How Can Distributors Manage Strained Working Capita?
Summary
TLDR在这段视频中,MUFG供应链金融负责人Maureen Sullivan讨论了分销商如何管理紧张的营运资本。她指出,由于需求激增、疫情导致的工厂关闭和港口中断,导致供应链管理哲学,特别是全球采购和及时管理策略发生转变,转向“以防万一”的库存管理。这增加了库存携带成本,对现金转换周期产生负面影响。Sullivan提出了供应链融资技术作为解决方案,帮助买卖双方优化现金流,同时降低供应商的融资成本。她强调,未来需要采用更全面、创新的支付机制和供应链管理程序,以应对挑战并提高供应商关系。
Takeaways
- 📈 供应链管理的关键在于在正确的时间、地点、价格提供正确的产品。
- 🚚 需求激增、COVID-19导致的工厂关闭和港口中断导致运输时间延长,成本上升,这打乱了供应链管理,尤其是全球采购和及时管理。
- 🛑 为了满足销售需求,企业正在从及时管理转向以防万一的库存管理,这包括寻找多个供应源、本地化生产和持有更高水平的安全库存。
- 💹 库存的增加对公司的财务表现产生了影响,特别是对现金转换周期,这是衡量公司有效使用现金的指标。
- 📉 通胀和利率上升对工作资本施加了额外压力,导致库存持有时间延长,影响现金流。
- 💼 公司可以通过谈判延长商业支付条款来管理现金,但这可能因为买家的流动性压力而变得具有挑战性。
- 📦 库存增加导致存储成本和通胀成本上升,这侵蚀了公司的利润率。
- 💡 供应链金融是一种工作资本工具,可以帮助商业交易双方利用一方的流动性来弥补另一方的流动性不足。
- 🔄 供应链金融使买方能够通过延长支付条款来优化工作资本,同时让供应商能够通过银行或第三方平台获得高效的融资。
- 💰 供应商可以通过供应链金融更快地将应收账款转换为现金,并利用这些现金进行其他用途。
- 🔄 虽然提前支付可能会涉及一定的折扣,但供应商通常能够从买方的低成本融资利率中受益,从而最小化折扣的影响。
- 🔍 公司正在探索库存管理和融资产品,但这些产品仍处于初期阶段。
- 🛍️ 公司可以通过加速销售或延长付款来影响工作资本,这些措施将对工作资本产生积极影响。
- 🔄 过去,供应商管理库存的做法是将库存推给供应商,但现在,库存更多地由关心及时提供正确产品的公司持有。
- 🛠️ 公司开始意识到,他们可以通过使用最适合偶尔供应商而非战略供应商的替代支付机制来提高操作效率。
- 🤝 与战略供应商合作,引入复杂的供应链管理程序,可以在压力时期以成本效益的方式为他们提供关键的流动性。
- 🧰 未来的解决方案不是单一的,而是基于买方、供应商、商品类型和欠款金额的不同类别的解决方案。
- 🌐 我们正在进入一个更全面、更健壮的解决方案探索过程,这不仅仅是为了应对当前的挑战,而是为了适应未来的变化。
Q & A
当前供应链管理的基本原则是什么?
-供应链管理的基本原则是确保在正确的时间、地点以正确的价格提供正确的产品。
产品短缺如何影响库存管理策略?
-产品短缺导致从即时(just-in-time)库存管理策略转向以防万一(just-in-case)策略,以确保能够满足销售需求。
新冠疫情和工厂关闭如何影响供应链?
-新冠疫情导致的工厂关闭和港口中断导致运输时间延长,成本增加,从而打乱了供应链管理。
为什么库存积压会导致销售损失?
-库存积压在工厂或港口意味着产品不能及时销售,从而造成销售损失。
提高库存水平如何影响公司的财务表现?
-提高库存水平会增加库存携带成本,即库存在资产负债表上的停留时间,这会对现金转换周期产生负面影响。
为什么快速将库存和其他资源转换为现金的公司通常被视为财务管理良好?
