FP&A Today FP&A Vs Finance Business Partners – Tunc Tezel, VP Group FP&A at Ontex
Jan 23, 2024
Tunc Tezel, VP Group FP&A at Ontex, shares his experiences managing FP&A during economic crises, the shift to private label manufacturing, coping with the pandemic, and the challenges of data in FP&A work. He also discusses the role of FP&A in supporting ESG, the importance of storytelling in finance, and using technology in the finance industry.
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Surviving Turkey's 2001 Crisis
- Tunc Tezel experienced the 2001 Turkish economic crisis with overnight interest rates at 3000% and a 60% currency devaluation.
- His company adapted rapidly with crisis teams, daily price changes, and cash payment demands to survive.
Crisis Management Advice
- Stay calm and be agile during economic upheaval; panic worsens the situation.
- Remember the mantra: sales is vanity, profit is sanity, and cash is reality.
Key to Private Label Success
- Private label manufacturing focuses on product quality rather than brand recognition.
- Success depends on agility, cost-effective production, innovation, and excellent retailer partnerships.