Leaders in Tech and Ecommerce

Johanna Småros Co-Founder of RELEX

April 28, 2020 Alcott Global Season 1 Episode 21
Leaders in Tech and Ecommerce
Johanna Småros Co-Founder of RELEX
Chapters
Leaders in Tech and Ecommerce
Johanna Småros Co-Founder of RELEX
Apr 28, 2020 Season 1 Episode 21
Alcott Global

Johanna Småros (Ph.D.) is one of RELEX Solutions’ three co-founders. Before founding RELEX, Johanna conducted ground-breaking research on retail supply chains. She is the author of tens of peer-reviewed academic articles on supply chain management and optimization.

Johanna received the Young Scientist Entrepreneur Award in 2014 and the Veuve Clicquot Business Woman Award in 2017.

RELEX Solutions is a leading provider of cutting-edge retail optimization software that is built for the age of Living Retail, where change is the only constant. We help retailers such as Morrisons, PetSmart, Rossmann, and AutoZone adapt to every future, faster. Our cloud-native Living Retail Platform delivers pragmatic AI across all retail functions and at a retail scale. We offer a fast lane to value that builds from a foundation of radically improved demand forecasting and supply chain optimization. Our customers leverage this enhanced visibility of demand and supply into exponential benefits — optimizing their retail space, workforce, pricing, and promotion strategies ­— all within our unified platform.

Discover more details here.

Some of the highlights of the episode:

  • AI and Machine Learning limitations and advantages during a crisis.
  • Most important trends in supply chain retail impacted by the covid19 crisis.
  • How a drug store retailer in Germany with 2000 stores took 2 days to deal with the surge in their demand patterns. 
  • Working from home and the importance of informal interactions.
  • Expect nothing and everything –  be flexible and adapt.

Follow us on:
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Linkedin: http://bit.ly/2w9YSQX
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Show Notes Transcript

Johanna Småros (Ph.D.) is one of RELEX Solutions’ three co-founders. Before founding RELEX, Johanna conducted ground-breaking research on retail supply chains. She is the author of tens of peer-reviewed academic articles on supply chain management and optimization.

Johanna received the Young Scientist Entrepreneur Award in 2014 and the Veuve Clicquot Business Woman Award in 2017.

RELEX Solutions is a leading provider of cutting-edge retail optimization software that is built for the age of Living Retail, where change is the only constant. We help retailers such as Morrisons, PetSmart, Rossmann, and AutoZone adapt to every future, faster. Our cloud-native Living Retail Platform delivers pragmatic AI across all retail functions and at a retail scale. We offer a fast lane to value that builds from a foundation of radically improved demand forecasting and supply chain optimization. Our customers leverage this enhanced visibility of demand and supply into exponential benefits — optimizing their retail space, workforce, pricing, and promotion strategies ­— all within our unified platform.

Discover more details here.

Some of the highlights of the episode:

  • AI and Machine Learning limitations and advantages during a crisis.
  • Most important trends in supply chain retail impacted by the covid19 crisis.
  • How a drug store retailer in Germany with 2000 stores took 2 days to deal with the surge in their demand patterns. 
  • Working from home and the importance of informal interactions.
  • Expect nothing and everything –  be flexible and adapt.

Follow us on:
Instagram: http://bit.ly/2Wba8v7
Twitter: http://bit.ly/2WeulzX
Linkedin: http://bit.ly/2w9YSQX
Facebook: http://bit.ly/2HtryLd

Andrei Palamariu:   0:00
Hello and welcome to the leaders in Tech. Any commas podcast? I'm your host, Andrea Calamari, and I am the APEC director for Elka Global Executive Search. Our mission is to connect the tech in supply chain and equal Marceca system in Asia and globally by bringing forward some of the most interesting stories about success and failure from leaders in the industry. Happy to have with us today Johanna's Morrow's Bhd. She is one of the relics solutions. Three co founders before funding Relics, Your Honor, conducting groundbreaking research or read their supply chains. She's three, author of tens of peer review. Academic articles on supply chain management and optimization. You want to receive the Young Scientist Entrepreneur Award in 2000 and 14 and the Vertical Business Woman Award in 2017. Now a few words about relics. Relax Solutions is a Helsinki based internationalist software company founded in 2000 and five. They're offering solutions for retail optimization. The customer, such as Morrison's Petsmart, Roseman and AutoZone Really Solutions, uses a I to optimize retail demand forecasts and inventory flows, taking into account over known Internet business decisions such as promotions, range and display changes and also Xterra, effective such a season's events and the weather. Then they use thes demand and supply visibility to seamlessly optimize space markdowns as well as capacity and workforce accusation for increase their perfectibility. They have offices all across the world, from Europe to the United States and Asia, especially Hong Kong. And now is well in Singapore. Join a great to have you with us. Hello.