-快速转换库存和其他资源为现金的公司通常被认为能够更有效地使用现金,这是良好财务管理的标志。
当前的通胀和利率上升如何影响公司的运营资本?
-通胀和利率上升导致库存携带时间延长,公司需要通过谈判延长商业支付条款或承担更高的存储和通胀成本来管理现金。
供应链金融是什么,它如何帮助管理运营资本?
-供应链金融是一种运营资本工具,可以帮助商业交易双方利用一方的流动性来弥补另一方的流动性不足。它使买方能够通过延长支付条款来优化运营资本,同时供应商能够通过银行或第三方平台获得高效的融资。
供应商通过供应链金融获得早期支付是否需要支付额外的折扣?
-供应商通常能够从买方的较低融资利率中受益,因此他们可能只需支付最小的折扣。
除了供应链金融,还有哪些方法可以减轻库存携带成本的影响?
-公司可以通过加速销售或延长付款来影响运营资本,这些措施将对运营资本产生积极影响。
库存管理的未来趋势是什么?
-公司正在探索库存管理和融资的新产品,同时考虑使用不同的支付机制和创新的供应链管理程序,以提供关键的流动性并降低成本。
供应商管理库存(VMI)的现状如何,谁目前承担库存压力?
-目前,更多关心在正确的时间和地点拥有正确产品的公司正在承担更高的库存水平,这给他们的资产负债表管理带来了压力。
如何根据不同的供应商类型和支出类型制定全面的应付解决方案?
-公司应该根据供应商类型和支出类型进行细分,为不同类型的供应商和支出类型采用最合适的支付机制和供应链管理程序。
为什么未来的供应链管理不会回到几年前的状态?
-因为行业已经开始采用更加全面和稳健的方法来看待事物,未来的趋势是采用创新的解决方案来应对挑战。
Outlines
😀 供应链管理与工作资本压力
在当前经济趋势下,供应链管理面临重大挑战。Maureen Sullivan,MUFG供应链金融负责人,讨论了产品短缺如何迫使库存管理从即时策略转向以防万一策略。由于需求激增、COVID-19导致的工厂关闭和港口中断,供应链管理哲学,特别是全球采购和即时管理,受到了冲击。这些因素导致更长、更昂贵的运输时间,迫使企业转向以防万一的库存管理,增加对多源策略的重视,以确保必要材料的获取,提高产品可靠性,并持有更高水平的缓冲库存以满足需求。这种转变对公司的财务表现产生了影响,特别是对工作资本的压力,因为库存携带量的增加导致现金转换周期延长,这对公司的现金流管理产生了负面影响。
😉 供应链金融解决方案
Maureen Sullivan继续探讨了供应链金融作为解决工作资本压力的工具。供应链金融,有时也被称为应付账款融资、反向保理或融资,是一种可以帮助商业交易双方利用各自流动性的工作资本工具。它允许买方通过延长向供应商的支付条款来优化工作资本,而供应商则可以通过银行或第三方平台获得高效的融资。这使得公司能够更有效地管理现金流,供应商可以以较低成本获得替代流动性来源,及时将应收账款转换为现金。此外,还讨论了供应商可能会为了更快收到款项而接受一定折扣的问题,但实际上,由于买方的低成本融资率,供应商可能只需支付最小的折扣。供应链金融不仅可以帮助缓解高库存带来的压力,还可以通过加速销售或延长付款来改善工作资本。Maureen还强调了未来供应链管理创新的重要性,包括为不同类型的供应商采用不同的支付机制,以及为战略供应商提供关键流动性和成本效益高的融资方案,从而增强买方与供应商的关系。
Mindmap
Keywords
💡供应链金融
💡工作资本
💡库存管理
💡及时策略
💡供应链中断
💡现金转换周期
💡应付融资
💡反向保理
💡库存融资
💡供应商关系管理
Highlights
产品短缺正导致库存管理从及时策略转向所谓的以防万一策略。
供应链管理的核心是确保在正确的时间、地点、价格拥有正确的产品。
需求激增和疫情导致的工厂关闭以及港口中断,导致运输时间延长和成本增加。
供应链中断导致对全球采购和及时管理哲学的重新思考。
库存积压导致销售损失,促使企业转向以防万一的库存管理策略。
企业正在开发策略以确保获取必要材料,包括在岸生产和持有更高水平的缓冲库存。
库存水平的增加对公司的现金转换周期产生负面影响。
能够快速将库存和其他资源转换为现金的公司通常被视为财务管理更好。
上升的通胀和利率对工作资本施加了额外压力。
公司可以通过谈判延长商业支付条款来管理现金。
供应链融资技术可以帮助缓解高持有成本的影响。
供应链金融是一种可以帮助商业交易双方利用流动性的工作资本工具。
供应链金融允许买方通过延长支付条款来优化工作资本。
供应商可以通过供应链金融更高效地获得融资,将应收账款转换为现金。
供应商可能会因为提前获得付款而谈判一定折扣。
供应链金融可以以较低的成本为供应商提供资金,从而最小化折扣的影响。
公司可以考虑加速销售或延长付款来对工作资本产生积极影响。
公司正在探索库存管理和库存融资的新产品。
供应商管理库存曾经涉及OEM将库存推到上游,但现在库存更多地压在公司自身。
公司开始意识到在供应商支出中有广泛的支付解决方案。
公司可以通过使用最适合偶尔供应商而非战略供应商的替代支付机制来提高运营效率。
对于战略供应商,公司有机会引入复杂的供应链管理程序,以在压力时期提供关键流动性。
供应链管理程序可以增强买方与供应商的关系,并以成本效益的方式运作。
未来没有单一的解决方案,而是基于买方、供应商、商品类型和欠款金额的细分解决方案。
我们已经开始以更全面、更稳健的方式看待事物的新旅程。
Transcripts
[Music]
how can distributors manage their
strained working capital maureen
sullivan is head of supply chain finance
with mufg
maureen
hi how are you good thank you very much
for being with me this is an important
topic especially considering the
economic trends that we're seeing
developing right now and in the months
ahead
i'm just wondering if you could explain
to me how our product shortages driving
a shift in inventory management away
from just in time strategies to
so-called just in case
well thank you for asking um i think the
mantra to successful supply chain
management is based upon having the
right product at the right place at the
right time and at the right price
however surging demand for certain goods
and services combined with covid related
factory shutdowns along with port
disruptions are leading to longer and
more costly in transit timelines
and these are the primary ingredients
that have upset supply chain management
philosophies especially regarding global
sourcing and just in time management
that have been in place for many years
products tied up in factories or ports
are lost sales
so to meet sales demand we are
witnessing a pivot towards a
just-in-case inventory management with
increased emphasis on developing
strategies to
identify multiple sources to ensure
