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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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      "text": "ADP was started by accountants and has a long heritage in data processing. Payroll “service bureaus” largely thrived on scale and processing efficiency, supplemented with human service, not innovative technology.",
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      "text": "These cloud-based, SaaS providers with high-quality HCM offerings pose a significant competitive threat to ADP. Customers, especially in the small, mid, and small-enterprise market, prefer a unified HCM solution and value the Beyond Payroll capabilities when selecting a vendor. Payroll has become more commoditized and many newer entrants have modern and efficient payroll engines.",
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