scenarios Uh and trade-offs between cost and speed performance. So it's what I mentioned earlier where Say you generate from and folks from the uh sc1x are going to remember that there is a A topic for specifically for uh optimization modeling where essentially we're trying to Get to the optimal answer for a network design configuration Really that approach It it works. Well if you are Comfortable enough to say that your optimal answer Is much much better than sub optimal answers In some cases what happens uh and what we see in a day-to-day wayfarer is that An optimal answer is Not that much better than a sub optimal one But sometimes a sub optimal answer is much easier to implement and to explain to a supplier for example so It's an it's an important trade-off that we make In that we are able to show What are the differences between? um an optimal answer and Uh the various scenarios that we can uh that suppliers can propose and that uh other stakeholders can propose so We we've transitioned a little bit away from a classical optimization approach specifically for fc network design to more of a simulation based approach where we basically brute force run all the scenario combinations and we choose What uh scenarios we want to look at Really from a computational standpoint There isn't much of a difference from running the two A simulation model that that the simulation model that we use is capable of generating the answers within like 30 minutes running and a classical optimization model would be Maybe 10 minutes faster, but much harder to Uh to to to give you the the the optimal answer To sorry to give you the sub optimal answers so We what we are what we are doing is generating multiple a lot of scenarios and then comparing them and showcasing them to to our stakeholders and saying hey if we Do path a uh, it's A dollar per unit cheaper But we're gonna have to Transform our network entirely to be able to do that So maybe we do something simpler in the beginning and then we transition to that option so I think that's really where The academic methods Really the rubber meets the road in in that sense where we have to Change a bit of how we would do We would solve this type of problem in a controlled uh sealed environment and where when we have Multiple things changing at the same time a huge organization and people asking for different Scenarios and suppliers wanting explanations for why are we proposing this instead of that? We we need to be able to give them We clear answers and saying that Giving giving giving them an answer like Don't worry. Trust this black box. That is it's right It's not something that they're gonna be happy with. So, uh, this is, um The why behind we are we are we're really, um Shifting the the way we we do this so, um right after We define The location for the fulfillment centers, uh, the The the real challenge is What types of items do we want to put in each fulfillment center? So that becomes more of an inventory management type of type of thing and let me Actually show you why this is An important thing for for for wayfare, right? So imagine that And that's a trend across all of the e-commerce is that customers want deliveries happening faster and faster and multiple competitors are pushing for that same thing to Delivery faster and faster and to do that there isn't There isn't another way to do it other than having product closed to customers so being able to position the types of products that sell in a specific region Near the customers of that specific region is really what we are trying to do here and It actually allows us to have some sort of control over the demand as well because We can influence what people people are going to see at the website by showing them, uh things that we have nearby and that kind of helps shape what The consumer are gonna is gonna Want to purchase but In a way what we are trying to do is Have product near to customers That's really just about it But how how we do that is the challenge because And you saw that also in uh sc1x If i'm not mistaken, I think it is But the more you try to Be accurate at the regional level so assume you break down demand too much and you try to forecast it What's going to happen is you're going to be wrong more often And by when you're wrong more often that means you need more safety stock to cover it for the times that you're wrong And in those cases, what's what happens is we we tell the supplier Hey, mr. Supplier, please send us additional inventory because Uh, we are making more forecast mistakes. So we need more safety stock to cover for those mistakes Of course for uh for wafer That's not necessarily a burden because we don't own the inventory, but the supplier does So, uh, we are we are cognizant of that and we don't want the supplier the the supplier to see their inventory levels Increasing like crazy. Otherwise Uh for them it's going to be too much of a cash Um investment in terms of working capital, uh tie to inventory that they're not going to want to work with us So we need to figure out a way of doing this Positioning near the customer But also being able to control the inventory levels And this is where, uh, we find that Um a multi-axial and distribution strategy is really very effective That's something that we we are exploring, uh within, uh, the operations analytics team We're trying to, uh, essentially postpone the positioning decision and actually hold, uh Buckets of inventory in regional hubs and then The uh as the man as we deplete the child fcs The fcs near the customers we ship product from our hubs To these fcs. So that cost that additional touch costs money But for the items that have really high margin It's worth it for the items where we are able to, uh Leverage does speak benefit. It's worth it What what's going to happen is for the items that, uh They have low margin or their demand variability is crazy high We're not going to want to have them in every single location. That's going to be That's still a hypothesis that we are exploring but still, uh, if you think about it It's something that really does make make make sense So really the trade-off here is If we spread too much, we increase inventory levels too much. If we spread too little We don't leverage the the speed Uh that we want to Serve supplier customers web So there really is a A a trade-off here that's being brought by the demand the demand variability the margin The customer expectation really The lead time variability and the lead time itself. So for For international suppliers where the lead time is 30 days and for international suppliers where sometimes We are using an unreliable shipping routes that varies a lot the lead time We we're we we see that there The these things combined to form like what where i'm calling here The ease of positioning or the difficulty of positioning for that matter so the for example the higher the