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Bridging the Gap Between the Cash Conversion Cycle and Resource Mobilization
No full textThis report presents a strategic analysis of Matco Foods Limited\u27s (MFL) working capital efficiency, with an emphasis on finding inefficiencies in the company\u27s Cash Conversion Cycle (CCC) and suggesting data-driven improvements to increase liquidity, lower financing costs, and boost operational agility. The primary objectives of the Experiential Learning Project (ELP) was to assess and optimise the Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), and Days Payables Outstanding (DPO) components of the CCC between FY2019 and FY2024. The project identified significant inefficiencies by using trend analysis, goal-based projections, linear regression, and comparative benchmarking against Rafhan Maize. In FY2024, MFL\u27s DIO was 161 days, while Rafhan\u27s was 147 days, indicating that MFL held an excessive amount of inventory. Compared to Rafhan\u27s 122 days, DPO was only 34 days, indicating missed opportunities in supplier negotiations. Additionally, local DSO rose to 22 days, adding to the strained liquidity, even though export DSO improved to 35.5 days. These disparities are linked to a 90% increase in financing costs in FY2024 compared to the previous year, which threatens MFL\u27s competitiveness and financial flexibility. Key findings include the Corn Starch Division\u27s best practices, which reduced its DIO to 85 days, and a reduction in raw material DIO to 91 days, which could be replicated in other divisions. Reducing local DSO to 15 days could release PKR 1.17 billion in cash flow, according to scenario analysis. According to a supplier analysis, packaging vendors currently accept 68-day terms. This suggests that raw material contracts could be renegotiated with the goal of a 62-day DPO by 2029, which would save PKR 1.24 billion annually. Just-in-Time (JIT) procurement, demand forecasting, ABC inventory classification, supplier consolidation, and AP automation are all suggested in the report as ways to accomplish these goals. By combining these interventions, Matco\u27s CCC could be reduced from 161+ days to 30.4 days, surpassing Rafhan\u27s 40.68 days. Overall, this project highlights the importance of stakeholder engagement, technology adoption, and crossfunctional coordination in attaining sustainable liquidity, decreased debt dependency, and enhanced global competitiveness. The ramifications go beyond Matco and show how 4 strategic working capital reforms can strengthen Pakistan\u27s agri-based export sector\u27s resilience and long-term value creation
Shaping Pakistan\u27s Future
No full textSDSB 360 is in conversation with Dr. Ishrat Husain, an influential Pakistani banker, economist, and reformer whose leadership has shaped Pakistan’s financial landscape. From steering the State Bank of Pakistan (1999–2006) to driving educational excellence as Dean of IBA Karachi (2008–2016) and championing institutional reforms as Advisor to the Prime Minister (2018–2022), Dr. Husain’s career is a testament to visionary leadership and a relentless pursuit of progress
CEJ-IBA tackles AI, censorship threat at 10th anniversary
No full textThe Centre for Excellence in Journalism (CEJ) at IBA celebrated its 10th anniversary at IBA’s City Campus, reflecting on a decade of training and innovation in Pakistani journalism. Since its founding in 2015 under a US State Department grant, CEJ has conducted extensive training in digital reporting, data journalism, investigative techniques, and crisis communication. The event featured acknowledgments of CEJ’s founding leadership, video messages from global well-wishers, and two panel discussions on AI in Pakistani newsrooms and censorship threats.
Panelists highlighted challenges such as the lack of AI literacy and policies in newsrooms, the ethical use of AI, and the risk of misinformation. Others emphasized that censorship continues to undermine press freedom, but journalists remain resilient and committed to transparency. The US Consul General in Karachi praised CEJ’s role in shaping future journalists, while CEJ leadership reiterated its mission of building not only skills but also courage in the profession
Operational Expense Amid High Inflation – Soneri Bank ( Organizational Challenge)
No full textSoneri Bank Limited, incorporated on September 28, 1991, is a Pakistani bank with a focus on small and medium-sized entrepreneurs and export financing, operating over 470 branches across the country, including remote areas.