access to necessary materials
on shoring to enhance product
reliability and holding higher levels of
buffer stock to meet demand
and while the physical supply chain
adapts to these new norms there is an
implication to a company's financial
performance beyond potential lost sales
in fact working capital is being
stressed by higher levels of inventory
carry which is really the amount of time
inventory is on a balance sheet before
it's converted to sales
this has a detrimental impact to the
cash conversion cycle
a measure of a company's efficient use
of cash so why is this important
um there is a general opinion that
companies which are able to quickly
convert inventory and other resources
into cash are often viewed as those with
better financial management
okay well i want to talk about those
solutions in a moment but i just want to
drill down a little bit more to the
current state of affairs on top of this
we have
rising inflation and rising interest
rates does that also have an impact on
placing a further strain on working
capital
absolutely
given companies are witnessing longer
inventory carry timelines um they have a
few options on how they can try to
manage their cash one would be to
negotiate extended commercial payment
terms
that's sometimes a challenge because
their buyers have an equal um uh stress
on their liquidity and so besides these
higher inventory holds dragging on
working capital
there is a new dimension
which uh it which is really related to
increased storage costs uh actually to
hold this inventory some place uh
implies that there's higher uh storage
costs
as well as inflationary costs and both
of these are eating into uh an end
eroding company's margins
the cost of money is going up and
companies that were sitting on huge
reserves of cash during the days of low
interest rates are now feeling the pinch
i'm sure
so let's talk about some of these
solutions for cast wrap manufacturers
distributors and for that matter
consumers too what are some of the
things out there that are happening that
can alleviate pain a little bit
well there are levers that can ease the
impact of higher carrying costs
and some of these are explored through
using supply chain financing techniques
and really what is supply chain finance
it's a phrase that has a lot of
different terminologies sometimes it's
referred to as payable financing reverse
factoring financing but in essence it's
a working capital tool that can help
both parties to a commercial transaction
to really
leverage the liquidity one party has
versus lack of liquidity for another
so in essence supply chain finance
enables a buyer to optimize working
capital by extending payment terms to
its suppliers who in turn have access to
efficient financing via bank or third
party platform
this allows companies to manage their
cash flows more efficiently it allows
suppliers to have an alternative source
of liquidity typically at a lower cost
so suppliers can convert their
receivables um in a much timelier
fashion
to cash and use that cash for other
purposes
okay so they get paid earlier they get
paid faster but is there a price to that
in some cases must are they also
negotiating a certain amount of discount
in exchange for being paid earlier
well there are certain
there will certainly be a price to it uh
time value of money is really a
fundamental
philosophy here
but generally what we see is the uh
suppliers will be able to benefit from
from the lower cost
financing rate of the buyer so in fact
there could have minimal impact uh in
the net amount of discount that a
supplier may pay
