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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "Uses a contrast-pairs framework to redefine the company's terminology.",
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      "kind": "callout",
      "text": "While ADP often cites its “service” as a key differentiator, most of this “service” is support for product deficiencies",
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      "text": "Can be minimized with more technologically-advanced, intuitive, and self-sufficient products (e.g. Apple, Amazon) → should be the effect of ADP’s product migrations if coupled with back-end improvements\nImproved product self-sufficiency is better for clients and better for ADP, and should reduce headcount meaningfully and drive significant margin",
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      "text": "Service vs. Support: A Key Distinction",
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