有机增长与并购.doc

Organic Growth Versus Acquisition有机增长与并购 Peter BebbExecutive Summary摘要 If they are to survive and succeed, businesses need to find ways to rapidly, radically, and measurably change their strategy, processes, and roles. Individuals need to know precisely what to produce and what reward theyll get for doing so.如果他们想要生存并且成功，企业就必须寻找快速、根本并且明显地改变策略、进程和角色。个人需要精确的知道生产什么以及他们会从中得到什么。 Companies acquiring, merging, and de-merging need long-term ways of enhancing shareholder value once the initial and obvious savings have been made.一旦完成最初显著的投资，公司收购、合并和取消合并就需要长期性的提高股东价值的方法 Organic growth and growth by acquisition should be complementary strategies. The successful execution of both depends on aligning everyone and everything around a single set of corporate goals, and so achieving these goals faster, better, and cheaper.公司内部增长和通过收购来增长应该是互补的策略。这两种策略的正确运用取决于让所有人和所有事朝着一个目标努力，这样就可以更快、更好同时更节省的达到目标。 Many organisations suffer from acquisition indigestion, having failed to absorb and make the best of their acquisitions or mergers. All organisations have more scope for organic growth than they realise.许多企业患上了收购消化不良症，他们没有吸收并且充分利用合并与收购。所有企业都拥有比他们所意识到的更多机会去内部增长。Introduction引论Organisations exist in a rapidly changing environment, necessitating responsive and often radical strategic capabilities. To realise potential, organisations can be beset with common difficulties, such as strategic confusion and preoccupation with day-to-day activities. Despite many attempts to push organisations forwards, shareholder value often stagnates or even declines. The solution lies not in focusing on improving the current situation but rather in taking the step-changes necessary to realise the future requirements of the organisation.企业生存在一个快速变化的环境中，要求他们有反应快速和时常做根本性决定的能力Understanding the Problems理解问题Dysfunctional organisations功能失调的企业Most people have difficulty stating their organisations strategy: what the organisation wants to become, how it would like its people to behave, and what it will provide to which customers in the future. The reality is that the organisations business and operating units march to priorities different from, if not contradictory to, those implied by its strategy. The majority of the people in an organisation focus on day-to-day operational matters and their individual aspirations. Consequently the strategy is never realised.许多人难以描述他们的企业战略：企业想成为什么，它想要它的员工怎样工作，以及它们将来想要给什么样的消费者提供什么。事实是这些企业的经营和运作与那些受战略指导的企业，即使不是大相径庭也会有很大不同，。一个企业中大部分人都在专注于日复一日的运营事项。因此战略从未被实现。Frustrated by the lack of forward progress, executives launch new communication, reorganisation, process redesign, or technology initiatives. Everyone is doing more, and yet performance stagnates or even declines.由于缺乏前进动力带来的挫败，主管们发起新的沟通、再组织、流程重设计以及技术创新。所有人都做得更多了，但是收效却停滞不前甚至后退。Losing the value of mergers and acquisitions失去合并收购的价值A recent report by the consultancy KPMG found that, though 82 per cent of respondents believed the deal they had transacted was a success, 83 per cent of the same mergers failed to increase shareholder value. Of these transactions, 30 per cent produced no discernible difference in shareholder value and 53 per cent actually reduced value.毕马威最近的一项报告中指出，尽管被调查者中有百分之八十二认为它们的交易是成功的，但在相同的合并中有百分之八十三的公司没有增加股东价值。在这些交易中，百分之三十没有在股东价值上产生明显差异，而百分之五十三减少了股东价值。Acquiring, merging, and demerging companies need long-term ways of enhancing shareholder value once the initial and obvious savings have been taken. But they usually focus on tactical integration, (for example, of organisational structure, support services, policies), rather than on strategic integration (customers, products, people, systems). However, to succeed, both are needed.一旦完成最初显著的投资，公司收购、合并和取消合并就需要长期性提高股东价值的方法。但它们通常专注于战术一体化（比如企业结构、支柱服务、政策等），而不是战略一体化（比如消费者、产品、人员、体制等）。然而，想要成功两方面都是必不可少的。The performance management gap行为管理缺陷There is a gap between business performance management and individual performance management in all businesses, leading to a gap between business performance and individual performance. Business performance management is usually driven through an annual business planning process, which sets financial targets without specifying how they are to be achieved. Individual performance management is carried out through a performance appraisal process that sets mainly non-financial personal targets without explaining how they link to financial targets. Both focus on improving the present situation rather than initiating the step-change todays organisations must make if they want to succeed in the future.