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How to Manage a Interna^onal Equipment - LeaseAccelerator

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How ┬аto ┬аManage ┬аa ┬аInterna-onal ┬аEquipment ┬а
Leasing ┬аProgram: ┬а ┬а
Best ┬аPrac*ces ┬аfor ┬аCorporate ┬аLessees ┬а
Carol ┬аL. ┬аPennington ┬а
Director, ┬аTreasury ┬аProjects ┬а
Cummins, ┬аInc. ┬а
carol.l.pennington@cummins.com ┬а
www.cummins.com ┬а
Michael ┬аJ. ┬аKeeler, ┬аCEO ┬а
LeaseAccelerator ┬а ┬а
(formerly ┬аEcologic ┬аLeasing ┬аServices) ┬а
keeler@leaseaccelerator.com ┬а
www.leaseaccelerator.com ┬а
┬а
Agenda ┬а
тАвтАп
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тАвтАп
тАвтАп
тАвтАп
Session ┬аNumber ┬а: ┬а107 ┬а ┬а
Track ┬а: ┬аCorporate ┬аFinance ┬а& ┬аCapital ┬аMarkets ┬а ┬а
┬а
The ┬аCummins ┬аleasing ┬аstory ┬а
Why ┬аcorporate ┬аlessees ┬аlease ┬а
Common ┬аlessee ┬аproblems ┬а
Best ┬аprac-ces ┬аfor ┬аinterna-onal ┬аlessees ┬а
Q&A ┬а
The ┬аCummins ┬аLeasing ┬аStory ┬а
тАвтАп Cummins ┬аcorporate ┬аoverview ┬а
тАвтАп Cummins ┬аleasing ┬аprogram ┬а
тАУтАп Equipment ┬аwe ┬аlease ┬а
тАУтАп Why ┬аCummins ┬аleases ┬аequipment ┬а
тАУтАп Problems ┬аwith ┬аequipment ┬аleasing ┬аprogram ┬а(<2010) ┬а
тАУтАп Strategies ┬аand ┬аResults ┬а
Disclosure ┬аRegarding ┬аForward-┬нтАРLooking ┬аStatements ┬а& ┬а
non-┬нтАРGAAP ┬аFinancial ┬аMeasures ┬а
This ┬аpresenta-on ┬аcontains ┬аcertain ┬аforward-┬нтАРlooking ┬аinforma-on. ┬а ┬а ┬а
Any ┬аforward-┬нтАРlooking ┬аstatement ┬аinvolves ┬аrisk ┬аand ┬аuncertainty. ┬а ┬а ┬а
The ┬аCompanyтАЩs ┬аfuture ┬аresults ┬аmay ┬аbe ┬аaямАected ┬аby ┬аchanges ┬аin ┬аgeneral ┬аeconomic ┬а
condi-ons ┬аand ┬аby ┬аthe ┬аac-ons ┬аof ┬аcustomers ┬аand ┬аcompe-tors. ┬а ┬аActual ┬аoutcomes ┬аmay ┬а
diямАer ┬аmaterially ┬аfrom ┬аwhat ┬аis ┬аexpressed ┬аin ┬аany ┬аforward-┬нтАРlooking ┬аstatement. ┬а ┬аA ┬аmore ┬а
complete ┬аdisclosure ┬аabout ┬аforward-┬нтАРlooking ┬аstatements ┬аbegins ┬аon ┬аpage ┬а3 ┬аof ┬аour ┬а2010 ┬а
Form ┬а10-┬нтАРK, ┬аand ┬аit ┬аapplies ┬аto ┬аthis ┬аpresenta-on. ┬а
┬а
This ┬аpresenta-on ┬аcontains ┬аcertain ┬аnon-┬нтАРGAAP ┬аямБnancial ┬аmeasures ┬аsuch ┬аas ┬аearnings ┬аbefore ┬а
interest ┬аand ┬аtaxes ┬а(EBIT) ┬аand ┬аnet ┬аincome ┬аand ┬аdiluted ┬аearnings ┬аper ┬аshare ┬а(EPS) ┬а
a[ributable ┬аto ┬аCummins ┬аInc. ┬а ┬аPlease ┬аrefer ┬аto ┬аour ┬аwebsite ┬а(www.cummins.com) ┬аfor ┬аthe ┬а
reconcilia-on ┬аof ┬аthose ┬аmeasures ┬аto ┬аGAAP ┬аямБnancial ┬аmeasures. ┬а
Cummins ┬аBusiness ┬аOverview ┬а
Cummins ┬аInc., ┬аa ┬аglobal ┬аpower ┬аleader, ┬аis ┬аa ┬аcorpora-on ┬аof ┬аcomplementary ┬а
business ┬аunits ┬аthat ┬аdesign, ┬аmanufacture, ┬аdistribute ┬аand ┬аservice ┬аengines ┬аand ┬аrelated ┬а
technologies, ┬аincluding ┬аfuel ┬аsystems, ┬аcontrols, ┬аair ┬аhandling, ┬аямБltra-on, ┬аemission ┬а
solu-ons ┬аand ┬аelectrical ┬аpower ┬аgenera-on ┬аsystems. ┬а
┬а
┬а
┬а
┬а
┬а
┬а
Corporate ┬аHeadquarters: ┬аColumbus, ┬аIndiana ┬а
Stock ┬аSymbol: ┬аCMI ┬а(traded ┬аon ┬аNYSE) ┬а
┬а
┬а ┬а
Founded: ┬а1919 ┬а
2010 ┬аrevenues: ┬а$13.2 ┬аbillion ┬а
Fortune ┬а500 ┬аrank: ┬а186 ┬а
2010 ┬аnet ┬аincome: ┬а$1.0 ┬аbillion ┬а
Employees: ┬а40,000 ┬аserving ┬аcustomers ┬аin ┬а190 ┬аcountries ┬а
Distributor ┬аloca-ons: ┬а600 ┬аcompany-┬нтАРowned ┬аand ┬аindependent ┬а
Dealer ┬аloca-ons: ┬а6,000 ┬а
DiversiямБed ┬аGlobal ┬аPower ┬аLeader ┬а
Four ┬аComplementary ┬аBusinesses ┬а
