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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 has made progress with product migrations in the SMB and Mid-Market, but still has a lot of work to do in the Enterprise HCM market. Back-end infrastructure is in need of integration, upgrades and/or replacement",
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      "text": "ADP’s product migration efforts in SMB and Mid-Market(1) have moved customers to version-less Cloud-based platforms\nProducts not integrated into a single, unified HCM solution\nADP’s new HCM platforms are largely “wrappers” around legacy products and back-end infrastructure",
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      "text": "“ADP is in some way naive – ‘all we need to do is change how it looks.’ You can’t change the user experience by changing graphics, if underneath the database layer is antiquated.” - Former SVP Product Development",
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      "text": "(1) Should be complete by calendar year end.",
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      "text": "ADP’s Products and Technology Need Modernization",
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