在所有的企业中，企业管理和个人行为管理存在差距，这导致了企业行为与个人行为之间的差距。企业管理通常是由年度企业经营计划促成的，这个计划设定了财务目标，但没有细化它们怎样被完成。个人行为是是由行为测评促成的，这个测评设定了主要的非财务性个人目标，但并没有说明它们与财务目标的联系。这两种管理都专注于提高现状，而不是现今企业想要将来成功就必须开始的逐步改变。The Solution: Translating Strategy into Action解决方法：把战略变为行动Business alignment业务协作Business alignment is a unique new approach that:业务协作是一个特别的新方法： defines the issues and resources that are of value, allocating crystal-clear responsibility for them and measuring progress towards their delivery界定重要的事项和资源，进行清楚易懂的职责分配，并且根据完成情况来进行测评。 empowers people to set their own objectives in the context of corporate goals授权员工在公司目标下设定它们自己的目标 creates a results-oriented performance culture, rewarding the delivery of outcomes rather than the management of resources创造一个以结果为导向的行为文化，对产生的成果予以奖励而不是对资源的管理。 organises around results rather than skills以结果为目的进行组织而不是技巧 challenges and justifies partners and support units outcomes, replacing adversarial service-level agreements挑战并肯定合作伙伴和支持单位的成果，取消敌对的服务水平协议 integrates and automates planning, budgeting, resourcing, measuring, reporting, and rewarding, thus releasing managers and support staff to deliver growth outcomes集成并自动化规划、预算、资源、测评、报告以及奖励，以此释放管理者和职员而带来发展成果 combines business and individual performance management结合企业行为管理与个人行为管理 identifies core processes and prioritises initiatives确认核心流程，排定优先举措 continuously reveals duplication, streamlines processes, and optimises the allocation of resources不断揭发重复、简化流程、优化资源分配 aligns information technology with the business through the IT alignment matrix通过IT一致性矩阵管理支持信息技术 integrates people and other resources around common goals after a merger or acquisition在合并收购后在一个共同目标下整合人员和其他资源Business alignment gets everyone to specify what their organisation needs to do to produce what it needs to deliver to stakeholders in the future. It defines precisely what should be done to extract value from a merger or acquisition once the initial cost savings have been taken, and so enables long-term growth in shareholder value.业务协调是每个人都明确他们的企业需要做什么、生产什么，他们将来需要带给股东什么。它精确的定义了一旦发生初始投资，要从合并收购获益应该做些什么，这样就使股东价值的长期增长成为了可能。By applying business alignment before a merger, the organisation goes into the merger negotiation knowing more precisely what it wants out of the merger, and thus is better prepared to extract value from the merger after the event.通过在合并之前实施业务协作，企业在合并商谈时就能清楚知道他们在合并中要什么，这样就能在交易后更好的从合并中获取益处。Applying the Balanced Scorecard使用平衡积分卡Translating strategy into business results with the balanced scorecard is a four-part process.通过平衡计分卡把战略变成结果需要四个步骤： 1. Leaders build and align around an architecture for change. 领导者围绕变革建立起体系结构并给予支持 2. Required outcomes are linked to the activities that will deliver them, and resources are allocated to carry them out. 所需结果与实现它们的活动紧密相连，分配资源以贯彻落实。 3. Change architecture is cascaded and the organisation is mobilised for action. 变革体制形成级联，动员企业行动起来 4. A feedback and learning system is built to make strategy development and implementation a continuous process. 建立反馈系统和学习系统来发展战略，并且贯彻连续作业Building and aligning leadership an architecture for change建立并推广领导权一个变革体制Building an architecture for change involves defining strategy as an integrated set of hypotheses that describe an organisations evolution from the present to the future. The hypotheses are captured in a balanced scorecard, which defines the causal relationships between the things of value to the business, thus enabling value-based and activity-based management. It also defines how these things of value should be measured, thus providing key performance indicators.建立起一个变革体制需要把战略定义为一个描述从今往后企业发展的整体假设。假设建立在平衡计分卡上，它定义了重要事情与经营间的因果关系，因此使价值管理和活动管理成为了可能。它还定义了怎样评估这些具有重大意义的事情，以此提供了关键的行为指示。Linking to business planning making strategy operational与经营计划相联系使战略具有可操作性Business process re-engineering, activity-based costing, and workflow业务流程再造，作业成本法，以及工作流程The organisations leaders decide on the corporate processes and initiatives required to deliver the outcomes. They use these to assess the relevance of current corporate processes, to prioritise existing initiatives, and to define new initiatives needed for achieving the strategy. Some initiatives and processes are found to be irrelevant to the future of the organisation and can be removed, following Hammers business process re-engineering principle, Dont automate, obliterate. Activity-based costing is used to determine which resources are released by the removal of the activity, and workflow software is applied to the new and remaining processes after their definition or improvement.