Author Archives: Teddy Nee

Addressing Burnout in Supply Chain Management

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Addressing Burnout in Supply Chain Management

Addressing Burnout in Supply Chain Management

Supply chain employees mean so much to our economy but as a group they’re suffering from burnout –– and for good reason. They’re navigating heavy workloads, long hours, inefficient technology, constant pressure to meet demands, and inadequate health and wellness support.

Additionally, the global electronics supply chain has encountered an unprecedented series of disruptions during the past two years.

Addressing burnout in supply chain management is critical because worn-out employees don’t perform at their best, which disrupts the operation’s workflow and overall success. Employees and management have a role in addressing burnout in supply chain management. Let’s talk more about this below.

Employees must speak up

Burnout manifests as physical, mental, and emotional exhaustion that results in diminished work performance, motivation, and engagement.

Working in a high-pressure industry like supply chain management can cause chronic stress that has workers constantly on edge. In addition, those in supply chain roles are often overworked and strained due to the increased commerce demand, leading to more burnt-out employees.

Mitigating burnout and bettering the work conditions for supply chain employees starts with them. Employees must take responsibility for their own mental health and wellness.

Employees need to communicate their wellness needs and suggestions for accommodating them. They should set boundaries at work and speak up when toxicity threatens their productivity and peace of mind.

They must also work on their holistic health outside of work. Practicing gratitude and self-compassion to cope with workplace stress, implementing daily self-care, and attending therapy are great places to start. While this should be encouraged, managers and leaders also have a crucial role in addressing workplace burnout.

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Sustainability in global transaction banking: A market imperative

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Sustainability in global transaction banking: A market imperative

Sustainability in global transaction banking: A market imperative

Sustainable financial products can propel revenue growth for banks and contribute substantially to businesses’ progress in meeting global climate goals. But success requires a strategic approach.

Sustainability has become a topic of crucial importance for many corporations, including financial institutions. One reflection of this is the strong growth in sustainable debt instruments, which according to BloombergNEF surpassed $1.6 trillion in 2021. In contrast, sustainable global transaction banking (GTB) is still in the early stages, but its potential for growth is significant. We estimate that revenue from sustainable trade finance and cash management products will grow by 15 to 20 percent annually to total combined revenues of $28 billion to $35 billion in 2025, with market penetration reaching approximately 25 percent in trade finance products and 5 percent in cash management products.

Research also indicates that demand for sustainable GTB products far exceeds supply (at present, only 10 percent of demand is met4 ), and we expect that in the coming years, sustainability will become a vital element of a competitive GTB offering. Surprisingly, few banks today embed sustainability in their GTB products, handing market leaders an opening to capture a disproportionate share of the market. Banks should act now to build a sustainable GTB value proposition that enables them to defend existing relationships and expand their market share while staying ahead of customer demands and the expectations of employees, investors, and the public.

Sustainability in GTB: Opportunity and imperative

Banks’ current sustainability offerings are typically incorporated in traditional lending products, and growth in these products has been remarkably strong. According to Bloomberg estimates, the combined volumes of sustainability-rated debt instruments have grown approximately 80 percent per year, increasing from approximately $155 billion in 2017 to more than $1.6 trillion in 2021.

By contrast, most banks across the world have taken only preliminary steps toward incorporating sustainability features within GTB products. This slow uptake derives in part from complexity—which arises from paper-intensive processes involving multiple parties—and from the lack of reliable data on companies’ sustainability-related activities and of industry standards for evaluating these activities.

Despite these challenges, embedding sustainability-tracking capabilities within core transaction banking services can be highly effective in improving companies’ performance on ESG metrics, as trade and payment transactions are systematic and recur frequently. What is more, trade finance rolls over frequently (every 30 to 90 days), which means that products such as supply chain finance (SCF), letters of credit, and guarantees have the potential to contribute disproportionately to new volumes in sustainable finance.

