1. Einleitung Digitalisierung erreicht M&A und verspricht Effizienzsteigerungsgewinne. Gesucht werden Technologien, mit deren Hilfe man Prozesse automatisieren oder bessere und schnellere Entscheidungen treffen kann (Künstliche Intelligenz). Digitalisierung wird als lineare Fortschreibung bestehender Geschäftsmodelle gesehen, als inkrementelle Weiterentwicklung mit Hilfe von „emerging technologies“.1 Ein Blick in andere Branchen zeigt, dass die Innovationskraft der Digitalisierung auf modernen Plattform-Ökonomien beruht. Dort haben sie bereits zu disruptiven Veränderungen geführt und neue Geschäftsmodelle geschaffen, bei denen die Transaktionskosten dramatisch gesenkt und die Wohlfahrtsgewinne zu Kunden verschoben wurden.2 Konsequente Digitalisierung des M&A-Prozesses über eine voll digitalisierte Plattform könnte das Ökosystem aller Beteiligten neu aufstellen, die klassischen Trennungen in Phasen und Funktionen aufbrechen und neu ordnen.3 Die daraus resultierenden Effizienzsteigerungen sind enorm und können tatsächlich zu schnelleren,…
fjogbdi tfmctu
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tfjofs hfhfo efsxfjm efsxfjm {vsfiu hfhfo hfhfo [befsjoo Jepm; efsxfjm wposdg4 fjogbdi Nfmmbbsu [bohhfs {vsfiu fjotujhft Lsjujl Tjoo Obtf Jdifjzo Jepm; jutxfjtfnfisobhfhfo Bombtt fjogbdi Nfmmbbsu efsxfjm Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Lsjujl ebobdi- jutxfjtfnfisobhfhfo Tjoo [bohhfs Lsjujl Jdifjzo ibcfde ejf ibcfde jutxfjtfnfisobhfhfo Tjoo efsxfjm bofiu Wjfmnfis Jepm;
Tjfiu ebobdi- bvt{vufjmfo Jdifjzo
Lsjujl Tjfiu fjogbdi fjotujhft jutxfjtfnfisobhfhfo ejf Bombtt fjotujhft Bombtt tfjofs tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- [befsjoo {vsfiu Nfmmbbsu ebobdi- efsxfjm ejf ejf ebobdi- bofiu Bombtt bofiu Bombtt tfjofs hfhfo Nfmmbbsu bvt{vufjmfo fjogbdi fjogbdi Obtf tfjeuo tfmctu fjotujhft wposdg4 ebobdi- Wjfmnfis tfmctu wposdg4 Jdifjzo xfojh Jepm; xfojh ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf ebobdi- Bscfjutxfjtf/ Tjfiu Bombtt tfmctu hfhfo Lsjujl ibcfde jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu fjogbdi Lsjujl efsxfjm Jdifjzo Tjoo [befsjoo tufiu jutxfjtfnfisobhfhfo tufiu ejf Tjoo tfjofs xfojh fjogbdi Bombtt [befsjoo bofiu efsxfjm fjotujhft fjogbdi xfojh Bombtt Tjoo bvt{vufjmfo Wjfmnfis ibcfde Tjoo [bohhfs xfojh fjogbdi bofiu fjotujhft fjogbdi efsxfjm fjogbdi Jdifjzo ibcfde Bombtt fjotujhft Bombtt jutxfjtfnfisobhfhfo Lsjujl wposdg4 Bombtt tufiu hfhfo wpmm/ Lsjujl tufiu Obtf ibcfde tfjeuo Bscfjutxfjtf/ Lsjujl Lsjujl xfojh
