bcg-私募股权行业百日成本重整方案 The 100-Day Cost Reset in Private Equity

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CORPORATEFINANCEANDSTRATEGY

The100-DayCostResetinPrivateEquity

By

FlorianKahn

,

IhabKhalil

,

KarinvonFunck

,

AhsanAli

,

RiddhishDubal

,and

TomLutz

ARTICLEJUNE09,202612MINREAD

Theplaybookthatbuilt

privateequity

returnsoverthepastdecadeislosingitsedge.Multipleexpansionhascompressed.Leverageismoreexpensiveandhardertoaccess.Markettimingislessreliable.Whatremains,andwhatnowaccountsforagrowingshareoffund-levelreturns,isoperationalvaluecreation:marginexpansion,cashdiscipline,andthecapabilitiestosustain

both.

Operatingpartnersoftenfeelthispressuremostdirectly.Manyowntheperformancetrajectoryofassetsfromdayone.Andtheyknowthatepisodiccostcutting—aroundofprocurementsavings

here,ahiringfreezethere—doesnotproducethekindofdurable,defensiblemarginimprovementthatholdsupatexit.

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Zero-basedtransformationoffersadifferentmodel.InaPEcontext,ZBTisnotanannual

budgetingexercise.Itisaground-upresetofthecostbaseandoperatingmodel,whereevery

dollar,role,andactivitymustjustifyitsexistenceagainstthevaluecreationthesis.Thegoalisnottoshrinkthebusinessbuttoredirectcapitaltowardwhatdrivesvalueandstripawaywhatdoesnot.

Whendonewell,ZBTstrengthensEBITDA,improvescashconversion,andfreesupresourcesforreinvestmentingrowth.Thosecombinedeffectsmovevaluation,notthroughaccountingtricks

butthroughamorecredibleandbetter-structuredoperatingstory.

Recentadvancesinanalyticsandautomation,poweredbyAI,havemadethisapproach

executablewithinPEtimelines.Advancedanalyticsclassifymillionsoftransactionsindays.Workforcediagnosticscanbreakdownrolesintodiscreteactivitiesandflagwhereeffortismisallocated.

GenAI

toolsaccelerateknowledgework,anddigitalagentsabsorbrepetitiveoperationaltasks.Theresult:operatingpartnerscanrethinkhowworkgetsdoneacrosstheenterprise—cuttingsteps,simplifyingworkflows,andcompressingdecisioncycles—withoutwaitingfora12-monthtransformationprogramtodeliverimpact.

WhyEpisodicCostCuttingNoLongerWorks

Mostcostprogramsfollowapredictablepattern:atop-downmandatesetsasavingstarget,procurementrenegotiatesafewcontracts,headcountcomesdowninselectareas,andtheinitiativeisdeclaredcomplete.Marginstickupforaquarterortwo.Thencostsdriftback.

Theproblemisnoteffort,butdesign.Traditionalprogramsoptimizewithinexistingstructures.

Theynegotiatepricebutneverquestiondemand.Theyreduceheadcountbutneverredesignthework.Andbecausetheylackembeddedgovernance,theydependonmanagementattentionthatinevitablyshiftstothenextpriority.

ZBTbreaksthatpatternbyresettingtheconversationentirely.Thisshiftisvisibleinthreereinforcingdimensions:

HorizontalCostVisibility.Ratherthanreviewingspendfunctionbyfunction,ZBTcreatesenterprise-widetransparency.Duplication,demandinflation,andstructuralinefficiency

becomevisibleacrossthefullorganization,notjustwithinsilos.

NecessityOverPrice.Thequestionshiftsfrom“Howdowegetthischeaper?”to“Shouldthisactivityexistatall,andatwhatscale?”Thatreframingconsistentlyunlockslarger

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opportunitiesthannegotiationalone.

Locked-inAccountability.Savingsarewrittenintobudgets,reinforcedbynewprocesses,andgovernedbymechanismsthatpreventcostcreeponceleadershipattentionmoves

elsewhere.

Thisisthedistinctionthatmatters:ZBTdoesnottrimcostswithinthecurrentmodel.Itrebuildsthecoststructurefromfirstprinciples.

