Removing Supply Chain Costs. Elemica Road Show May 13, 2009
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1 Removing Supply Chain Costs Elemica Road Show May 13, 2009
2 Today s Discussion Industry Trends and Supply Chain Spend E-Procurement Observations and Perspectives Improving Your Suppliers Supply Chain Slide 2
3 Industry Trends and Spend
4 Today s Chemical Industry Drivers Macro-Economic Environment Growth rate equivalent to GDP growth Fragmented market; continued M&A Margin performance now critical to equity markets High energy and feedstock costs Increasing Government Regulations REACH Green initiatives Sarbannes Oxley EHS Compliance FDA 21 CFR part 11 Increased chemical trade and security regulations Cost Cash Credit Capital Customers Complexity in Customer Environment Customers getting more control of pricing Growing list of customer demands Dependency on a few large customers Channel strategies rethink Internal pressures and competitive threats Increased cost of doing business in US and Western Europe Consolidation and rationalization Middle East advantages for feedstock Talent management Emerging markets factor and falling trade barriers Slide 4
5 Key Industry Metrics The top ten chemical companies (excluding pharmaceuticals) account for only 16% of the total market - well below other industries. Key measures R&D spend is about 5% of sales IT spend is about 1.7 to 1.8% SGA averages around 7-9% for Basic Chemicals and low teens for Specialty chemicals Source : Mckinsey Industry EBITDA averages around 8-12% with most of the group clustered around 9% Operating rates varies by product line but the industry has averaged around 80% during the past 5 years (less than 65% for most industries in Q4, 2008) Source : Morning Star ( avg profitability of top 10 companies in each sector) Cost of Goods Sold (COGS) on average is 78% of revenue and is a critical factor to the success of a chemical enterprise requiring Best In Class procurement practices Source : Chemical Week, Gartner IT metrics, BearingPoint client experience Slide 5
6 Industry Overview - Chemicals Dashboard Slide 6
7 Intra-Industry Raw Material Spend The Chemical Industry s Intra-Industry Chemical Sales Represents a Significant Opportunity for E-Procurement Initiatives Slide 7
8 E-Procurement Observations and Perspectives
9 Typical E-Procurement Initiatives Chemical companies are investing in E-Procurement process improvements and are achieving significant benefits by enabling capabilities to meet business challenges by: Reducing overall product delivery cycle time Reducing transaction costs through electronic messaging Reducing material cost, expediting costs and overhead Improving product quality and reliability Providing significant sourcing flexibility and metrics Developing valued sourcing partnerships Improving material inventory input Improving cash management Improving the productivity, speed and accuracy of procurement and payables transactions Slide 9
10 Selected Procurement and Sourcing Benchmarks It is important to understand not only where the opportunities for improvement exist, but also how to close these gaps to deliver increased business value Metric Total cost of the procurement cycle per purchase order Bottom Performance Median Top Performance Your Company $ 674 $ 183 $ 29? Total number of purchase orders processed per procurement FTE Total purchase value (spend) per procurement FTE ,188? $2,337 $10,647 $24,351? % of total value of goods and services purchased from top ten suppliers Annual raw material inventory turn rate 25.2% 70.0% 81.2%? ? Source: APQC Benchmarking Study 2005 Slide 10
11 E-Procurement Initiatives Best In Class Companies Are Achieving Financial Results By Investing in E-Procurement Initiatives Slide 11
12 E-Procurement Performance Metrics Business Process Improvement in E-Procurement Metrics Can Drive Such KPIs as Working Capital, Cash and Costs Slide 12
13 Representative Procurement Maturity Model Core Processes Spend Analysis Levels of Strategic Sourcing Competency Basic (I) Analytical (II) Integrated (III) World Class (IV) Completed on an as needed basis at business units Manual extraction at hilevel Non-standard analyses Limited enterprise view Static analyses with limited data cleansing Minimal view of unit pricing Enterprise view in real time Excludes certain types of spend (Travel, HR, Legal) Limited view of unit pricing Complete enterprise view Access to all spend categories, suppliers, data Highly automated Strategic Sourcing Aggregated commodity spend at business units Manual bidding processes Limited knowledge of local supply markets Aggregated