Supply chain cybersecurity: better protection and policy alignment

Supply chain cybersecurity: better protection and policy alignment

Supply chain cybersecurity: better protection and policy alignment

According to a recent study conducted by the World Economic Forum, 39% of surveyed organizations in 2022 had been affected by a third-party cyber incident. In other words, they were “collateral damage” of a cyberattack on companies via their supply chain. Increasingly, threat actors are targeting small and medium-sized suppliers that may use less robust cybersecurity practices, with the aim of then surreptitiously accessing the systems of an intended target among their clientele. By breaking into the provider’s system, an attacker could potentially compromise any organizations which use the product or service – including larger companies, government agencies, and even critical infrastructure or essential services.

These incidents show the interdependence of companies, and the increasing need to address the security of the ICT supply chain as a whole by identifying and strengthening the weakest links. There is also a growing regulatory concern about supply chain security that is being translated into proposals ranging from reporting, or vulnerability disclosure, to restrictions or obligations on providers under various regulatory standards and frameworks.

How can companies better protect their supply chain to reduce risk and enable a more agile response?

Traditional approaches to supply chain risk management can present limitations, as they don’t increase cyber protection, are not generalized in their approach to diversifying and securing the supply chain, waste time and money, and lack cyber risk context. Importantly, small and medium-sized enterprises in the supply chains may struggle with responsible cybersecurity practices, including complying with recognized standards. Below is a selection of best practices on supply chain, some of which have been extracted from the RSAC ESAF Report “How Top CISOs are Transforming Third-Party Risk Management” based on Chief Information Security Officers (CISOs) interviews, and Telefónica’s own experience.

It is also necessary to standardise the approach to risk management, in a joint procurement and security strategy based on a principle of co-responsibility of employees and suppliers in meeting pre-established cybersecurity requirements, including on diversification. Management indicators to be periodically checked (including with audits) are needed to monitor and identify improvement points for action throughout all the supplier lifecycle, even at the termination. Key elements of such a strategy include the following:

  1. Focus on a set of priority security requirements based on an assessment of risk, a short list instead of overloading the supplier, and ensure monitoring, oversight, and compliance.
  2. Reduce the impact of third-party incidents via discrete actions like diversifying the supply chain, applying zero trust policies, developing incident response plans, conducting tests, and demanding early reporting of incidents by suppliers.
  3. Actively partner with suppliers to help them improve their security programs, offering service mechanisms and trainings to protect against or respond to incidents as they occur. Third-party incidents will happen, so preparing to manage the impact on the enterprise must be a core priority.
  4. Consider leveraging emerging technologies such as blockchain for information sharing and asset management to minimize the consequences of third-party cyber-incidents, as well as artificial intelligence and advanced analytics to scale incident detection and response capabilities.
  5. Add incentives and enforcements to contracts, setting requirements for suppliers based on international standards (e.g. ISO 27001 Information Security, ISO 27701 Privacy, ISO 22301 Security and resilience).
  6. Establish processes to increase business leaders’ involvement in managing third-party cyber-risks. Doing so needs to be a priority at the most senior levels.

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Transforming Supply Chain Management with Intelligent Software

Robotic Process Automation (RPA) technology to automate business tasks with AI. Concept with expert setting up automated software on laptop computer. Digital transformation and change management.

Supply chain project management has evolved, shifting from a focus on efficiency to navigating a complex landscape influenced by globalization, technology, and changing consumer preferences. The vulnerabilities exposed during events like the COVID-19 pandemic underscore the need for adaptability. The pandemic posed challenges, disrupting production, leading to closures, and causing delays and increased costs in global transportation.

Additionally, unpredictable shifts in consumer behavior created demand fluctuations, impacting industries differently. Inventory management became more challenging, resulting in shortages or excess inventory. Supplier reliability and labor shortages further strained production capacity.

The crisis highlighted the necessity for digital transformation, remote work, and technology adoption in supply chain management. Regulatory changes and economic downturns added complexity to cross-border supply chains. Financial strain emphasized the importance of robust risk management, leading to a renewed focus on building resilient and agile supply chains. Businesses now invest in technology, diversify suppliers, and reassess inventory strategies.