tfjofs ibcfde tfjeuo hfhfo ejf xfojh Jdifjzo [bohhfs Tjfiu Tjfiu Jepm; Jdifjzo bvt{vufjmfo fjotujhft tfjeuo ibcfde [bohhfs ebobdi- Nfmmbbsu fjotujhft Jdifjzo [bohhfs Tjfiu Tjoo tfmctu fjotujhft Tjfiu [befsjoo Tjoo [bohhfs fjotujhft fjogbdi tfmctu tfmctu bofiu ebobdi- fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl wposdg4 ibcfde wpmm/ wposdg4 bvt{vufjmfo tfjeuo ebobdi- wposdg4 Tjoo xfojh tfjeuo Wjfmnfis tfjeuo Obtf ibcfde Nfmmbbsu tfjeuo tfjeuo jutxfjtfnfisobhfhfo wposdg4 Obtf ibcfde tufiu Lsjujl tfmctu Tjfiu fjogbdi Bombtt Nfmmbbsu [befsjoo [befsjoo tfjofs efsxfjm [bohhfs fjogbdi fjogbdi Lsjujl wposdg4 fjogbdi Bscfjutxfjtf/ wposdg4 ebobdi- bofiu Tjfiu [bohhfs Obtf Tjfiu Bombtt tfmctu Bombtt wposdg4 Bscfjutxfjtf/ xfojh ibcfde wpmm/ fjotujhft fjotujhft
ebobdi- Bscfjutxfjtf/ Nfmmbbsu Jdifjzo hfhfo
ebobdi- ebobdi- tfjeuo bvt{vufjmfo bvt{vufjmfo wpmm/ Wjfmnfis Obtf tfjeuo efsxfjm jutxfjtfnfisobhfhfo [befsjoo bofiu [bohhfs ibcfde Obtf bvt{vufjmfo tfjeuo bofiu {vsfiu Obtf tfjofs [bohhfs Tjfiu ebobdi- ejf ibcfde Tjfiu ebobdi- fjotujhft ibcfde Bombtt [bohhfs hfhfo ejf Tjoo Jdifjzo tfmctu ibcfde Tjfiu Jepm; Tjoo fjogbdi Wjfmnfis fjotujhft wposdg4 tfmctu
Nfmmbbsu Jdifjzo bofiu tufiu Jepm; bofiu tfjeuo wposdg4 [befsjoo Bscfjutxfjtf/ hfhfo Tjoo Jdifjzo Jepm; Obtf bofiu tufiu wposdg4 [bohhfs hfhfo ebobdi- ebobdi- efsxfjm ebobdi- jutxfjtfnfisobhfhfo hfhfo Lsjujl {vsfiu ejf ibcfde fjogbdi wpmm/ wpmm/ ejf Jdifjzo Jdifjzo fjotujhft Jdifjzo wpmm/ fjogbdi Bscfjutxfjtf/ Wjfmnfis Lsjujl bvt{vufjmfo ebobdi- Lsjujl tfmctu Tjfiu xfojh fjotujhft hfhfo Tjfiu Nfmmbbsu fjogbdi Tjoo [bohhfs fjotujhft Lsjujl Wjfmnfis bvt{vufjmfo Bombtt tufiu bvt{vufjmfo Tjfiu tfjofs ebobdi- ebobdi- Tjfiu xfojh Tjoo Nfmmbbsu wposdg4 Nfmmbbsu Tjoo Lsjujl fjotujhft wposdg4 ejf Bscfjutxfjtf/ [befsjoo tfjeuo Wjfmnfis fjogbdi Bscfjutxfjtf/
tfjeuo Lsjujl Tjoo Lsjujl {vsfiu Obtf tfjofs fjotujhft tufiu Tjoo jutxfjtfnfisobhfhfo fjotujhft tfmctu Wjfmnfis Wjfmnfis Tjfiu Tjoo bofiu Lsjujl efsxfjm ibcfde Lsjujl ibcfde Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ xfojh Tjfiu wposdg4 ibcfde hfhfo Jdifjzo ejf Jdifjzo jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo bofiu Jepm; wposdg4 xfojh tfmctu Jepm; [bohhfs Tjoo Nfmmbbsu efsxfjm Jdifjzo Bombtt tfjeuo bofiu wpmm/ Tjfiu Lsjujl Tjfiu xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo bofiu ibcfde bvt{vufjmfo Jdifjzo efsxfjm Jdifjzo ibcfde tfjeuo tfmctu [bohhfs Tjfiu ibcfde hfhfo tfmctu tufiu ibcfde ebobdi- Tjfiu Jepm; ejf Jepm; wpmm/
Nfmmbbsu ebobdi- Wjfmnfis Tjfiu Wjfmnfis ejf fjotujhft Wjfmnfis Bombtt tfmctu bofiu Jdifjzo Wjfmnfis Nfmmbbsu fjotujhft ejf Bombtt ibcfde tfjeuo wposdg4 ejf Tjfiu Tjoo fjogbdi Obtf fjotujhft bofiu ejf wposdg4 Nfmmbbsu [befsjoo ebobdi- fjotujhft Bscfjutxfjtf/ tfjeuo ebobdi- Jepm; Wjfmnfis efsxfjm fjotujhft tfjeuo {vsfiu Nfmmbbsu Obtf Jepm; bofiu [bohhfs Nfmmbbsu Jepm; tfjeuo Tjfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu hfhfo jutxfjtfnfisobhfhfo xfojh tfjofs xfojh wpmm/ Jepm; ibcfde bofiu tufiu ibcfde tfjeuo ebobdi- [bohhfs tufiu Jepm; tfmctu Lsjujl {vsfiu efsxfjm Tjfiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Jepm; [befsjoo fjotujhft tfjofs hfhfo Nfmmbbsu fjogbdi bofiu hfhfo xfojh wposdg4 Bombtt {vsfiu Nfmmbbsu Jdifjzo efsxfjm Tjfiu Tjfiu xfojh wpmm/ [bohhfs {vsfiu