spend across limited business units Limited use of e-sourcing tools Knowledge of regional supply markets Fully aggregated spend by category across enterprise Most events use e-sourcing tools Global knowledge of supply Center-led sourcing strategy & business unit coordination Integrated sourcing tools Cross functional commodity teams Transaction Execution Procurement, e-sourcing and financial systems not integrated Integrated procurement, but limited use of e- sourcing Expanded use of e-sourcing tools, with ERP system integration Fully integrated e-sourcing and procurement platform Exception management Organization Compliance Minimal stakeholder input No measurement or requirements for compliance Limited stakeholder input Periodic results measurement Moderate incentives provided Enterprise visibility into levels of compliance by commodity Budgets adjusted for savings Key stakeholder input Goals & incentives aligned Enterprise access to information Supplier Relationship Management No consistent supplier metrics are measured Limited performance management by end users Under-performing suppliers are not addressed in a timely manner Limited supplier score carding Supplier performance and recovery is responsibility of purchasing manager Limited sharing of supplier performance across enterprise Internal scorecards used, but limited supplier sharing Action plans developed and implemented for underperforming suppliers Supplier management is involves multiple departments Tiered supplier relationships Jointly developed and shared performance metrics Action plans developed and implemented supplier performance improvement Slide 13
14 Improving Your Suppliers Supply Chain
15 NAFTA Chemical Industry Supply Chain The NAFTA Chemical Industry Spends An Estimated $73 Billion on Supply Chain Management Avg. Improvement Potential in Chemical Industry: 4.6 Percentage Points Source: PRTM Supply Chain Benchmarking Study Slide 15
16 How Can Procurement Help Improve The Chemical Industry Supply Chain? Typical Chemical Industry Sales and Operating Planning Process (S&OP) Slide 16
17 How Can Procurement Help Improve The Chemical Industry Supply Chain? Through Collaboration and Providing Better Demand Information, Your Suppliers Can Better Respond to Your Needs, Reduce System-Wide Costs and Working Capital Slide 17
18 What Can Procurement Do? Automate Your Procure to Pay Process Companies can improve inventory management and supplier performance through electronic messaging at the time of the supply planning process using a Demand Forecast message Companies can automate the goods receipt process and utilize electronic funds transfer as part of the Accounts Payable process Slide 18
19 Procurement Improvements Drive Financial Benefits on Many Levels Financial Performance Business Process/Systems Improvement Potential Value Sales Sales increase by providing high material availability and fully leveraging suppliers in the product development process Increase in Revenue COGS Well developed and executed sourcing strategies along with collaborative processes and systems will reduce material costs. 2% - 30% Reduction Income Statement SG&A In the area of indirect purchases, decrease process and material/service costs 2% - 8% Reduction Shareholder Value Market Intangibles Tax Inventory Reduce taxes, duties & tariffs with a global e-procurement system Inventory reduction through improved material planning and lead time reduction techniques with suppliers Highly variable Raw material reduction of 5% 50% Balance Sheet Accounts Receivable Fixed Assets Improved material availability can result in complete shipment to customers Greater reliance upon suppliers can reduce the need for fixed assets 10 days per delivery problem Highly variable All Purchasing value opportunities in areas of revenue, direct and indirect cost, inventory, and logistics management should be examined for process automation Slide 19
20 Summary Chemical Companies Have Significant E-Procurement Opportunities For Business Process Improvement To Address: Reducing Working Capital Reducing Inventories Lowering System-Wide Costs Improving Cash Flow Elemica s Messaging Capabilities Can Enable E-Procurement, Demand Management and No-Touch Orders Throughout the Chemical Supply Chain Greater Supplier/ Buyer Benefits Can Be Realized Through a Collaborative Based Approach (VMI, Demand Forecasting, Replenishment, Visibility Tools and Data Integration) Slide 20
21 For More Information. Garrett Gee Managing Director Energy Practice T M F Radnor, PA USA Garrett.Gee@bearingpoint.com Slide 21
22
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