صناعة المصاعد والتمويل في زمن عدم اليقين

في الوقت الذي تعيد فيه الشكوك الجيوسياسية تشكيل التكاليف والطلب، لم يعد التنافس في صناعة المصاعد يتحدد فقط بالمبيعات ولكن أيضًا بمدى سرعة تحويل الطلبات إلى نقد.

by Kadriye Gündoğdu

As new installations slow down and modernization and service take center stage, both financing and operational management are becoming key determinants of cash flow in the elevator industry.

صناعة المصاعد والتمويل في زمن عدم اليقين

At a time when geopolitical uncertainties are reshaping costs and demand, competition in the elevator industry is now determined not only by sales but also by how quickly orders are converted into cash. As new installations slow down and modernization and service take center stage, both financing and operational management are becoming key determinants of cash flow in the elevator industry.

As geopolitical uncertainties reshape both costs and demand simultaneously, Turkish elevator companies face a challenge that goes beyond simply selling more units. In such a period, the true arena of competition emerges in how quickly and securely orders can be converted into cash.

Recent developments have sent a significant message to Turkey's industrial sector: it is necessary to reevaluate cost assumptions used in credit sales, project bids, and service agreements. Because as input costs fluctuate, access to financing becomes more difficult, and demand grows more cautious, collections are no longer merely a financial process but have become a fundamental element ensuring the company's survival.

This pressure has been felt directly in the elevator sector as well. On one hand, input costs have risen; on the other, construction decisions have been postponed, and demand for new projects has declined. Thus, cost and demand pressures have been added to the collection problem. Consequently, cash flow has become the sector's top priority.

The modernization segment, in particular, holds significant opportunities for this period. This is because demand for modernization is shaped not by new construction activity, but by the age of the existing installed base, safety requirements, and regulatory compliance. Therefore, viewing modernization merely as an investment choice is insufficient. Modernization should be regarded as a mandatory building requirement in terms of safety, energy savings, and sustainability.

This is precisely why the industry needs to pay closer attention not only to new installations but also to the existing installed base. According to a 2024 article by Elevator World Türkiye examining the Turkish market, modernization sales account for only 2–3 percent of total sales. This ratio indicates that the Turkish market lags behind European markets, where modernization represents a much larger share of revenue. However, while demand for new installations follows construction activity, demand for modernization follows the age of the installed base and the regulatory timeline. When construction stops, the pipeline for modernization does not disappear; it simply becomes more difficult to finance.

At this point, financing once again takes on a central role. Even if demand exists for modernization and services, converting that demand into cash often becomes difficult without an appropriate financing model. From this perspective, financial leasing stands out as a powerful tool for the industry. Offering the product and financing together not only paves the way for sales but also helps protect the customer's cash flow. My experience in the industry since 2012 has shown that this model, when combined with the right organizational structure, makes a significant contribution to cash flow.

However, the issue is not merely about securing financing. As the contraction in the construction sector has shifted the industry's focus from new sales toward the modernization and service segments, it is crucial that modernization projects also be included within the scope of financial leasing. As demand shifts in this direction, financing models must evolve accordingly. Otherwise, while potential remains, the conversion into cash will be slow.

On the modernization front, energy efficiency also presents a significant opportunity. Solutions such as regenerative drive systems can reduce a building's energy consumption by helping to recover braking energy. Such applications transform modernization projects from mere technical upgrades into investments in efficiency and sustainability. This, in turn, makes it possible to reassess modernization from a financing perspective.

This is where green financing becomes a key factor. Standards certifying energy performance, technical reports, and measurable savings data make it easier for financial institutions to support these projects. As a result, modernization becomes a stronger product from both a sales and financing perspective. I believe that collaboration among financial institutions, industry associations, and public authorities in this area will benefit the sector.

Still, financing alone is not sufficient for cash flow management in the sector. As someone who has managed cash flow in the sector for approximately 13 years, I have observed that in companies engaged in project management, coordination between the field, sales, and other departments directly impacts collections. Here, the existence of a structure that manages the process from order to cash—that is, coordinates the "order-to-cash" process—is of great importance.

Today, in many companies in the industry, this function either does not exist at all or is misaligned. Yet this structure should assume a role that manages the process between order and cash—one that is embedded within operations while also being able to closely monitor the process. An organization that can identify issues early, generate solutions, and track the process through to completion directly strengthens collection performance.

In conclusion, to manage cash effectively in the elevator industry, one must start with a "financing + product" business model; then, structure the right operations, manage the process from sales to collections from start to finish, and view the customer not merely as an order but as a source of cash flow. Companies that remain strong during periods of uncertainty are not just those that can sell; they are also those that can collect payments, monitor the process, and manage delays before they even arise. For this reason, cash management should no longer be viewed merely as a financial function but as a fundamental management skill that determines a company's competitive strength.

I hope this article will raise awareness and contribute to the industry, particularly in terms of financing methods and corporate organization. I would also like to thank Elevator World Türkiye magazine and Mr. Turhan Korkmaz for the opportunity to publish this article.