Robeco - Solutions circulaires : Les chaînes d'approvisionnement face à une triple menace (2)

16/11/2022 - source : Patrimoine 24

• Les chaînes d’approvisionnement sont de plus en plus concentrées à l’étranger

• Les crises récentes ont révélé la vulnérabilité des chaînes d’approvisionnement

• Les solutions circulaires permettent de réduire les risques liés à la chaîne d’approvisionnement et de renforcer la sécurité des ressources

candriam 22 06Quand la certitude du changement climatique se conjugue à l’incertitude géopolitique, les risques pesant sur les chaînes d’approvisionnement sont plus élevés que jamais. Les solutions circulaires peuvent aider les entreprises à renforcer la sécurité de leurs ressources, à réduire la complexité de la chaîne d’approvisionnement et à créer une valeur durable à long terme. Explications de Natalie Falkman, gérante de portefeuille chez Robeco. 

  Complexité géographique et dépendance dangereuse

Entreprises, consommateurs et économies ne peuvent pas échapper aux effets des perturbations de la chaîne d’approvisionnement. Les vagues de contamination au Covid-19 continuent de secouer des régions du monde entier et de provoquer des mesures de confinement : des usines sont à l’arrêt, des ports sont bloqués, des flottes de camions sont paralysées et les flux de marchandises se réduisent à l’échelle internationale.

Les pénuries de l’offre soulignent à quel point les chaînes d’approvisionnement de l’industrie manufacturière se sont fragilisées et vulnérabilisées. Elles sont devenues tellement longues, complexes et fragmentées que de nombreux clients en aval n’ont aucune idée des causes profondes à l’origine des goulets d’étranglement et des perturbations. Il arrive souvent que les intrants soient extraits, traités et assemblés en amont par plusieurs fabricants dispersés dans plusieurs pays avant d’être expédiés aux clients en aval. Par exemple, la production d’une cellule photovoltaïque commence par l’extraction de sable de quartz en Chine. Ensuite, des ouvriers dans des usines réparties en Malaisie, au Cambodge, au Vietnam et en Thaïlande se chargent de fondre ce matériau et de le couler en blocs de lingots, puis de découper ces blocs en plaquettes et finalement d’assembler les plaquettes sur des panneaux solaires.

Au cours des vingt dernières années, la puissance manufacturière de la Chine a considérablement augmenté. Elle est désormais le premier exportateur mondial, avec 12 % d’un marché mondial du commerce de marchandises évalué à 28 500 milliards de dollars en 20211,2. S’il est vrai que les consommateurs du monde entier peuvent se procurer davantage de biens et à des prix moins élevés, cela signifie également que l’activité manufacturière mondiale est de plus en plus concentrée entre les mains des fournisseurs chinois et donc dangereusement dépendante d’eux.

En outre, l’accès à des intrants moins chers a permis à l’industrie manufacturière de suivre plus facilement une trajectoire de production linéaire qui commence par l’extraction de ressources vierges et se termine par leur élimination par l’utilisateur final. Non seulement la valeur intégrée dans le produit est perdue, mais de nouvelles filières de production sont créées, qui requièrent davantage encore de matières premières, d’activités de production et de transport. Et c’est ainsi que recommence un nouveau cycle de risques pour l’environnement et la chaîne d’approvisionnement.

Briser la chaîne

Contrairement à la production linéaire, les modèles économiques circulaires reposent sur des cycles de production en boucle fermée. Les produits ne sont pas mis au rebut mais plutôt réintégrés dans les chaînes d’approvisionnement. Par conséquent, la production et le chiffre d’affaires dépendent moins des volumes d’approvisionnement à l’étranger et sont davantage axés sur l’innovation au service de la qualité locale. Autrement dit, il faut concevoir des produits qui sont non seulement construits pour durer, mais qui présentent aussi un avantage concurrentiel.

Les solutions circulaires se présentent sous de nombreuses formes et envergures qui peuvent être adaptées en fonction des caractéristiques et des flux de chaque secteur. La remise à neuf d’équipements permet aux fabricants de remettre en état et de revendre des équipements haut de gamme à des clients appartenant à des segments de marché inférieurs. Les modèles de produits en tant que service (PaaS) consistent à proposer un abonnement à des produits physiques afin que les clients puissent louer un service plutôt que de posséder un produit. Les organisations de fabrication et de réparation (MRO) mettent à la disposition de leurs clients de vastes stocks de petites pièces détachées afin que ceux-ci puissent réparer des machines coûteuses plutôt que de les remplacer.

Un principe est au cœur de chacune de ces solutions : garder les produits en service plus longtemps afin que leur valeur puisse être utilisée pour susciter la satisfaction des clients et générer des revenus pour les entreprises. Qui plus est, le fait de maintenir les produits en service plus longtemps présente l’avantage supplémentaire de dématérialiser les chaînes d’approvisionnement manufacturières et d’en réduire les risques.

Fini le neuf, vive le vieux

Bien qu’il s’agit d’un procédé très basique, certaines des industries les plus sophistiquées du monde utilisent la remise à neuf dans leur cycle de fabrication. Les fabricants d’équipements à semi-conducteurs (SEM) ont l’habitude de démonter, réparer et remettre à neuf les machines de clients haut de gamme pour les utiliser dans des segments de marché moins sophistiqués. Cela leur permet de fournir des technologies de pointe (pensez aux solutions metaverse et aux solutions cloud) tout en continuant à fournir les clients pour des produits d’un niveau de gamme inférieur (voitures particulières et appareils électriques). Un des principaux SEM se vante que, même après 30 ans, 90 % de ses machines sont toujours utilisées dans les usines de fabrication de semi-conducteurs du monde entier3. Grâce à la production circulaire, les SEM se procurent des flux de revenus supplémentaires avec un minimum de matières premières, d’usinage, d’assemblage et de transport, éléments traditionnels des phases de fabrication.

