So Many M&A Deals Fail Because Companies Overlook This Simple Strategy
|
|
- Theresa Paul
- 5 years ago
- Views:
Transcription
1 MERGERS & ACQUISITIONS So Many M&A Deals Fail Because Companies Overlook This Simple Strategy by Alan Lewis and Dan McKone MAY 10, 2016
2 We have all seen or heard of high-profile cases where M&A deals didn t work out. AOL Time Warner, HP-Compaq, Quaker-Snapple these are just some of the big ones. An analysis of 2,500 such deals by our firm shows that more than 60% of them destroy shareholder value. Perhaps such deals should come with an official warning: Acquisitions can result in serious damage to your corporate health, up to and including death. And yet even in light of such daunting data, many corporate leaders feel compelled to pursue growth through M&A, figuring the risks of inaction are just as high. After all, if acquisitions pay off they can provide a transformational antidote to a slowing core market and declining margins. As our research has shown us, the core of the problem is not the high number of M&A deals in itself, but rather that too many executives bring insufficient discipline to the evaluation process that fuels these deals as a result, they often get deals wrong. For instance, despite the importance of accurately identifying and calculating company synergies, diligence work frequently results in an overly optimistic view of the revenue synergy opportunity. Often the weakest assumptions involve estimates of how much additional revenue the companies can generate when combined. This, in turn, leads bidders to overpay. Our experience with many global companies across industries and sectors has revealed a framework for pursuing growth through acquisition that lowers risks and helps beat the odds. As we ve written previously, the best path to accelerated growth with limited risk often comes from creating new products and services that leverage a company s existing resources, customers, and capabilities. In the course of research for our book, we ve found that this approach also provides an ideal methodology for
3 leaders to identify which M&A deals are most likely to pay off a disciplined approach that acts as a kind of lens for effectively distinguishing gold from iron pyrite in assessing potential company synergies. Helping customers complete their journey An example of a stunningly successful merger was Procter & Gamble s 2005 acquisition of Gillette. While some cost synergies were realized, the real payoff came because each company independently recognized that it had the permission to expand what it was offering to its core customers and that the capabilities to deliver on this potential resided in the other company. Gillette dominated the men s shaving market with its Mach series of razors. P&G was able to combine Mach blade technology with its women s skin care expertise to market women s shaving products under the Gillette Venus brand. Gillette introduced new shave lotions, deodorants, and shower gels for men using P&G s soap, lotion, and antiperspirant technology and expertise. These acquisition synergies worked because they leverage what we call a journey edge a place where current offerings can be expanded in subtle but logical ways along the fuzzy demarcation between existing product definition and customer receptivity. In accessing this type of opportunity, there is the challenge, What permission would customers give us to extend our role in helping them to achieve their ultimate mission? Gillette felt it had permission from its razor customers to offer them a bit more to support their ultimate mission of getting a great shave.
4 Contrast this with another well-known deal: When ebay bought Skype, ebay executives implicitly thought that video chat belonged somewhere on the journey their customers experienced, and that ebay would be granted permission to offer this extension to its core offering. The reality was that most customers didn t see a need for video chat to conduct online auctions, and if they did, they didn t feel they needed ebay to provide it for them. In part, the deal failed because the combination wasn t welcomed as a way to better complete an important customer journey. By more rigorously mapping the journey and testing the premise of customer permissions, ebay might have seen that the cross-selling synergy was not as robust as thought. Testing where else your foundational assets will work Edge mindset and discipline can also increase the likelihood of a merger paying off by capitalizing on latent capabilities or underutilized assets of the combining companies. This is the discipline behind what we term enterprise edges, where we ask, Who besides a competitor would pay to access my assets? This thinking helps identify new revenue streams for a business by challenging where else assets that have been assembled to serve our core business could be utilized. To test this framework in the M&A context, we ask, In the absence of a deal, would the acquiree pay for access to my assets? This relatively simple approach is actually a powerful tool to help confirm or deny the potential for synergies. The rationale for this approach is highlighted when you compare, for example, the different approaches to M&A employed by a number of legacy pharmaceutical companies and by some relatively newer players in the biotechnology industry.
