In the post financial crisis era, companies are trying to find alternative ways to gain access to cash and to improve their financial position. In Italy, the extremely high days payables outstanding, further complicates the situation. In recent times, Supply Chain Finance, i.e. set of solutions aimed at working capital financing and optimization, has configured to as an alternative and valuable way to access liquidity. The presented study has a twofold purpose: first, the assessment of the potential and served SCF market in Italy, in order to gain insights on the growth opportunities of the business. Second, to identify the different ways companies can exploit to get financed, highlighting benefits and limits of each, and mapping coherently the providers present in the Italian context. The results of the market assessment analysis, conducted by means of secondary source materials, show that the Italian volume of receivables stock at the end of 2014 had an extensive size, which determine a great potential of growth of the market. Furthermore, a model was developed to classify the financing providers, according to two dimensions of analysis: the set of solutions offered (traditional – innovative) and the features of the management information system underneath. Thus, four main cases have been identified: analogic (no process/documents digitalization); ecosystem (a limited number of financial providers is allowed to access a platform to finance the working capital of a company); network (the platform is open and any institution or private entities can join it to provide its financing); lock-in (the platform is only accessible by the single financial provider of the company). Then, the Italian market of SCF was mapped and through the analysis of multiple case studies, benefits and criticalities of each way of financing were investigated. These findings provide an important theoretical contribution to the emergent SCF literature, revealing some paradigmatic ways of financing allowed by SCF. Results are relevant for practitioners as well, since they can get an insight on the current market offer situation in Italy, along with benefits and limits of diverse configurations.
Nell’era del dopo crisi finanziaria, le aziende sono alla ricerca di metodi alternativi per accedere al capitale e per migliorare la loro posizione finanziaria. In Italia, la situazione è complicata dai giorni di pagamento delle aziende che sono particolarmente elevati. In tempi recenti, il Supply Chain Finance, i.e. un insieme di soluzioni che permettono di finanziare e ottimizzare il capitale circolante, si è configurato come una valida alternativa per ottenere finanziamenti. Il presente studio ha un duplice scopo: primo, la stima del mercato potenziale e servito di SCF in Italia, in modo da comprendere quali sono le opportunità di crescita di questo business. Secondo, l’identificazione delle diverse modalità con cui le aziende possono ottenere finanziamenti, evidenziando i benefici e i limiti di ciascuna e mappando i provider presenti nel contesto italiano. I risultati della valutazione del mercato mostrano che alla fine del 2014 in Italia i volumi dei crediti commerciali erano molto consistenti, determinando un grosso potenziale di crescita del mercato. Inoltre, è stata sviluppata una classificazione dei provider finanziari, sulla base di due dimensioni di analisi: le soluzioni offerte (tradizionali – innovative) e le caratteristiche del sistema informativo sottostante. Quattro casi principali sono stati identificati: analogic (digitalizzazione dei processi/documenti assente); ecosystem (un numero limitato di finanziatori è autorizzato all’accesso alla piattaforma); network (la piattaforma è aperta e qualsiasi istituzione può partecipare); lock-in (la piattaforma è accessibile solo dal singolo finanziatore dell’azienda). In seguito, il mercato italiano del SCF è stato mappato e, attraverso l’analisi di casi di studio, i benefici e i limiti di ciascuna modalità di finanziamento sono stati indagati. Queste conclusioni forniscono un importante contributo teorico alla letteratura emergente del SCF, rivelando alcuni paradigmi di finanziamento consentiti. I risultati sono altrettanto rilevanti per i practitioner, poiché consentono di avere una maggiore comprensione del mercato attuale dell’offerta in Italia, insieme ai benefici e i limiti delle diverse configurazioni.
The market offer of supply chain finance : volumes assessment and empirical analysis of the service providers
CASATI, FRANCESCA
2015/2016
Abstract
In the post financial crisis era, companies are trying to find alternative ways to gain access to cash and to improve their financial position. In Italy, the extremely high days payables outstanding, further complicates the situation. In recent times, Supply Chain Finance, i.e. set of solutions aimed at working capital financing and optimization, has configured to as an alternative and valuable way to access liquidity. The presented study has a twofold purpose: first, the assessment of the potential and served SCF market in Italy, in order to gain insights on the growth opportunities of the business. Second, to identify the different ways companies can exploit to get financed, highlighting benefits and limits of each, and mapping coherently the providers present in the Italian context. The results of the market assessment analysis, conducted by means of secondary source materials, show that the Italian volume of receivables stock at the end of 2014 had an extensive size, which determine a great potential of growth of the market. Furthermore, a model was developed to classify the financing providers, according to two dimensions of analysis: the set of solutions offered (traditional – innovative) and the features of the management information system underneath. Thus, four main cases have been identified: analogic (no process/documents digitalization); ecosystem (a limited number of financial providers is allowed to access a platform to finance the working capital of a company); network (the platform is open and any institution or private entities can join it to provide its financing); lock-in (the platform is only accessible by the single financial provider of the company). Then, the Italian market of SCF was mapped and through the analysis of multiple case studies, benefits and criticalities of each way of financing were investigated. These findings provide an important theoretical contribution to the emergent SCF literature, revealing some paradigmatic ways of financing allowed by SCF. Results are relevant for practitioners as well, since they can get an insight on the current market offer situation in Italy, along with benefits and limits of diverse configurations.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/126746