Engines ┬а
Power ┬аGenera-on ┬а
Distribu-on ┬а
Components ┬а
Engine ┬аProducts ┬а
тАвтАп Automo-ve ┬а
тАвтАп Industrial ┬а
тАвтАп Marine ┬а
тАвтАп Mining ┬а
тАвтАп Rail ┬а
Engine ┬аApplica-ons ┬а
Powergen ┬аProducts ┬а
тАвтАп Diesel ┬а& ┬аgas ┬аgenset ┬а ┬а
тАвтАп G-┬нтАРDrive ┬а
тАвтАп Alternator ┬а
тАвтАп Power ┬аelectronics ┬а ┬а
тАвтАп System ┬аdesign
тАвтАп Energy ┬аSolu-on ┬а
Powergen ┬аApplica-ons ┬а
Bank ┬а
Manufacturing ┬аPlant ┬а
Bank ┬а
Power ┬аPlant ┬а
Airport ┬а
Telecom ┬а
Oil ┬а& ┬аGas ┬а
Cummins ┬атАУ ┬аHistorical ┬аPerformance ┬а
Sales ┬а
EBIT1 ┬а
$18,000
$16,000
$14,000
$14,342
$2,229
$2,000
$13,226
$13,048
$1,657
$12,000
$10,800
$1,500
$10,000
$ MILLIONS
$ MILLIONS
$2,500
$16,041
$8,000
$6,000
$4,000
$1,227 $1,257
$1,000
$774
$500
$2,000
$0
$0
2007
2008
2009
2010
Q2'11
LTM
2007
2008
2009
1 ┬аEBIT ┬аexcludes ┬аrestructuring ┬аcharges ┬аof ┬а37M ┬аand ┬а99M ┬аin ┬а2008 ┬аand ┬а2009, ┬аrespec]vely. ┬а ┬аAlso, ┬аthe ┬а ┬аgain ┬аfrom ┬а ┬а ┬а
exhaust ┬аbusiness ┬аtransac]on ┬аof ┬а68M ┬аis ┬аexcluded ┬аfrom ┬аQ2-┬нтАР11 ┬аLTM. ┬а
2010
Q2'11
LTM
┬а
Why ┬аCummins ┬аleases ┬аequipment ┬а
Treasury ┬аStrategy: ┬аCorporate ┬аTreasury ┬аdoes ┬аnot ┬аadvocate ┬аpurchasing ┬а
or ┬аleasing. ┬аLocal ┬аbudget ┬аowners ┬аmake ┬аdecisions. ┬аTreasury ┬аprovides ┬а
policy, ┬аprocess, ┬аadvice, ┬аsupport, ┬аand ┬аtools. ┬а
┬а
Why ┬аbudget ┬аowners ┬аchoose ┬аleasing: ┬а
тАвтАпEconomics ┬а
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тАУтАп
тАУтАп
тАУтАп
Less ┬аexpensive ┬аthan ┬аbuying ┬а
Greater ┬аямВexibility ┬аthan ┬аbuying ┬а
Outsourcing ┬аmanagement ┬аof ┬аresiduals ┬аto ┬аbest ┬аlocal ┬аlessor ┬а
Improve ┬аROA ┬аand ┬аROE ┬а
тАвтАпLiquidity ┬а
тАУтАп Budget ┬аmanagement ┬а
тАУтАп Align ┬аcosts ┬аwith ┬аincremental ┬аusage ┬а
тАУтАп Avoid ┬аtying ┬аup ┬аcash ┬аin ┬аdeprecia]ng ┬аassets ┬а
┬а
Equipment ┬аWe ┬аLease ┬аWorldwide ┬а
┬а
тАвтАпAircra_ ┬а
┬а ┬а
тАвтАпAutomobile: ┬аCar, ┬аVan ┬а
тАвтАпBuilding ┬аEquipment: ┬аHVAC, ┬аFire ┬аAlarm, ┬аBldg ┬аAlarm, ┬аBldg ┬аAccess, ┬аSecurity ┬а
Cameras ┬а
тАвтАпCleaning ┬аEquipment: ┬аFloor ┬аScrubber ┬а
тАвтАпComputer ┬аEquipment ┬аand ┬аPeripherals: ┬аNotebook, ┬аLaptop, ┬аDesktop, ┬аServers, ┬а
Blades, ┬аStorage, ┬аMonitors, ┬аScreens, ┬аSoNware, ┬аUPS ┬а
тАвтАпIndustrial ┬аEquipment: ┬аCompressor, ┬аCompactor, ┬аWaste ┬аDispenser, ┬аPumps, ┬аScales, ┬а
Washing ┬аMachine ┬а
тАвтАпLab ┬аand ┬аTes-ng ┬аEquipment: ┬аEngine ┬аtest ┬аroom ┬аDatabox ┬а
┬а
Equipment ┬аWe ┬аLease ┬аWorldwide ┬аcont. ┬а
┬а
тАвтАпManufacturing ┬аEquipment: ┬аConveyor ┬аsystem, ┬аBarcode ┬аEquipment, ┬аStretch ┬аWrap ┬а
Machines, ┬аPacker, ┬а
┬а ┬а
тАвтАпMaterial ┬аHandling ┬аEquipment: ┬аForkliN, ┬аBaQery/Charger, ┬аRotator, ┬аPallet ┬аMover/
Trolley, ┬аTuggers, ┬аCrane, ┬аBurden ┬аCart, ┬аEngine ┬аMovers, ┬аCounter ┬аBalance ┬а
тАвтАпNetworking, ┬аTelephone, ┬аand ┬аTV ┬аEquipment:
┬аRouters, ┬аBridges, ┬аHubs, ┬аCCTV ┬а
тАвтАпOямГce ┬аEquipment: ┬аPostage ┬аMachine, ┬аCoямАee ┬аMachine, ┬аWater ┬аDispenser, ┬аCopier, ┬а
Fax ┬аMachine, ┬аVending ┬аMachine, ┬аScanners, ┬аPrinters, ┬аRadios ┬а
тАвтАпPallets ┬а
тАвтАпTrucks: ┬а3 ┬аwheels, ┬аямВatbeds, ┬аpick-┬нтАРup ┬аtrucks, ┬аCherry ┬аPicker, ┬аother ┬аtrucks ┬а
Problems ┬аwith ┬аLeasing ┬аProgram ┬аin ┬а2009 ┬а
тАвтАп Did ┬аnot ┬аtrust ┬аaccuracy ┬аof ┬аdata ┬аfor ┬аямБnancial ┬аreports ┬а