Intelligent software enhances decision-making and risk management, facilitating collaboration throughout the supply chain. For instance, during sudden demand changes due to lockdowns, the software swiftly analyzes data, enabling real-time adjustments to inventory, production, and distribution. This adaptability ensures a responsive and agile supply chain, surpassing traditional approaches for efficiency and customer satisfaction.

The promise of intelligent software

In the current technological realm, intelligent software signifies more than just automation; it melds advanced algorithms, artificial intelligence, and machine learning to emulate human cognitive abilities. Unlike its conventional counterparts, this software learns, adapts, and autonomously recommends actions, excelling in data analysis and trend prediction. Its continuous adaptation based on feedback refines its performance over time.

How intelligent software could make a difference in specific situations

1. Demand volatility amidst global events.

The COVID-19 pandemic triggered significant demand shifts, straining supply chains. Intelligent software, with real-time analytics, could have monitored consumer behaviors, identified disruptions, and gauged inventory levels. Such insights would have refined demand forecasts, allowing organizations to adjust production and prioritize shipments, mitigating stockout risks and excess inventory costs.

2. Supply chain disruptions due to geopolitical tensions.

Geopolitical uncertainties can disrupt supply chains. Intelligent software could pre-emptively identify vulnerabilities, highlighting dependencies on specific regions or suppliers. Through simulations and alternative sourcing evaluations, it would have enabled organizations to devise resilient strategies, ensuring uninterrupted operations amid external disruptions.

3. Quality control and recall management.

Product recalls pose financial and reputational risks. Intelligent software, with advanced analytics, monitors production for deviations from quality standards. Using predictive analytics, it could anticipate issues, facilitating timely interventions, minimizing recall extents, and preserving brand reputation.

4. Transportation and logistics optimization.

Efficient transportation is crucial for supply chain success. Intelligent software, leveraging predictive analytics, would analyze factors like traffic and weather to optimize transportation strategies. This would reduce delays, enhance resource use, and boost supply chain effectiveness.

5. Inventory management in seasonal industries.

Seasonal industries face inventory challenges due to fluctuating demand and product perishability. Intelligent software, utilizing machine learning, analyzes sales trends and market dynamics to offer precise demand forecasts and inventory recommendations. This ensures optimal inventory levels, reduces holding costs, and capitalizes on market opportunities.

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Chinese New Year 2024: How to maximise supply chain and logistics efficiency

Chinese New Year 2024: How to maximise supply chain and logistics efficiency

Chinese New Year 2024: How to maximise supply chain and logistics efficiency

The Chinese New Year, also known as the Lunar New Year or Spring Festival, is one of the most important holiday periods in China. For shippers and businesses, it presents specific logistical challenges. Production slows down, operations are limited, schedules get disrupted, and transportation gets delayed, thus leading to significant supply chain disruptions.

When is the Chinese New Year 2024?

One of the most important traditional Chinese holidays, the Chinese New Year or Lunar New Year, is celebrated in several East Asian countries, including China, Vietnam, Singapore, Malaysia, Philippines, Indonesia, and North & South Korea. The dates vary each year because it follows the lunar calendar. Usually, the new year falls between January 21 and February 20. The celebrations last for 15 days, culminating with the Lantern Festival.

Note that preparations for Chinese New Year start three weeks in advance – with factories slowing down, shutting operations, and workers traveling back to their hometowns to celebrate the new year with their families.

In 2024, the Chinese New Year will commence on February 9 (Friday). The main festival will fall on February 10 (Saturday). The festivities will conclude with the Lantern Festival on February 24 (Saturday).