5 We have all seen big pharma deals in which companies were eager to find large sources of revenue growth to fill their pipelines and to meet ongoing shareholder expectations, making major acquisitions in order to access blockbuster ($1 billion or more) drugs developed by other companies. However, this approach to seeking growth often saddled these companies with unwieldy portfolios of additional assets, many of which had to be unloaded at discounts to the original premiums paid (in other words, technologies they didn t have the expertise to cultivate and markets they didn t fully know how to commercialize). By contrast, some of the key players in biotech (Biogen Idec, Amgen, Genentech) have tended to take a more disciplined approach. For example, Gilead grew from a tiny startup developing H.I.V. therapy to a major drug company with $30 billion in annual revenue by successfully deploying what we would call an edge strategy approach to M&A. It was propelled by a series of disciplined acquisitions, mainly of companies with drugs for other infectious diseases, such as Hepatitis B and Hepatitis C. In other words, Gilead capitalized on a key foundational asset its deep expertise in developing and marketing an antiviral franchise and used this to pressure-test where else this capability could be put to work. While one can t make a specific claim of causation related to these approaches, we believe it has helped lead to Gilead s strong performance over the past 15 years, which significantly outpaced the broader Pharma index, and that it has played a part in the biotech sector s remarkable growth over the same period.
6 Ultimately, the key is discipline. By rigorously and relentlessly asking two questions How will the deal help our customers to complete their journey? and How is the deal using our foundational assets to create value in a different context? an edge strategy approach to M&A can mitigate the risks of an inherently risky business. Alan Lewis is a managing director and partner in L.E.K. Consulting s Boston office. He is coauthor of Edge Strategy: A New Mindset for Profitable Growth (HBR Press 2016). Dan McKone is a managing director and partner at L.E.K. Consulting and a member of L.E.K. s Global Leadership Team. He is coauthor of Edge Strategy: A New Mindset for Profitable Growth (HBR Press 2016). This article is about MERGERS & ACQUISITIONS FOLLOW THIS TOPIC Related Topics: STRATEGY CUSTOMERS Comments Leave a Comment P O S T
7 8 COMMENTS olga taylor 3 months ago Good article REPLY 0 0 JOIN THE CONVERSATION POSTING GUIDELINES We hope the conversations that take place on HBR.org will be energetic, constructive, and thought-provoking. To comment, readers must sign in or register. And to ensure the quality of the discussion, our moderating team will review all comments and may edit them for clarity, length, and relevance. Comments that are overly promotional, mean-spirited, or off-topic may be deleted per the moderators' judgment. All postings become the property of Harvard Business Publishing.
To Motivate Employees, Help Them Do Their Jobs Better
Page 1 of 6 MOTIVATING PEOPLE To Motivate Employees, Help Them Do Their Jobs Better by Tomas Chamorro-Premuzic NOVEMBER 12, 2014 Forward-thinking companies pay a great deal of attention to employee engagement.
More informationUsing Shareholder Value Analysis for Acquisitions
VOLUME I, ISSUE 2 Using Shareholder Value Analysis for Acquisitions We are pleased to bring to you the latest in our Executive Insights newsletter series. Through our work in implementing shareholder value
More informationRealize the full value Use IT to drive results in pharma mergers, acquisitions, and divestitures. Viewpoint
Realize the full value Use IT to drive results in pharma mergers, acquisitions, and divestitures Viewpoint Table of contents M&A activity increasing 3 The pendulum swings 3 How IT can help this crucial
More informationGet the latest from HBR ed to your inbox. Sign up now
CUSTOMERS What Most Companies Miss About Customer Lifetime Value by Michael Schrage APRIL 18, 2017 Steven Moore for HBR For managers and marketers alike, the power to calculate what customers might be
More informationA Formula to Stop You from Overcommitting Your Time
TIME MANAGEMENT A Formula to Stop You from Overcommitting Your Time by Elizabeth Grace Saunders FEBRUARY 19, 2015 When I dive into time coaching clients schedules, I consistently discover that people misdiagnose
More informationWhat Is Organizational Culture? And Why Should We Care?
ORGANIZATIONAL CULTURE What Is Organizational Culture? And Why Should We Care? by Michael D. Watkins MAY 15, 2013 If you want to provoke a vigorous debate, start a conversation on organizational culture.
More informationPrepared Remarks of Edison International Edison Insight Series Conference Call: Edison Energy Strategy September 18, 2017, 1:30 p.m.