demand variability and the higher the lead time variability The more difficult it is to position an item near A customer The lower that is the easier it is to position An item near a customer. So that's what is being represented here by the x-axis Now dy axis is capturing here the value of positioning Which is essentially a combination between the customer expectation and the margin of an item so items with very high margin In very high customer expectations in terms of fast deliveries That means they have value of high very high value of positioning for items where we have Very low margin and low customer expectations regarding the fast deliveries That means we have Low value of positioning now we what can happen is an item has very high margin but Customers simply don't care whether they are delivered fast or not That would be an item where we also see low value of positioning because If customers are ultimately not going to purchase them Because they're being delivered faster Really there is not much reason for us to deliver faster. So it's trying to segment What we're trying to do here is trying to segment customer expectations and value Versus the challenges and difficulty and costs of doing that positioning and really What what we think see here is that For items where we have it's very easy to position them And it's very High value to position them. Of course, we would want To have those items positioned close to customers. So that's that's easy. That's like the best of both words The challenges for the zones Over and let me circle them over here These ones Where we want to be careful with what we do um In these zones, we need to make very specific tradeoffs regarding the value In the challenges of positioning an item And it's really where The multi echelon strategy that I just mentioned Can be a a propeller for facilitating the the positioning of products So It's really what we are trying to leverage right right now and then we have this Danger zone here, which we have No value of positioning and it's very hard to position those items for those items it's also Easy enough to know what the answer is the answer is simply don't position those items near the customers because customers don't care And it's very difficult to do so so uh This is really nice. This is question mark We are exploring and this is The danger zone or the zone where we don't want to go essentially so with with with with that um, I I think I spoke a lot about this and now I wanted to leave A few minutes for for for you guys to ask questions regarding what we are doing uh, and Explore and and we can Explore the this together instead of you just hearing me talk and talk Well, thank you so much Rafael for the presentation. I think it was Great. We already have a lot of questions. So that's amazing. I think we can start like shooting You with some of them So the first one I'm gonna try to also wrap up some of your ideas here because I think it was amazing how you shared And that the trade-offs between having an optimal solution optimal solution versus how easy it is to actually deploy that kind of solution is It's something that you don't find and when you're only in academia, uh, you know only touching the theoretical part. So And that's because not every cost is included included in an optimization problem It's impossible to include how like the cost of like changing some things Within the network whatsoever. So and there is a question from emir Usar Which is really interesting and he asks you what is the Periodization like the period of time that you guys use to refresh the Optimization model or the simulation model. Do you run it every month every day every quarter? And and and why maybe you run it differently depending on the kind of decisions that you make so yeah so Does these models that we have They are really The intent of them is really to drive strategic decisions. So the timeline for these decisions are like two to five years We are refreshing The conclusions from that model every six months To make sure that The decisions that we made Six months ago. They still hold based on Evolving market trends market condition, sorry um, and based on Really the inputs don't change that often. So for example transportation costs um shipping costs Rent costs those types of things the way we model them is to avoid changing them every six months because We don't want to capture short term volatility when we are modeling We want to capture long-term trends so unless Markets conditions change dramatically And we think that those conditions are going to withstand the next two to five years We are going to keep the same inputs But really the rate of refresh for for for for this is every six months What what happens is that? This is kind of a good thing is that every six We we tend to confirm the decision that was made six months ago every six months But that brings us reassurance that we are in the the right path So it I think it's one of those things where we do that because We need to keep up answering questions that stakeholders have So what what happens really every six months is that we receive a bunch of questions from stakeholders and we try to generate scenarios and and show them why we think Scenario a is better than scenario b and explain why we are going with That option and following that path So it's really more of a communication Communication thing then more of our network is changing every six months, you know So it's more of a strategic alignment than Change in direction Yeah, no makes total sense. Thank you so much for for the answer. Paolo, do you want to take the next question? Yeah, sure. Thank you so much Afail such a great presentation You explored many topics from all of our courses. So sc1x for sure inventory management, but also sc2x network design And we have some learners from sc3x here supply chain dynamics And in this course we discuss about supply chain strategy you mentioned that You moved from like the cost efficient supply chain to a more responsive supply chain terms of speed and this is Great to see here in the discussion and we have a question related to that. So André André Lopez is asking how do you measure how relevant speed is to a given population if you do Is it a comparison with competitors or solely social features field research? So the way There are two ways to doing that essentially one is the comparison with competitors which is difficult to do because You have to map the exact the exact same types of product That you are selling with the the items that the competitor is selling. So that's a fair comparison But we do that to make sure that we are On par with our competitors, if not better Another way of doing that is via ab testing So what we do is we select um a few Products and we do experiments to see how Sensitive the customers are to variations in delivery. So we are going to select for