罗兰贝格：增长的现金流

AmsterdamBarcelonaBeijingBerlinBrusselsBucharestBudapestBuenosAiresDetroitDüsseldorfFrankfurtHamburgKievLisbonLondonMadridMilanMoscowMunichNewYorkParisPragueRigaRomeSanFranciscoSantiagodeChileSãoPauloShanghaiStuttgartTokyoViennaWarsawZagrebZurich©RolandBergerStrategyConsultants2004AllrightsreservedCashforgrowth40019013080210PerformancegapResourceandassetbaseInventoriesReceivables/payablesCashpotential0.1–0.30.7–0.90.5–0.6TheoperationalassetperformancestudywasdesignedjointlywithProf.LarryWeissofHEC,UniversityofLausanne.Itcoveredmorethan200Europeanindustrialcompaniesfrom19industriesinsevenindustryclusters:automotive,chemicals&oil,consumergoods&retail,engineeredproducts&hightech,telecom&IT,pharmaceuticals&medicaldevices,utilities.BasedonpubliclyavailablecompanyinformationaswellasinputfromRolandBergerexperts,thestudyfocusedonthosepartsofthecapitalemployedthatarecloselylinkedwithoperationalprocessesandpractices.Weadjustedthetraditionaldefinitionofcapitalemployedbyexcludingnon-operationalbalancesheetitemslikegoodwill,financialandintangibleassets.ThecompaniesanalyzedinourstudyrepresentaboutEUR1,500billioninoperatingcapitalwithsalesofaboutEUR3,000billion–orroughlyonethirdofWesternEurope'sGDP.Theaveragecashrealizationpotentialcorrespondsto18percentofthetotaloperatingcapitalemployedinthecompaniessurveyed.Thesefindingsapplytovirtuallyallindustrygroupsobserved(seechartabove).ClosingtheentiregapwouldleadtoanaverageincreaseinoperatingROCEofalmost20percent.Threeareasareparticularlyinterestingwhenanalyzingcorporatebalancesheetsforpossibleoperationalmeasures:InventoriesReceivablesandpayablesNetfixedassetsWeusedacombinationofourcomprehensiveindustryexpertiseandbenchmarkstodeterminetheimprovementpotentialineachofthethreeareasforthecompaniessurveyed.However,ratherthancomparingthemagainstanindividualoptimum,weusedthe25thpercentileineachindustrysampleasthekeyparameterforcomparison.Byfurthereliminatingindividualextremes,wederivedacomparablesampleforeachindustry.Finally,basedoninputfromourindustryexpertsandourclientbase,weconsideredindustry-specificboundariesthatwouldeitherallowforamoreaggressiveormoreconservativesettingofthedifferentimprovementlevers.Thesefactorswerethenappliedtotheinitialquantitativeresultsofthesurvey.ThefinalresultwasoverallpotentialofEUR400billion.administrationandservices),ourholisticcostapproach(includingtotalcosttoserveandinnovate)andourexperienceincoordinatingcomplexinterfaces.InshortThereistremendouspotential.Aquickstartwillenablecompaniestofullybenefitfromtheupcomingrecovery.Analyzethecompany'sperformancegapcarefullyUnderstandthekeydriversbehindthegapCompareoperatingmodelsagainstleading-edgepracticesinandespeciallyoutsidetheindustryPreparetoadjustthebusinessmodelbydesigningleading-edgeoperatingmodelsOptimizecashgenerationtomanagethetrade-offbetweenspeedandrealizationrateForfurtherinformatione-mail:[e-mail]'stotalcashpotential?Howmuchofitcanbeexploitedatshortnotice?Wherearehiddenreserves?Analyzingfinancialstatementswithinternalperformanceindicatorsisnotenough.Companiesneedobjectivebenchmarkstoassesstheirtotalcashpotentialandestimatetheprospectsforimplementation.TheRBSCCashforGrowthNavigatorhelpscompaniesidentifyandtapintointernalsourcesoffinance.Ourapproach:Comparethecashprofile(accordingtotherelevantitemsinyourfinancialstatements)againstleadingcompaniesintherelevantindustryorsegment.Thisexcellencecheckwillproduceaninitialestimateofthegappotential.Basedonaprocesscheck,wewillalsotakeacloselookatthequalityoftherelevantoperatingprocesses.Thishighlightstheboundariesandconditionsrequiredtorealizethepotential,andshowswhatchangesneedtobeinitiated.RolandBergerStrategyConsultantsisanexpertinimplementingtherequiredchangeprocesses.Wehelpcreateavalidinformationbasis,fundamentallyredesignoperatingmodels,realigninternalprocessesandoptimizesupplierandcustomerinterfaces.Clientsalsobenefitfromourexpertiseinenterprisefootprintoptimization(includingmanufacturing,engineering,PaymenttermsCashopportunitiesOpportunityHighLowLowHighEaseofimple-men-tationProcesscheckCashcheckOperatingcashprofileBenchmarkDOS:Paymentterms:Inventorydays:RMFG/WIPAssetturnover:Assetbase:542210461.739%DOS:Paymentterms:Inventorydays:RMFG/WIPAssetturnover:Assetbase:464210452.331%ExcellencecheckDOS:Paymentterms:Inventorydays:RMWIPFGAssetbase:ProcesscheckSCplanningWarehousingVMISuppliermgt.Suppliercoll.F&AxxDOSAssetbaseRolandBerger'sCashforGrowthNavigatorsupportsplansforconcreteactionsCashforGrowthNavigator–exampleTounleashhiddenpotential,fundamentalchangeisessentialCashrealizationpotential[EURbn]Dr.UlrichSpiesshoferDr.MatthiasL.HeilmannChristianZeunertHowtounleashhiddenpotentialinyourcompanyOperationalassetperformance:TheRBSCstudyapproachCashforGrowthNavigator:NewRBSCtoolhelpscompaniesunlocktheirreservesAperiodoffreshgrowthisonEurope'shorizon.Atlonglast,theeconomyisontheupswingagain.Companiesarebusydevisingthenextwaveofgrowthstrategiesandseekingnewopportunities.Growthmeansadditionalvaluecreation–butitalsorequiresinvestment.