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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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Supply chain analytics: 5 tips for smoother logistics

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Organizations are increasingly turning to data analytics to navigate supply chain disruptions and to enhance their SCM efforts. Here’s how to do it right.

Organizations are increasingly turning to data analytics to navigate supply chain disruptions and to enhance their SCM efforts. Here’s how to do it right.

The worldwide supply chain challenges that plagued companies in multiple industries throughout 2021 are continuing this year. One potentially effective solution for addressing supply and demand issues is to leverage data analytics.

Professional services and consulting firm KPMG in a recent report notes that several major disruptions are currently affecting supply chains. These include the ongoing global logistics disruptions stemming from the COVID-19 pandemic that continue to impact businesses and consumers — as the flow of goods into key markets is restricted by shutdowns of major global ports and airports.

The major logistics disruptions create a ripple effect across global supply chains that ultimately cause goods to pile up in storage, the firm says. Assuming that these disruptions decrease and access to sea and airfreight reverts back to pre-pandemic levels, it will likely take some time before things return to normal, it says.

Other factors contributing to supply chain problems include production delays, over reliance on a limited number of third parties, and labor market shortages. The report also points out that many companies are investing in technologies to automate key nodes within the supply chain.

This year will see an accelerated level of investment, KPMG says, as businesses look to enhance critical supply chain planning capabilities by adopting more advanced “digital enablers” such as cognitive planning and AI-driven predictive analytics.

“The onset of new technology has fundamentally changed the way supply chains operate globally,” the report says. “The consumers are becoming more demanding, and this is leading the supply chains to change and evolve at a faster rate. Modern operations are focused on technology and innovations, and as a result, supply chains are becoming more complex.”

How can organizations best use data analytics to enhance their supply chain management (SCM) efforts? Here are some best practices, according to experts.

Turn data into actionable, simple insights

Most companies are awash in large volumes of data, often stored in diverse systems and databases, says John Abel, CIO at networking technology company Extreme Networks. Supply chains have the added complexity of additional data sources being generated from extended partners such as outsourcing, logistics, and distribution operations, he adds.

“As a result, many struggle to use this data to generate meaningful insights beyond top-level metrics and descriptive statistics,” Abel says. “Data analytics tools can deliver deeper, actionable insights as well as improve accuracy of those insights.”

Focus analytics on difference-making areas

Supply chain organizations are being inundated with data such as customer orders, item information, equipment utilization, and ever-evolving transportation costs, says Erik Singleton, expert practitioner for global supply chain at consultancy North Highland Worldwide Consulting.

“The key to building a successful, customer-centric supply chain while maximizing operational efficiency is using the right analytics to make data-driven decisions,” Singleton says. He recommends that supply chain organizations focus their analytics on three main areas.

Leverage real-time data to deal with disruptions

As both the size and complexity of supply chains grow globally, it is becoming exponentially more difficult to manage and respond to fluctuations across the supply chain, Abel says.

“With data points changing rapidly, analysis and decision-making is often based on outdated information and further exacerbated by the time needed to effectively analyze the data,” Abel says. “To navigate this successfully, supply chain managers need to develop concurrent planning systems that optimize demand and supply by utilizing advanced analytics and real-time visibility across the supply chain.”

Emphasize data governance and quality

The old adage about information, “garbage in, garbage out,” certainly applies to supply chain data, says Mark Korba, vice president of supply chain and business intelligence at Optimas Solutions, a fastener manufacturer and distributor.

“It is important to validate data, especially since it is coming from a variety of sources,” including customer inventory management systems, demand planning applications, supplier software, and others, Korba says. “Often the data isn’t consistent or managed the same across systems, and therefore lacks integrity.”

Make supply chain analytics broadly available

SCM involves multiple facets of the organization, so analytics capabilities need to be shared liberally.

“Make it easy for everyone involved in the supply chain to get the data and tools that they need,” says Arthur Hu, senior vice president and CIO at computer hardware provider Lenovo. “This first requires breaking down any ‘information silos’ and establishing an integrated end-to-end information system.”

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DHL: transforming logistics with startup partnerships

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DHL large electirc vehicle

DHL large electirc vehicle

Supply Chain Digital gets an insight into DHL’s partnerships with startups to drive digitalisation and sustinability within the business.

When it comes to innovations at DHL, the company values its partnerships both big and small. In recent years many startups have entered into the logistics industry. Markus Kückelhaus, VP of Innovation and Trend Research at DHL raises the question of why?

“The logistics industry is a very fragmented sector that is still catching up. Which is why this industry is interesting to startups,” says Kückelhaus who highlights that due to the industry’s small attempts at digitalisation, in addition to growing investments into logistics, there has been an increase in opportunities for startups.