Prepared Remarks of Edison International Edison Insight Series Conference Call: Edison Energy Strategy September 18, 2017, 1:30 p.m. (PDT) Pedro Pizarro, President and Chief Executive Officer, Edison International
More informationA Forrester Total Economic Impact Study Commissioned By NewsCred January The Total Economic Impact Of NewsCred
A Forrester Total Economic Impact Study Commissioned By NewsCred January 2017 The Total Economic Impact Of NewsCred Table Of Contents Executive Summary 1 TEI Framework And Methodology 3 The NewsCred Customer
More information2018 North American Real-World Evidence Enterprise Solutions Market Leadership Award
2018 North American Real-World Evidence Enterprise Solutions Market Leadership Award 2018 2018 NORTH AMERICAN REAL-WORLD EVIDENCE ENTERPRISE SOLUTIONS MARKET LEADERSHIP AWARD Contents Background and Company
More informationCritical Steps to Prepare Your Business for Sale
12 Critical Steps to Prepare Your Business for Sale The value of 12 Critical Steps The DAK Group has prepared a superb, quick read on the 12 Critical Steps to Prepare Your Business For Sale. As a business
More informationThe 3 Ways Work Can Be Automated
TECHNOLOGY The 3 Ways Work Can Be Automated by George Zarkadakis, Ravin Jesuthasan, and Tracey Malcolm OCTOBER 13, 2016 We are at an interesting tipping point regarding how and where work gets done. As
More informationOverview and Frequently Asked Questions
Overview and Frequently Asked Questions Overview Oracle Buys Relsys: Adds advanced drug safety and risk management applications to extend Oracle s leadership in health sciences Oracle has acquired Relsys
More informationThe Future of Consumer Health Care
The Future of Consumer Health Care Coming Together To Lead The Consumer Health Care Industry 2 Creating a New Business Model in Consumer Health Care 3 Serve More Consumers In More Parts of the World, More
More informationDELIVERING ON YOUR M&A PROMISES M&A SOLUTIONS
DELIVERING ON YOUR M&A PROMISES M&A SOLUTIONS Make your corporate deal a lasting success by getting your leaders, organization and talent in sync. Reach new markets. Design more innovative products. Create
More informationBEATING THE FINANCIAL SQUEEZE: How to Drive Performance Transformation in Your Health System
BEATING THE FINANCIAL SQUEEZE: How to Drive Performance Transformation in Your Health System Authors: Rob Gamble and Pamela Damsky For decades, health systems have recognized the strategic imperative of
More informationM&A Strategy and Integration: Adapting to Today s Disruptive Business Models and the Changing Mechanics of Value Creation
M&A Strategy and Integration: Adapting to Today s Disruptive Business Models and the Changing Mechanics of Value Creation By Nitin Kumar The rules of business continue to be redefined by highly disruptive
More informationThe Christian School Leadership Framework
The Christian School Leadership Framework STRATEGIC COMPETENCIES Professional Development Culture InstruCTIONAL LEADERSHIP Innovation and Technology Curriculum, Instruction, and Assessment RELATIONAL COMPETENCIES
More informationBREAKTHROUGH INNOVATION: LESSONS FOR PHARMA R&D
BREAKTHROUGH INNOVATION: LESSONS FOR PHARMA R&D Novasecta: Specialist Pharmaceutical Management Consulting The realities of unrelenting price pressure and patent expiries put a special pressure on pharmaceutical
More informationLeveraging IT in Mergers, Acquisitions and Divestitures. Capturing Expected Value Today and Transforming the Organization for the Future
Leveraging IT in Mergers, Acquisitions and Divestitures Capturing Expected Value Today and Transforming the Organization for the Future According to Accenture research, one important characteristic of
More informationChange Management and Leadership Development Have to Mesh
LEADERSHIP & MANAGING PEOPLE Change Management and Leadership Development Have to Mesh by Ryan W. Quinn and Robert E. Quinn JANUARY 07, 2016 Leadership development and change management tend to be top
More informationOperational Transaction Services
Operational Transaction Services Contents 3 Operational transaction services 4 Integration 6 Carve outs 8 Operational and IT due diligence 10 Operational and IT restructuring 12 Why Ernst & Young 13 Contacts
More informationMonty Hamilton. Telstra: Securing a Bright Digital Future for One of Australia s Most Iconic Organizations. An interview with
An interview with Monty Hamilton Director of Digital Operations at Telstra Telstra: Securing a Bright Digital Future for One of Australia s Most Iconic Organizations Transform to the power of digital Monty
More informationVice President. Barr Foundation. Position Description. Winter 2016
Vice President Barr Foundation Position Description Winter 2016 THE ORGANIZATION: Based in Boston, the Barr Foundation seeks to invest in human, natural and creative potential, serving as thoughtful stewards
More informationBiopharma Operational Scale Up for First Product Launch: Planning for Successful Execution in Challenging Times
Volume XVIII, Issue 2 Biopharma Operational Scale Up for First Product Launch: Planning for Successful Execution in Challenging Times As new products receive approval from the Food and Drug Administration,
More informationThe Million Dollar Firm
The Million Dollar Firm How to Start Your Journey M. Darren Root a resource for you from The Million Dollar Firm Choose Your Path with Intention to End Traditional Firm Chaos M.Darren Root President/CEO,
More informationby Linda Babcock, Maria P. Recalde, and Lise Vesterlund
LEADING TEAMS Why Women Volunteer for Tasks That Don t Lead to Promotions by Linda Babcock, Maria P. Recalde, and Lise Vesterlund JULY 16, 2018 HELEN KING/GETTY IMAGES Here s a work scenario many of us
More informationArtificial Intelligence in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle
Volume XX, Issue 60 Artificial Intelligence in Life Sciences: The Formula for Pharma Success Across the Drug Lifecycle Artificial intelligence (AI) has the potential to transform the pharmaceutical industry.
