Essays on Supply Chain Finance

I study how a larger party within a supply chain could use its superior knowledge about its partner, who is considered to be financially constrained, to help its partner gain access to cheap finance. In particular, I consider two scenarios: (i) Retailer intermediation in supplier finance and (ii) The Effectiveness of Supplier Buy Back Finance. In the fist chapter, I study how a large buyer could help small suppliers obtain financing for their operations. Especially in developing economies, traditional financing methods can be very costly or unavailable to such suppliers. In order to reduce channel costs, in recent years large buyers started to implement their own financing methods that intermediate between suppliers and financing institutions. In this paper, I analyze the role and efficiency of buyer intermediation in supplier financing. Building a game-theoretical model, I show that buyer intermediated financing can significantly improve supply chain performance. Using data from a large Chinese online retailer and through structural regression estimation based on the theoretical analysis, I demonstrate that buyer intermediation induces lower interest rates and wholesale prices, increases order quantities, and boosts supplier borrowing. The analysis also shows that the retailer systematically overestimates the consumer demand. Based on counterfactual analysis, I predict that the implementation of buyer intermediated financing for the online retailer in 2013 improved channel profits by 18.3%, yielding more than $68M projected savings. In the second chapter, I study a novel buy-back financing scheme employed by large manufacturers in some emerging markets. A large manufacturer can secure financing for its budget-constrained downstream partners by assuming a part of the risk for their inventory by committing to buy back some unsold units. Buy back commitment could help a small downstream party secure a bank loan and further induce a higher order quantity through better allocation of risk in the supply chain. However, such a commitment may undermine the supply chain performance as it imposes extra costs on the supplier incurred by the return of large or costly-to-handle items. I first theoretically analyze the buy-back financing contract employed by a leading Chinese automative manufacturer and some variants of this contracting scheme. In order to measure the effectiveness of buy-back financing contracts, I utilize contract and sales data from the company and structurally estimate the theoretical model. Through counterfactual analysis, I study the efficiency of various buy-back financing schemes and compare them to traditional financing methods. I find that buy-back contract agreements can improve channel efficiency significantly compared to simple contracts with no buy-back, whether the downstream retailer can secure financing on its own or not.

Marketing de cinema : a supply chain do sector cinematografico português

Mestrado em Marketing

INTERACTIVE EFFECT OF FIXED TIME ORDER STRATEGIES WITHIN A SUPPLY CHAIN ON ACTUAL IN-STOCK PROBABILITIES

This report mainly deals with the interactive effect of different in-stock probabilities used by every individual in a supply chain. Based on a simulation for 10,000 weeks, the effects of varying in-stock probabilities are observed. Based on these observations, an individual in a supply chain can take counter measures in order to avoid stock out chances hence maintaining profits.

Plan de mejoramiento a la Supply Chain de BCD TRAVEL Colombia

Mediante el acercamiento que se hizo al área corporativa de BCD TRAVEL COLOMBIA y considerando el importante crecimiento actual del Sector Turismo y más precisamente de los viajes con motivo corporativo en el país, surge la necesidad del presente trabajo. Al hacer un análisis interno en la organización y de su entorno, se evidenció que la compañía tiene carencia en procesos y establecimiento de nuevas estrategias que le permitan identificar y potencializar oportunidades en su mercado objetivo y en torno a sus clientes y proveedores, lo cual, puede amenazar y comprometer la estabilidad y prestigio de empresa y así mismo su perdurabilidad. Se elaborará un propuesta de mejora en torno a el área de mercadeo y de logística con el fin de estructurar herramientas que le permitan a la compañía tener un horizonte definido, conocer su posición estratégica en el mercado actual, a donde quiere llegar y que debe hacer para lograr los objetivos establecidos en su unidad de negocio corporativa, la cual representa el mayor porcentaje de ingresos para la compañía. . Se espera que los planes de mejora y estrategias establecidas generen servicios de valor agregado e impacten positivamente a lo largo de la cadena de suministro logrando mayor rentabilidad, competitividad y seguimiento de todos los procesos de esta unidad de negocio.