Here\u27s a more detailed look at Soneri Bank\u27s history:
- Incorporation and Early Years
- Expansion and Branch Network
- Focus on SME and Export Financing
- Technology and Innovation
After the introduction of SBL, we will share the comparison between the results of SBL with peer banks and their financial numbers along with trade and advances business. However, our focus will be upon the operational expenses of Soneri Bank which has been increased in past few years and its income is stagnant. After discussing or highlighting the issues related to higher operating expenses in detail, we will suggest some solutions to reduce the operating expenses.
Operating expenses have indeed been a significant management focus for Soneri Bank in recent years. Despite challenges such as high inflation and an ambitious branch expansion strategy, the bank has implemented effective cost control measures to manage these expenses.
Soneri Bank has demonstrated consistent growth in recent years, expanding its branch network and reporting increased profits. However, like many financial institutions in Pakistan, it faces significant challenges, particularly in managing operational expenses.
Initially, the proposal will be discussed with the history of soneri bank limited
Operational Expenses Amid High Inflation
The bank\u27s strategic expansion, including the addition of 101 new branches in 2024, has inevitably led to increased operational costs. Despite implementing prudent cost-control measures, the bank reported a 26.20% rise in non-markup expenses in 2024 compared to the previous year. This increase is largely attributed to the inflationary pressures prevalent in Pakistan\u27s economy. Balancing growth initiatives with effective expense management remains a critical challenge for the bank.
Soneri Bank has been navigating a fine balance between expansion and cost management. The 26.20% rise in non-markup expenses underscores the impact of inflation on operational costs, which is a common challenge for financial institutions in Pakistan.
Despite this, their decision to expand with 101 new branches suggests confidence in future growth. The key challenge will be ensuring that this expansion translates into higher revenues without significantly eroding profitability.
Scope and Focus
This project aims to balance Soneri Bank’s expansion strategy with effective cost management in the face of rising inflation. While the bank has added 101 new branches, operational expenses have increased by 26.20% in 2024. The project will explore strategies to optimize growth while controlling costs, ensuring sustainable profitability.
To address Soneri Bank\u27s rising operational expenses amid high inflation while maintaining growth, a multi-pronged strategy is necessary. Here are some key solutions: Digital Transformation & Cost Optimization Smart Branch Expansion Reducing Energy and Facility Management Costs Staffing Optimization Improving Operational Processes Technology and Innovation Adoption Regulatory Compliance and Risk Management Customer-Centric Approach to Reduce Service-Related Costs Revenue Diversification
Here’s a breakdown of potential objectives for the project: Identify Key Areas of Operational Expense Analyze the Impact of High Inflation Examine the Bank\u27s Response to Rising Costs Impact on Profitability and Financial Health Recommendations for Managing Operational Expenses Forecasting and Planning
In conclusion, our analysis will show that while inflationary pressures are unavoidable, Soneri Bank should implement certain strategies to mitigate its effects, such as streamlining operational processes, adopting technology to increase efficiency, and focusing on cost management measures. Furthermore, the bank must continue to adapt its approach by exploring innovative financial products that align with the changing economic environment
Global Intent, Local Logic: Theorizing Internationalization of Pakistani Business Groups
No full textThis study uses scholarship on business groups and firm internationalization to examine internationalization patterns of Pakistan Business groups. By using qualitative case study methodology, including in-depth interviews with BG owners, senior executives and policy makers the study examines how various context specific factors shape their internationalization trajectories. Deep and embedded influences such as family control, political connections, risk aversion and formal and informal network embeddedness influence global expansion decisions. The study maps Uppsala model on Pakistani BGs and finds that certain mechanisms such as experiential learning and network leverage, remain relevant, others including: gradual market commitment and systematic knowledge acquisition, are either circumvented or exhibit limited applicability. Pakistani BGs predominantly favor low-commitment strategies, such as participation in global value chains (GVCs) and expatriate-driven market entry, while avoiding full-scale brand globalization and overseas production. This mainly happened due to perceived risks, weak institutional support, and a lack of long-term strategic vision. The study provides a framework to illustrate how deficient global market knowledge and weak strategic commitment impede scalability
The Corolla Cross: Future Strategy & Improvements