More informationCOM B. Burton, J. Comport
B. Burton, J. Comport Research Note 1 July 2003 Commentary Consolidation: A Reality That's Not Always Good for Users Oracle's bid for PeopleSoft again raises a debate on the pros and cons of market consolidation
More informationDeveloping Your Industrial Edge
Volume XIX, Issue 46 Developing Your Industrial Edge One common theme that we hear as we speak to executives at industrial companies is the enormous challenge they face in achieving growth. Perhaps they
More informationFinding the Right Chemistry: Opportunities in Chemical Distribution
Volume XX, Issue 61 Finding the Right Chemistry: Opportunities in Chemical Distribution Big opportunities await buyers that are looking for deals in the chemical distribution sector right now. Dramatic
More informationStrategies for the digital leader. Keys to delivering excellence in digital manufacturing today
Strategies for the digital leader Keys to delivering excellence in digital manufacturing today By Çağlayan Arkan, General Manager of Worldwide Manufacturing & Resources at Microsoft When we talk about
More informationFinancial Advisory. Valuation Services. Life Science Industry
Financial Advisory Services Life Science Industry Fact sheet: Life Science Industry Services Many life sciences companies struggle with nurturing the promise of innovative discoveries in a volatile market
More informationWhat Rate of Return Will an Investment in Johnson & Johnson Deliver? Part 2
What Rate of Return Will an Investment in Johnson & Johnson Deliver? Part 2 October 6, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction I never invest in a common stock without a clear expectation
More informationTurning the Data to Insights to Action Mantra on its Head for Better Business Decisions
Turning the Data to Insights to Action Mantra on its Head for Better Business Decisions There are lots of situations where we start with a hypothesis, get some data, put it through some black box logic,
More informationMergers and Acquisitions in the Biotechnology Industry
Mergers and Acquisitions in the Biotechnology Industry For venture-backed biotech companies, the approval of a new drug is a long-term prospect that requires extensive time and effort for research, development,
More informationChicagoland Learning Leaders' Copy
How the New Workplace Analytics Will Revitalize Your Organization 2012 Harvard Business School Publishing Corporation Adapted by permission of Harvard Business School Publishing Corporation ISBN: 978-1-4221-6639-0
More informationCREATING YOUR 90-DAY PLAN PARTICIPANT WORKBOOK IT IS IN YOUR POWER TO BRING YOUR MOST SUCCESSFUL IDEAS TO LIFE
CREATING YOUR 90-DAY PLAN KEY STRATEGIES TO MEET YOUR GOALS AND EXCEED YOUR EXPECTATIONS PARTICIPANT WORKBOOK IT IS IN YOUR POWER TO BRING YOUR MOST SUCCESSFUL IDEAS TO LIFE CANADA AUSTRALIA THE WORLD
More informationReducing the Time to Market with an eclinical System
Reducing the Time to Market with an eclinical System Medidata and other marks used herein are trademarks of Medidata Solutions, Inc. All other trademarks are the property of their respective owners. Copyright
More informationResearch: A Strong Privacy Policy Can Save Your Company Millions
SECURITY & PRIVACY Research: A Strong Privacy Policy Can Save Your Company Millions by Kelly D. Martin, Abhishek Borah, and Robert W. Palmatier FEBRUARY 15, 2018 OSMAN RANA/HAYON THAPALIYA/UNSPLASH Page
More informationCreating Leading Value
Creating Leading Value Your Responsibilities Create and protect a culture of value creation Build and sustain a value creating sales force Build value creating salespeople 38 Mindset Skill Set Tool Kit
More information2018 North American MPLS/IP VPN Services Competitive Strategy Innovation and Leadership Award