Effidence

Founded in 2009, Effidence is a French research and robotics startup that develops collaborative robotic solutionsin logistics and agriculture. DHL has partnered with Effidence to develop its ‘follow me’ robotic trolleys.

Locus Robotics

Founded in 2014, Locus Robotics is an American robotic technology company that develops warehouse solutions to improve productivity. DHL has partnered with Locus Robotics to develop its Aisle picking robots.

University of Aachen

Established in 1870, the University of Aachen strives to drive innovative discoveries that impact global challenges. The German university partnered with DHL in 2012 on a new initiative to combat global warming. DHL worked with the university to develop its own electric vehicles as part of its mission to achieve zero carbon emissions by 2050. Currently DHL has 10,000 electric vehicles out on the roads aiming to replace all 55,000 global vehicles in its fleet to electric.

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SEE ALSO:

  1. DHL – the world’s leading contract logistics provider
  2. DHL’s innovation center driving digitalisation and sustainability
  3. DHL: Talent management within logistics
  4. Read the latest issue of Supply Chain Digital here

Separating Long-Term Supply Chain Technology Developments from Temporary Industry Disruptors

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While technological innovations can revolutionize how supply chain businesses advance, it’s important for all participants to be a little bit skeptical when supposedly new game-changing technologies are introduced.

Third-Party Providers Navigate Supply Chain Technology Trends

Technology partners with a long-game approach to development and implementation understand that trends come and go, and it can make little sense to heavily invest in trumpeted technological advancements just because they’re “the new thing.”

While technological advancement brings with it solutions that can revolutionize how businesses in the supply chain interact, it’s important for all stakeholders to be a little bit skeptical when any company introduces a supposedly game-changing new technology.

First Adopters of New Technology

3PLs are typically the first adopters of new technology, as a huge part of their value proposition to their clients is their ability to utilize advanced technology to solve their supply chain challenges.

These logistics providers constantly keep their ears to the ground attending conferences and researching the latest technologies seeking new capabilities. 3PLs can make a single investment in technology and leverage that capability across many shippers.

Technology Partners

Technology partners aren’t simply there to help companies adapt to new technologies. Technological advancements in the supply chain have brought increasing amounts of logistics data to industry stakeholders.

This has, in turn, led to a jump in advanced analytics to turn that data into actionable information, a skill in which technology providers excel. Shippers are using analytics in conjunction with real-time visibility data to identify bottlenecks within their own processes and providers’ networks. This visibility allows them to estimate when shipments will arrive at the intended destination with greater certainty. The future is very bright in this area due to improving visibility technology, more advanced analytics, and integrated collaboration tools.

Technology Advancements

Rapid advancements in technology are changing the industry for the better, and at SMC³, our goal is to incorporate these new technologies into the supply chain processes of our clients. SMC³ truly is a neutral third party; we work for the good of the entire supply chain, helping supply chain companies separate lasting supply chain advancements from temporary industry disruptors.

SMC³ accomplishes this flexibility and adaptability by building our solutions for fast, painless integrations to TMS systems and other applications. SMC³’s goal is always to help our clients get up and running as quickly as possible, so they can start consuming data via our solutions and begin to optimize the lifecycle of their LTL shipments.

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Three supply chain challenges and how to overcome them

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The modern supply chain is becoming more complex by the day. Businesses continue to struggle with keeping their supply chain under control but hidden risks still pose a significant threat to the industry. Even with all the new technologies making their way to the industry, businesses must be aware of these hidden risks and understand how to react appropriately.

Businesses of all kinds must keep supply chain visibility, cyber risk and natural disasters in mind at all times. All of these factors or even just one could have a significant impact on a company’s bottom line. In this current edition of the ‘Challenges and Solutions’ series, we will take a close look at the most troublesome issues in the supply chain and how businesses can avoid or plan for these risks.

New technology

Advancing technology is making its way into the supply chain, forcing businesses to constantly change systems. New services that provide an “Uber-Like” freight experience require supply chain managers to constantly hone their talents and adapt to these kind of digital disruptions. Not only with the Internet of Things be transforming the supply chain end to end, the way people utilize technology to create new processes will need to be monitored. The challenge is keeping supply chain managers and procurement professionals up-to-date and trained with all these new advancements.

Finding a solution can be challenging at first. It will take some time for a business to discover the right process that works for them. There is no one answer fits all, rather a unique, business specific training program must be developed. Some solutions may include putting together a team in charge of locating the latest supply chain innovations and coming up with a plan to train the rest of the staff. Others could be outsourced training programs funded by the organization whose employees will be taking part. Continuous training will be vital in order to remain effective in this transforming industry.

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