тАУтАп Could ┬аnot ┬аmeasure ┬аямБnancial ┬аperformance ┬аof ┬аporZolio ┬а
тАвтАп Lessee ┬аso_ware ┬аdid ┬аnot ┬аwork ┬атАУ ┬аvendor ┬аwas ┬аout ┬аof ┬аbusiness ┬а
тАУтАп Poor ┬аvisibility ┬атАУ ┬аno ┬аreliable ┬аreports ┬аor ┬аrequired ┬аworkямВow ┬а ┬а
тАУтАп Tried ┬аexpor\ng ┬аand ┬аmaintaining ┬аin ┬аexcel ┬а
тАвтАп Poor ┬аdecision-┬нтАРmaking: ┬аno ┬аstandardized ┬аlease ┬аvs. ┬аbuy ┬аprocess ┬а
тАвтАп InsuямГcient ┬аcompe--on ┬аfor ┬аlease ┬аpricing ┬а
тАУтАп Rela\onships ┬аwith ┬аcap\ve ┬аlessors ┬аwas ┬аtoo ┬а\ght ┬атАУ ┬аeconomics ┬аhidden ┬а
тАвтАп Considerable ┬аevergreen ┬аpayments: ┬а
тАУтАп Inability ┬аto ┬аtrack ┬аleases ┬аand ┬аassets ┬а
тАУтАп Inability ┬аto ┬аmake ┬а\mely ┬аend-┬нтАРof-┬нтАРterm ┬аdecisions ┬а
тАвтАп Complex, ┬аfragmented ┬аso_ware ┬аenvironment: ┬а
тАУтАп Ariba ┬аfor ┬аprocurement ┬а
тАУтАп Several ┬аERP ┬аplaZorms ┬атАУ ┬аOracle ┬аfor ┬аmost ┬аbusiness ┬аunits ┬а
тАУтАп Oracle ┬аfor ┬аямБnancial ┬аrepor\ng ┬а
тАвтАп Lack ┬аof ┬аpolicy, ┬аprocess ┬аand ┬аcontrols ┬а
┬а
Results ┬а
тАвтАп Established ┬аIntegrated ┬аLease ┬аand ┬аAsset ┬аDatabase ┬а
тАУтАп Engaged ┬аoutsourcing ┬аpartner ┬аfor ┬аexper\se, ┬аprocess ┬аadministra\on, ┬аand ┬а
soNware ┬аservices ┬аin ┬а2010 ┬а
тАУтАп Captured ┬аand ┬аabstracted ┬аover ┬а4,200 ┬аequipment ┬аlease ┬аdocuments ┬а(MLAs ┬аand ┬а
schedules) ┬аto ┬аcreate ┬аauditable ┬аdatabase ┬а
тАвтАп 2,200 ┬аcaptured ┬аin ┬аunder ┬а6 ┬аmonths ┬а
тАвтАп More ┬аthan ┬а1,000 ┬аhad ┬аto ┬аbe ┬аtranslated ┬аto ┬аEnglish ┬аямБrst ┬а
тАвтАп 44 ┬аcountries ┬а
тАУтАп Integrated ┬аsoNware ┬аservices ┬аwith ┬аAriba ┬аProcurement ┬аand ┬аOracle ┬аG/L, ┬аA/P ┬аfor ┬а
seamless ┬аdata ┬аintegra\on ┬а
тАУтАп Generated ┬аямБnancial ┬аreports ┬аused ┬аfor ┬аSOX-┬нтАРcompliant ┬аямБnancial ┬аrepor\ng ┬а(10k ┬а
notes ┬аdisclosure), ┬аincluding ┬аcontractual ┬аobliga\ons ┬аrelated ┬аto ┬аopera\ng ┬аand ┬а
capital ┬аleases ┬атАУ ┬аwithin ┬а9 ┬аmonths ┬аof ┬аstart ┬а
┬а
Results ┬а
тАвтАп
Established ┬аscalable, ┬аglobal ┬аleasing ┬аprocess ┬а
тАУтАп Cummins ┬аlessees ┬аaround ┬аthe ┬аworld ┬аtransact ┬аusing ┬аsame ┬аprocess ┬аand ┬аweb-┬нтАР
based ┬аsoNware ┬аsystem ┬а
тАвтАп submit ┬аan ┬аAsset ┬аRequest ┬аForm ┬аthat ┬аautoma-cally ┬аgenerates ┬аa ┬аdetailed ┬аLease ┬а
vs. ┬аBuy ┬аanalysis ┬аand ┬аindica-ve ┬аFAS ┬а13 ┬аtest ┬а
тАвтАп generate ┬аand ┬аdistribute ┬аRFP's ┬аto ┬аlessors ┬аin ┬аthe ┬аappropriate ┬аcountry ┬аwith ┬аthe ┬а
support ┬аof ┬аoutsourcerтАЩs ┬аteam ┬а
тАвтАп select ┬аthe ┬аwinner ┬а(typically ┬аthe ┬аlowest ┬аbidder) ┬аvia ┬аProposal ┬аAnalysis ┬аand ┬а
Ranking ┬аsystem ┬аand ┬аcomplete ┬аthe ┬аtransac-on ┬а
тАвтАп outsourcer ┬аcaptures ┬аthe ┬аtransac-on, ┬аincluding ┬аall ┬аdocuments ┬аand ┬аdata ┬аat ┬аthe ┬а
asset ┬аlevel ┬а
тАУтАп captured ┬аand ┬аiden\ямБed ┬аleases ┬аbeyond ┬аini\al ┬аterm ┬аin ┬аevergreen ┬аpayment ┬а
status ┬аand ┬аfacilitated ┬аreturn ┬аor ┬аpurchase ┬аof ┬аequipment ┬а
┬а
Results ┬а& ┬аCurrent ┬аAc-ons ┬а
тАвтАп
тАвтАп
Increased ┬аVisibility: ┬аAll ┬аstakeholders ┬аhave ┬аvisibility ┬аinto ┬аthe ┬аlease ┬аporZolio ┬аand ┬аprocess ┬а
over ┬аall ┬аstages ┬аof ┬аthe ┬аlease ┬аlifecycle ┬а-┬нтАР-┬нтАР ┬аusing ┬аautomated ┬аrepor\ng ┬аand ┬аno\ямБca\ons ┬а
Established ┬аControls: ┬аSpeciямБc ┬аpolicies ┬аand ┬аcontrols ┬аput ┬аin ┬аplace ┬аthroughout ┬аthe ┬аlease ┬а