2018 North American MPLS/IP VPN Services Competitive Strategy Innovation and Leadership Award 2018 2018 NORTH AMERICAN MPLS/IP VPN SERVICES COMPETITIVE STRATEGY INNOVATION AND LEADERSHIP AWARD Contents
More informationNew paths to value creation in pharma
New paths to value creation in pharma In a changing industry, survival increasingly depends on leading in categories and distinctive business capabilities. By Nils Behnke, Michael Retterath, Todd Sangster
More informationThe Impact of Organisational Capabilities on Project Success A Formicio Insight Article by David Trafford, Peter Boggis and Frank Dannenhauer
The Impact of Organisational Capabilities on Project Success A Formicio Insight Article by David Trafford, Peter Boggis and Frank Dannenhauer David Trafford, Peter Boggis and Frank Dannenhauer argue that
More informationNet Merger and Acquisition Deals
Strategies for Mergers and Acquisitions Sydney Finkelstein Tuck School of Business at Dartmouth Telephone: (603) 646-2864 Fax: (603) 646-1308 sydney.finkelstein@dartmouth.edu e s e.edu www.tuck.dartmouth.edu/thinkagain
More informationMaking M&A a Powerful Pillar of Your Growth Strategy
1 EXECUTIVE BRIEFING // JANUARY 2017 Making M&A a Powerful Pillar of Your Growth Strategy A future-back approach to mergers & acquisitions By Moni Miyashita, Patrick Viguerie, and David Duncan 2 While
More informationDecision Insights: Score your organization. By Marcia W. Blenko, Michael C. Mankins and Paul Rogers
Decision Insights: Score your organization By Marcia W. Blenko, Michael C. Mankins and Paul Rogers Marcia W. Blenko (marcia.blenko@bain.com) leads Bain s Global Organization practice. She has extensive
More informationContents. Acknowledgments Preface What You ll Find in This Book How to Use This Book
Contents Acknowledgments Preface What You ll Find in This Book How to Use This Book vii ix x xi Chapter 1 Introduction 1 So, What Is It? 4 Why Does It Matter? 5 How You Can Use It 9 Chapter 2 The Business
More informationExplosive Growth Is No Accident: Driving Digital Transformation in the Insurance Industry
Explosive Growth Is No Accident: Driving Digital Transformation in the Insurance Industry By Mike Sarantopoulos, SVP, Insurance Practice, NTT DATA, Inc. and David Liliedahl, VP, Life & Annuity Portfolio,
More informationmedium term it will be a big game changer in the industry and is going to be a large part of our revenue. Thank you.
V. Balakrishnan Good morning everyone. Indian IT Industry is facing through 2 challenges. The first one is Commoditization and second is the scalability. Commoditization is real because we have seen that
More informationThe keys to winning in M&A integrations
Page 1 The keys to winning in M&A integrations The keys to winning in M&A integrations Article by Mika Rytkönen & Charlotta Välimäki M&As provide plenty of opportunities for growth. Companies that successfully
More informationImplementation of Portfolio Strategy in Today s Global Economy
Implementation of Portfolio Strategy in Today s Global Economy Kurtis Klein, RPh Vice President Corporate Strategy & Business Development ALCON LABORATORIES, INC. Agenda Corporate overview Alcon Laboratories
More informationTHE CASE FOR CONNECTED MANUFACTURING
THE CASE FOR CONNECTED MANUFACTURING TABLE OF CONTENTS 1 Executive overview 2 A state of emerging opportunities 3 The infrastructure as-is and the infrastructure to-be 3 The transformational challenge
More informationSphera is the largest global provider
About Sphera Sphera is the largest global provider of Integrated Risk Management software and information services with a focus on Environmental Health & Safety (EHS), Operational Risk and Product Stewardship.