No full textThe project is a deep dive into Toyota’s latest launch in the Hybrid Electric Vehicle (HEV) market, the Corolla Cross. The Cross is a line extension of Toyota’s legacy brand Corolla - which has been part of the Pakistan automotive industry for decades. The Cross marks Toyota’s entry to the HEV market space at a very opportune time – where government has released policies conducive to the use of electric vehicles and demand for fuel efficient and sustainable transport continues to rise. The hybrid SUV segment has aspirational demand and is also looked at from its status appeal perspective in Pakistan. However, despite being one of the strongest automobile players in the country, Toyota is experiencing challenges in capturing market share. The report primarily aims to understand the factors that hinder Corolla Cross’s success and gives strategic recommendations on actions the company can take to build long term brand equity. The report sheds light on the overall automobile industry globally and in Pakistan, followed by a thorough literature review from sources across the world on the adoption of HEV technology and its benefits. The research methodology focuses on both quantitative and qualitative factors – where qualitative information is obtained through in-depth interviews, market feedback through websites like PakWheels. These sources are used to understand customer psychographics and behaviour. Quantitative research includes the use of regression analysis and Anova which is interpreted in conjunction with the qualitative analysis. The analytical frameworks also include models like SWOT, competitor benchmarking and thematic analysis of customer perceptions. A detailed overview of major competitors in this segment and comparison in terms of features and pricing is conducted to understand how the market is evolving especially with players coming up with innovative features and technology like the Haval H6 and BYD Atto 3.
Results and analysis of qualitative and quantitative research is discussed and in light of the insights from multiple data sources, the project team has highlighted strategic recommendations for the Cross in terms of product, pricing and marketing strategy. Toyota must plan ahead to introduce more high-tech features in Cross to keep with market trends and competitors as well as improve its value proposition. Alternatively, pricing can be adjusted, however Toyota must be careful in not losing brand equity that it aims to build. Marketing strategy recommendations focus on leveraging the brand equity of the Corolla series and targeting high income professionals and building an emotional connect. High visibility through displays in malls and exhibitions will support customer awareness and test drives must be increased to allow consumers to experience the product and also support in clearing customer queries. While the launch of Corolla Cross comes at a strategically important time where focus on HEVs is rising, the entry of multiple competitors means that consumer variety is increased and both pricing and specifications must be adequately matched to build value for consumer
Enhancing the SBP’s set of monetary policy instruments: standard versus non-standard policies
No full textIn fulfilment of its mandate, i.e., in maintaining price stability (defined as an inflation rate of 5% to 7% p.a.), the State Bank of Pakistan (SBP) implements various standard monetary policy instruments. The efficiency of the SBP’s monetary policy depends on the functioning of the respective transmission channels, e.g., the credit channel, interest rate channel, exchange rate channel and money supply channel etc. As experience from the 2008-2009 Global Financial Crisis (GFC) illustrates, however, the proper functioning of these transmission channels might be flawed. Among the potential reasons are demand and supply side considerations. Even more notably, perhaps is the so-called liquidity trap, i.e., a situation in which (nominal) main refinancing rates have reached the zero lower bound (ZLB) without any measurable impact on financial markets and the real economy. Further, time lags of c. 6 to 8 months limit a monetary policy’s efficiency. Even though this is not the case at the time of writing, the (efficiency of one or more) transmission channels of monetary policy might encounter shortcomings in Pakistan, too. These could arise from the economy entering into a deflationary period, for example. In an attempt to provide a blueprint for a potential reaction to any such (admittedly, currently less likely) future developments, this research identifies and examines nonstandard monetary policy instruments designed to maintain price stability in any such scenario. Based on a thorough revision of the existing literature, the first step comprises an organized approach for controlling inflation by analyzing global best practices in relation to nonstandard monetary policy such as that of the Federal Reserve System (FED), the Bank of England (BoE), the Reserve Bank of New Zealand (RBNZ), the Bank of Japan (BoJ) and the European Central Bank (ECB). Nonstandard monetary policy instruments like Quantitative Easing (QE) via asset purchase programs (APP), and Forward Guidance are presented as a possible solution to maintaining price stability during a period of crisis i.e., deflation (or disinflation). The findings of this research provide a plausible strategy for controlling inflation by means of identified nonstandard monetary policy instruments and will act as a roadmap for policymakers once a standard monetary policy no longer functions properly during a deflationary (or disinflationary) period when actual inflation falls below target inflation in Pakistan
Establishing a Maturity Framework and Roadmap: A Pakistani Conglomerate’s Procurement Function
No full textThis report presents a structured approach to assessing and enhancing the maturity of Company’s Procurement Function (PF), established in 2021 to consolidate procurement operations across its diversified subsidiaries. Despite initial successes in centralizing around 60% of spend, PF lacked a unified framework to evaluate its maturity, align stakeholder expectations, and strategically guide its evolution.