example 100 customers. That's just a random number. We're going to select a number of customers And those customers are going to see that that specific item is going to be delivered to them in five days then Another set of customers is are going to see that that specific item is going to be delivered for them in four days Another set of another set of customers is going to see three days So on so forth you get the the logic And really we measure how much we convert Uh in sales for each of those groups of customers So if customer the customers that saw five days You would imagine that they don't buy as much as the customers that saw four days And uh, the customers that saw four days don't buy as much as the ones that saw three days And so we measure that and we have essentially like a curve that shows you for every item For every customer segment What is their sensitivity to speed? So how much more in sales we expect to get from having faster deliveries? And that's how really we translate speed to an actual measure in in terms of like value Great. Thank you so much afael. Miguel do you want to take the next one? Yeah, actually the next question I had I think you already answered it rafael Because uh, it was about ab testing. So it's really interesting what you what you shared because that's somehow a way you You also shape the customer demand because if you know that Having a two hour delivery or same day or like depending on the time windows whatsoever Doesn't have an impact at some point. You don't have to offer that anymore. I'm actually going to reduce costs So really really really interested and yeah, we don't have much time but uh, I'm gonna probably I'm gonna steal one of your questions paul and then if if you still want you can also ask one more and so could staff and gosh and This learner wants to know like when you are talking about and holding inventory and nearby the fulfillment centers safety stock and like Who holds the inventory from that point? Because you said for example that you don't have the inventory So did you actually Like force your suppliers to have the safety stock for you because that's going to be a key I don't know negotiation in terms of like asking them to have this a bit more stock for you guys Without ownership. Yeah, so what what we do is The product and that it depends on Two things right We have a drop ship business and we have a castle gate business, right and the two things operate Uh together So the supplier holds inventory the supplier owns the inventory, right? but they own the inventory That sits in their drop ship warehouse and they also own the inventory that sits in our castle gate warehouse What's going to happen is that the um The ranking algorithm in the website It's going to select the items that are closer to the customer So if a supplier Doesn't have The item availability near the customer The customer is not going to see their product What's going to happen is they're not going to buy it So because of that That's an incentive for the supplier To have inventory in more locations That location can be a castle gate warehouse or it can be a drop ship warehouse for all We care it doesn't make much of a difference specifically for that it makes a difference for other things because castle gate has Later cut off times so we can get faster deliveries in that sense but um In terms of like availability on the the website People are going to see despite being on drop ship or castle gate now The negotiation with the supplier It for increasing the inventory levels is indeed complex because if they if we Ask them to hold more inventory because you want to be in more locations. They're going to They can say no we're not going to obligate them to have inventory If they don't see the value in having more inventory, they're not so it's really a matter of setting the right incentives in the platform and setting the right costs for the supplier to operate Where we want the supplier to operate in so it's more of a incentive based approach then uh You need to have inventory here. You're going to be punished if you don't type of thing, you know So yes, the supplier owns the inventory and we try to shape the supplier behavior To where it's beneficial for both the supplier and ourselves Really really nice. Yeah, thank you so much. Paulo, do you you want to take one super quick last question or do you think we We wrap up Yeah, I think we can take one more So let me take the last one because I think it's connected to the topic we are discussing right now So the next question here is what are the key factors to consider when selecting suppliers for a global supply chain at work? How can advance it analytics aid in the supplier selection process? so that's So the the selection of suppliers in that sense It's more of a category management um thing within Wayfair, so it it It is more driven by what things we think The customers want to purchase in our website And what things like for example a german customer values more than a us customer The types of items that are in the two websites are different So we're going to want to select suppliers for the two regions that offer different portfolios That are in line with what each customer expects that's not something that my team specifically is working on but It's something that I know other teams at Wayfair specifically category management are working on on selecting the suppliers that have The portfolio that we know the customers are going to purchase in each specific market All right. Well, thank you so much for all your answers. Rafael We still have a lot of questions, but we we don't have time to answer them all But we really thank all of our learners For the engagement for sure So again, thank you so much everyone who decided to join us today It's been a super insightful session. So thank you, Rafael once more Before we say goodbye, I just want to remind everyone a couple things first As you guys know, this was the last life event of this spring series that Paolo and I have been co-hosting for the last three months Between SE1x and SE3x So it's been a real pleasure to share the experience with you guys second and you know Some SEX courses are still open for enrollment for those completing SE1x and SE3x It's important to know that SE2x and SE4x are going to be open in really soon Within one month And so we encourage you to check them out on our website. Um, yeah, just again, thank you everyone paolo rafael Thank you so much. And if you want to share any final words with our audience, the floor is yours guys Thank you so much Rafael. Thank you so much everyone. It was a great session and have a great day Thanks so much guys If you want to reach out to me on linkedin or anything like that to ask questions feel free to do that Happy to take questions offline as well. Thank you. All right. Thank you everyone. Have a great week. Bye. Bye. Bye