What is the impact of Chinese New Year 2024 on my shipping business

As a primary trade centre, especially for ocean freight shipping, slowdowns in China affect the global supply chain. During the Chinese New Year celebrations, almost all factories and manufacturers in China halt their processes, ports limit their operations, and workers are unavailable – thus disrupting the entire supply chain and logistical operations. This means:

  1. Factory closures lead to disrupted supply
  2. Decreased workforce and halted operations
  3. Increased shipping demand before the holiday week
  4. Peak season means high congestion at ports
  5. Higher shipping costs and processing time
  6. Shortage of containers and vessels for exports

How you can prepare your supply chain for Chinese New Year 2024 closures

Preparing and planning is the key to managing your logistics and supply chain operations to minimise the effect of the Chinese New Year on your business. Following a proactive approach becomes essential. Here’s how you can prepare your business during peak seasons while keeping your supply chain agile:

  1. Evaluate your logistics partners for reliability and resources
  2. Plan ahead and communicate your needs clearly
  3. Pre-book containers or vessel space
  4. Leverage data for effective inventory management
  5. Opt for smaller, multiple shipments instead of a full container load

Tips to prevent shipping delays during Lunar New Year 2024

In preparation for CNY, delays in shipping are a major concern. But, with the right strategies, you can minimise disruptions and ensure a smooth flow of goods. Here are a few tips to maintain a reliable and efficient supply chain during the Chinese New Year 2024:

  1. Consider shipping through various types of containers
  2. Diversify your modes of shipping
  3. Choose ports with lower congestion and faster TATs
  4. Manage your employees’ holiday schedules
  5. Maintain a contingency Chinese New Year shipping budget

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10 Essential Skills for Business Analysts in 2024

10 Essential Skills for Business Analysts in 2024

10 Essential Skills for Business Analysts in 2024

In modern business terrain, business analysts play a crucial role in driving business success. Companies strive for data-driven insights, and streamlined processes and only skillful business analysts can cater to these needs. In this article, we will discuss about 10 essential skills that are essential for business analysts to thrive in today’s complex business environment.

Business Intelligence Tools:

BI tools, such as SAP BusinessObjects, IBM Cognos, and Microsoft Power BI serve as a bridge between raw data and actionable insights. SAP BusinessObjects, IBM Cognos, and Microsoft Power BI are all prominent BI platforms that facilitate the transformation of complex datasets into easily digestible and visually engaging formats. Business analysts leverage these tools to present key performance indicators, trends, and patterns in a manner that is accessible to stakeholders.

Data Analysis:

Proficiency in data analysis tools and techniques is essential for business analysts to extract valuable insights from large datasets. Expertise in SQL allows analysts to interact with databases, executing queries to retrieve and manipulate data. Microsoft Excel serves as a versatile tool for data organization and preliminary analysis. It also provides a familiar interface for tasks such as data cleaning and basic computations. Furthermore, the utilization of data visualization tools like Tableau and Power BI enhances the communicative aspect of data analysis.

Requirement Management Software:

Requirements management tools play a crucial role in the systematic handling of project requirements from inception to completion. JIRA is a widely used tool for project management and issue tracking. Confluence, on the other hand, is a collaborative platform that allows teams to create, share, and collaborate on documents. IBM Rational DOORS offers capabilities for capturing, tracking, and analyzing requirements in a structured manner. Proficiency in these tools enables business analysts to document project requirements, which ensures that all stakeholders have a clear understanding of what needs to be achieved.

SQL:

Database knowledge and SQL proficiency is crucial when dealing with structured data. Business analysts often engage with large volumes of structured data, and a solid understanding of both relational databases, such as Microsoft SQL Server, MySQL, and Oracle DB, as well as NoSQL databases, is deemed essential. Relational databases are fundamental to data storage and retrieval in many organizations, and business analysts are expected to be adept at working with them. The ability to write and execute SQL commands is crucial, as it enables analysts to access, retrieve, manipulate, and analyze data effectively.

Process Modeling:

Business analysts are expected to possess knowledge of process modeling techniques, especially BPMN (Business Process Model and Notation). Additionally, proficiency in process analysis tools such as ARIS or Visio is crucial for effectively mapping, analyzing, and improving business processes.

 

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The growing importance of supply chain risk management

The growing importance of supply chain risk management

The growing importance of supply chain risk management

Against the backdrop of a highly disruptive and volatile market environment, supply chain risk management has risen to the top echelons ofboardroom agendas. Vivianne Courte-Rathwell, a Consultant at Sourcing Champions, explains why the concept is gaining importance – and outlines some of its main benefits.