Assessing Household Food Waste in Italy: A Methodology for Detecting Drivers and Quantities

It has been estimated that one third of edible food destined for human consumption is lost or wasted along the food supply chain globally. Much of the waste comes from Global North, where consumers are considered as the bigger contributors. Different studies tried to analyze and estimate the Household Food Waste (HFW), especially in UK and Northern Europe. The result is that accurate studies at national level exist only in UK, Finland and Norway while no such studies are available in Italy, except for survey- based researches. Though, there is a widespread awareness that such methods might be not able to estimate Food Waste. Results emerging from literature clearly suggest that survey estimate inferior amounts of Food Waste as a result, if compared to waste sorting and weighting analysis or to diary studies. The hypothesis that household food waste is under-estimated when gathered through questionnaires has been enquired into. First, a literature review of behavioral economics and heuristics has been proposed; then, a literature review of the sector listing the existing methodologies to gather national data on Household Food Waste has been illustrated. Finally, a pilot experiment to test a mixed methodology is proposed. While literature suggests that four specific cognitive biases might be able to affect the reliability of answers in questionnaires, results of the present experiment clearly indicate that there is a relevant difference between how much the individual thinks to waste and he/she actually does. The result is a mixed methodology based on questionnaire, diary and waste sorting, able to overcome the cons of each single method.

Life Cycle Thinking for sustainability assessment and decision-making in selected food supply chains in Costa Rica

The Agenda 2030 contains 17 integrated Sustainable Development Goals (SDGs). SDG 12 for Sustainable Consumption and Production (SCP) promotes the efficient use of resources through a systemic change that decouples economic growth from environmental degradation. The Food Systems (FS) pillar in SDG 12 entails paramount relevance due to its interconnection to many other SDGs, and even when being a crucial world food supplier, the Latin American and Caribbean (LAC) Region struggles with environmental and social externalities, low investment in agriculture, inequity, food insecurity, poverty, and migration. Life Cycle Thinking (LCT) was regarded as a pertinent approach to identify hotspots and trade-offs, and support decision-making process to aid LAC Region countries as Costa Rica to diagnose sustainability and overcome certain challenges. This thesis aimed to ‘evaluate the sustainability of selected products from food supply chains in Costa Rica, to provide inputs for further sustainable decision-making, through the application of Life Cycle Thinking’. To do this, Life Cycle Assessment (LCA), Life Cycle Costing (LCC), and Social Life Cycle Assessment (S-LCA) evaluated the sustainability of food-waste-to-energy alternatives, and the production of green coffee, raw milk and leafy vegetables, and identified environmental, social and cost hotspots. This approach also proved to be a useful component of decision-making and policy-making processes together with other methods. LCT scientific literature led by LAC or Costa Rican researchers is still scarce; therefore, this research contributed to improve capacities in the use of LCT in this context, while offering potential replicability of the developed frameworks in similar cases. Main limitations related to the representativeness and availability of primary data; however, future research and extension activities are foreseen to increase local data availability, capacity building, and the discussion of potential integration through Life Cycle Sustainability Assessment (LCSA).

Understanding, defining and assessing food systems’ social and economic sustainability indicators: implementation of mixed methodologies for policy insights

Sustainability encompasses the presence of three dimensions that must coexist simultaneously, namely the environmental, social, and economic ones. The economic and social dimensions are gaining the spotlight in recent years, especially within food systems. To assess social and economic impacts, indicators and tools play a fundamental role in contributing to the achievements of sustainability targets, although few of them have deepen the focus on social and economic impacts. Moreover, in a framework of citizen science and bottom-up approach for improving food systems, citizen play a key role in defying their priorities in terms of social and economic interventions. This research expands the knowledge of social and economic sustainability indicators within the food systems for robust policy insights and interventions. This work accomplishes the following objectives: 1) to define social and economic indicators within the supply chain with a stakeholder perspective, 2) to test social and economic sustainability indicators for future food systems engaging young generations. The first objective was accomplished through the development of a systematic literature review of 34 social sustainability tools, based on five food supply chain stages, namely production, processing, wholesale, retail, and consumer considering farmers, workers, consumers, and society as stakeholders. The second objective was achieved by defining and testing new food systems social and economic sustainability indicators through youth engagement for informed and robust policy insights, to provide policymakers suggestions that would incorporate young generations ones. Future food systems scenarios were evaluated by youth through focus groups, whose results were analyzed through NVivo and then through a survey with a wider platform. Conclusion addressed the main areas of policy interventions in terms of social and economic aspects of sustainable food systems youth pointed out as in need of interventions, spanning from food labelling reporting sustainable origins to better access to online food services.