The trade finance community—including financial institutions, export credit agencies, trade organizations, technology and service providers, and corporations—is focusing on various sustainability initiatives. Diverse banks offer sustainability-linked solutions, including deposit accounts backed by investments in sustainability-rated assets and letters of credit issued for transactions in which the underlying asset (for example, batteries for electric vehicles) contributes to efforts to mitigate climate change. In addition, the number of requests for proposal (RFPs) for trade finance projects involving sustainability criteria is increasing, especially in the United States and Europe.

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A Methodology to Quantify the Cost of Supply Chain Risk Management Strategies

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The importance of supply chain risk management has grown exponentially since the onset of COVID-19.

The importance of supply chain risk management has grown exponentially since the onset of COVID-19.

You are the manager of a firm’s large global supply chain. The philosophy that guides your network planning decision-making is to minimize total landed costs subject to meeting defined customer service goals. In recent years, especially since the onset of COVID-19 and the supply chain vulnerabilities exposed and unleashed by this pandemic, you have struggled to find the right balance between minimizing costs and minimizing risks. In particular, how do you quantify the costs of different risk mitigation strategies such as using additional suppliers in disparate geographies, maintaining extra plants and/or capacity, and other similar strategies? How can you view these decisions from a holistic perspective?

In this article, we offer an illustration of a technique to develop a quantitative perspective on the cost of risk management strategies. This quantitative approach can be coupled with other more qualitative factors to facilitate the development of a well-informed supply chain risk management decision-making process and strategy.

We begin with a brief review of the types of risk that firms must assess in creating their risk management strategy. This review provides background context for the methodology we will introduce. Further, recognizing that we cannot explore in detail the topic of risk management strategies in this short article, we also provide additional references at the end of this article for readers interested in exploring this topic in depth. After our brief review of risk types and strategies, we then present our risk management quantitative methodology using a manufacturing network design strategy example for illustrative purposes.

Risks in Developing a Supply Chain Risk Management Strategy

When constructing a supply chain risk management strategy, a firm can assure that it undertakes a holistic view of all potential threats by first evaluating general categories of risk, and then considering specific individual risks. Why take this two-step approach? The danger of immediately focusing on a few specific known risks to a firm before first performing a broad review across all risk types is that immediately diving into specifics may cause some less obvious but important risks to be overlooked. Hence the need for a two-step approach.

Quantitative Methodology for Supply Chain Risk Management Assessment

To illustrate our methodology for quantifying the cost of a supply chain risk management strategy, let’s assume that a firm is developing its global manufacturing and distribution network strategy for the next three to five years. In this example, we will focus on plant locations and capacity plans, and note that a similar process would occur for distribution network locations. For illustrative purposes, we narrow our example to evaluations of supply, operational and natural risks only.

Conclusion

The relative importance of supply chain risk management was increasing rapidly in practice prior to the coronavirus pandemic, and it has grown exponentially since the onset of COVID-19. Making well-informed decisions on the appropriate level of risk mitigation actions to invest in represents a difficult challenge for a firm and its supply chain professionals. Good decision-making requires a careful balancing of both qualitative and quantitative factors.

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5 Ways Analytics Are Disrupting Supply Chain Management

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5 Ways Analytics Are Disrupting Supply Chain Management

5 Ways Analytics Are Disrupting Supply Chain Management

Harmonizing supply chain management analytics will put organizations on a path to automating their operations.

The evolution of infotech increased customer expectations, economic behavior, and other competitive priorities have caused firms to modify themselves in the current business landscape. Supply chains globally are becoming more complex, thanks to globalization and the consistently changing dynamics of demand and supply. As per a forecast by Gartner, the global supply chain management market was valued at USD 15.85 billion in 2020 and is expected to reach almost USD 31 billion by 2026.

Businesses are channeling the power of big data analytics to disrupt transformations at all levels of supply chain management. Data started as a fundamental component of digital transformation and is now a revolutionary concept. It is the key to achieving breakthroughs in supply chain management systems, and more organizations are integrating data analytics to mine data for proactive insights and accelerate intelligent decision-making.

Big data implementation in supply chain management addresses several issues, from strategic to operational to tactical. It includes everything from building efficient communication between suppliers and manufacturers to boosting delivery times. Decision-makers can utilize analytics reports to increase operational efficiency and boost productivity by closely monitoring the system’s performance at each level.