lifecycle ┬аto ┬аmi\gate, ┬аreduce, ┬аand ┬аmanage ┬аrisks ┬атАУ ┬аexample: ┬аthe ┬аAsset ┬аRequest ┬аForm ┬а
тАвтАп
Increased ┬аCompe--on: ┬аThrough ┬аRFP ┬аprocess, ┬аhave ┬аsuccessfully ┬аcompeted ┬аand ┬а
awarded ┬а$41.7MM ┬аof ┬аequipment ┬аleases ┬аand ┬аlease-┬нтАРlines ┬а(including ┬аforkliNs, ┬аautomobiles, ┬а
IT/servers, ┬аfurniture ┬а& ┬аямБxtures, ┬аbroadcast/audio-┬нтАРvisual, ┬аheavy ┬аequipment, ┬аetc.) ┬аin ┬а4 ┬а
countries ┬а
тАвтАп
Generated ┬аMeasurable ┬аSavings: ┬аGenerated ┬аover ┬а$2.7MM ┬аof ┬аrealized ┬аsavings, ┬аwhich ┬а
is ┬аan ┬аROI ┬аof ┬а12.8% ┬а
тАвтАп
Current ┬аAc-ons: ┬а
тАУтАп RFI ┬аand ┬аRFP ┬аfor ┬аGlobal ┬аAuto ┬аFleet ┬а(es]mated ┬аcomple]on ┬аQ42011) ┬а
тАУтАп Training ┬аstrategic ┬аLeasing ┬аCoordinators ┬аresponsible ┬аfor ┬аprocess ┬аin ┬аBU/Geography ┬а
тАУтАп Compe]]vely ┬аbidding ┬аthree ┬аcorporate ┬аaircrad ┬а(es]mated ┬аcomple]on ┬аQ2 ┬а2012) ┬а
┬а
Best ┬аPrac-ces ┬а ┬а
for ┬а ┬а
Lessees ┬а
Why ┬аLessees ┬аLease? ┬а
Source: ┬аGlobal ┬аInsight ┬аsurvey ┬аfor ┬аELFA ┬а2006 ┬а
Common ┬аLessee ┬аProblems ┬а
Limited ┬аcorporate ┬аcontrol ┬аand ┬аvisibility ┬а
Excessive ┬аcosts ┬а
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
processes ┬аand ┬аprocedures ┬аare ┬аincomplete, ┬аineямГcient, ┬аand ┬аinconsistent ┬а
insuямГcient ┬аunderstanding ┬аby ┬атАЬownersтАЭ ┬аof ┬аямБnancial ┬аconsequences ┬аof ┬аalterna\ves ┬а
inability ┬аto ┬аmeasure ┬аperformance ┬аof ┬аpar\cipants ┬аin ┬аthe ┬аleasing ┬аworkямВow ┬а ┬а
employee ┬аand ┬аexecu\ve ┬аturnover ┬а
procedures ┬аand ┬аcontrols ┬аare ┬аnot ┬аadhered ┬аto ┬аor ┬аenforced ┬атАУ ┬аnot ┬аSox ┬аcompliant ┬а
missed ┬аdecisions ┬аand ┬аpoor ┬аexecu\on ┬аat ┬аend-┬нтАРof-┬нтАРterm ┬а
payment ┬аoverlap ┬аfor ┬аrefresh, ┬аmonth-┬нтАРto-┬нтАРmonth ┬аrentals, ┬аand ┬аforced ┬аbuyouts ┬аfor ┬аcertain ┬аcategories ┬а
InsuямГcient ┬аhuman ┬аresources ┬аand ┬аautoma-on ┬аrequired ┬аto ┬аmanage ┬аprocesses ┬а
eямАec-vely ┬а ┬а
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
many ┬аsystems ┬а(Purchasing, ┬аAsset ┬аManagement, ┬аGLs, ┬аExcel ┬аSpreadsheets) ┬а
many ┬аdocuments, ┬аassets, ┬аand ┬аasset ┬аdetails ┬а
many ┬аdepartments, ┬аbusiness ┬аunits, ┬аcost ┬аcenters ┬а
many ┬аstakeholders ┬аwith ┬аmany ┬аmanual, ┬аdisjointed ┬аworkямВows ┬а
collabora\on ┬аand ┬аcommunica\ons ┬аinvolve ┬аlots ┬аof ┬аfric\on ┬аand ┬аerrors ┬а
leasing ┬аexperts ┬аspend ┬а\me ┬аmanaging ┬аcrises, ┬аnot ┬аprocesses ┬а
Missing ┬аcri-cal ┬аdata ┬аfrom ┬аexis-ng ┬аsystems ┬а
тАвтАп incomplete, ┬аinaccurate ┬аporZolio, ┬а10K ┬аand ┬аmanagement ┬аrepor\ng, ┬аand ┬аaudit ┬аtrail ┬а
тАвтАп systems ┬аare ┬аnot ┬аintegrated ┬атАУ ┬аtoo ┬аmany ┬аkeystrokes ┬а
1. ┬аProgram ┬аGoals ┬а(wri[en-┬нтАРdown ┬аfor ┬аclarity) ┬а ┬а
тАвтАп ┬аVision ┬а
тАвтАп ┬аMission ┬а
тАвтАп ┬аGoals ┬а& ┬аra-onale ┬а
тАвтАп ┬аSuccess ┬аmetrics ┬а
┬а
┬а
тАвтАп ┬аPolicy ┬а
тАвтАп ┬аProcesses ┬а& ┬аcontrols ┬а
тАвтАп ┬аStakeholders ┬а
Execu-ve ┬аSponsor ┬а
Project ┬аManager(s) ┬а
┬а
┬а
тАвтАп ┬аSo_ware ┬а
тАвтАп ┬аData ┬а& ┬аdocuments ┬а
тАвтАп ┬аDaily ┬аexecu-on ┬аof ┬аlease ┬аlifecycle ┬а
тАвтАп ┬аEnd-┬нтАРuser ┬аsupport ┬а
Project ┬аTeam ┬а
Page ┬а24 ┬а
Example ┬а
Vision: ┬а ┬аMy ┬аcompany ┬аminimizes ┬аtotal ┬аcost ┬аof ┬аleasing ┬аand ┬аcon\nuously ┬аimprove ┬аthe ┬аleasing ┬а