Johanna Småros :   1:45
And a nice to be here.

Andrei Palamariu:   1:47
So we we haven't interesting. A touch is now about how things are going at a global level. Really, Deepak, we're living very interesting plants, to say the least. This cov 19 crisis has put a spotlight on how important it is to have Ah, well run supply chain. Um, how important it is to have a good visibility. Our suppression in as we know this is connected with how well our softer solutions and data management solutions are works. So here is where I wanted Teoh big of your deeper and you're respecting on it. So let's start with relics solutions. As a company. You and your other two co founders Andi, I think I was reading somewhere. Three supply teaching science actually founded relics with the goal of perfecting retail a priest. Tell us more about how and when was the company created and how value to your class. Okay, so me

Johanna Småros :   2:46
and the other co founders, Mikel and Michael, will be actually met at the Logistics Research Group of Helsinki University of Technology. Um did research together me and nickel finalized our dissertations on that. It was kind off time to look forward. Um, besides, from the next is that. And then it was sexually Nichol, who presented the idea that we should take some of the ideas that don't develop those researchers and implement them in the real world to see that they actually were on then be managed to talk Michael into this told thing, although he hadn't treated, finalized is dissertation yet. So we basically destroyed his research carrier. But I think he's quite satisfied with the choice he made being researchers that of many different things in the supply chain. But someday be very quite enthusiastic about loss automated store replenishment. So basically forecasting on the management and they have been doing research on how companies would be able to ST ah um more accurately and effectively manage the the difficult product categories. So fresh products product with a lot of seasonal variation in demand on promotions. Um, we had done a lot off research on how to do that better, and they were quite confident that nervous, quite big improvement that could be had for companies, Um, especially grocery retailers. And then we just when the head and tried to implement these things. And actually it worked. It worked like a charm. That's how ended up being here.

Andrei Palamariu:   4:35
It's very interesting. Um, so I think the year of ah, officially are, uh, relax. Being founded was 2000 and five and now, ah, few years later, it seems like it was a great success. I mean, it is a great success and a great idea. And even though Michael had to renounce a few things from from pay for, I think he's happy. Like you said. And Jenna, how did you decide who will be responsible for what? From our out of the three co founders?

Johanna Småros :   5:08
Well, basically Ah, in the beginning, um, the US US three and quite stew in a couple of other people joining the group. But it was a very, very small group of people the first couple of years. So basically, we ever did everything. Everybody did everything. Um said there wasn't a very clear division there, and then we just picked up things assed they needed to get done. So, for example, Michael, our university dropout house been running product development and also act act it as CFO at some points in time and myself. I am did a lot of consulting. In the early years, he just kind of fund our development. And then eventually, when it was time choose started journey read X into an international company. Um, I was running sales and operations in the Nordic countries. And now this last few years, I've been now responsible for marketing. So I do think they are kind of not multi talented, but ready to take on very different types of roles and challenges.

Andrei Palamariu:   6:22
Interesting. And now, coming back to, uh, current times, um, where a lot of clients in a lot of retailers lookout to figure out what the best solution out there. So I wanted to know more about this. How is your company helping your clients to cope with the current crisis and maybe share some of the questions and requests that you receive most open throwing up from the pipeline. Ah, that's Ah, that's a

