The Global Economy Is Driving Companies to Optimize the Financial Aspects of Their Supply Chain – JPMorgan Chase Executive Explains Why
Money left on the table, working capital impacts, and global complexity are just some of the forces Tod Burwell, vice president and global head of logistics for JPMorgan Chase, discussed with international business leaders during the monthly roundtable program for TARGET—To Aim and Realize Global Expansion Together.
Citing cases where $1 billion in fines and penalties were levied against U.S. companies for trade violations in the year 2000 alone, $3 billion in duty refunds are left unclaimed each year by U.S. importers, and up to 25 percent of a global firm’s inventory is being held as buffer stock because of the uncertainty about when products will cross international borders, Burwell grabbed the attention of roundtable members.
In order to maximize their value from end-to-end in the marketplace, Burwell discussed how companies must link their financial supply chain with their physical supply chain. He stressed the importance of constantly evaluating and optimizing business processes in the face of tough international competition—and international business opportunities.
Pointing to how the physical and financial supply chains are further integrating, Burwel discussed the recent JPMorgan Chase acquisition of Vastera, an international trade management and logistics consulting, software, and services firm, while UPS, the global logistic services company, has been the owner of banking services for a number of years.
To become a member of the Raj Soin College of Business’ TARGET program, please link to http://www.docp.wright.edu/intbus/IBNews.html. Roundtable members meet the third Friday of the month in downtown Dayton at the Kettering Center and explore international business challenges and opportunities in an informal and collaborative setting. Contact Monica M. Snow, director, (937) 775-2151 for additional information.
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Nick Ruszkowski, corporate relations manager, Fifth Third Bank and Raj Soin College of Business master's student, interacts with Mark Douglas, vice president, Fifth Third Bank at January's roundtable.
| Sam Sked, director of sales for Kurz-Kasch, discusses business ideas with other international roundtable members.
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Tim McCormick, president, Global Gauge, participates in the discussion on international trade management and working capital, along with George Kimmel, VP and general manager, and Mike Bodette, logistics and operations manager for American Cutting Edge.
| Tod R. Burwell, vice president and global head of logistics for JPMorgan Chase, presents ways for businesses to combine their financial and physical supply chains to enhance their working capital.
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