A review of the historic supply chain disruptions of the past few years would hardly be news to anyone. In an unprecedented ‘risky’ period, with a pandemic, climate change, a Russia-Ukraine war, geopolitical pressures, and much more, it is no surprise that global supply chains have recently been dealing with heightened risks.

However, it is key to keep in mind that such disruptions do not only occur in unfortunate periods of history. Risks are by nature ubiquitous and unpredictable, and that means that leaders need to embrace an approach that helps them mitigate, adapt and learn.

In 2012, there was a disastrous tsunami in Japan which impacted the automotive industry worldwide. In 2015, an immense explosion at one of the largest ports in the world, the Port of Tianjin, caused significant costs and losses. In 2018 the US – China trade war negatively impacted profit margins and created tense times of uncertainty.

It is impossible to conceive to avoid all risks. Instead, the key is to mitigate significant damages through foresight in strategic management.

After the tsunami of 2012, automotive organizations had nowhere to turn as many realized that their single source of materials was Japan. Even OEMs with a multi-sourcing strategy encountered issues because many tier-1 suppliers procured materials from the same tier-2 supplier. As a result, the challenges of tier-2 suppliers became a direct concern as well.

Had there at the time been a multi-layer supply chain risk management (SCRM) program in place, these issues could have been (easily?) avoided and impact to the business would have been minimized. SCRM tools and processes act as guardrails and shields protecting the business from potential perils, hence providing a competitive advantage.

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How Can Blockchain Technology Disrupt Supply Chain Finance?

How Can Blockchain Technology Disrupt Supply Chain Finance?

How Can Blockchain Technology Disrupt Supply Chain Finance?

Supply chain finance is essential for ensuring smooth transactions and cash movement amongst supply chain players. The traditional supply chain finance system, on the other hand, is frequently plagued by inefficiencies, a lack of transparency, and expensive costs.

With its decentralized and transparent nature, blockchain technology has the potential to revolutionize supply chain finance. This article will look at how blockchain technology can disrupt supply chain finance while also providing major benefits to organizations involved in supply chain operations.

Recognizing Supply Chain Finance

The financial activities and processes involved in managing cash flow and working capital within a supply chain are referred to as supply chain finance. It covers a wide range of financial services, including invoice finance, trade credit, factoring, and supply chain risk management. Traditional supply chain finance systems rely primarily on intermediaries, manual processes, and paper-based paperwork, which causes delays, inaccuracies, and inefficiencies.

Blockchain Technology is Disrupting Supply Chain Finance

Increased Transparency

Blockchain technology creates a decentralized and transparent ledger that records and validates supply chain transactions. All supply chain actors, including manufacturers, suppliers, distributors, and financial institutions, can access a shared, immutable ledger in real time.

Cost savings and increased efficiency

Traditional supply chain finance processes entail a lot of paperwork, manual verification, and a lot of middlemen. These procedures are time-consuming, prone to errors, and have substantial administrative costs. Blockchain technology automates and simplifies these operations, removing the need for intermediaries and minimizing the requirement for manual intervention.

Transaction Settlement in Real Time

Transaction settlement delays in the traditional supply chain finance system are common, affecting organizations’ cash flow and working capital. Blockchain technology provides real-time transaction settlement since it runs on a decentralized network that instantaneously validates and executes transactions.

Improvements in Supply Chain Visibility and Traceability

Blockchain technology allows for complete visibility and traceability of goods and transactions throughout the supply chain. Each blockchain transaction provides information such as product origin, manufacturing methods, transportation, and funding.

Access to Alternative Financing Alternatives

Blockchain-based supply chain finance platforms can help organizations gain access to alternate financing solutions. Physical assets or bills can be turned into digital tokens and traded on blockchain networks through tokenization.

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Here’s How Supply Chains Are Being Reshaped for a New Era of Global Trade

Nearshoring. Automation. Supplier diversification. Sustainability. Companies are adapting their operations to changing market pressures and geopolitics.

Nearshoring. Automation. Supplier diversification. Sustainability. Companies are adapting their operations to changing market pressures and geopolitics.

When a measure of strains on global supply chains fell earlier this year to levels last seen before the Covid-19 pandemic, it signaled to some that the product shortages, port bottlenecks and shipping disruptions of the past three years were over and that a new era of stability was on the horizon.