More informationTayganPoint Consulting Group COMPANY OVERVIEW. Research & Development Presented November 2015
TayganPoint Consulting Group COMPANY OVERVIEW Research & Development Presented November 2015 identity 09 Id WHO WE ARE WHO WE ARE TayganPoint is a management consulting firm focused on dynamic business
More informationDigital Transformation at Midsized Businesses:
Trend Report Digital Transformation at Midsized Businesses: Exciting Advances and Potential Roadblocks Table of Contents Introduction...3 Chapter 1: Digital Transformation: What is it exactly?...4 Chapter
More informationWomen s Initiatives Executive Committee CPA Firm Gender Survey
Women s Initiatives Executive Committee 2017 CPA Firm Gender Survey Executive summary Partnership on average remains overwhelmingly male, with women representing only 22% of partners in CPA firms. Smaller
More informationTCS Analyst Day 2016
March 17, 2016,14:30 hrs IST Transcript of the session titled: Sustaining Shareholder Value Creation Presented by: R Gopinathan, Chief Financial Office Kedar Shirali: Technologies come and technologies
More informationTerritory Account Manager (MD, NC or TX based)
Territory Account Manager (MD, NC or TX based) Looking for bilingual Chinese-English young professionals with passion in selling genomics services. The Territory Account Manager's role is to ensure achievement
More informationGood afternoon, welcome to our annual shareholder meeting. I am Lee Rudow, President and CEO of Transcat and I will provide an overview of the
1 Good afternoon, welcome to our annual shareholder meeting. I am Lee Rudow, President and CEO of Transcat and I will provide an overview of the current state of Transcat an our direction for FY17 and
More informationSTATE OF ACCOUNT-BASED SALES DEVELOPMENT REPORT HOW DIGITAL AND SOCIAL ACCELERATE ABSD
STATE OF ACCOUNT-BASED SALES HOW DIGITAL AND SOCIAL ACCELERATE ABSD CONTENTS EXECUTIVE SUMMARY 3 WELCOME 4 SURVEY STATISTICS 7 SECTION 1: OUTCOMES & SATISFACTION 9 SECTION 2: SOCIAL AT THE CORE OF MODERN
More informationGROW YOUR BUSINESS AND MAINTAIN A COMPETITIVE EDGE: THE CHANGING NATURE OF THE AUCTION INDUSTRY
GROW YOUR BUSINESS AND MAINTAIN A COMPETITIVE EDGE: THE CHANGING NATURE OF THE AUCTION INDUSTRY EXECUTIVE SUMMARY The business of buying and selling inventory is challenging. Asset owners are constantly
More informationTHE 5 THINGS SUCCESSFUL COGNIZANT CLIENTS ARE DOING TO TRANSFORM THEIR BUSINESS
THE 5 THINGS SUCCESSFUL COGNIZANT CLIENTS ARE DOING TO TRANSFORM THEIR BUSINESS Dell EMC World 2017 Cognizant. 2017 Cognizant BRIAN ROCHE VICE PRESIDENT OF PRODUCTS brian@cognizant.com @BRIANROCHEBOS THE
More informationInvestor Presentation. May 16, 2018
Investor Presentation May 16, 2018 Safe Harbour Disclosure: Forward-looking Information 2 Leading Canadian Media and Content Company Great portfolio of assets Leader in Canadian broadcasting Powerful brands
More informationB2B LOYALTY THE ESSENTIAL GUIDE. Chapter Five: Best Practices in B2B Loyalty. By David Harwood and Rick Ferguson. Published by
B2B LOYALTY THE ESSENTIAL GUIDE By David Harwood and Rick Ferguson Chapter Five: Best Practices in B2B Loyalty Published by Defining your loyalty objectives In our previous chapters of the Essential Guide
More informationI D C T E C H N O L O G Y S P O T L I G H T
I D C T E C H N O L O G Y S P O T L I G H T H ow T o d a y' s I T C h a l lenges Ar e C r e a t i n g N ew R e q u i r e m e n ts in Support Servi c e s D elive r y May 2012 Adapted from Converging Infrastructure
More informationPeople Don t Want to Be Compared with Others in Performance Reviews. They Want...