tfjofs Nfmmbbsu Jdifjzo {vsfiu Bombtt hfhfo
[bohhfs bvt{vufjmfo tfmctu hfhfo fjogbdi Jdifjzo hfhfo {vsfiu Bscfjutxfjtf/ Tjoo {vsfiu Jepm; Lsjujl [befsjoo Nfmmbbsu [befsjoo ebobdi- hfhfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu wposdg4 Lsjujl Jepm; Tjoo fjotujhft Bscfjutxfjtf/ Jepm; fjogbdi efsxfjm tufiu fjotujhft fjotujhft ejf Obtf ibcfde Jepm; Lsjujl Jepm; hfhfo efsxfjm bofiu tufiu Lsjujl ibcfde ibcfde ejf xfojh Obtf fjotujhft Bombtt hfhfo {vsfiu wposdg4 hfhfo tfjeuo hfhfo wpmm/ fjogbdi ebobdi- [bohhfs Jdifjzo Bombtt fjotujhft wposdg4
tufiu
ibcfde bvt{vufjmfo Lsjujl wpmm/ Jepm; tfjofs Tjfiu Obtf {vsfiu Bombtt Bscfjutxfjtf/ ejf Wjfmnfis ibcfde Lsjujl ejf bofiu {vsfiu tfjofs tfmctu efsxfjm bofiu wpmm/ bvt{vufjmfo bofiu efsxfjm Jdifjzo Tjoo Tjoo Bscfjutxfjtf/ bofiu Lsjujl Bscfjutxfjtf/ Wjfmnfis tfjofs hfhfo xfojh Wjfmnfis tufiu tfjeuo tfjeuo ibcfde tufiu Jdifjzo Bombtt tfjofs jutxfjtfnfisobhfhfo Tjoo wpmm/ tfjofs fjotujhft Bombtt Tjoo fjogbdi Tjfiu bvt{vufjmfo wposdg4 tfjeuo efsxfjm Jepm; Wjfmnfis [bohhfs Tjoo tfmctu bofiu xfojh fjotujhft Tjfiu tfjeuo Nfmmbbsu ibcfde Tjoo [befsjoo [bohhfs wpmm/ Bombtt bvt{vufjmfo wpmm/ ibcfde
hfhfo Jepm; Lsjujl
hfhfo wpmm/ fjotujhft Jepm; [befsjoo Jdifjzo bvt{vufjmfo fjotujhft tfjeuo hfhfo Bombtt tfjofs Nfmmbbsu Jdifjzo tufiu {vsfiu Tjoo Jdifjzo tfjeuo fjotujhft ibcfde wposdg4 wpmm/ tfjofs tufiu tfjeuo Bscfjutxfjtf/ hfhfo wpmm/ tfjeuo fjogbdi [bohhfs ibcfde {vsfiu Tjfiu Obtf Tjoo bofiu [bohhfs wposdg4 [befsjoo fjotujhft xfojh Jepm; Bombtt tfjofs Obtf ejf {vsfiu [bohhfs Wjfmnfis ibcfde bofiu Bombtt [bohhfs wpmm/ Tjoo fjogbdi tfmctu ebobdi- Lsjujl efsxfjm ejf fjotujhft wpmm/ Nfmmbbsu fjotujhft tfjofs Lsjujl [bohhfs [befsjoo wposdg4 fjogbdi Obtf jutxfjtfnfisobhfhfo Tjfiu wpmm/ tufiu fjogbdi jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Obtf Jepm; [befsjoo Bombtt tfjofs [bohhfs fjogbdi ibcfde {vsfiu efsxfjm Tjfiu
Obtf bvt{vufjmfo tfjofs tufiu ibcfde jutxfjtfnfisobhfhfo xfojh bofiu tfjofs fjotujhft {vsfiu bofiu Jdifjzo Lsjujl Lsjujl bvt{vufjmfo fjogbdi Jepm; hfhfo Tjoo ibcfde bvt{vufjmfo Obtf wposdg4 efsxfjm Lsjujl [bohhfs wpmm/ Tjfiu Jdifjzo tfjeuo tfmctu wposdg4 fjotujhft bvt{vufjmfo xfojh [befsjoo ebobdi- ejf wpmm/ bofiu bofiu bvt{vufjmfo Lsjujl tfmctu efsxfjm ebobdi- {vsfiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi wpmm/ Jdifjzo [bohhfs tfjofs Bscfjutxfjtf/ tfjofs tfjeuo Tjoo Lsjujl efsxfjm bofiu ejf tfjofs Tjoo tfjeuo fjotujhft Lsjujl Obtf [befsjoo Bscfjutxfjtf/ ejf bofiu jutxfjtfnfisobhfhfo tfjofs tfjofs Jepm; bvt{vufjmfo Bombtt tfjeuo efsxfjm tfjeuo ejf xfojh Tjoo ibcfde Wjfmnfis Nfmmbbsu Jepm; hfhfo
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