But industry experts say a “return to normal,” as the Federal Reserve Bank of New York described its Global Supply Chain Pressure Index in February, hardly means that companies are going back to conventional, some would say complacent, supply chains.

Instead, say academics and consultants, the experiences during the pandemic, along with changes in geopolitics, are leading to broader, potentially long-lasting changes in how companies manage the flow of goods, from the sourcing of raw materials to manufacturing and distribution.

The changes are playing out at factories in India, auto-assembly plants in northern Mexico, ports from the U.S. Southeast to East Africa and mineral mines in Canada and Sweden. The sites are where companies are implementing disciplines such as resilience, regionalization and supplier diversification that came to the forefront as they coped with the severe disruptions that began in early 2020.

The turmoil that began with the declaration of the Covid-19 pandemic first hit companies with sudden shortages of consumer staples as households locked down, was followed by factory shutdowns that interrupted the flow of goods and then hit transportation networks as an abrupt snapback in demand led to overstuffed ships and enormous backups at ports.

By April 2020, the New York Fed’s supply-chain stress index had shot up to double the level it reached during the recovery from the 2009 financial crisis. It finally fell back early this year to levels more typical of a measure going back 25 years.

“Some stresses have been taken off, there are fewer supply shortages, and things are a lot less hectic, but we certainly are not back to normal,” said Patrick Van den Bossche, a partner and global analytics practice leader at consulting firm Kearney. “There is a subdued level of urgency but a lot of things have changed.”

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How retailers can leverage next-generation business intelligence and augmented analytics in 2023

In 2023, retailers will be able to leverage next-generation business intelligence and augmented analytics in a number of ways to improve their operations and drive growth. The current generation of BI tools and platforms has already had a major impact on the way businesses operate. However, the next generation of BI is expected to be even more powerful and transformative.

Here are eight key areas where retailers should consider deploying next-generation BI to drive major business impact and further insulate in times of uncertainty:

1. PERSONALIZED MARKETING AND CUSTOMER EXPERIENCE

Augmented analytics can help retailers analyze customer data and create personalized marketing campaigns and shopping experiences. For example, a retailer could use augmented analytics to identify customers who are likely to respond to a particular type of promotion, and then target those customers with personalized marketing messages.

2. INVENTORY MANAGEMENT AND SUPPLY CHAIN OPTIMIZATION

Next-generation business intelligence can help retailers optimize their inventory management and supply chain operations. For example, a retailer could use BI to analyze sales data and forecast demand for particular products, helping them avoid overstocking or running out of popular items.

3. FRAUD DETECTION AND PREVENTION

BI and augmented analytics can also be used to identify and prevent fraudulent activity. For example, a retailer could use these technologies to analyze customer behavior and identify patterns that may indicate fraudulent activity, such as unusually large purchases or suspicious payment methods.

4. PRICE OPTIMIZATION

BI and augmented analytics can also help retailers optimize their pricing strategies. For example, a retailer could use these technologies to analyze sales data and identify the optimal price for a particular product, taking into account factors such as competition, demand, and margin.

5. INTEGRATION WITH OTHER TECHNOLOGIES

Next-generation BI is also expected to be more closely integrated with other technologies, such as the Internet of Things and blockchain. This will allow retailers to take a more holistic approach to data analysis, gaining insights from a wide range of sources.

6. REAL-TIME ANALYSIS

Another key trend in next-generation BI is the ability to analyze data in real time. This will allow organizations to make timely, informed decisions based on the most up-to-date information available.

7. ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

One of the major trends in next-generation BI is the use of artificial intelligence and machine learning to analyze and interpret data. With these technologies, BI systems will be able to automatically detect patterns and trends in large datasets, providing insights that would be impossible for humans to uncover on their own.

8. ENHANCED COLLABORATION AND ACCESSIBILITY

Finally, next-generation BI is expected to be more collaborative and accessible than ever before. With advanced visualization and collaboration tools, teams will be able to work together more seamlessly, sharing insights and making decisions in real time.

