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Business English Exercises
 

Financial Supply Chain Management

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 301
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According to Ray Moore of HSBC, the efficient management of information across the financial supply chain (FSC) is a critical enabler in getting goods to market early and at the lowest cost.

Correct answer: (c) enabler

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As international supply chains become longer and more complex, the risks and costs inherent with fulfilment continue to increase.

Correct answer: (c) inherent

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The focus of many supply chain management initiatives to date has been the physical processes and logistics costs that are easier to track, but this focus is increasingly shifting towards FSCs and the less visible costs hidden in payments, risk management and working capital management processes that are equally important.

Correct answer: (d) visible

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Banks are under increasing pressure to demonstrate how core competences can be better applied to improving the efficiency of the FSC: this can be defined as the 'purchase-to-pay' process from the buyer perspective.

Correct answer: (b) perspective

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In order to meet the challenge, banks are re-invigorating traditional trade services and developing new solutions to meet a constantly evolving trade environment and rising customer expectations about what banks can do for them.

Correct answer: (d) invigorating

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Most large buyer organisations either source from low cost countries or have established managed services or production facilities that take advantage of lower labour and operating costs, and the pressure to source from these countries and source direct to eliminate expensive trading intermediaries continues to mount.

Correct answer: (d) mount

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The initial euphoria about vastly reduced unit costs has, however, been tempered in recent years, as corporates take a more sophisticated approach to the calculation of total fulfilment cost, which includes all logistics, working capital and finance related costs involved within its supply chain.

Correct answer: (b) euphoria

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The adversarial approach — often the characteristic of an aggressive buyer — is being replaced with the realisation that there are greater business benefits associated with working more collaboratively with suppliers to help them improve efficiencies and reduce their costs.

Correct answer: (a) adversarial

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The focus for many organisations has been streamlining and automating the physical supply chain in order to reduce costs; for best practice organisations, the reduction of 1-2% of total costs of fulfilment is critical to keeping a competitive edge.

Correct answer: (b) best

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However, as physical supply chains are optimised, savings become harder to realise; this is when the focus shifts to FSC opportunities; the quantum leap to streamlining the FSC, where organisations could save 2-3% plus potential savings by taking paper out of the system, is now being taken by many corporates.

Correct answer: (c) leap

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