ResettingtheCostBaseandReallocatingCapital—Fast

Operatingpartnersworkwithinacompressedcredibilitywindow.Thefirst100to180daysof

ownershipsetthetonefortheholdperiod—withtheboard,lenders,andmanagement.AZBT

diagnosticcandelivertransaction-levelvisibilityacrossbothpeopleandnon-peoplespendingwithinthattimeframe,creatingafoundationforimmediateactionwhiledeeperoperatingmodelredesignrunsinparallel.

ConsideraPE-backedindustrialmanufacturerfacingvolumedeclinesandrisingfixedcosts.

Leadershipdeployedazero-basedprogramacrossroughly€300millioninspending.Insteadofapplyingacross-the-boardcuts,theteambuiltabottom-upviewofeveryactivity,role,andcostlinetieddirectlytothevaluecreationthesis.Theychallengeddemandatitssource,eliminatedworkthatnolongerservedastrategicpurpose,andredesignedworkflowsacrossfunctions.

Withinmonths,theteamhadaclearlineofsightintoorganizationalstructureandSG&A

composition.Theprogramdeliveredreductionsofapproximately15%inbothpeopleandnon-peoplecosts,withcategoryownershipandtrackingmechanismsembeddedtosustaingains.

Anotherexample:aEuropeandiscountretaileroperatingacrossmultiplecountriesappliedazero-basedapproachtobringtransparencyanddisciplinetoacomplexcostbase.Leadershipestablishedabottom-upviewofapproximately$1.5billioninspend,analyzing27million

transactionsandorganizingthemintoadetailedcosttaxonomyacrossmorethan100subcategories.Theyusedcross-functionalworkshopstoidentifyandvalidatesavingsopportunities.

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Theprogramidentifiedmorethan$110millioninsavingsopportunities,withmorethan70

initiativesdefined.Implementationplansandgovernancewereestablishedtotrackdeliveryandmaintainimpact.

Theseexamplesillustrateadeeperpoint:ZBTfocusesoncapitalreallocation,notcostremoval.Everyspendinglinefallsintooneofthreecategories—valuecreating,valueprotecting,orvalueconsuming—andthedisciplineliesinaligningresourcestothefirsttwowhileeliminatingthe

third.Companiesusethefreed-upcapitaltofundcommercialacceleration,pricingcapability,

technology

enablement,orintegration.

Thissameapproachappliestostructuralcomplexity.APE-backedglobalbeautycompanyusedazero-basedresettountangleoverlappingstructures,unclearP&Lownership,andredundant

activitiesspanningmultiplefunctions.Throughfunctionalandregionalredesign,centralized

procurement,andgranularcostdiagnostics,theteamidentifiedmorethan$100millioninsavingswithinthefirstyear.Equallyimportant,theprogramstreamlinedorganizationallayers,reduced

fragmentation,andclarifiedgovernance.

Becausethelogicisconsistent,theapproachscalesacrossdealtypes:buyouts,growthequity,carve-outs,andmultiassetplatforms.Thequestionforoperatingpartnersshiftsfrom“Howdeepcanwecut?”to“Whereshouldcapitalsittomaximizevalueovertheholdperiod?”

AIMakesItWorkatPESpeed

ForZBTtodeliveratthepacePEdemands,itmustfunctionasasystem,notaproject.Thatmeansintegratingtransparency,workforceredesign,processautomation,operatingmodelchanges,andfinancialtrackingintoasingle,coordinatedeffort.

AI-enabledadvancedanalyticsandautomationarewhatmakethisfeasiblewithinacompressedtimeline.ThesetechnologiesdonotchangethecoreprinciplesofZBT.Instead,theyaccelerate

thembybringingspeedtodiagnostics,deepeninginsightintohowworkisperformed,andallowingorganizationstoredesignprocessesandroleswithfargreaterprecision.

RadicalCostTransparency.EveryZBTstartswithacleanbaseline.Thatmeansbottom-up

visibilityintobothpeopleandnon-peoplespendatthelevelofindividualroles,activities,and

transactions.Thissinglesourceoftruthiswhatallowsoperatingpartnerstosizetheopportunity,setcredibletargets,andmeasureprogress—withmanagement,theboard,andlendersall

workingfromthesamefactbase.