experience ┬аfor ┬аall ┬аstakeholders ┬аbecause ┬аwe ┬аmanage ┬аthe ┬аlease ┬аlifecycle ┬аproямБciently ┬а
Mission: ┬аTo ┬аorganize ┬аthe ┬аtalent, ┬аprocesses, ┬аcontrols, ┬аand ┬аautoma\on ┬аrequired ┬аto ┬аrealize ┬аthe ┬а
Vision ┬а
Strategy: ┬аAutomate, ┬аmonitor, ┬аmeasure, ┬аenable, ┬аcontrol, ┬аand ┬аenforce ┬аthe ┬аleasing ┬аprocess ┬аby ┬а
engaging ┬аnew ┬аoutsourcing ┬аpartner ┬аand ┬аdeploying ┬аnew ┬аsoNware ┬аservices ┬а
Goals: ┬а
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-тАп
-тАп
Repor\ng ┬аtrusted ┬атАУ ┬аaccurate, ┬аup-┬нтАРto-┬нтАРdate ┬аdata, ┬аand ┬аautomated ┬а
Best ┬аeconomic ┬аdecision ┬а ┬аmade ┬аfor ┬аall ┬аassets ┬а(lease ┬аvs. ┬аbuy) ┬аprior ┬аto ┬аany ┬аnew ┬аterm ┬а
NO ┬аevergreen ┬аrent, ┬аdouble ┬аpayments, ┬аor ┬аfees ┬аpaid ┬а
Streamlined, ┬аintegrated ┬аleasing ┬аprocess ┬аestablished ┬аworldwide ┬а
-тАп
The ┬аямБnancial ┬аperformance ┬аof ┬аour ┬аlease ┬аporZolio ┬аis ┬аmeasurable ┬аand ┬аcon\nuously ┬аimproving ┬а
┬а
тАвтАп
тАвтАп
тАвтАп
тАвтАп
No-ямБca-ons ┬аto ┬аall ┬аstakeholders ┬а ┬а
Escala-on ┬аto ┬аensure ┬аvisibility ┬аand ┬а-meliness ┬аand ┬аenforce ┬аcontrols ┬а
Asset-┬нтАРlevel ┬аrepor-ng ┬аto ┬аfacilitate ┬аporjolio ┬аmanagement, ┬аbudge-ng, ┬аand ┬аprocurement ┬а
Experts ┬аdedicated ┬аto ┬аa[ending ┬аto ┬аdata, ┬аdetails, ┬аand ┬аprocess ┬аacross ┬аthe ┬аlease ┬аlifecycle ┬а
┬а
2. ┬аEstablish ┬аLease ┬а& ┬аAsset ┬аDatabase ┬а ┬а
(Assumes ┬аyou ┬аdonтАЩt ┬аtrust ┬аthe ┬аdata ┬аyou ┬аhave ┬а-┬нтАР-┬нтАР ┬аstar-ng ┬аfrom ┬аscratch) ┬а
┬а
тАвтАп
Create ┬аreports ┬аto ┬аanalyze ┬аall ┬аleases, ┬аassets, ┬аexpenses ┬аand ┬аobliga-ons ┬аin ┬аyour ┬аporjolio ┬а
тАУтАп
тАУтАп
тАвтАп
тАвтАп
Dis-ll ┬аthe ┬аdata ┬аelements ┬аin ┬аthese ┬аreports ┬аinto ┬аa ┬аmaster ┬аdatabase ┬а
Collect ┬аall ┬аoriginal ┬аinternal ┬аdocuments: ┬аPR, ┬аPO, ┬аCofA, ┬аMLA, ┬аschedules, ┬аaddenda ┬а
тАУтАп
тАУтАп
тАУтАп
тАУтАп
тАвтАп
Abstract ┬аdata ┬аfrom ┬аdocuments ┬а
Reconcile ┬аasset ┬аdata ┬аfrom ┬аlessors, ┬аvendors, ┬аIT ┬аdepartment, ┬аand ┬аlease ┬аschedule ┬аdata ┬а
Reconcile ┬аlease ┬аterms ┬аwith ┬аinternal ┬аreports ┬аused ┬аto ┬аprepare ┬аямБnancial ┬аdisclosures ┬а
Establish ┬аprocedures ┬аfor ┬аelectronic ┬аstorage ┬аof ┬аall ┬аdocuments ┬а(e.g. ┬аcentralized ┬аrepository) ┬а
Determine ┬аAsset ┬аOwner ┬а(internal ┬аямБduciary) ┬аfor ┬аeach ┬аschedule ┬а
тАУтАп
тАвтАп
Collect: ┬аleasing ┬аreports ┬атАУ ┬аe.g. ┬аcontrollerтАЩs ┬аreports ┬аused ┬аfor ┬аямБnancial ┬аstatements ┬а(contractual ┬аobliga\ons ┬а& ┬а
lease ┬аfootnote) ┬а
Iden\fy ┬аsources ┬аof ┬аelectronic ┬аdata, ┬аincluding ┬аlessors ┬а, ┬аvendors, ┬аIT ┬аdepartment ┬а
Scrape ┬аgovernance ┬аinfo ┬аfrom ┬аPR, ┬аespecially ┬аwho ┬аsubmiQed ┬аorder ┬а(or ┬аtheir ┬аcurrent ┬аreplacement) ┬а
Send ┬аreport ┬аof ┬аall ┬аschedules ┬аand ┬аassets ┬аto ┬аeach ┬аAsset ┬аOwner ┬аand ┬аask ┬аthem ┬аto ┬аedit ┬аor ┬аa[est ┬аto ┬а
the ┬аaccuracy ┬аof ┬аdata, ┬аincluding: ┬аequipment ┬аloca\on, ┬аEOT ┬аstatus, ┬аother ┬аbusiness ┬аcoding ┬а(GL ┬аcodes, ┬аcost ┬а
center ┬аinfo, ┬аproject ┬аcode, ┬аetc.) ┬а
тАвтАп
тАвтАп
Generate ┬аreport ┬аfor ┬аall ┬аasset ┬аclasses ┬аbased ┬аon ┬аtheir ┬аEOT ┬аstatus: ┬аreturn, ┬аbuyout, ┬аrenew ┬а
Generate ┬атАЬevergreen ┬аreportтАЭ ┬аto ┬аdetermine ┬аstatus ┬аof ┬аleases ┬аthat ┬аare ┬аpast ┬аtheir ┬аoriginal ┬аstart ┬а