To address this gap, comprehensive diagnostic was conducted, beginning with a contextual understanding of Company’s procurement landscape, followed by benchmarking six global procurement maturity models. The Foreign Conglomerate Procurement Maturity Model was selected for adaptation, given its practical relevance to Company’s multi-entity, capital-intensive environment.
Using stakeholder interviews, focus groups, and internal documentation, PF’s maturity was assessed across six dimensions: Strategy & Organization, Category & Contract Management, Supplier Management, Source-to-Contract Processes, Information & Performance Management, and Talent Development. The assessment revealed that PF currently operates between the Awareness and Understanding phases, with an overall average maturity score of 1.2 (on a 0–4 scale). Key gaps include limited automation, fragmented supplier oversight, and inconsistent governance practices.Based on this diagnostic, the team developed a 3-year transformation roadmap comprising 20+ targeted initiatives grouped under five strategic themes: Process Excellence & Governance, Technology Empowerment, Stakeholder Management, Strategic Partnerships, and Talent Development. Notable initiatives include procure-to-pay lifecycle automation, unified supplier performance frameworks, procurement data lakes, competency-based training programs, and localized sourcing strategies. Implementation challenges—such as digital readiness disparities and change resistance—were acknowledged, with recommendations for phased rollouts, change champions, and continuous performance monitoring to ensure sustained progress.
Ultimately, the study provides Company PF with a tailored, actionable maturity roadmap rooted in both global best practices and local organizational realities, positioning it as a strategic enabler of value, resilience, and operational excellence across the Company group
Does the country\u27s tariff policy require a bold rethink?
No full textThe notification of Pakistan’s National Tariff Policy (NTP) 2025–2030 has reignited debate on whether the country should maintain protectionist measures or move toward a more open, competitive trade regime. Current policies, characterized by high tariffs, low productivity, and dependence on government support, have contributed to inefficiency, anti-export bias, and recurring balance-of-payments crises. Historical perspectives, from Raul Prebisch’s infant industry argument to Bela Balassa’s critique of overvalued currencies and high tariffs, highlight the pitfalls of excessive protection and the importance of selective, strategic industrial policy.
The authors argue that Pakistan must overhaul its trade strategy to foster competition, innovation, and economic dynamism. Drawing lessons from Southeast Asian export-oriented economies like Thailand and Vietnam, the paper emphasizes the benefits of reducing tariffs, abolishing restrictive local content requirements, and integrating regionally to stimulate growth. By moving toward outward-looking policies, rationalizing tariffs, and promoting market-driven industrialisation, Pakistan can improve productivity, enhance export performance, and create a more sustainable economic trajectory
Harnessing Networks for Inclusive Entrepreneurship: Motivation and Intentions as Drivers of Success for People with Disabilities
No full textSeveral studies have unveiled that Networks positively affect performance and success at work and in businesses. However, the literature has overlooked the critical gap in the current understanding of the entrepreneurial experiences of People with Disabilities (PwDs). This study hypothesizes that Networks directly and indirectly lead to entrepreneurial success/performance through intention. The moderating role of motivation in the entrepreneurial intention link is also examined in this study. Data for the proposed relationships was collected from PwDs for almost a year. The findings provide invaluable insights for practitioners and policymakers, emphasizing the need to leverage social networks to empower disabled entrepreneurs and contribute to inclusive entrepreneurship