Johanna Småros :   6:52
big question. So basically going one step back to the basics of what we do. Um, so as I managing, we've done a lot of working and automating store replenishment, but we do it for the whole supply chain. So basically, open my eyes, read the other someone forecasting inventory flows, meaning that we take into account all known internal business. The citizens, like promotions or arrange changes, are display. Aging is on B Also taking all external factors such a seasonality events on better, um and then build on this kind off demand or supply visibility further, open my eyes. Not just a supply chain. Also, space allocation sores, markdowns, capacity utilization, workforce utilization on so one for increased profitability. Um, all of these areas have been impacted by the i couId 19 crisis. Um, but in very different ways, in different with verticals on dolls. So in the Fred phase is Ah. So, for example, if you look at grocery no, first on initial phase in most markets off, that's a consumer stock fighting. Um, so I think everyone's familiar with the toilet paper crisis that been heating different geography is, ah, different times on then, um, in those geography is. But there's been significant look, downs, people working remotely and so one we've seen continued increased sales rates for these kind of essential products. So you're basic grocery staples, for example. Then, ofcourse, we've seen a great surge in demand for online ordering on home delivery that applies supposed to groceries, but also all kinds of other things that people are buying and then finally, off course. They've also seen downside off the kind of looked down on Also, um, customers have ah needed to close the worse, for example, in Concert and Geo or if it is on, that's also a supply chain issue. So that's kind of, ah, white spectrum off challenges that retailers have needed to deal with. Um, if it started the kind of most obvious from a religious perspective, that's the forecasting in store for punishment. I know some companies claim that AI can basically deal of it this kind off very unusual circumstances. My opinion is that it's not true. If they had those fantastic AI models, it would have been able to foresee how the pandemic would develop and they wouldn't be in this situation right now, however, have a great quality software helping supply gin and about planners manage the flow Inventor A throughout the supply chains and into the stores is crucial in times like these, all ready here custom miss typically half pence off millions off active, good floor was control on. That's basically not something you can do manually betray high quality. So what you seen is that a ideals with the product categories that are less impact. And then, um, our super he reserves help with in very, um, clear rules for how the system should react to these daemon surges capture the correctly in the short term, but also filter out the back with a long term so that we don't have inflated where casts impacting buying months from now. So I do think that that a I am she learned, is quite powerful in these situations. But the power comes from basically freeing up time for planners to deal that the, for example, supply issues that you've had around, um, products like Lloyd of paper

Andrei Palamariu:   11:23
and from all of these. Like you said, there is a lot to think about. Both from the retail side, retailers are spread across different I mean categories as well. Are there certain patterns or, um, can you recommend them? Some priorities that that you advised clients to focus on during these times could I know there is a period right? It is now. It is a short time in the couple of months to come. And then there is long term, Um, is there a me any pattern that you see when you advise them where to focus on on where, what to get in order first?

Johanna Småros :   12:04
Yes, that's quite dependent, obviously, on the reader vertical. So if it talking about these demand surge type of clients, we work a look, the grocery and example. Pharmacies. I think  the important thing right now is to secure availability of essential product. Um, they are also working hard to ramp up their fulfillment capabilities. Is not everyone waas seeing a huge demand for her home delivery? Previous t I know it's been quite the struggle, Teoh increased capacity in that area, and that's absolutely the right thing to do. Um, it makes them from a business perspective, probably, although fulfillment tends to erode margins quite heavily. But most important, it's important for a community is so the right thing to do. Um, then they circle a bit. Um, it's more innocents. Business as usual, but the big challenges. When will there be the next change in demand? So, um, well, best if we're short need time products. This is not a huge problems. You can be a bit more reactive Mobile unit to work together with the Squire. Still, especially for longer lead time products, it's quite important to be quiet, sensitive about mint, to start making changes to the orders faced its suppliers to avoid the significant overshoot. If, for example, demand goes back to more normal levels by quickly, and that's very difficult to foresee, it depends quite a lot on how the pandemic people's is also depends very much on. For example, um, the the decisions made by local authorities regarding look down some things like that. Um, so many of our customers are doing quite a little off scenario, planning to kind of find the sweet spot off, not having excessive inventory risk, but still in quite confident of being able to meet demand in the future

Andrei Palamariu:   14:24
militant and I think you mentioned a few things, but down the line. So this year will be definitely tough for everybody involved. Um, if a client or a potential new client comes to you now in during this time, how can you help? Because, um, there is that implementation time when if you want to change from a system or legacy system, toe a new system. Uh, thanks. Sometime in that foot, is there a way or shortcut around there? Can you have people who would like to join or to use this really solution? Now are is it a bit

