Impacts of supply chain management on company value: benchmarking companies from the fast moving consumer goods industry

摘要

The research question addressed is to which extent supply chain management (SCM) creates value from cost and working capital. The paper provides an empirical evaluation including insights on important criteria for value creation. In a secondary data analysis, 10 leading fast moving consumer goods (FMCG) companies are bench-marked regarding the value created from cost of goods sold (COGS) and working capital within the time horizon 2003-2008. The study applies benchmarking methodology and a discounted cash flow (DCF) based model for quantifying value contributions. It is shown that SCM is realized in a value-adding way with different emphasis on COGS or working capital. Monetarily working capital components (trade payables, trade receivables) have a high relevance for value creation. Continuous improvements and long lasting developments of value drivers are more appropriate for value creation than alternating improvements and deteriorations. Timing aspects of value driver developments have to be considered for value creation. The value of the paper stems from empirical comparison of value created by working capital and COGS and from evidence of important criteria for value creation. Further analysis based on cost components as well as benchmarking with different or extended content, such as fixed asset performance or cross-industry benchmarking, leave room for future research.