The Importance of a Unified Platform
Rob Stephenson, CEO, Thrive, gave a talk about the importance of a unified platform when it comes to M&A. The theme, which was a common onne throughout the day, was look before you leap.
“There is a strategy to this,” said Stephenson. “Don’t go too fast; it is so important that these deals be done right.”
Stephenson cited a six-part strategy in order to achieve effectiveness when it comes to buying or selling.
-
Have a plan.
-
Measure four times, cut once.
-
Automate every possible process.
-
Have dedicated teams.
-
Everyone has a day job. If you’re not able to orchestrate or afford this, establish committees and a process.
-
Stress test all of your systems for growth.
-
Align the plan with your budget and finance team.
Stephenson stresses the importance of laying everything out well in advance. As with everything, there are lessons to pay attention to when contemplating buying or selling.
“Customers are usually the biggest bottleneck,” said Stephenson. “Give them deadlines and make sure you discuss all new products, services and changes well in advance of the re-contracting period. Also, evaluate all vendor contracts, and give ‘tool-huggers’ the time, traininng and access to Q&A to get them on board.”
