The financial management of the Supply Chain (SC) and Supply Chain Finance (SCF) are topics of growing interest for companies. The recent international crisis has highlighted their importance, decreasing the chance for companies to access credit and obtain the necessary liquidity to finance their activities. This phenomenon could damage even large and solid SC partners who must therefore ensure the financial sustainability of their SCs. Thus, it becomes necessary to develop a holistic approach to the financial assessment of the SC. Academic literature has started to develop many contributions regarding this, but so far only models for the financial management of individual companies or very simple SCs have been proposed; for the analysis of a real SC, however, the first ones are incomplete, while the latters are too simplified. The objective of this thesis is to build a model for the assessment of the financial performance of complex SCs highlighting possible problems of inefficiency and sustainability. A further objective is to take advantage of this model to assess the benefits of SCF solutions, by visualizing their impacts. Specifically, the model uses two graph tools which can delineate how net operating working capital and its financing cost develop throughout a SC along its cash conversion cycle. The design and development of the model has seen a methodological approach based on a thorough review of academic contributions inherent to the subject, while its validation was obtained by testing it on two important Italian sectors (pharmaceuticals and household appliances). The model developed can be used by companies to monitor and improve the financial situation of their SC, also in a benchmarking perspective, and by SCF providers, in order to better understand the SC they serve and to offer more targeted solutions to their customers. The model could be used in the future for the development of a framework to classify different types of SC financial profiles.
La gestione finanziaria della Supply Chain (SC) ed il Supply Chain Finance (SCF) sono temi di crescente interesse per le imprese. La recente crisi internazionale ne ha evidenziato l’importanza, diminuendo la possibilità per le imprese di accedere al credito e di ottenere la liquidità necessaria per il finanziamento delle loro attività. Questo fenomeno potrebbe danneggiare anche i partner di filiera più grandi e solidi i quali devono dunque assicurarsi la sostenibilità finanziaria delle loro SC. Diventa pertanto opportuno sviluppare un approccio olistico per la valutazione finanziaria delle SC. La letteratura ha iniziato a sviluppare molti contributi al riguardo, ma finora sono stati solamente proposti modelli per la gestione finanziaria di singole aziende o di SC molto semplici; per un’analisi di SC reali, tuttavia, i primi risultano parziali, mentre i secondi troppo semplificati. L’obiettivo di questa tesi è quindi di costruire un modello per la valutazione delle performance finanziarie di SC, anche complesse, evidenziandone possibili problemi d’inefficienza e sostenibilità. Ulteriore obiettivo consiste nel voler sfruttare tale modello per valutare i benefici delle soluzioni di SCF, riuscendo a visualizzarne gli impatti. Nello specifico, il modello sfrutta due strumenti grafici in grado di profilare l’accumulo del capitale circolante operativo netto ed il suo costo di finanziamento in una SC lungo il suo ciclo commerciale. L’ideazione e sviluppo del modello ha previsto un approccio metodologico basato su di un’approfondita review dei contributi accademici inerenti all’ambito studiato, mentre la sua validazione è stata ottenuta tramite l’applicazione a due importanti filiere italiane (farmaceutico ed elettrodomestico). Il modello così sviluppato può essere utilizzato dalle imprese per monitorare e migliorare la situazione finanziaria delle proprie SC, anche in un’ottica di benchmarking, e dai provider SCF, per comprendere meglio le SC che servono e offrire soluzioni più mirate. Il modello potrebbe essere utilizzato in futuro per l’elaborazione di un framework per classificare diverse tipologie di profili finanziari di SC.
Un modello per la profilazione finanziaria della supply chain
DESOGUS, MARCO;CAMUFFO, ATTILIO
2013/2014
Abstract
The financial management of the Supply Chain (SC) and Supply Chain Finance (SCF) are topics of growing interest for companies. The recent international crisis has highlighted their importance, decreasing the chance for companies to access credit and obtain the necessary liquidity to finance their activities. This phenomenon could damage even large and solid SC partners who must therefore ensure the financial sustainability of their SCs. Thus, it becomes necessary to develop a holistic approach to the financial assessment of the SC. Academic literature has started to develop many contributions regarding this, but so far only models for the financial management of individual companies or very simple SCs have been proposed; for the analysis of a real SC, however, the first ones are incomplete, while the latters are too simplified. The objective of this thesis is to build a model for the assessment of the financial performance of complex SCs highlighting possible problems of inefficiency and sustainability. A further objective is to take advantage of this model to assess the benefits of SCF solutions, by visualizing their impacts. Specifically, the model uses two graph tools which can delineate how net operating working capital and its financing cost develop throughout a SC along its cash conversion cycle. The design and development of the model has seen a methodological approach based on a thorough review of academic contributions inherent to the subject, while its validation was obtained by testing it on two important Italian sectors (pharmaceuticals and household appliances). The model developed can be used by companies to monitor and improve the financial situation of their SC, also in a benchmarking perspective, and by SCF providers, in order to better understand the SC they serve and to offer more targeted solutions to their customers. The model could be used in the future for the development of a framework to classify different types of SC financial profiles.| File | Dimensione | Formato | |
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2015_04_Camuffo_Desogus.pdf
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https://hdl.handle.net/10589/107861