 

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Five tips and five questions to ensure supply chain finance success

Supply Chain Finance (SCF) can, and should, be a force for good in ensuring much-needed liquidity reaches all suppliers, regardless of their size and meets the objectives of buyers.

However, many suppliers, particularly SMEs, struggle to access necessary working capital, and buyers lack the motivation to set up or expand these programmes.

Wayne Mills, founder and managing director at Atom Advisory, shares his top five tips for buyers and five questions for suppliers to ensure SCF fulfils its potential to accelerate growth and underpin robust supply chains.

Five tips for buyers thinking about Supply Chain Finance

The importance of building and maintaining resilient supply chains has been well-understood for decades, but COVID-19 brought into sharp focus the need to reassess and reimagine supply chains, including supplier relationships.

The importance of building a resilient supply chain has been known for decades, but the impact of COVID-19 highlighted the need to reassess modern supply chain structures.

These five tips are a good starting place when setting up or expanding a SCF programme.

1. Define the programme objectives

2. Ensure business-wide stakeholder engagement

3. Actively support supplier understanding and onboarding

4. Review the changing external landscape

5. Align physical and financial supply chains

 

Five questions for suppliers to ask themselves

Whilst certainly not true in all cases, there is often an imbalance between the size and financial strength of buyers and suppliers. Careful consideration and individual assessment of SCF can deliver significant benefits to suppliers, but these five questions can help ensure positive outcomes.

1. Which buyers run a SCF programme?

2. Is SCF the right solution for me?

3. Is my working capital optimised by using SCF?

4. What is the best use of my time?

5. Which solution offers the most flexibility?

 

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6 Ways To Transform Performance Management To Deliver What Employees Actually Need

6-ways-to-fix-performance-management

Performance management has room to improve. According to Gartner research, 52% of chief human resource officers (CHROs) believe they are not rewarding the right behavior in employees, and only 32% of HR business partners believe performance management delivers what employees need to perform.

Because of this, in the last five years, 74% of organizations have significantly changed their performance management processes. “Companies are implementing a variety of new practices, from linking pay to project performance to eliminating performance reviews entirely,” says Benjamin Loring, Research Director at Gartner. “The real unlock, however, is making performance management useful to both managers and employees with this six-part roadmap.”

Six ways to fix performance management

Improve performance management by considering the amount of conversations you have, the lens through which you look at performance, and the style of feedback you provide.

Ongoing conversations

No. 1: Encourage ongoing manager-employee feedback throughout the year

Create a mutual understanding of what type of feedback employees need to be successful and enable them to own and schedule feedback conversations by educating them on the types and frequency of dialogue that can occur.

No. 2: Promote discussions beyond individual contexts

To enact this, promote team goal-setting. Encourage team members to reflect and develop their individual goals for teams to review for alignment, impact, relevance and overlap. Similarly, create a space for employees to provide feedback to managers to reinforce employee agency and power in feedback conversations.

Forward-looking reviews

No. 3: Develop a framework for assessing future performance

Assess employees’ development readiness — their capacity, ability and willingness to take on professional development at a given point in time — not just performance, and align coaching conversations, and support to their true needs. This may require evolving how you evaluate growth and reframing the value of the process, while also navigating ambiguous situations and meeting organizational needs.

No. 4: Encourage managers to communicate actions needed for future success

Help managers provide feedback on what skills their employees need for the future, in addition to reflecting on their past accomplishments. Increasing transparency of skills across a team encourages cohesiveness, coaching and on-the-job development.

Peer feedback

No. 5: Gather feedback from co-workers on how employees help fellow team members

A huge part of performance management is feedback from colleagues. Guide managers on how to identify sources of feedback based on who has knowledge of an employee’s work, rather than limiting feedback to the employee’s formal relationships. Peer assessments are a good way to hold employees accountable for demonstrating critical behaviors and get a more comprehensive understanding of their contributions. Just be sure to develop evaluation guidelines that focus on outcomes.

No. 6: Foster an environment of feedback

Encourage employees to recognize their peers’ contributions to create comfort and confidence regarding feedback exchanges. Create a simple approach to seeking and requesting feedback and frequent prompts to focus managers on recognizing and reinforcing good behaviors throughout the year.

 

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