okay so that's a good a good it's a good
solution for everybody so we've been
talking about the flow of funds and
money but of course this additional
inventory is still sitting there it's
physical it's sitting on a boat it's
sitting on a in a warehouse can anything
be done about that or is it just
necessary to have this new buffer stock
in order to meet uh potential
disruptions of the future
well there um are
products under uh investigation around
inventory management and inventory
financing
but those are still in their nascent
stage in the interim
companies can look at other levers
whether it's
accelerating their sales or extending
their payments both of which will have a
positive impact on their working capital
well in the good old days we had vendor
managed inventory which basically
involved oems just shoving the inventory
further upstream where they didn't have
to worry about it to the last minute of
course that sat on the suppliers books
uh is that
where are we with that who you know
whose books is this stuff weighing down
right now
it's really weighing down most companies
that are
more concerned about having again the
right product at the right place at the
right time so they're carrying higher
inventory levels and it is putting
stress on their balance sheet management
philosophies
okay so going forward what are some
maybe you want to call them holistic
payable solutions and what does
innovation look like to you in going
forward that would help to address these
problems in the future
well i think companies are beginning to
realize that they have when we look at
holistic payables
they have a very broad spectrum in their
supplier spend
and not all suppliers should be treated
equitably
there are ways that the company can
insert operational efficiencies by using
alternative payment mechanisms that are
best suited for suppliers that are
occasional suppliers not strategic
suppliers
there are situations where a company can
look at their suppliers that might be
best suited for
early pay options that that where they
use their own cash and then lastly with
their strategic suppliers we feel that
that's where the opportunity is to
really introduce a sophisticated supply
chain management program
which again will provide their strategic
suppliers with
critical
liquidity especially in stress times as
well as at a cost-effective rate
generally what we do see is that
enhances the buyer's supplier
relationship in the end sounds to me
like what you're talking about is a
whole toolkit
of different solutions depending on the
profile of the buyer the supplier the
type of goods the amount owed you know
the whole thing there's just no one
single
solution going forward
now we firmly believe when we look at
our client's spend file that it's not
one size fits all
that it should be segment based upon the
different categories of supplier type
and spend type
nor are these stop gap solutions just in
waiting for us to go back to the way
things were two or three years ago
because that isn't going to happen
anytime soon right
no i think we have we are we have
started the journey on a new process of
looking at things in a much more
robust holistic fashion well it's a
rocky journey to be sure but it sounds
like there are some creative solutions
out there that will help smooth the way
a little bit and maureen sullivan of
mufg i want to thank you so much for
helping to clarify what some of those
solutions might be for buyers and
suppliers alike thank you very much for
your time really appreciate it
my pleasure thank you
you
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