WEBVTT 1 00:00:04.671 --> 00:00:07.757 - The change in economic cycle is challenging, 2 00:00:07.757 --> 00:00:09.384 but it's also an opportunity. 3 00:00:09.384 --> 00:00:11.511 It's a good time to take a step back 4 00:00:11.511 --> 00:00:13.722 and look at the resource allocation 5 00:00:13.722 --> 00:00:15.932 and the operational and capital efficiency 6 00:00:15.932 --> 00:00:17.767 across the entire organization. 7 00:00:17.767 --> 00:00:21.271 When the market is good, complexity often creeps in, 8 00:00:21.271 --> 00:00:23.189 because we can afford it. 9 00:00:23.189 --> 00:00:26.192 And complexity can arise in many different areas. 10 00:00:26.192 --> 00:00:28.445 For example, in the product portfolio, 11 00:00:28.445 --> 00:00:30.196 which, in turn, drives complexity 12 00:00:30.196 --> 00:00:32.157 in the entire supply chain. 13 00:00:32.157 --> 00:00:35.035 We also often find organizational complexity, 14 00:00:35.035 --> 00:00:38.747 such as too many layers and micromanagement of teams. 15 00:00:38.747 --> 00:00:42.042 This is why it's so vital for companies to focus, 16 00:00:42.042 --> 00:00:45.754 not only on operational efficiency and resilience, 17 00:00:45.754 --> 00:00:47.547 but also on simplification. 18 00:00:47.547 --> 00:00:50.592 In doing so, companies can improve productivity 19 00:00:50.592 --> 00:00:53.762 and free up funds for new strategic opportunities. 20 00:00:53.762 --> 00:00:56.306 The results will be a faster, a leaner, 21 00:00:56.306 --> 00:00:58.683 and a fully focused organization 22 00:00:58.683 --> 00:01:02.520 focused on what truly delivers value to customers and consumers.