Page 1 of 7 ASSESSING PERFORMANCE People Don t Want to Be Compared with Others in Performance Reviews. They Want to Be Compared with Themselves by Jinseok Chun, Joel Brockner, and David De Cremer MARCH
More informationResponding to Shareholder Pressure for More Renewable Energy
Case Study: Responding to Shareholder Pressure for More Renewable Energy POINT380 s APPROACH TO INTEGRATED ENERGY AND SUSTAINABILITY MANAGEMENT January 2018 POINT380 Boulder, Colorado Introduction Corporate
More informationOperational Transaction Services
Operational Transaction Services Working with you to make your acquisition a success Operational Transaction Services Working with you to make your acquisition a success 1 Operational Transaction Services
More informationGoodwill Reporting Internationally
Contents Contents 1. Introduction 2. Size of goodwill 3. Examples of qualitative descriptions Mittal Steel Vodafone ebay 4. Examples of non-compliance Pernod Ricard Alcatel Siemens Nestlé 5. Defining goodwill
More informationCFO meets M&A: Value creation in the digital age The Dbriefs Driving Enterprise Value series
CFO meets M&A: Value creation in the digital age The Dbriefs Driving Enterprise Value series Lukas Hoebarth, Principal, Deloitte Consulting LLP Nnamdi Lowrie, Principal, Deloitte Consulting LLP Carina
More informationMichael Crawford s Library STRATEGIC PLANNING Amy Gallo, Harvard Business Review
Discovery-Driven Planning A Refresher on Discovery-Driven Planning You re working on a new venture and you know you ve got to create a plan to execute it. So you look at past projects, gather and analyze
More informationInvestor Presentation. February 6, 2018
Investor Presentation February 6, 2018 Safe Harbour Disclosure: Forward looking Information 2 Leading Canadian Media and Content Company Great portfolio of assets Leader in Canadian broadcasting Powerful
More informationTHE ACUMATICA PLATFORM
G U I D E B O O K THE ACUMATICA PLATFORM D O C U M E N T P 1 8 9 N O V E M B E R 2 0 1 5 A N A L Y S T Rebecca Wettemann Nucleus Research Inc. 100 State Street Boston, MA 02109 Phone: +1 617.720.20001
More informationDemystify the Dynamics AX JumpStart
Demystify the Dynamics AX JumpStart IT Needs IP Your Integration Project s Lasting Opportunity Congratulations on winning the project to integrate CRM with Microsoft Dynamics AX! It should be a high-value
More informationMistakes to Avoid When Purchasing New Hardware. Cornel McKay Manager, Hardware Solutions
Mistakes to Avoid When Purchasing New Hardware Cornel McKay Manager, Hardware Solutions 1 800 822 6758 Technology Procurement Present and Future According to a recent survey by American Banker Research,
More informationCASE STUDY. A Competitive Intelligence Solution at a Large, Diversified Pharma
CASE STUDY A Competitive Intelligence Solution at a Large, Diversified Pharma Introducing a Joint Competitive Intelligence Solution from Cambridge Semantics and Thomson Reuters Competitive Intelligence
More informationManaging Strategic Initiatives for Effective Strategy Execution
Managing Strategic Initiatives for Effective Strategy Execution Process 1: Initiative Rationalization A Balanced Scorecard Collaborative White Paper September 2005 Introduction The proper management of
More informationFirst, I d like to talk a bit about how I see
Perspectives Enabling digital transformation through ALL CLOUD The global trend for digital transformation is driving enterprises to become fully digitized and digitally operated, and Huawei must pinpoint
More informationQIAGEN Sample & Assay Technologies From Discovery to Patient
QIAGEN From Discovery to Patient New York, February 14 QIAGEN 2008 Analyst & Investor Day Peer Schatz, CEO -7- Forward Looking Statements Safe Harbor Statement: Certain of the statements contained in this
More informationZurich Financial Services & AMS. An evolving partnership. April Samulewicz. Mark Smith. Global Head of Talent Attraction & Recruitment CoE
Zurich Financial Services & AMS An evolving partnership April Samulewicz Global Head of Talent Attraction & Recruitment CoE Zurich Mark Smith Client Relationship Director Alexander Mann Solutions Alexander
More informationTransaction Advisory Services. Operational Transaction Services. Working with you to make your transaction a success
Transaction Advisory Services Operational Transaction Services Working with you to make your transaction a success Operational Transaction Services Canada offers substantial growth opportunities for both
More informationWellPoint strategy refresh: shifting the culture to achievement-driven, focused performance
view from the top In late 2008, in response to a dramatically changing and challenging economy, WellPoint Inc. announced a refresh of its long-term strategic plan. David Casey, vice president of workplace