Johanna Småros :   15:06
tough? Some use usually implementation? First of all this? It's all quite doable, um, working remotely, as we've seen with customers in many different regions. So ongoing implementations haven't really suffered from everyone working room. OK, it's some. It's very much doable. Then the implementation timeline that depends quite a bit on the customers starting point. So our quickest implementations have been done in less than three months from start kind of specification. Ah, until alive. So it doesn't have to be a long implementation. It's very much dependent on how easy it is to get access, um, to the monster data and transaction data a system like ours needs. So basically, we do use of up off, um, historical sale, state of demand forecasting and things like that. And that's something we need access to on. Obviously, we need access to daily data on, for example, in the three balances sales. So those are kind of must have on That's really kind of the, um, factor in determining how quickly ah, client can get going.

Andrei Palamariu:   16:31
Ah, but it I would want to going into the specifics as much as we can with with some examples, right, Because there are some retailers doing excellent jobs. Uh, it coping with the situation. There are retailers there are struggling. I would rather focus on on the silver lining, and the ones that are doing a great job are there. Maybe you can give us an example of ah, client was doing a good job in the reasons why they may be what they did in the past in order for them to be better prepared. And how are they doing a good job now? It's everybody's interested to learn from from others and trying to pinpoint if there are some lessons it could be learned from from your

Johanna Småros :   17:17
portfolio. Yeah, So I think in general, um, our clients have actually before very well under stress. So we do have clients where, for example, and the very stable, normally very stable grocery business. I've seen him on increased by so already. Person Onda give month forever. Example. One mind fulfilment increased by wood and 100% um, almost overnight. Um so I do think most of our clients have done an excellent job serving their customers. Some key points here are the retailers in regions that were no hit. First, the best ones were able to learn from regions that they're initially. It's so for example, um, that's actually something We've been supporting us well by organizing virtual grown tables for retailers to share that inside. So if a super unfortunate for Italy and Europe to be kind off the first country hit. But for the other agents, that was a great opportunity toe understand? A bit. What is going on? So I do think thea other countries were a bit more prepared than this hit them on. There were some quite similar patterns, one kind of a general level and how consumers went out to stockpile and the shift from brick and mortar to online and so on, which I think gave the most progressive retailers on advantage because they could actually start preparing something that Italy really couldn't do. Then I do think that I know I'm kind off composing our own software, but it really makes a huge difference if you have a reflective, flexible I T systems that you can adapt quickly toe to a new situation So our customers in general have done is to and a they their hands off the wheel, so to speak, in the product categories where the has been kind of moderate and just rely on the system to deal with it, um, on. Instead, they focus their time and effort, um, basically working with suppliers and operations to make sure that there who's available eventually shifting from one supplier to another, making all of these changes very rapidly and just counting on the system being able to, for example, make sure that they still feel truckloads and delivering to the stores even though the supplier base house has been changed and then they put in place rules in the system to adjust for gas automatically based on what's going on. So, for example, um, one of our clients in Germany, uh, drug store retailer Little Small But I think a little less than 2000 stores around Germany mentioned that it took them two days to deal with these surging Ah, I get them in rules to the software to deal with these very unusual du Monde bathrooms. And after that, they again reached a very high level of automation throughout, and they start just kind of people fibers and off items impacted by the daemon surges. I'm so all in all highly automated prose is that face off time to really work with The big issue is securing supply, maximizing intelligent use of capacity, for example, by narrowing down the product range temporary.

Andrei Palamariu:   21:19
It's interesting. So this, um, this example of the drugstore in Germany? Um, what did they do beforehand? I assumed they were well prepared with, and they they have been implemented a system for for some time now to deal with the search. Um, did they do something different or what was their ah, there event.

Johanna Småros :   21:40
I think our smallness us. Many of our other clients I've had the goal already previously to let the system deal with the kind off business as usual stuff very automatic. So they have work towards a situation where there aren't, for example, mustard a. The issues that planners need to deal with but rather have such high quality off input data that also the output is very high bulleted, meaning that there is very little need for her for people to adjust. For example, what are proposals or our safety spokes, or even forecasts on that makes a company very belt prepared in a situation like this, where you actually need some manual intervention. But you have the knowledge of how to do that no item by item, but by adding rules that deal of it identified, for example, product categories or the top sellers in product. That is so they are really good at kind of making the system work for them, and that's, ah, something that's highly useful in in situations of rapid change.