Atoneglobalbeautyandpersonal-carecompany,aZBTprogramcreatedvisibilityacross45

milliontransactions,identifiedapproximately$400millioninrecurringannualrun-ratesavings,

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andself-fundedinyearone.Morethan250peoplewereengagedandupskilledtosustaintheapproachacrosseightmajorcostcategories.

AI-poweredclassificationtoolshavecompressedthetimelineforthisstepdramatically.Large

costbasesthatoncerequiredmonthstonormalizecannowbemappedindays,enablingfasteralignmentaroundthesizeandshapeoftheopportunity.

WorkforceProductivityDiagnostics.Traditionalcostprogramstargetheadcountwithout

examininghowworkactuallygetsdone.Thatapproachisbluntandoftencounterproductive;itremovespeoplewithoutremovingthework,whichjustredistributestheburden.

AI-enableddiagnosticsallowforabetterapproach:breakingdownrolesintodiscreteactivities,

quantifyinghowtimeisspent,andclassifyingeachtaskasvalueadding,automatable,or

redundant.Acrossknowledge-intensivefunctions,thisanalysisconsistentlyrevealssignificant

productivityheadroomwithoutcompromisingcriticalcapabilities.Insteadofblanketcuts,

leadershipredesignsrolesaroundtheworkthatmattersandshiftsrepetitivetaskstoautomationor

AIagents

.

AlargeutilityappliedanAI-enabledworkforcediagnosticacrossthousandsofoverheadactivities.Leadershipusedthefindingstorestructurerolesaroundhigher-valuework,embedautomation,

andputgovernanceinplacetosustainthegains.Theresultwaslastingefficiencyimprovementwithoutanyhollowingoutofinstitutionalknowledge.

BionicUseCases:Automation,Augmentation,andAgents.Theopportunitiestoapply

AI

extendtoexecution.Routinereporting,reconciliation,documentation,andcoordinationtaskscanbe

automated.GenAIcanacceleratedrafting,analysis,andinternalcommunications.Agent-basedsystemscanmanagestructuredworkflowsandrepetitivedecisionrules.These“bionic”

interventionsreshapethecostbasebyreducingtheeffortrequiredpertask.

Attheenterpriselevel,thisallowsleadershiptoresetSG&A,redesignsharedservices,andcompressmanagementspan.Attheindividuallevel,itmeanspeoplespendmoretimeonjudgment-intensiveworkandlessonadministrativeoverhead.

OperatingModelRedesign.Transparencyandworkforcediagnosticsareonlyvaluableifthey

leadtostructuralchange.ThestrongestimplementationsuseZBTfindingstoredesignthe

operatingmodel:clarifyingroles,right-sizingspansandlayers,resettingdemandbetween

functions,andeliminatinglegacyactivitiesthatnoonehashadthemandatetochallenge.Thesearedeliberatechoicesabouthowtheorganizationshouldsupportitsstrategy,notblanket

reductions.Andbecausetheyreshapedailyoperations,theymustbeanchoredincleargovernance,decisionrights,andaccountability.

DisciplinedTrackingofEBITDAandCash.Thefinalcomponentisfinancialdiscipline.ZBT

integratesearningsandcashmetricsintoasingletrackingframework.OntheEBITDAside,thiscoversorganizationalredesignandSG&Aoptimization.Onthecashside,itextendstoworking-capitalimprovement,vendortermalignment,procurementefficiency,andcapexprioritization.

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Thesefinancialmetricsaretrackedalongsideleadingoperationalindicators—spanratios,service-leveladherence,andprocesscycletimes—toconfirmthatnewwaysofworkingareholding.Operatingpartnerscanseenotonlywheresavingswerebookedbutwhethertheunderlyingworkhasactuallychanged.

WhatIsNeededforZBTtoWorkinPE

ZBTisbroadlyapplicable,butmakingitworkinaPEcontextrequiresaspecificownershipmindset.Fiveconditionsseparatetheprogramsthatdeliverfromtheonesthatstall:

Sponsor–ManagementAlignmentfromDayOne.CEOandCFOsponsorshipisnecessarybutinsufficient.Theoperatingpartnerandinvestmentteammustbealignedonobjectives,savingstargets,andreinvestmentpriorities,andthosemustbeembeddedinthevalue

creationplanandreflectedinboarddiscussionsfromtheoutset.

