Tag Archives: communication

Strategic financial management for women is highly effective

Posted on by
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.

Read more at Strategic financial management for women is highly effective

Leave your comments below and subscribe us to get new updates.

Turkcell’s supply chain management transformation is driven by technology and communication

Posted on by

Ali Türk, Executive Vice President of Supply Chain Management at Turkcell, discusses how Turkey’s largest mobile operator is driving efficiency with customers at the forefront

Turkcell, the largest mobile operator in Turkey, has undergone a significant shift in its procurement and supply chain operations driven by a radical ideological change to the business itself. “Turkcell is a unique company, a digital operator,” says Ali Türk, Executive Vice President of Supply Chain Management at the firm. “We are dealing not only with the mobile part, but also the commerce part: it’s one entity.” With a focus on establishing a high quality internal infrastructure, technology and network infrastructure, and meaningful, functional digital services, Turkcell has undergone a structural change that highlights the importance of procurement to its wider strategy. As part of supply chain management’s realignment as a strategic function, Turkcell established a dedicated procurement committee to drive positive change. Meeting every week alongside the CEO, Murat Erkan, the committee makes key decisions on the company’s biggest purchases. While these make up 3% of the firm’s purchases at large, their combined volume equates to 80% of the total made by Turkcell. “All of the company’s top executives are fully involved in these processes, and they acknowledge and evaluate all of the aspects of procurement investments and strategy.” Not only that, but a unification of operations between teams has been achieved through the adoption of agile management methodologies, enabling a consistent thread for supply chain management strategy to follow throughout the organisation.

These structural adaptations are bolstered by the application of disruptive technologies, driving efficiency and transparency at Turkcell. However, Türk stresses that digital transformation is, to Turkcell, a tool rather than a goal. “Digital transformation is a must to survive in our era,” he says. “It enables us to focus on optimising costs in a sustainable structure, to increase revenues, and to increase the level of quality we offer our customers.” A particular area of interest for Türk is robotic process automation (RPA) and the benefits it could have for internal teams. He adds that the application of this technology will be based on what those teams themselves view as the areas that would benefit most from automation, and the freeing up of staff from repetitive tasks that it would enable. “We have procurement departments, logistics departments, real estate, construction and site acquisition departments, and they are each highlighting their requirements,” he says. Once those needs are defined, they each collaborate with Turkcell’s ICT department to drive the gradual rollout of RPA through specific digitalisation departments. “For example, supply registration, fee operation, calculation of monthly payments, operation of the tender process, opening site acquisition and scrap sales orders; they’re all operational issues and ritual issues,” says Türk. “Right now, we are developing some use cases and we will forward those tasks to RPA.”

Read more at Turkcell’s supply chain management transformation is driven by technology and communication

Please leave a comment and subscribe us to get updates.

Six Lessons In Supply Chain Strategy From Genghis Khan

Posted on by

Supply chain strategy can be a squishy topic. Basically, we try to keep costs down and service up, but what does this really say about how to win in a competitive business? Working harder at the same things is not a sustainable strategic advantage.

True strategy means finding ways to use and combine tactics and resources to achieve a goal in conditions of uncertainty. For supply chain leaders, it demands thinking laterally about everything that happens from the customer back and then placing bets to gain an operational edge.

In addition to modern thinkers like Peter Drucker and Michael Porter, some of the best lessons on this topic come directly from the playbook of Genghis Khan, the 13th century Mongol who conquered nearly all of Eurasia.

Here are six that apply today.

1. Use the skills of others.

The Mongols made no products, farmed no crops, and built no buildings, but still saw the value of engineers, miners, doctors and scholars.

2. Communication is essential to power.

Having armies spread over thousands of miles led Genghis Khan to establish a sort of Pony Express that was designed and maintained centrally.

3. Embrace technology.

In the year 1206, when Genghis Khan was born, his tribe had no metal and lived in felt tents. Fifty years later, they had mastered siege technologies like catapults and trebuchets as well as early firearms and cannon.

4. Never stop learning.

Genghis Khan’s genius was not the result of some epiphany but came rather, in the words of biographer Jack Weatherford, “from a persistent cycle of pragmatic learning, experimental adaptation, and constant revision”.

5. Cherish diversity.

A typically among history’s great empires, the Mongols allowed complete religious freedom and employed almost all of their conquered peoples’ best minds in the imperial administration.

6. Swallow your pride.

Genghis Khan cared nothing for appearances and would often feign retreat to draw enemies onto more favourable ground.

Read more at Six Lessons In Supply Chain Strategy From Genghis Khan

Did any of those lessons attract your attention? What do you think? Share your opinions with us in the comment box, and subscribe to get updates in your inbox.

Related articles