What is Big Supply Chain Analytics, and How Does it Work?

Integrating big data analytics with the supply chain makes big supply chain analytics enable business executives to compute better growth decisions for all possible maneuvers by combining data and quantitative methodologies. Notably, it adds two features.

First, it broadens the dataset for analysis beyond internal data stored in existing SCM and ERP systems. Second, it uses advanced statistical techniques to analyze the new and existing data. This generates new insights that help make better decisions for improving front-line operations and strategic decisions like implementing the best supply chain models.

Here are five ways big data and analytics are disrupting supply chain management:

1) Improved demand forecasting

Demand forecasting is one of the crucial steps in building a successful supply chain strategy. With data science and analytics in play, businesses experience automated demand forecasting. This assists them in quickly responding to fluctuations in the market and streamlining the optimal stock levels every time.

2) Enhanced production efficiency

Data science and analytics play a significant role in gauging organizational performance. Accurate application of big data analytics can help organizations track, analyze, and share employee performance metrics in real time. You can identify excellent employees who are struggling to maintain a consistent performance. This could be quickly done with IoT-enabled work badges, which exchange information with sensors installed in production line units.

3) Better sourcing and supplier management

Supply chain management systems have empowered organizations to collate data on multiple suppliers. Using data science solutions, you can leverage this data to gain insights into the historical record of any supplier. With this, you can gauge based on crucial metrics such as compliance, location, reviews, feedback, services, etc.

4) Better warehouse management

Warehouses are acquiring modern technology and have started installing sensors to collect data on the inventory flow. This helps you build an extensive database containing information based on the weight and dimensions of the packages. With sensors installed in your warehouse, you can identify bottlenecks that obstruct the flow and can be easily resolved at the earliest with the big data-fueled systems.

5) Improved distribution and logistics

Order fulfillment and traceability are essential for business productivity and customer satisfaction. Logistics have traditionally been cost-focused and effectively look for ways that provide them competitive advantages. Data science solutions enable logistic providers to leverage data analytics to improve their operations. For instance, they use fuel consumption analytics to improve driving efficiency. With GPS technology, they can track real-time routing of deliveries and reduce long waiting times by allocating nearby warehouses.

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Future-proofing the supply chain

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Future-proofing the supply chain

Future-proofing the supply chain

Supply chains matter. The plumbing of global commerce has rarely been a topic of much discussion in newsrooms or boardrooms, but the past two years have pushed the subject to the top of the agenda. The COVID-19 crisis, postpandemic economic effects, and the ongoing conflict in Ukraine have exposed the vulnerabilities of today’s global supply chains. They have also made heroes of the teams that keep products flowing in a complex, uncertain, and fast-changing environment. Supply chain leaders now find themselves in an unfamiliar position: they have the attention of top management and a mandate to make real change.

Forward-thinking chief supply chain officers (CSCOs) now have a once-in-a-generation opportunity to future-proof their supply chains. And they can do that by recognizing the three new priorities alongside the function’s traditional objectives of cost/capital, quality, and service and redesigning their supply chains accordingly.

The first of these new priorities, resilience, addresses the challenges that have made supply chain a widespread topic of conversation. The second, agility, will equip companies with the ability to meet rapidly evolving, and increasingly volatile, customer and consumer needs. The third, sustainability, recognizes the key role that supply chains will play in the transition to a clean and socially just economy.

Boosting supply chain resilience

Supply chains have always been vulnerable to disruption. Prepandemic research by the McKinsey Global Institute found that, on average, companies experience a disruption of one to two months in duration every 3.7 years. In the consumer goods sector, for example, the financial fallout of these disruptions over a decade is likely to equal 30 percent of one year’s EBITDA.

Historical data also show that these costs are not inevitable. In 2011, Toyota suffered six months of reduced production following the devastating Tohoku earthquake and tsunami. But the carmaker revamped its production strategy, regionalized supply chains, and addressed supplier vulnerabilities. When another major earthquake hit Japan in April 2016, Toyota was able to resume production after only two weeks.