Andrei Palamariu:   23:00
I agree, and I think a lot of ah, what you're saying is a conscious effort from the leadership that this is what we want to achieve and then discipline on all fronts to make sure the data is healthy. Or is there right for Mitt and so on? Do you? I'm interacting with quite a lot of companies, and most of them who also are in the solution space tell me that clients nowadays are already convinced of the importance of having a good system, um, from being convinced, actually using it and having good data the wearisome some light between these two years. But do you see any trends when it comes to transformation or digitization and the the appetite of clients towards it? Um, when they

Johanna Småros :   23:53
founded relax about 15 years ago, things like software as a service were quite new on there. It's in a massive transformation off clients not only being open to it but action if requesting sauce solutions. And I do think that has a massive impact on, for example, implementation. That's that's been a big shift, I think. Another thing that's changed quite drastically. It's kind off the understanding off, um, Mats Onda now A. I actually adding value and that it doesn't have to be ah, run by a data scientist. It can actually they packaged into a tool that somebody who really understands the business processes, uh, can be running rather than somebody that it's really good. That's statistics, for example. So that's another big change. But I do think companies are still in different states off mind. Some are really looking for the kind of newest and latest on duh Well, basically, AI and machine learning are the kind of keywords, uh, where it's others are still a bit more skeptic about what can be automated and what cannot be automated. So it's not like wool off the retailer's who'd be moving at the same pace and the exact same direction. But I actually think that this crisis will also highlight how difficult it is to manage tens of millions off in Monterey flows of activity If you don't have that system support if us probably doable in a very kind of steady state with, for example, grocery sales, I'm changing maybe one or 2% year on year. But then, when you have things like this order, um, that, say wildfires or extreme weather events, it's very, very complicated to manage that well, manually

Andrei Palamariu:   26:10
and like you touched upon this topic a few times. So there are people who think Ai is in machine. Learning is going to save and solve everything. And there are people who are skeptical. I imagine that you have the role most of the time sometimes to set up a charity and wise expectations towards what machine learning can do. And how important is the human element. Tree two of managing the input data are in putting data and then in putting decisions and making the final decision that to speak. How do Or Mike my question would be, Is it tough? And how do you manage to set this kind of parity expectations? What What have you learned so far?

Johanna Småros :   26:59
It can be a bit, ah, a bit of a challenge, because I said, people come from different places. Um, in that respect, some are looking forward for the newest off new and others are very skeptical off what can be automated. So I really do think that if retailers want to make decisions about the software, they need to be ready to engage in a dialogue with vendors, I do understand that you need to have some hygiene factors benben, for example, running a buying poses. But I do also think it's a high risk if you don't engage with the vendors and have that open and honest dialogue about what has a business impact on love, doesn't have a business in back and talk about customer examples and actual cases. Ah, biggest. It's not black and white. The impact is going to be great in certain areas and very minor in others. And if you don't thought through, um, the whole range of situations in your business are going to be missed opportunities. Also, expectations that haven't been met. So, for example, if you look at him on fourth gas, then we just kind of the classical area where you implement machine learning. I think it's an excellent idea to run machine learning, and Iman forecast it's very helpful. But the forecasts as such doesn't do anything. It has to be operationalized. It has to be used. We're in the drip immunizations or punishment capacity management in a good vein before it actually adds any value. So if you're only for focus on, for example, um, improving for accuracy. But don't touch any off these other areas. The business impact may be great, small and especially in repeated that you have lots off long tail products and slow movers having just a slight improvement in forecast accuracy may not give any. Benefits are cool. Ah, the grass. Then if you, for example, use AI to optimize, um, capacity management in the supply chain, Um, the outcome may be quite dramatically more impactful.