date, ┬аwhich ┬аincludes ┬аall ┬аrenewals ┬а(inten-onal) ┬аand ┬аautoma-c ┬аrenewals ┬а(uninten-onal) ┬а
3. ┬аImprove ┬аLease ┬аPlanning ┬а
┬а
тАвтАп
Automate ┬аLease ┬аvs. ┬аBuy ┬аProcess ┬а ┬а
тАУтАп DeямБne ┬аrepeatable ┬аprocedures ┬аfor ┬аLease ┬аvs. ┬аBuy ┬аthat ┬аwill ┬аwork ┬аglobally ┬а
тАУтАп Simplify ┬а ┬а& ┬аstandardize ┬аinputs ┬а(e.g. ┬аdebt, ┬аequity, ┬аtax ┬аrates) ┬аfor ┬аusers ┬а ┬а
тАУтАп Automa\cally ┬аgenerate ┬аeconomic ┬аanalysis: ┬аIf ┬аPV ┬аof ┬аtotal ┬аlease ┬аpayments ┬аis ┬аless ┬аthan ┬аoriginal ┬а
cost ┬атАУ ┬аleasing ┬аis ┬аs\ll ┬аeconomically ┬аadvantageous ┬аto ┬аcompany ┬а
тАУтАп Automa\cally ┬аgenerate ┬аaccoun\ng ┬аanalysis: ┬аcash ┬аямВows ┬аand ┬аimpacts ┬аon ┬аincome ┬аstatement ┬а
and ┬аbalance ┬аsheet ┬а
тАвтАп
Determine ┬аgeneric ┬аRequest ┬аfor ┬аProposal ┬аrequirements ┬аand ┬аinclude ┬аwith ┬аresults ┬аsent ┬а
back ┬аto ┬аuser ┬аwith ┬аLvB ┬аanalysis ┬а
тАУтАп Ensure ┬аthat ┬аlessors ┬аand ┬аvendors ┬аprovide ┬аasset ┬аlevel ┬аdata ┬аyou ┬аrequire ┬аfor ┬аyour ┬аmaster ┬а
database ┬аrequirements ┬а
тАУтАп Use ┬аlease-┬нтАРlines ┬а: ┬аaggregate ┬аthe ┬аbuy ┬аand ┬аdrive ┬аdown ┬аthe ┬аspend ┬аto ┬аcreate ┬аsavings ┬а
┬а
4. ┬аCapture ┬аTransac-on ┬аData ┬а
┬а ┬а
тАвтАп
тАвтАп
тАвтАп
тАвтАп
Formalize ┬аand ┬аdocument ┬аprocedures ┬аabove ┬аfor ┬аcapturing ┬аand ┬аstoring ┬аdocuments ┬аand ┬а
data ┬аat ┬аthe ┬а-me ┬аof ┬аa ┬аtransac-on ┬а-┬нтАР-┬нтАР ┬аIden-fy ┬аrisks ┬аand ┬аcontrols ┬аto ┬аmeet ┬аSOX ┬аrequirements ┬а
Automate ┬аprocedures ┬аusing ┬аstandardized ┬аcalcula-ons ┬аand ┬аrules ┬а(automate ┬аworkямВow) ┬а
Integrate ┬аwith ┬аinternal ┬аand ┬аexternal ┬аupstream ┬аand ┬аdownstream ┬аsystems ┬аto ┬аminimize ┬а
keystrokes ┬аand ┬аhuman ┬аinterac-on ┬а
Automate ┬аinges-on ┬аand ┬аreconcilia-on ┬аof ┬аstandard ┬аlessor ┬аdata ┬а
5. ┬аTest ┬аData ┬а& ┬аCapture ┬аChanges ┬аDuring ┬аTerm ┬а
┬а
тАвтАп
┬а
тАвтАп
Send ┬аrou-ne ┬а(e.g. ┬аevery ┬а6 ┬аmonths, ┬аannually) ┬аautomated ┬аemail ┬аrequests ┬аsent ┬аto ┬аAsset ┬а
Owner ┬аwith ┬аreport ┬аthat ┬аincludes ┬аasset ┬аdata, ┬аloca-on, ┬аand ┬аcoding ┬аand ┬аrequire ┬аedits ┬аand ┬а
a[esta-on ┬аof ┬аaccuracy ┬а
This ┬аwill ┬аensure ┬аyou ┬аcan ┬аapply ┬аcosts ┬аto ┬аappropriate ┬аinternal ┬аcost ┬аcenter/GL ┬аcode ┬аduring ┬а
the ┬аterm ┬аand ┬аknow ┬аthe ┬аloca-on ┬аof ┬аasset ┬аfor ┬аeямАec-ve ┬аEOT ┬аmanagement ┬а
6. ┬аManage ┬аEOT ┬аeямАec-vely ┬а
┬а ┬а
тАвтАп
Send ┬аautomated ┬аno-ямБca-ons ┬аto ┬аAsset ┬аOwners ┬аwith ┬аrequest ┬аfor ┬аEOT ┬аdecision ┬аwell ┬а ┬а
in ┬аadvance ┬аof ┬аend ┬аof ┬аterm ┬а
тАУтАп Pay ┬аaQen\on ┬аto ┬аdate ┬аrequired ┬аto ┬аno\fy ┬аlessors ┬аand ┬аback ┬аup ┬аfrom ┬аthere ┬а
тАУтАп Include ┬аasset ┬аlevel ┬аdata ┬аand ┬аeconomic ┬аanalysis ┬аof ┬аEOT ┬аop\ons ┬аin ┬аa ┬аspreadsheet ┬аto ┬аminimize ┬а
ques\ons ┬а
тАУтАп Require ┬аdecision ┬аand ┬аcommitment ┬аfor ┬аreturn ┬аof ┬аequipment ┬а
┬а
тАвтАп
┬а
тАвтАп
тАвтАп
Send ┬аautomated ┬аno-ямБca-on ┬аon ┬аdate ┬аcommi[ed ┬аfor ┬аreturn ┬аand ┬аrequire ┬аAsset ┬аOwner ┬а
to ┬аsubmit ┬аactual ┬аreturn ┬аdate ┬а
Escalate ┬аto ┬аsuperior ┬аand ┬аrequest ┬аinterven-on, ┬аif ┬аno ┬аresponse ┬аby ┬аdeadline ┬а
Create ┬аAsset ┬аOwner ┬аscorecard, ┬аwhich ┬аmeasures ┬аperformance ┬аof ┬аeach ┬аAsset ┬аOwner, ┬а
and ┬аdistribute ┬аto ┬аAsset ┬аOwner ┬аand ┬аsuperiors ┬а
