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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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  "notes": "Uses two quotes from a 'Former VP of National Accounts, Product Management' to substantiate claims of organizational dysfunction.",
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      "text": "Enterprise is ADP’s most dysfunctional business segment – ADP goes to market with overlapping and often competitive products on legacy architecture",
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      "text": "Some lower-margin labor-intensive revenue including benefits administration, 401(k), etc.; ADP has begun to divest some of these businesses (COBRA/CHSA)",
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      "text": "Each product is managed independently with individual GMs, P&Ls and dedicated service and support teams",
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      "text": "Vantage is a sub-scale product today, a “wrapper” around the legacy siloed product architecture; Vantage is likely unprofitable as ADP invests to redevelop the product",
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      "text": "Former VP of National Accounts, Product Management: [N]othing talks to each other.",
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      "text": "Former VP of National Accounts, Product Management: [There is a] GM for each one of these groups, all have their own P&L, all have their own bonuses... all of these GMs are incented based on their own business. They don't really care all that much about the other functional capabilities... they are paid on their small slice of the Net Promoter Score for their own unit.",
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      "text": "\"[There is a] GM for each one of these groups, all have their own P&L, all have their own bonuses... all of these GMs are incented based on their own business. They don't really care all that much about the other functional capabilities... they are paid on their small slice of the Net Promoter Score for their own unit.\" — Former VP of National Accounts, Product Management; \"[N]othing talks to each other.\" — Former VP of National Accounts, Product Management",
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      "kind": "title",
      "text": "Bloated Back-End – Example #2: Enterprise Product Complexity",
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