Andrei Palamariu:   29:34
Yes, and it's a It's a clear distinction again, making sure people understanding. Client, I think this period is a good period of education and having a good reason toe to learn more. I understand more about what's possible and what we should do on each client should do to to have a better result with a I I wanted to take the discussion, um, towards relax, solution of Britain and inside come the company. I was curious because you started. Like you said 15 years ago. You have You've grown and now we have a very strong presence. Of course, Europe. You have a presence in the U. S. In a pack. I'm not sure if you seen on the region's name, you can tell me about it, But what is the strategic direction of the company? Where do you see the company growing? Where do you plan to expand

Johanna Småros :   30:21
basically our vision of the companies to optimized retail on this mention be we started with a month work asking and supply chain of demonization. Ah, but these last few years, we've been leveraging that kind off planning foundation on expanded into other core retail money processes. Andi, do we think that huge advantages off not just having kind of integrated suite of products but actually being able to link these processes in such a way that you can optimize cross functionally on just to give you an example something simple as mark down? OK, my station. Then you have the PRETENDING Foundation in place. So, for example, our forecasting of recognition it solution it gives to automatic disability off future Lamond. It also gives you automatic disability into what elementary you have there in the supply chain and how that develop as a functional with the demand, Um, which means that a system like ours and then highlight automatically which items would benefit from market owns to hear out stock in the supply chain so either, for example, because it's seasonal items or because you know that there is going to be arranged changed Onda, you would like to clear out the old range to make room for the new, and then you have these components in the system, you can actually run a completely dynamic. Martin approached those where the system highlights where markdowns are needed, uses A. I choose to just the optimal mark down discount and then actually even implement this in. The stores are using a mobile user interface to communicate with stores off weeks to be done, and that really changes the game. So previously marked them ones have bean, typically something that retailers do us kind of a project on end of season project, for example, the Christmas market on Portugal. But now you can actually do this to this very little manual intervention continuously, which means that markdowns are done earned enough, uh, to actually have an impact. Andi, in an optimal way to preserve that's much marched in a sport, and that's kind of ah, seems like a small bathing. But if you manage to ah, throughout your Pelosis have marked owns that are, um, some percentage points more accurate that really accumulates with a year were the items over the stores on hats, the shoot financially,

Andrei Palamariu:   33:25
So this is an element that you want to double down on. And you already have done great job doing it. Um, and from a geographic expansion perspective, is still Europe being the base focus or you're thinking about other places as well.

Johanna Småros :   33:43
Yes, relax was founded or it generally and which makes Europe our markets. And that's where being kind of started our growth back. Um, in 2000 and 15 be raised capital for the first time. Um, on that watts because he I had decided to venture into the US mark. And that's actually been a huge success story. So, um yes, read. Ex world oil has growth about 50% annually. The growth rate in the U. S. Has been quite the little more than, um before us. Europe is still the bigger market for us, but you don't think it will take more than a few years until the U. S is off equal size. From our perspective, they've also just now started mentoring Instru the A back region. Um so that's like very early days. But they do sing is I'm good. Traction in the region are quite excited about the opportunities PRC

Andrei Palamariu:   35:00
and me being in Singapore I definitely see that. And there the market here's is being growing like crazy all over the board. Not only reader, but definitely there is a big part of it. Of course, we have the mature markets equestrian use in Japan. But the emerging markets are more mature in Southeast Asia are also big places to grill. And, um, now I'm thinking about your own teams, right, Because working from home and, uh, connecting with clients remotely has bean the normal the last few weeks globally have there being some lessons learned from your service leaders that connected to how to manage remote teams, you know, in, ah, an efficient way. Any any lessons there?

Johanna Småros :   35:48
Um, I don't think it's ah, rocket science. In a way. So little business I've been trying todo cae about everyone else is doing over this into a situation that emerged quite quickly. I think, of course, that they were in a good position from that perspective that people work remotely quite extensively off. Also, in normal times, on DA as we have employees in a lot off different regions and different time zones and so on, you kind of used to, um, the shuffle off finding good times, lots for remote meetings and so on. So the change wasn't that draft stick in that sense, but off course, what you missed out on when everyone is working remotely old the time, um is the kind off informal interaction. So that kind off business focused activity is having change as much. But suddenly don't have that uniform interaction off people chatting by the coffee machine or he in Leeds just kind of seeing the face off a team member and being able to pick up some signals off things going really well. Oh, are not so well so they strongly encouraged, or all of our team needs to make sure that there are. He's kind of informal team coffee breaks and things like that, um, just kind off keep some elements off that informal chief chapter interaction that it's actually quite essential for Bill functioning teams.