тАУтАп Review ┬аline ┬аof ┬аbusiness, ┬аdepartmental, ┬аor ┬аcountry ┬аscorecards ┬а(whatever ┬аis ┬аrelevant) ┬аwith ┬а
appropriate ┬аexecu\ve ┬а
7. ┬аRollout ┬аProgram ┬аGlobally ┬а
┬атАвтАп Develop ┬аlaunch ┬аstrategy ┬аthat ┬аworks ┬аfor ┬аyour ┬аcompany ┬аand ┬аculture ┬а(by ┬аbusiness ┬а
unit ┬аor ┬аcountry, ┬аetc) ┬а
тАУтАп Take ┬аinto ┬аaccount ┬аdegree ┬аof ┬аcentraliza\on/decentraliza\on ┬а
тАвтАп Seek ┬аto ┬аenable ┬аdecentralized ┬аwork ┬аand ┬аdecision-┬нтАРmaking ┬аwith ┬аcentralized ┬аcontrols ┬аand ┬а
repor]ng ┬а
┬а
тАвтАп Test ┬аlaunch ┬аwith ┬аearly ┬аadopters ┬атАУ ┬аknock ┬аout ┬аkinks ┬а(e.g. ┬а6 ┬аsigma ┬аapproach ┬аfor ┬а
repeatability ┬аand ┬аscalability) ┬а
┬а
тАвтАп Train ┬аusers ┬а(or ┬аtrain ┬аthe ┬аtrainers, ┬аas ┬аappropriate ┬аfor ┬аyour ┬аcompany ┬аculture) ┬аon ┬аnew ┬а
process, ┬аprocedures, ┬аand ┬аtools ┬а
тАУтАп May ┬аwant ┬аto ┬аempower ┬аregional ┬аor ┬аcountry ┬аprocess ┬аleaders ┬а
┬а
тАвтАп Communicate, ┬аcommunicate, ┬аcommunicate ┬аto ┬аachieve ┬аuniversal ┬аadop-on ┬а
┬а
тАвтАп Listen, ┬аlisten, ┬аlisten ┬аto ┬аfeedback ┬аand ┬аsugges-ons ┬аfrom ┬аusers ┬аto ┬аimprove ┬аprocess ┬а
incrementally ┬аto ┬аimprove ┬аease-┬нтАРof-┬нтАРuse ┬а
┬а
┬а
Conclusion ┬а
┬атАвтАп Complete ┬аthe ┬а7 ┬аsteps ┬аabove ┬аto ┬аmeet ┬аthe ┬аObjec-ve ┬а
┬а
тАвтАп Budget ┬аthe ┬а-me ┬аand ┬аresources ┬аrequired ┬аto ┬аperform ┬аthe ┬аwork ┬а
тАУтАп Internal ┬аresources ┬аvs. ┬аOutsourcing ┬а ┬а
тАУтАп Homegrown ┬аvs. ┬аThird-┬нтАРparty ┬а(e.g. ┬аSaaS ┬аapproach) ┬а
тАвтАп build ┬аvs. ┬аbuy ┬аanalysis ┬а
тАУтАп One ┬аyear ┬аminimum ┬аfor ┬аimplementa\on ┬а
тАвтАп More ┬а\me ┬аmay ┬аbe ┬аrequired ┬аfor ┬аinterna\onal ┬аprogram ┬а
тАвтАп Launch ┬аproject ┬аin ┬а2012 ┬аto ┬аmeet ┬аObjec\ve ┬аby ┬аFAS ┬аLease ┬аAccoun\ng ┬а
Standards ┬аchange ┬аdeadline ┬а(whitepaper: ┬аwww.lesseeadvocate.com) ┬а
тАУтАп Build ┬аbusiness ┬аcase ┬аto ┬аsecure ┬аinternal ┬аbudget ┬а
┬а
тАвтАп Determine ┬аyour ┬аso_ware ┬аand ┬аstaямГng ┬аstrategy: ┬аManage ┬аImplementa\on ┬а
тАУтАп Manage ┬а ┬аin ┬аphases ┬аif ┬аnecessary ┬а
┬а
тАвтАп Incorporate ┬аfeedback ┬аand ┬аlessons-┬нтАРlearned ┬аincrementally ┬аto ┬аcon-nuously ┬аimprove ┬а
ямБnancial ┬аperformance ┬аof ┬аporjolio ┬а
Thank ┬аyou! ┬а
Carol ┬аL. ┬аPennington ┬а
Director, ┬аTreasury ┬аProjects ┬а
Cummins, ┬аInc. ┬а
carol.l.pennington@cummins.com ┬а
www.cummins.com ┬а
Michael ┬аJ. ┬аKeeler ┬а
┬аCEO ┬а
LeaseAccelerator ┬а
keeler@LeaseAccelerator.com ┬а
www.LeaseAccelerator.com ┬а
┬а
Appendix ┬а
Handout ┬а
www.lesseeadvocate.com
Common ┬аProblems ┬аwith ┬аLeasing ┬аProgram ┬а
Treasury ┬а
1.Inability to achieve or
demonstrate effective
competition for lease pricing
2. Inadequate resources and
expertise to review lease
documentation
3. Inadequate expertise to
effectively negotiate lease
terms and conditions
4. Lack of knowledge about, or
lack of relationships with
finance sources and their
appetites for technology
financing and service
capabilities
5. Inability to demonstrate the
benefits of leasing over buying
(Lease versus Buy analysis not
performed, or inadequate), and
opex benefit unknown
6. Inadequate knowledge of
residual pricing and
remarketing reputation and
capabilities of lessors
Procurement ┬а
7. Operational difficulties in
dealing with many different
processes and documentation
requirements for different
Lessors and Resellers.