AccountabilityWithinthe100-DayCadence.Seniorexecutivesmustownmajorcost

categoriesandshowmeasurableprogresswithinthefirsttwoquarters.MultiyeartimelinesarenotcredibleinaPEcontext.

SavingsLockedInBeforeReinvestmentBegins.Capitalreallocationonlyworksifthesavingsarerealanddurable.Embeddingagreed-uponreductionsintoboard-approvedbudgetsbeforeauthorizingnewspendingenforcesdisciplineandminimizesleakage.

GovernanceThatSurvivesDiligence.EveryinitiativemustbetrackedalongsideoperationalKPIsandfinancialperformance,withclearescalationpaths.Gainsneedtobedefensible

underbuyerscrutinyandcredibletolenders.

WillingnesstoConfrontLegacyStructuresEarly.Duplication,uncleardecisionrights,andentrenchedspendingpatternsdonotresolvethemselves.PEownershipcreatesthe

mandatetochallengethem,butonlyifsponsorsusethatmandateinthefirstmonths,notthefinalones.

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FromSingle-AssetWinstoPortfolio-WideAdvantage

ThemostdisciplinedPEfirmsarenolongertreatingZBTasaone-offinitiative.Theyare

embeddingitintotheoperatingplaybook:runningzero-baseddiagnosticsduringdiligence,activatingcostandcapitalresetswithinthefirst100days,andreinforcingdisciplinethroughongoingportfoliogovernance.

Somesponsorsdeployrapidtransparencydiagnosticsacrosstheentireportfoliotoestablishaconsistentbaselineandsurfacevaluepotential,thenconcentratedeepertransformationson

priorityassets.Thistwo-speedmodel—breadthforvisibility,depthforimpact—allowsoperatingpartnerstomovequicklywithoutspreadingresourcestoothin.

Overtime,thebenefitscompound.Diagnosticcyclesshorten.Benchmarkssharpen.Lessonsfromoneportfoliocompanyinformtheapproachatthenext.Thecapabilitybecomesinstitutional,notepisodic.

Thismattersmostatexit.Buyersandlendersincreasinglyscrutinizewhethermargin

improvementsarestructuralortemporary.Azero-basedcoststructure,withredesigned

operations,embeddedautomation,andmeasurableKPIs,reducesskepticismduringdiligence.Theimprovementsaredemonstrableanddurable,notdependentontemporarycontrols.

LookingAhead:TheAI-NativeOperatingModel

WhenZBTisexecutedasanintegratedsystem,withAIembeddedthroughout,itscumulative

effectpointstowardsomethingmorefundamental:areimaginingofhowcompaniesarebuiltandrun.Theendpointofawell-runZBTprogramisnotaleanerversionoftheoldoperatingmodel.ItisanAI-nativeone.

InanAI-nativeoperatingmodel,theworkmostamenabletostandardization—suchasdata

processing,reporting,compliancechecks,androutineapprovals—isfullyautomated.What

remainsforhumansisnotadiminishedrolebutanelevatedone:orchestratingprocessesratherthanexecutingstepswithinthem.Managersandspecialistsmovetoasupervisoryposture,

workingacrossdashboardsthatsurfaceexceptions,flaganomalies,andenablereal-timecoursecorrection.Theyoverseetheflowofworkratherthanstandinsideit.Thisshiftfromparticipanttoprocesssupervisorrepresentsastepchangeinorganizationalproductivity.

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Realizingthatpotential,however,dependsonaprerequisitethatisoftenunderestimated:well-

defined,consistentlyappliedprocessessharedacrosstheorganization.Withoutthatfoundation,AI-nativeworkflowscannotoperateatscale.

ForPE-backedcompanies,thisalsochangestheexitstory:abusinessdesignedaroundAI-led

workflowsisnotjustleaner;itisstructurallymorescalable,withacostbasethatdoesnotgrowlinearlywithvolumeandamanagementlayerfocusedonjudgmentratherthanadministration.

Todrivedifferentialreturns,operatingpartnersneedapproachesthatdeliverfast,measurable,

anddefensiblevaluecreation.AI-enabledZBT—deployedasarepeatablesystem,notaone-timeproject—isprovingtobeoneofthemosteffective.Sponsorswhoinstitutionalizethisdiscipline

arebuildingstructuraladvantage:notjustwithinindividualassetsbutacrossfundsandmarketcycles.

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