企业领导者决定着公司进程和实现它们所需要的主动性。他们用这些评估公司进程适宜度，优化现有负责机构，并确定达成战略所需的新机构。一些负责机构和程序被发现与企业未来无关并且可以移除，遵从汉莫的业务流程再造原则，即“不要自动化，要移除”。作业成本法被用来决定哪些资源从被移除的作业活动中空出来，当界定和发展工作完成时，工作流程软件就被用于新的和剩下的流程。Focusing on organisational development专注于企业发展Processes are associated with the outcomes they deliver, and in so doing they suggest an organisation that allocates resources to the delivery of strategic outcomes. This is usually radically different from, and more productive than, the functional organisation.流程与其产生的结果紧密相关，并且这么做会使一个企业根据战略成果来分配资源。着通常与功能性组织有很大不同，并且也更加多产。IT alignment matrixIT矩阵管理系统The IT alignment matrix (ITAM) defines the knowledge communities of the future and the structure and content of the data warehouses required to inform them. The ITAM reveals the gap between the current databases and systems and those required to deliver the future outcomes defined in the balanced scorecard.IT矩阵管理系统定义了未来知识社会以及形成所需要的数据库结构。IT矩阵管理系统弥补了平衡计分卡上现今数据库系统与未来成果的差异。Enterprise resource planning企业资源管理The types of resource people and things needed to deliver the future outcomes are then identified and valued in monetary terms to define a budget. Note that this turns the business planning process on its head, since the traditional process starts with money (and involves too much guesswork). Starting with outcomes enables a rational debate about what should be produced and in what quantity. Information from enterprise resource-planning is used to calculate the budget.被用来结果产出的资源种类人力和物力接着就被确认和估量为财务预算。需要注意的是，必须事前准备好经营流程规划，因为传统的作业流程由资金的投入开始（并且需要大量的估量工作）。一开始就知道结果能够使其合理的讨论什么产品应该以什么样的质量生产。从企业资源规划得到的数据被用来计算预算。Investing in people人力投资 Discretionary pay and bonuses are dependent on the delivery of balanced-scorecard outcomes and targets. At the executive level the change is the addition of non-financial targets. At lower levels the change is more significant, involving specific rewards for deliverables that individuals can influence.任何工资和奖金的分配取决于平衡计分卡上的结果和目标，管理层水平上的变革是非财务目标的拓展。在较低级别上变革更为明显，这需要个人能够达到的详细奖励计划。Business alignment integrates individuals with business performance management by empowering them to say what they can contribute to corporate outcomes. Instead of being told what to do, people are invited to say what they can produce. Consequently they have a real opportunity to create their own careers.业务协作通过允许他们说出对公司成果的贡献而把个人和且行为管理结合起来了。Cascading and mobilisation linking the boardroom to the front line级联和动员把会议室和一线工作联系起来Now the organisation is aligned around the strategic outcomes. There is no formal reorganisation in the traditional sense, since this rarely produces positive changes in behaviour. Instead, individuals are appointed to lead the delivery of the strategic themes, and the rest of the organisation are invited to say what they can produce that will assist the delivery of the themes.现在整个企业都围绕着战略目标。传统意义上没有正式的再组织，因为这样很少能够产生行为上的积极变革。而现在，个人被分派执行战略目标，企业其他部门很清楚他们生产什么能够有助于实现目标。Over time, status and rewards are aligned with the delivery of outcomes that help to deliver the themes, and people and other resources gravitate towards the themes. Level by level, organisations achieve strategic focus and alignment. Non-strategic outcomes and activities are eliminated, freeing up resources that are then redirected to strategic outcomes.一段时间过后，那些有助于实现目标的行为就会得到地位和奖励，人力资源和其他资源就会重视这个目标。循序渐进地，企业就会实现战略集中和战略协调。非战略性的结果和活动就会被剔除，因此空出来的资源就会被重新用于战略目标Feedback and learning linking the front line to the boardroom反馈和学习把一线工作和会议室联系起来People at all levels are now aligned to the strategy. What remains is to link them through feedback and learning, using a dynamic enterprise performance-management system. Information about outcomes, activities, and resources is stored electronically, enabling the organisation to outpace its peers. Measures, progress assessments, recommendations, and insights flow from the grass roots to the executive team. Meetings solely for reporting results are replaced by working sessions to solve problems of which everyone is already aware.所有层面的人员现在都围绕着战略目标。剩下来的就是通过反馈和学习把他们连结起来，通过使用动态企业行为管理系统。结果、作业和资源的信息以电子方式储存起来。措施、流程测评、建议和洞察从底部刘翔管理团队。只为报告结果而开的会议被每个人都有意识的参与解决问题的会议所取代。Making It Happe