(Difficulties in standardizing
processes)
8. Inability to track status of
deals before they are booked,
or understand where bottleneck
exists. This can be milestones
or specific tasks that are
outstanding
9. Operational difficulties in
capturing the critical data
elements into Lessees systems
for accurate compliance,
accounting and reporting, and
reconciliation back into
executed documentation
10. Problems creating an
internal PO for lease
transactions, and paying down
PO in full over lease life with
no overage or underage
11. Inability to handle changes
to lease amounts financed, or
versioning of documents mid
stream through procurement
Asset Management ┬а
12. Difficulties ensuring
compliance with terms of
Master Lease Agreement (exp:
notification when movement
of assets, end-of- term
intentions)
13. Inability to change asset
characteristics mid-term
(location, cost center, business
unit)
14. Inadequate asset tracking
to allow for Lessee to return
assets and end-of-term
15. Problems associated with
physical storage of executed
documents and ability to
retrieve related electronic
versions
Accounting ┬а
General ┬а
16. Difficulties in accounting
for lease transactions
(understanding of appropriate
accounting treatment and
entries to be recorded)
23. Compliance with Sarbox
requirements for documented
policies and procedures
relating to the lifecycle of the
lease transaction
17. Difficulties in allocating
monthly rentals to the
appropriate cost center or
business units
24. Difficulties managing
evergreen leases. (Going
month-to-month when
buyout or return is preferable)
18. Difficulties reconciling
monthly rental invoices to
POтАЩs and lease schedules
25. Difficulty handling early
buyouts and reconciling
resulting revised monthly
rental of remaining leased
assets
19. Inability to demonstrate to
Auditors that reporting is
complete and accurate and tied
back to readily available
executed documentation
26. Difficulty handling
upgrades and coterminous
leases
20. Inefficient and timeconsuming processes to enable
minimum lease payment note
disclosure
27. Communication problems
across divisional lines and lack
of clear delineation of
responsibilities
21. Inadequate knowledge and
resources to account for capital
leases, and/or reclassify
operating leases to capital
leases
28. Lack of understanding of
the accounting and operations
objectives for the equipment
being leased resulting in
challenges structuring the lease
22. Concerned about how to
transition on time to the new
FASB lease accounting
standard
29. Errors made by Lessors
going undetected by Lessee
30. Scalability
Compliance ┬аRequirements ┬а
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
тАвтАп
Master ┬аLease ┬аAgreements ┬а(MLA) ┬а
UCC ┬а1-┬нтАР201(37): ┬аSecurity ┬аInterest, ┬а2A: ┬аLeases, ┬а9: ┬аSecured ┬аTransac\ons; ┬аSales ┬аof ┬а
Accounts ┬аand ┬аChaQel ┬аPaper ┬а
IRS ┬аGuidelines: ┬аRevenue ┬аProcedure ┬а2001-┬нтАР2811 ┬а ┬а
Tax: ┬аSales, ┬аProperty, ┬аCorporate ┬а
Accoun-ng: ┬аFAS ┬а13, ┬аCICA ┬аSec\on ┬а3065, ┬аIAS ┬а17 ┬а
SOX: ┬аSec\ons ┬а302, ┬а401, ┬а404, ┬а801, ┬а802, ┬а803, ┬аand ┬а906 ┬а
тАУтАп COSO ┬аERM ┬а
Asset ┬аDisposal ┬а
тАУтАп Environmental ┬аLaws ┬аand ┬аDisclosure ┬аRules ┬а
тАУтАп Data ┬аProtec\on ┬аand ┬аPrivacy ┬аLaws ┬аand ┬аData ┬аErasure ┬аStandard ┬а
SEC ┬а
The ┬аIssue ┬аof ┬аMateriality ┬а
20 ┬аBest ┬аPrac-ces ┬аfor ┬аLessees ┬а
Control ┬аand ┬аAutoma-on ┬а
1. ┬аClarify, ┬аdocument, ┬аand ┬аcommunicate ┬аstrategy, ┬аprocesses, ┬аand ┬аpolicies. ┬а
2. ┬аIden\fy ┬аthe ┬аkey ┬аprocesses ┬аof ┬аyour ┬аleasing ┬аopera\ons. ┬а
3. ┬аIden\fy ┬аrisks ┬аand ┬аcontrols ┬аin ┬аyour ┬аleasing ┬аopera\ons. ┬а
4. ┬аSimplify ┬аprocesses ┬аand ┬аautomate ┬аto ┬аtest ┬аcompliance ┬аand ┬аimprove ┬аeямГciency.
┬а ┬а
5. ┬аStep-┬нтАРby-┬нтАРstep ┬аline-┬нтАРitem ┬аreconcilia\on ┬аand ┬аcoding ┬аAND ┬аclosed-┬нтАРloop, ┬аasset-┬нтАРlevel ┬а
accoun\ng ┬аusing ┬аa ┬аlease ┬аaccoun\ng ┬аsubledger. ┬а
┬а
Visibility ┬аand ┬аTransparency ┬а
6. ┬аConnect ┬аowners ┬аwithin ┬аyour ┬аorganiza\onal ┬аstructure ┬аwith ┬аcontrols ┬аand ┬а
repor\ng. ┬а
7. ┬аCapture ┬аyour ┬аhistorical ┬аporZolio. ┬а
8. ┬аCapture ┬аcomplete ┬аaudit ┬аtrail. ┬а
9. ┬аBuild ┬аcustomized ┬аdashboards ┬аfor ┬аall ┬аstakeholders. ┬а
20 ┬аBest ┬аPrac-ces ┬аfor ┬аLessees ┬а
Lifecycle ┬аAccountability ┬а
10.тАп ┬аEngage ┬аcompetent, ┬аexperienced ┬аexperts ┬аto ┬аmanage ┬аleasing ┬а ┬а
┬а ┬аopera\ons. ┬а
11.тАп ┬аEnsure ┬аleasing ┬аworkямВow ┬аis ┬аdesigned ┬аwith ┬аrole-┬нтАРbased ┬аsecurity ┬аand ┬а ┬а
┬а ┬аrepor\ng. ┬а
Op-mal ┬аFinancial ┬аPerformance ┬а
12.тАп ┬аLessor ┬аmodel ┬аdesigned ┬аfor ┬аbusiness ┬аstrategy. ┬а ┬а
13.тАп ┬аLessor ┬аselec\on ┬аand ┬аperformance ┬аmanagement ┬аdriven ┬аby ┬аstrategy ┬аand ┬а ┬а
┬а ┬аvalue. ┬а
14.тАп ┬аInvolve ┬аthose ┬аlessors ┬аthat ┬аcan ┬аbest ┬аcompete ┬аfor ┬аbusiness. ┬а
15.тАп ┬аManage ┬аa ┬аprofessional ┬аcompe\\ve ┬аprocess ┬аto ┬аget ┬аthe ┬аbest ┬аresults. ┬а
16.тАп ┬аManage ┬аthe ┬аend ┬аfrom ┬аthe ┬аbeginning. ┬а
17.тАп ┬аUnderstand ┬аand ┬аevaluate ┬аlessor ┬аperformance. ┬а
18.тАп ┬аRou\nely ┬аcompete ┬аlessors ┬аfor ┬аbest ┬аlong-┬нтАРterm ┬аresults. ┬а
19.тАп ┬аManage ┬аthe ┬аend-┬нтАРof-┬нтАРterm ┬аand ┬аend-┬нтАРof-┬нтАРlife ┬аrigorously. ┬а
20.тАп ┬аExplicitly ┬аpursue ┬аshared ┬аservices ┬аfor ┬аsavings ┬аand ┬аeямАec\veness. ┬а
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