Integration of by-products and waste from agri-food supply chains into the «water-energy-food» nexus (RECOW-ER): the role of fungi

The agricultural sector is undoubtedly one of the sectors that has the greatest impact on the use of water and energy to produce food. The circular economy allows to reduce waste, obtaining maximum value from products and materials, through the extraction of all possible by-products from resources. Circular economy principles for agriculture include recycling, processing, and reusing agricultural waste in order to produce bioenergy, nutrients, and biofertilizers. Since agro-industrial wastes are principally composed of lignin, cellulose, and hemicellulose they can represent a suitable substrate for mushroom growth and cultivation. Mushrooms are also considered healthy foods with several medicinal properties. The thesis is structured in seven chapters. In the first chapter an introduction on the water, energy, food nexus, on agro-industrial wastes and on how they can be used for mushroom cultivation is given. Chapter 2 details the aims of this dissertation thesis. In chapters three and four, corn digestate and hazelnut shells were successfully used for mushroom cultivation and their lignocellulosic degradation capacity were assessed by using ATR-FTIR spectroscopy. In chapter five, through the use of the Surface-enhanced Raman Scattering (SERS) spectroscopy was possible to set-up a new method for studying mushroom composition and for identifying different mushroom species based on their spectrum. In chapter six, the isolation of different strains of fungi from plastic residues collected in the fields and the ability of these strains to growth and colonizing the Low-density Polyethylene (LDPE) were explored. The structural modifications of the LDPE, by the most efficient fungal strain, Cladosporium cladosporioides Clc/1 strain were monitored by using the Scanning Electron Microscope (SEM) and ATR-FTIR spectroscopy. Finally, chapter seven outlines the conclusions and some hints for future works and applications are provided.

Analisi della Supply Chain e mappatura degli acquisti. Caso aziendale: Termotecnica Industriale S.r.l.

Il Supply Chain Management è una rete di strutture che producono materie prime e le trasformano in prodotti finiti da consegnare ai clienti. Per gestire in maniera efficace l’impresa, l’intera struttura della catena di approvvigionamento deve seguire il flusso aziendale correttamente, in modo da non creare rallentamenti nella fornitura e causare problemi al soddisfacimento dei bisogni del cliente. Questo elaborato analizza tutte le componenti che influiscono sul successo di una supply chain, in particolare la funzione strategica degli acquisti, evidenziandone le principali problematiche che si possono riscontrare e le soluzioni che invece si possono applicare. Gli acquisti, che nascono dalla richiesta di un bisogno da soddisfare, sono da considerarsi un vantaggio competitivo e di redditività per un’azienda, in quanto incidono direttamente sul fatturato totale, motivo per cui sono stati oggetto dello studio. L’acquisto deve rispecchiare le specifiche tecniche e funzionali richieste, al fine di soddisfare i bisogni del cliente. Analizzando tale reparto presso l’azienda Termotecnica Industriale S.r.l., una Piccola Media Impresa (PMI) che si occupa di progettazione, fabbricazione ed installazione di caldaie industriali e generatori di vapore a recupero di calore, si è ricercato un nuovo modello di approvvigionamento da seguire. L’obiettivo di questa analisi è di sviluppare una strategia aziendale che gestisca in maniera corretta la catena di fornitura, ottenendo migliori condizioni contrattuali ed evitare problemi come gli acquisti a collo di bottiglia. E’ stato necessario, individuare una nuova metodologia che aiutasse i buyer a instaurare il giusto rapporto col fornitore selezionato, in funzione all’acquisto che si sta per compiere. Infatti per ogni tipologia di approvvigionamento ci sono approcci differenti da utilizzare con i fornitori per ottenere delle agevolazioni rispetto a quanto offerto in precedenza dello stesso.

Applicazione ed implicazioni della Corporate Sustainability Due Diligence nella Supply Chain: caso studio Fincantieri S.p.A.

