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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": "Includes two testimonial quotes from a 'Former VP Business Transformation' to support the argument.",
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      "text": "ADP is not achieving leverage on its overall associate headcount, particularly in its service organization",
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      "text": "ADP currently has >100 sub-scale, inefficient service centers around the country\nLocal proximity was necessary before technological innovation\nFounders believed in acquiring real-estate near major highways\nMany locations and associates acquired through acquisition; acquired offices were frequently not integrated",
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      "text": "Service is the largest component of the associate count at ADP\nADP’s service offering is highly labor intensive; support-related headcount needs should decline meaningfully with better product offerings",
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      "text": "Former VP Business Transformation: \"[The] biggest opportunity is to find a way to go to market and deliver your product in a 2017 manner vs. a 1987 manner... I don't think you need as many people as you do.\"",
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