During the pandemic’s early stages, sportswear maker Nike accelerated a supply chain technology program that used radio frequency identification (RFID) technology to track products flowing through outsourced manufacturing operations. The company also used predictive-demand analytics to minimize the impact of store closures across China. By rerouting inventory from in-store to digital-sales channels and acting early to minimize excess inventory buildup across its network, the company was able to limit sales declines in the region to just 5 percent. Over the same period, major competitors suffered much more significant drops in sales.

Supply chain risk manifests at the intersection of vulnerability and exposure to unforeseen events (Exhibit 2). The first step in mitigating that risk is a clear understanding of the organization’s supply chain vulnerabilities. Which suppliers, processes, or facilities present potential single points of failure in the supply chain? Which critical inputs are at risk from shortages or price volatility?

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Strategic financial management for women is highly effective

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Strategic financial management for women is highly effective

Strategic financial management for women is highly effective

A look at the many ways in which women’s financial positions and needs can differ from those of men, and how women can strategically plan their finances to protect their financial futures.

The financial planning needs of women are in many ways unique – and with the shape and pace of their career trajectories being somewhat different from men’s, so too should their financial management strategies.

In this article, we explore the many ways in which women’s financial positions and needs can differ from those of men, and how women can strategically plan their finances to protect their financial futures.

Child bearers and family careers

The interruption of women’s careers as a result of childbirth and child-rearing can have long-term financial implications for women. Besides the actual loss of earnings during maternity leave and child-rearing years, it is important to factor in the knock-on financial effects.

The longer-term impact of not having pay parity

Although gender pay parity is improving, the process is a slow one and on average women still earn less than men do. Again, the effect of earning a lower income permeates across every aspect of a women’s portfolio: less group risk cover, lower investment contributions, reduced bonuses, commissions or incentives, a weaker position to negotiate from, less access to credit and financing, a weaker capacity for wealth building, and a lower net asset value over time – exacerbated, of course, by the fact that women generally live longer than men and therefore need to save for a longer – potentially more expensive – retirement.

The associated risks of living longer

According to the US Census Bureau, in 2017 the life expectancy for men was 76.1 years while that of women was 81.1 years, and it is anticipated that the gap in longevity will continue to grow. The longevity risk faced by women has a number of key implications for their financial planning which should be addressed sooner rather than later.

Wealth creation challenges of the stay-at-home spouse

Women who choose to stay at home to raise children face an enormous challenge when it comes to generating wealth. Without an income and the associated tax benefits, investing is something that many stay-at-home mothers fail to do which places them in a precarious financial position if the relationship comes to an end.

Challenges facing single mothers

The challenges that many single mothers face can have far-reaching effects on their ability to generate income and build wealth, particularly when it comes to securing maintenance and pursuing payment from non-payers.

Differing investment style

Generally speaking, women’s investment style differs from men’s, and this is often not supported by the products or advice available in the marketplace. Research shows that women are more likely to seek advice and stick to it, have a more goals-based approach to investing, and – being time-poor – require efficiency in terms of communication and administration.

Post-pandemic planning

The work-from-home regulations during the pandemic placed a massive child caring burden on many women which, in turn, impacted their ability to generate an income and save for the future. In response to the pandemic, however, many women have subsequently demonstrated an increased interest in investing, become more involved in the management of the household’s finances, and are more open to engaging in financial discussions with their partners and children.

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COVID-19 Impact on Corporate Performance Management Software Market Share, Size, Trends and Growth 2022 to 2030

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Global Corporate Performance Management Software Market

JCMR recently broadcasted a new study in its database that highlights the in-depth market analysis with future prospects of Corporate Performance Management Software market. The study covers significant data which makes the research document a handy resource for managers, industry executives and other key people get ready-to-access and self analyzed study along with graphs and tables to help understand market trends, drivers and market challenges. Some of the key players mentioned in this research are Oracle, SAP, IBM, Anaplan, Infor, Workday, Planful, Unit4, Epicor Software, Wolters Kluwer, BOARD International, Prophix, OneStream Software, Insightsoftware, Vena Solutions, Solver, Kepion, Workiva, LucaNet, Jedox, Ideagen, Calumo, Centage

COVID-19 Impact on Global Corporate Performance Management Software Market

COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Corporate Performance Management Software market, since end-user industries were still not operating at their full capacity.