More informationTHE LPL INDEPENDENT ADVISOR INSTITUTE TAKE THE NEXT STEP FOR YOUR FUTURE
1 THE LPL INDEPENDENT ADVISOR INSTITUTE TAKE THE NEXT STEP FOR YOUR FUTURE Make Your Mark on the World As you prepare for the next chapter of your professional journey, do you find yourself seeking more
More informationBuilding the Elegant Credit Union
Building the Elegant Credit Union Several years ago we wrote The Elegant Credit Union based on our extensive experience working with credit unions, banks, insurance companies, and other financial-services
More informationAnnual General Meeting. Fresenius Medical Care AG & Co. KGaA
Annual General Meeting Fresenius Medical Care AG & Co. KGaA Speech to the Shareholders by Dr. Ben J. Lipps May 10, 2012 Spoken word takes precedence 1 Slide 1: Welcome Welcome to our Annual General Meeting
More informationOvercoming Barriers to Revenue Growth in 2013
Overcoming Barriers to Revenue Growth in 2013 Tough Questions to Consider Planning for 2013 -------------------------------------------------------------------------- How does your brand rank? Do your
More informationM&A Integration Capabilities
M&A Integration Capabilities Accelerate Deal Value Gain Clarity of Action Build Internal M&A Competencies 1 All Rights Reserved 2014, M&A Partners Table of Contents About M&A Partners History & Experience
More informationAcquisition of Brix Networks: Looking Ahead with Converged IP Service-Assurance Solutions
Date: April 22, 2008 Acquisition of Brix Networks: Looking Ahead with Converged IP Service-Assurance Solutions Forward-Looking Statements Certain statements in this presentation, or given in response to
More informationMONETIZING CUSTOMER EXPERIENCE
MONETIZING CUSTOMER EXPERIENCE By Janet LeBlanc President Janet LeBlanc + Associates Inc. Management guru Peter Drucker, often referred to as the founder of modern management, famously proclaimed the purpose
More informationQ CONFERENCE CALL. Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M.
Q1 2017 CONFERENCE CALL Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M. Kelly, CFO Disclaimer Certain of the above statements contained in this press release,
More informationSponsored by HOW TO DELIVER ON THE PROMISE OF INDUSTRY 4.0
HOW TO DELIVER ON THE PROMISE OF INDUSTRY 4.0 How to Deliver on the Promise of Industry 4.0 2 The Promise of Industry 4.0 Manufacturing is an old industry that is changing so fast you may not recognize
More informationAdvisory & Client Services
Advisory & Client Services BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one
More informationCollaborative Development Financing
Collaborative Development Financing 14 by Warren Nachlis and Wendy Brasunas The Growth of the Biotechnology Industry Pharmaceutical drug development is a risky and very expensive process. According to
More informationVendor Support Agreements: A Competitive Weapon for Optimizing Organizational Assets
998-2095-07-02-15AR0 Vendor Support Agreements: A Competitive Weapon for Optimizing Organizational Assets by Brian Courchesne Executive summary For manufacturers, sustaining operations performance levels
More informationConsidering an acquisition? What boards need to do before, during, and after the deal
December 2016 Considering an acquisition? What boards need to do before, during, and after the deal Acquisitions offer advantages as a path to growth. But many deals fail to deliver on their potential
More informationThe Critical Role of Talent Analytics in Successful Mergers and Acquisitions
The Critical Role of Talent Analytics in Successful Mergers and Acquisitions The art and science of managing human capital to create people-driven synergies Why 70% of M&A transactions don t achieve expected
More informationPfizer Completes Acquisition of Hospira
For immediate release: September 3, 2015 Media Contact: Joan Campion (212) 733-2798 Investor Contact: Chuck Triano (212) 733-3901 Pfizer Completes Acquisition of Hospira Creates a leading Global Established
More informationM&A as competitive advantage
2 M&A as competitive advantage Treating M&A as a strategic capability can give companies an edge that their peers will struggle to replicate. Cristina Ferrer, Robert Uhlaner, and Andy West Most companies
More informationTrends and Transformations Facing Pharma in 2017
TH E Y E A R A H E A D : Trends and Transformations Facing Pharma in 2017 Table of Contents 2 Introduction Trend 1: The Rise of Generics Trend 2: Rx Volumes Spike Trend 3: Rise of Cold-Chain Logistics
More informationMonotype. Management Presentation. May 2018
Monotype Management Presentation May 2018 Safe Harbor This presentation contains forward-looking statements that involve significant risks and uncertainties, including those discussed in the Risk Factors
More information