Andrei Palamariu:   37:29
I agree. And, um, going close to tow my last few questions Now, Jenna, um, you thought the opponent element that is very important, especially for for upping. I mean, you're already well established, but you're still growing culture. So culture hot has to be Ah, something you you you think about quite often when it comes to what is the country you're trying to nurture for the company, and then how you can bring people that are aligned to that country? Can you share your perspective on you're what type of culture you're you're nurturing and relics in? How are you trying or how are you hiring for that culture is? Well, um, it's a very good

Johanna Småros :   38:15
question because obviously culture is not a static thing on. But I think one off the Challenges off group is a few constant and true me evaluate things both kind of thunderball. Things like, um, closest ISS is this process that was developed for accompanied off 500 people now applicable in a situation where you have 1000 people. But it also applies to culture, so kind of big less thank terrible, softer things. So are these things Not sure it's really well up till now. Still about it going forward? Um, aunt, how much off a uniformed culture makes sense, then you have people in Boston a difference, um, kind of companies in that Senate staff, for example, a back this really kind of in the start up phase for us, Friess Europe is kind of Ah, next your business innocence. Um, so there is no easy answer to that. Um the Rose with the kindof internationalization on a litter and off different levels of maturity. Also within the company comes the need for having kind of different subculture. Is this Avala? So what we tried to identify it is some kind of core values core behave years. Ah, that be one to maintain and nurture and then be sufficiently flexible about the other things so that there is room for people to do the things they're friendly and in different markets. Different situations

Andrei Palamariu:   40:03
I want you see? Yeah, correct. I would be curious of those core behaviours. Maybe you can share if you I think they related toe the growth and the success you had so far.

Johanna Småros :   40:15
Now I think something that the people tend to pick up one very quickly when they join. Relax, iss how helpful Cool Air colleagues are. And that is something as Odysseus. A core strength. Um, especially when you're growing fast. No, everything will be kind of perfect. It takes time to document. Process is on going off across all the cheese and with the dots on their eyes on duh. Then things develop unchanged for your fast. There are probably going to be a little a lot of teas that haven't been crossed on. That's very your colleague stepped in. So, if not, ball information is perfectly documented. It's super important that the people around you, a villain to help you do a great job, and that's something. I think. We're being very successful in virtuous circle in that sentence stuff and new people join. They feel this warm. Bella come off, everyone being there to answer the questions regardless of what team they are in or country or what not if you just kind of, ah, go on the group chat show told your question, Somebody will will answer it regardless off. But it's their job or not on. Then, when they feel this when they joined, they are going to pass it on to the next movie. So I think that's something that's very hard to construct. But when you have this good thing going, it kind of feeds itself.

Andrei Palamariu:   41:56
Thank you for saying that Yes. Being helpful. Um, no. The last last topic in last question I wanted to touch upon Jonah is ah, regarding the future. So what should we expect in the next few months? And how should we prepare supplies? It professionals from your perspective?

Johanna Småros :   42:16
No, that's a That's about one. Um, so I think my best advice is to you kind of expect nothing and everything. So I do think that that's flexibility and adaptability. Its key. It's, ah, impossible to trade of the land. At the moment, it's possible to develop a few different scenarios and think about how quickly or slowly you can afford to react to certain second holes. But basically assume me things in this situation is going to be very, very dangerous. Um, so I do think that but retailers need to be very much on that, too, was very flexible, very adaptable, very keeping a close eye on the market to come out of this and in a good position.

Andrei Palamariu:   43:14
Yes, my agree. Expect nothing but expected had also everything. It's It's definitely a tough situation we are in, and we need to be flexible and adapt. I think you're spot on with that. So thank you. Thank you very much for your time in securing John. It was just great to have your perspective on how things are, how they should be or what we should focus on. I appreciate it. Thank you so much. Thank you for listening to our podcast for all the show notes. Any information discussed in the episode, please follow. Ellicott global dot com slash Also, if you found this interesting, re subscribe to the podcast on iTunes, Spotify or stitcher or one of the podcast platforms Way are looking forward to your feedback.