La richiesta dei consumatori di prodotti sostenibili, le lotte per il cambiamento climatico e l'importanza che viene data alla sostenibilità dal mondo finanziario hanno fatto sì che la politica intraprendesse iniziative sulle tematiche sostenibili e di conseguenza le imprese hanno adottato azioni in linea con i criteri ESG. Anche se per le aziende intraprendere un percorso sostenibile non sia economicamente conveniente e per raggiungere determinati obiettivi servono sforzi e tempi lunghi, sono consapevoli dei benefici nel medio-lungo termine a livello economico, di reputazione e vantaggio competitivo. Queste iniziative però si concentrano prevalentemente sul primo anello della supply chain e le società che operano in un mercato globale fanno difficoltà a rispettare le differenti norme giuridiche non compatibili negli Stati in cui è presente la propria value chain. Per risolvere questi problemi la della Commissione Europea il 23/02/2022 ha proposto la direttiva sulla Corporate Sustainability Due Diligence, che impone l’obbligo per le imprese di implementare un processo di due diligence in tutta la value chain per prevenire effetti negativi e potenziali sui diritti umani e sull’ambiente. L’obiettivo dell'elaborato è di analizzare la direttiva di due diligence per comprendere quanto le aziende di oggi siano pronte al monitoraggio di un’intera catena del valore. Il caso studio scelto per lo scopo è quello dell’azienda Fincantieri S.p.A. la quale ha intrapreso da qualche anno un percorso di sostenibilità. Attraverso il confronto fra le azioni in atto dell'azienda e la direttiva, dalla trattazione emerge che la sfida più grande che Fincantieri dovrà affrontare sarà la condivisione delle pratiche già in atto nei livelli più profondi della supply chain. L’approvazione della direttiva, incentivando anche indirettamente le aziende ad operare in ottica di sostenibilità, aiuterà a perseguire l'obiettivo di due diligence in un percorso di crescita e miglioramento con i fornitori

Stato dell'arte delle tecniche lean per la gestione della supply chain

L’idea di focalizzare la tesi sulla supply chain ed in particolare sulle tecniche lean per la sua ottimizzazione deriva dal fatto che si tratta di un nuovo modo di ragionare, di un approccio moderno perfettamente adattabile al contesto socio-economico attuale, teso ad accrescere la flessibilità e l’efficienza dell’impresa attraverso un ripensamento dell’intero flusso di creazione del valore. Verranno analizzate le caratteristiche generali di questo modello organizzativo, per poi addentrarsi nella sua applicazione ed infine i vantaggi e gli eventuali svantaggi che le organizzazioni devono affrontare per implementare operativamente le tecniche lean. L’analisi effettuata nella tesi è strutturata come segue: La parte iniziale del primo capitolo definisce il concetto generale di supply chain sottolineando il contesto di riferimento in cui oggi operano le attività produttive. Vengono poi riportati l’accezione e il valore della supply chain management e le sue problematiche annesse di gestione e controllo. Nella seconda parte del capitolo vengono analizzati e descritti i modelli letterari esistenti utili per descrivere, impostare e classificare una supply chain. Il secondo capitolo, dopo una breve esposizione storica che descrive le origini della metodologia lean production, è orientato alla raccolta delle definizioni e alle loro differenti visioni tratte dal mondo della letteratura. Segue una parte più analitica, dove vengono analizzati in maniera dettagliata gli obiettivi, gli strumenti ed i principi che la filosofia lean prevede. Nel terzo capitolo viene approfondita la VSM, uno degli strumenti di principale importanza secondo le logiche della lean manufacturing. Vengono analizzati gli step necessari per una corretta implementazione, illustrando prima la simbologia internazionale necessaria per una sua comprensione e realizzazione e poi definiti gli step da applicare non solo per una semplice realizzazione, ma per l’ottenimento di una value stream map in ottica lean.

Creazione della supply chain in una startup: il caso Refuel Solutions

L'obiettivo della tesi mira a sviluppare una soluzione per la catena di fornitura di una startup. La tesi inizia con una revisione sistematica della letteratura per definire prima ciò che sono gli acquisti in generale, per poi cercare di definire teoricamente quelle che sono le migliori strategie per una startup da adottare in ambito supply chain. È importante che venga compreso il contesto aziendale dove opera un’impresa prima di progettare una soluzione che potrebbe quindi non rispecchiare a pieno il modello teorico. Viene inoltre fornito un confronto nell'approccio all'ambito tra una startup e un'impresa consolidata con la descrizione del rapporto che può nascere tra le due. Nella seconda parte della tesi viene presentato il caso reale di Refuel Solutions, inizialmente descrivendo l’azienda e il mercato in cui opera, per addentrarsi poi nelle scelte specifiche che sono state fatte per costruire la catena di fornitura e nel racconto dell’esperienza su alcuni codici di acquisto, analizzandoli nello specifico, per concludere infine con quelli che sono gli obiettivi futuri per l’azienda.

