新经济下的价值管理

Value(s)-Based Management in the New Economy Performance Management 2000 April 25, 2000 John Simke (416) 365-8869 PwC 2PricewaterhouseCoopers Agenda Value-based management How the new economy has transformed value creation The implications for established businesses The value creation model for the future e-world values for superior performance Implementing the new value system 3PricewaterhouseCoopers Value-Based Management Drivers of shareholder value Sales growth EBITDA Margin Cash tax rate Working capital Capital expenditure Weighted average cost of capital Competitive advantage period Free cash flowFree cash flow 4PricewaterhouseCoopers These variables drive economic profit ie. profit after capital replacement, or essentially “free cash flow” Discounted to present value determines shareholder value: Future free cash flows Corporate value = Discounted at WACC The seven value drivers are drilled down to specific performance metrics that are managed on an ongoing basis Value-Based Management 5PricewaterhouseCoopers Price/Earnings S its ready-fire-aim. In large companies, too often its ready-aim-appoint a committee.” (E-Business Design in Action: The Case of E-Trade) “Time, not money, becomes the critical currency, the only un-replenishable resource, and control over timing becomes the core over competitive advantage, as business models like Dells are making clear to the rest of the industry ” (Value Migration, Andrew Slywotsky) “Internet investors will finally be able to determine which is the most powerful: first mover advantage (speed) or scale (size). From where we sit, were placing money on first mover advantage (speed to market) over size. ” (Cyber Rules, Thomas M. Siebel) Building a winning business model. We believe scale will ultimately determine the success and profitability of the Amazon model. By acquiring time to market advantages that accelerate its leadership position, and broader product selections, which attracts new customers and creates additional cross-selling opportunities, Amazon will eventually achieve the critical mass to return above average profitability. (Pacific Crest Securities, Sept 99) New Economy Dynamic #5 - Timing 16PricewaterhouseCoopers “The very essence of high performance is having an adaptive culture. Those organisations that learn and adapt quickly will succeed. It then becomes critical that Angeles Venture Capitalist identifies early stage companies with nimble management that can operate in Internet time, develop critical strategic partnerships, and establish - or contribute - to a killer brand to grow the companies, take advantage of critical trends before they emerge.” (www.AngelesVentures .com) “As this blurring of networks evolved. Netscape shifted its focus every year to take advantage of emerging opportunities. This means investing in new products, capabilities, and often, companies” (Building a Company in Internet Time, California Management Review, Spring 1999) “Bill McGowan understood this. That is why he arbitrarily reorganised MCI every six months - not to solve a specific organisation problem, but to quash political structures before they became intractable. This strategy opened the opportunity to form new networks. No single reorganisation was intended to create the perfect new organisation design (planning), but rather to give individuals a chance to self-organise and evolve in reaction to the changes taking place in the business around them (adaptation).” (Blur, Stan Davis & Christopher Myer, 1998) New Economy Dynamic #6 - Agility 17PricewaterhouseCoopers “We are of the belief that e-commerce and Internet content are two parts of a whole and that, in order to catalyse revenues, e-commerce players like Amazon, E*Trade, and eBay will increasingly come to rely on content (either sourced in-house or from third parties) to provide context and relevant information to the transactions that they covet.” (SG Cowen, Internet Capitalist, 15 June 1999) “Our second contention has been and remain that despite the markets infatuation with distribution, ultimately the real value will accrue to the sites with unique content. Content is the material that brings customers back to the same site repeatedly . ” (CSFB, Reeling in the Big Ones, 18 Feb 1999) “According to Cambridge Massachusetts-based Forrester Research, content alone draws 75% of the consumers back to their favourite Websites ” New Economy Dynamic #7 - Content 18PricewaterhouseCoopers CAP Drivers of Shareholder Value Drivers of Shareholder Value Sales growth rate EBITDA margin Cash Tax Rate Working capitalWorking capital Capital expenditure WACC Customer focus Brand equity Management & Planning Business design Timing Agility Content Customer focus Brand equity Management & Planning Business design Timing Agility Content In summary, 7 dynamics exert the greatest influence on the value drivers in the New Economy . In summary, 7 dynamics exert the greatest influence on the value drivers in the New Economy . 19PricewaterhouseCoopers Key Implications Organizations must be first to create new business models in their sectors Constant innovation is critical Established organizations have to learn to think like venture capitalists They must be prepared to forego short-term cash flow Organizations must focus on enhancing and managing their brand - “the brand is the product” 20PricewaterhouseCoopers Key Implications Organizations must be able to collaborate as never before, with customers, suppliers, business partners and competitors Organizations must have models to share value with talent Organizations will create multiple entities outside “mother” organization Core competency is ability to spin off new entities and to optimize value for shareholders Employment will be flexible concept 21PricewaterhouseCoopers The Value Creation Model of the Future Customer acquisition and retention Enriching the value proposition Brand attractiveness Time to market for new business models and products Employee attraction/retention Effectiveness of collaboration Effectiveness of portfolio management 22PricewaterhouseCoopers The Values of the New Economy Organization Speed/agility Transparency to the customer Collaboration Sharing value with employees Constant innovation Preparedness to accept ambiguity 23PricewaterhouseCoopers Getting f