Figure : Réduire la longueur, renforcer la chaîne

Capture décran 2022 11 16 113541

Source : Robeco

Une méthode similaire est de plus en plus employée par les fabricants de produits moins sophistiqués, mais néanmoins technologiquement avancés, dans le domaine de la santé et de la recherche en sciences de la vie. Qu’il s’agisse de scanners IRM pour les diagnostics ou de spectromètres de masse pour la découverte de médicaments, les machines remises à neuf constituent un moyen facile pour les hôpitaux et les laboratoires scientifiques d’atténuer la hausse des coûts sans compromettre les résultats. Le marché mondial des appareils médicaux d’occasion devrait atteindre 10,5 milliards de dollars d’ici 2027 (TCAC de 10,3 %)4. De plus, dans certains secteurs, les marges des lignes de produits circulaires sont supérieures à celles des nouveaux produits et nous constatons que des entreprises leaders du B2B s’engagent désormais à augmenter les revenus qu’elles tirent des produits circulaires5.

Capitaliser sur l’immatériel

Grâce aux capteurs intégrés et aux technologies du cloud, les fabricants utilisant des modèles PaaS peuvent rester numériquement connectés à leurs produits physiques, collecter des données et fournir des services personnalisés comme jamais auparavant. De cette façon, la génération de bénéfices repose, non pas sur la production de volumes plus importants de produits tangibles, mais plutôt sur l’amélioration de la qualité et de la valeur de ceux qui sont déjà en circulation. Qu’il s’agisse de produits banals (ampoules, tapis et pneus) ou complexes (moteurs à réaction, réseaux électriques et éoliennes), les entreprises adoptent le modèle PaaS, créant ainsi des opportunités variées pour les fournisseurs de la vente au détail, du commerce et de l’industrie.

Supermarchés industriels

Parce qu’ils possèdent des stocks massifs couvrant des millions de pièces et un savoir-faire technique qu’ils transmettent via des réseaux denses d’ingénieurs et de techniciens, les MRO sont pour les fabricants industriels de véritables supermarchés où rien ne manque. En cas de panne d’une machine ou d’une pièce, les fabricants peuvent demander à leur MRO de la réparer au lieu de passer une nouvelle commande à un fournisseur implanté dans une région éloignée. En outre, comme les MRO sont présents sur le territoire national et à proximité, les risques en matière d’approvisionnement, de fabrication et de transport liés aux des fournisseurs à l’étranger peuvent être réduits, voire entièrement éliminés. Les MRO spécialisés offrent des opportunités d’investissement variées dans tous les secteurs, qu’il s’agisse des services aux collectivités, de la distribution d’énergie, de la robotique, de l’automatisation industrielle, des matériaux de construction, des produits chimiques ou de l’emballage.

Comme le montrent les exemples ci-dessus, les solutions circulaires sont les mieux adaptées aux secteurs dont les produits ont une marge élevée et des coûts importants de propriété intellectuelle et de R&D. Les opportunités d’investissement sont les plus intéressantes pour nous au niveau du marché B2B. En raison de la rapidité des cycles et de la faiblesse des marges, l’alimentation et la mode n’entrent actuellement pas dans nos critères. Cette situation pourrait changer avec l’évolution des préférences des consommateurs. Les jeunes générations exigent des options d’achat plus souples, davantage de services associés et des processus de production durables (pas d’émission de carbone ni de violation des droits de l’homme). Les chaînes d’approvisionnement circulaires dotées d’une intelligence numérique pourraient aider les entreprises à répondre à cette demande en plein essor. En conséquence, nous pourrions commencer à voir apparaître des produits innovants, même dans le marché de la vente au détail.

Les modèles d’économie circulaire deviennent peu à peu non plus une triple menace, mais tout un arsenal pour combattre les risques multiples et découvrir diverses opportunités.

1 Conférence des Nations Unies sur le commerce et le développement (CNUCED), 2022 2 Bloomberg, « China’s Covid crisis threatens global supply chain, chaos for summer 2022 » (2022). 3 Rapport annuel 2021 d’ASML. 4 i-healthcare Analyst, « Global pre-owned medical devices market », 2022. 5 McKinsey, « Remaking the Industrial Economy », 2014. « Toward the Circular Economy », fondation Ellen MacArthur, rapport annuel2021 de Philips.

 

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Fondé en 1929, Robeco est une société de gestion d'actifs international "pure play" dont le siège social se trouve à Rotterdam, aux Pays-Bas, et qui compte 15 bureaux dans le monde. Leader mondial de l'investissement durable depuis 1995, son intégration unique de la recherche durable ainsi que de la recherche fondamentale et quantitative lui permet d'offrir aux investisseurs institutionnels et privés une sélection étendue de stratégies d'investissement actives, pour un large éventail de classes d'actifs. Au 31 décembre 2021, Robeco avait 200 milliards d'euros d'actifs sous gestion, dont 195 milliards sous intégration ESG. Robeco est une filiale d'ORIX Corporation Europe N.V. De plus amples informations sont disponibles à l'adresse suivante : www.robeco.com/fr

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