Design and management of a supply chain: a joint location-inventory problem under uncertainty (Part A)

In this paper, a joint location-inventory model is proposed that simultaneously optimises strategic supply chain design decisions such as facility location and customer allocation to facilities, and tactical-operational inventory management and production scheduling decisions. All this is analysed in a context of demand uncertainty and supply uncertainty. While demand uncertainty stems from potential fluctuations in customer demands over time, supply-side uncertainty is associated with the risk of “disruption” to which facilities may be subject. The latter is caused by external factors such as natural disasters, strikes, changes of ownership and information technology security incidents. The proposed model is formulated as a non-linear mixed integer programming problem to minimise the expected total cost, which includes four basic cost items: the fixed cost of locating facilities at candidate sites, the cost of transport from facilities to customers, the cost of working inventory, and the cost of safety stock. Next, since the optimisation problem is very complex and the number of evaluable instances is very low, a "matheuristic" solution is presented. This approach has a twofold objective: on the one hand, it considers a larger number of facilities and customers within the network in order to reproduce a supply chain configuration that more closely reflects a real-world context; on the other hand, it serves to generate a starting solution and perform a series of iterations to try to improve it. Thanks to this algorithm, it was possible to obtain a solution characterised by a lower total system cost than that observed for the initial solution. The study concludes with some reflections and the description of possible future insights.

Greening the Lean Supply Chain: il caso Lush Cosmetics

«La salute degli ecosistemi da cui dipendiamo, noi e tutte le altre specie, si sta aggravando più rapidamente che mai; stiamo compromettendo le stesse basi delle economie, della sussistenza, della sicurezza alimentare, della salute e della qualità della vita in tutto il mondo». Così il chimico R. Watson commentava un diffuso rapporto del 2019 delle Nazioni Unite sulla sconvolgente perdita di flora e fauna a livello globale. In questi anni sono stati infiniti gli appelli che citano l’astratto concetto delle «generazioni a venire», eppure, non tutte le aziende stanno agendo come dovrebbero. I rifiuti prodotti sono ancora molti, soprattutto quelli plastici da packaging. Alcune ideologie snelle, come il Lean Thinking, esistono da decenni e sono strettamente legate a quella che oggi chiamiamo Green Manufacturing. Entrambe propongono diversi strumenti per far fronte alla produzione di massa e agli sprechi: questi verranno trattati nella prima parte, e successivamente saranno impiegati, con il supporto del software «openLCA», per verificare il percorso dell’azienda protagonista dell’analisi, ovvero Lush Cosmetics. L’attenzione all’impatto ambientale che i propri prodotti possono provocare lungo l’intero ciclo di vita ha modellato la gestione interna di ciascun processo e, spontaneamente, si riflette sugli attori dell’intera supply chain: così, il comportamento di uno può ugualmente modificare, in questo caso positivamente, il lavoro di molti. Il seguente elaborato pone l’attenzione sulle problematiche migliorabili, proponendo diverse soluzioni alternative rispetto alla gestione attuale, seppur migliore di altre realtà. Infine, si vuole stimolare il consumatore verso una maggior consapevolezza delle conseguenze delle sue azioni, in fase di acquisto prima ed al momento dello smaltimento poi. I provvedimenti normativi, nazionali ed europei, possono funzionare solo se sostenuti da un consumo responsabile e dalla diffusione di una chiara ed efficace educazione ambientale.

Design and management of a supply chain: a joint location-inventory problem under uncertainty (Part B)

In recent years, global supply chains have increasingly suffered from reliability issues due to various external and difficult to-manage events. The following paper aims to build an integrated approach for the design of a Supply Chain under the risk of disruption and demand fluctuation. The study is divided in two parts: a mathematical optimization model, to identify the optimal design and assignments customer-facility, and a discrete-events simulation of the resulting network. The first one describes a model in which plant location decisions are influenced by variables such as distance to customers, investments needed to open plants and centralization phenomena that help contain the risk of demand variability (Risk Pooling). The entire model has been built with a proactive approach to manage the risk of disruptions assigning to each customer two types of open facilities: one that will serve it under normal conditions and a back-up facility, which comes into operation when the main facility has failed. The study is conducted on a relatively small number of instances due to the computational complexity, a matheuristic approach can be found in part A of the paper to evaluate the problem with a larger set of players. Once the network is built, a discrete events Supply Chain simulation (SCS) has been implemented to analyze the stock flow within the facilities warehouses, the actual impact of disruptions and the role of the back-up facilities which suffer a great stress on their inventory due to a large increase in demand caused by the disruptions. Therefore, simulation follows a reactive approach, in which customers are redistributed among facilities according to the interruptions that may occur in the system and to the assignments deriving from the design model. Lastly, the most important results of the study will be reported, analyzing the role of lead time in a reactive approach for the occurrence of disruptions and comparing the two models in terms of costs.