What are the market’s problems in Corporate Performance Management Software?

Changing regulatory landscapes, operational barriers, and the emergence of alternative technologies are all impacting the Corporate Performance Management Software industry.

What are the various types of segments covered in the Corporate Performance Management Software Market?

Segment by Type
Cloud Based
On-premises

Segment by Application
Large Enterprises
SMEs

Who are the top key players in the Corporate Performance Management Software market?

Oracle, SAP, IBM, Anaplan, Infor, Workday, Planful, Unit4, Epicor Software, Wolters Kluwer, BOARD International, Prophix, OneStream Software, Insightsoftware, Vena Solutions, Solver, Kepion, Workiva, LucaNet, Jedox, Ideagen, Calumo, Centage

Which region is the most profitable for the Corporate Performance Management Software market?

The emerging economies in the Asia Pacific region will be the lucrative markets for Corporate Performance Management Software products. .

What is the current size of the Corporate Performance Management Software market?

The current market size of global Corporate Performance Management Software market is estimated to be USD XX in 2021.

Read more at COVID-19 Impact on Corporate Performance Management Software Market Share, Size, Trends and Growth 2022 to 2030

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Rethinking Risk Management

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Anticipating emerging risks means reshaping the board.

Risk management is often cited among the top two or three items on board agendas, yet many companies have found themselves unprepared for a variety of recent shocks, including the COVID-19 pandemic, the Great Resignation, cybersecurity events, labor shortages and supply chain disruptions.

The breadth of risk for public and large private companies has grown exponentially in recent years, but few organizations have gone far enough in evolving and expanding their risk management approach to keep up with the pace of change. This is one reason regulators have stepped up enforcement of board requirements around fiduciary duties.

In some cases, boards may need to update their views about the world’s ability to deal with risks. These views may include the expectation that supply chains are infinite, labor is unlimited and the United States is always able to innovate its way out of problems.

That’s not the world today’s companies operate in. World Economic Forum, the Control Risks global risk survey, McKinsey and others have identified several of the most significant areas of current and emerging corporate risk. The top risk areas include:

  1. Proper understanding and articulation of company risk appetite, risk review objectives, and existential and emergent risks.
  2. People and talent.
  3. Mergers and acquisitions.
  4. Digital transformation.
  5. Cybersecurity.
  6. Climate risks and action.
  7. Future pandemics or similar situations.
  8. Supply chain vulnerabilities.
  9. Regulatory risks.
  10. Political risks.

These risks present challenges on many levels. Boards must identify, assess and manage risks intelligently, while simultaneously focusing on business opportunities that may arise from the very same issues. They must communicate risks not just to shareholders, but also to other stakeholders.

Today’s boards need to consider whether they have the right people, expertise, committees and processes to address today’s higher-risk business environment. Crises are likely to come faster and hit harder. However, boards that make changes to better address risk can succeed in making their companies more resilient.

The following are changes boards should consider to enhance their risk management approach and better help their companies navigate and mitigate emerging risks.

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Why Choose Lanistar Over Starling Bank And Wise For Your Finance Management?

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Given the monumental developments that are being carried out in the technological sector, finance management has become way easier than one can imagine.

The Importance of Finance Management and Health

Everyone has a set of personal financial goals and commitments which alters the kind of route one must take in building and investing their finances. The commitments may vary from the repayment of debt to taking care of an individual that is financially dependent on you.

Regardless of the intensity of one’s financial commitments, one must be rather mindful of the way one spends and saves. Managing your finances personally also builds financial literacy which makes you cognisant of niche financial concepts. Other than managing your finances, it helps in avoiding any risk that you may fall into upon association with a bank or a scheme. It also helps in building monetary immunity which might even help you in surviving comfortably for some time when you don’t necessarily earn disposable income.

Hence, finance management becomes increasingly important for students or people who are switching careers to figure out their true passion. Some of the basic tips to manage your finances well would be to create a budget and stay committed to it. Use the option of a savings account to put money aside for your additional needs. It is also important to build an emergency account for contingencies. Invest your money safely and only invest as much as you can afford to lose.

Moreover, the development of fintech has made the management of personal finances such a no-brainer that everyone is opting for platforms and apps that aim at building their user’s financial health.

Role of Fintech in Finance Management

The world of fintech goes way beyond blockchain development and cryptocurrencies. Although it may be interesting to note how investing in digital assets such as crypto, NFTs, and DAO projects can build a financially sound portfolio. Many investors have reported cases of monumental profits after investing in crypto. The crypto ecosystem is very compatible with the new generation and could be an ideal investment space if navigated wisely.

Moreover, the fintech space is seeing the development of platforms such as Lanistar, Monzo, Wise, Starling Bankt, etc that is making finance management a cakewalk for the general user base. These apps come with constant reminders and updates that make you look back at your expenditure and register it better while planning future spending. Some platforms help you monitor all your bank accounts and finances from a single platform which helps you streamline your assets better.

Check out Lanistar For Financial Convenience

Lanistar is a social media-powered fintech platform that is revolutionising the area of personal finance management. It offers a polymorphic payment card that can hold up to eight different cards. With the help of this card, users can organise their finances through one point of contact. The card offers features such as 3DS and one-time pin codes that ensure financial security for the users.

The company works actively with influencers and has been vouched for by big names such as the Brazilian football player Richarlison amongst others. The Lanistar app is available for download from App Store and Google Play alike.

Read more at Why Choose Lanistar Over Starling Bank And Wise For Your Finance Management?

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How business intelligence is helping global businesses succeed

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  • person wearing suit reading business newspaper

In today’s always connected and hyper-competitive world, growing market share is a challenge for any organisation. Industry leaders understand that to get an edge over their competitors they need new and better insights into their business to help identify hidden risks and mitigate them and inform their decision making in everything from finding supply chain inefficiencies to uncovering new avenues for sales.

Having actionable intelligence can be the difference between success and failure, but sorting through the wealth of data every modern global business generates is a complex task and it is too easy to miss a critical information point. Business intelligence platforms help companies sift, sort, and process this data into different types of reports with actionable insights that highlight any weaknesses to address and strengths that should be built upon.

Here are four ways business intelligence can help a global business find success.

Help with product pricing

Pricing a product or service can be a difficult question. Business leaders need to find a price point within a specific market that is sufficiently low to attract new customers away from their competitors, but sufficiently high that they can drive profits and create a growing and successful company.

It is difficult enough to try and determine the best price within a single geographic market, such as the UK, but when you look to expand the business abroad, each geographical market has its own unique set of economic and market factors that need to be taken into account. The company will need to set a different price targeted to each local market conditions, and business intelligence can bring together all the relevant data and help stakeholders find the best pricing strategy for wherever they plan to launch.

Identify supply chain efficiencies and weaknesses

Modern supply chains cross continents, and a few days delay at a port in China or a ship that has taken a wrong turn can have roll on impacts throughout a business. The data at each point in this supply chain may be stored in different systems that may be region or sector specific, and trying to combine all that data can be a slow and laborious process.

Business intelligence platforms can help companies integrate these disparate sources of data and create insights such as where in the supply chain is the weakest link and where companies should possibly look for backup solutions should issues arise, and also where stock is left sitting in warehouses for long periods, costing money for storage and creating expensive inefficiencies.

Nurture customer loyalty

The sales and marketing investment required to find new customers is expensive, and so all businesses need to nurture their relationship with the current customers to maintain profitability. These relationships are more challenging to maintain for businesses with overseas operations, as priorities and social niceties vary significantly from region to region, with what some would consider good manners in one country sometimes considered rude in another.

The leader of well established global company understands that standardised customer engagement programmes often do not work well across borders, and local solutions need to be devised. However, maintaining a variety of different programmes around the world is burdensome and it can be a struggle to compare how each performs.

Read more at How business intelligence is helping global businesses succeed

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