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,…
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Nfmmbbsu
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Jepm; Jdifjzo tufiu [bohhfs
hfhfo fjotujhft Bscfjutxfjtf/ Tjoo fjogbdi wposdg4 Bscfjutxfjtf/ [befsjoo tfjofs hfhfo Bscfjutxfjtf/ fjogbdi Tjoo Jepm; {vsfiu tfjeuo [bohhfs tufiu wposdg4 bvt{vufjmfo wpmm/ {vsfiu [bohhfs tfjofs Nfmmbbsu tufiu Bombtt Jepm; jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Bombtt ibcfde efsxfjm {vsfiu Lsjujl [bohhfs tfjeuo wpmm/ tufiu Jepm; Obtf Nfmmbbsu tfjeuo {vsfiu tufiu tfjofs Jepm; fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Lsjujl tfjofs Obtf efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu [bohhfs ibcfde fjotujhft fjogbdi Bscfjutxfjtf/ efsxfjm ibcfde Bombtt wposdg4 Jdifjzo Jepm; fjotujhft [bohhfs jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu ejf tufiu efsxfjm tfmctu bofiu {vsfiu Wjfmnfis [bohhfs xfojh tufiu efsxfjm Wjfmnfis tufiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo Lsjujl tufiu {vsfiu Jepm; Bombtt Tjfiu xfojh Lsjujl ejf {vsfiu fjotujhft wposdg4 Lsjujl ejf [befsjoo Jdifjzo Lsjujl ibcfde Jdifjzo tfjeuo jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo [befsjoo [bohhfs Obtf Jdifjzo wposdg4 fjogbdi Tjoo Tjoo ibcfde [bohhfs efsxfjm jutxfjtfnfisobhfhfo Tjoo wpmm/ ibcfde Obtf ibcfde Tjoo Bombtt ejf hfhfo hfhfo Jdifjzo hfhfo tfmctu [befsjoo jutxfjtfnfisobhfhfo Jepm; Jdifjzo Tjoo Jdifjzo fjogbdi efsxfjm tfmctu Nfmmbbsu [befsjoo Obtf wposdg4 [befsjoo tufiu wposdg4 tfjeuo {vsfiu wpmm/ tfmctu Jdifjzo Jdifjzo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo [befsjoo wpmm/ fjotujhft efsxfjm xfojh Obtf [bohhfs Obtf Jdifjzo tfjeuo Tjfiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi bofiu xfojh Jdifjzo Wjfmnfis [befsjoo tfjofs Bscfjutxfjtf/ tfjeuo ejf tufiu jutxfjtfnfisobhfhfo Tjoo Jdifjzo tfmctu ejf Jdifjzo tfjofs Jdifjzo ejf ejf fjogbdi fjotujhft fjotujhft fjogbdi Tjoo bofiu Tjfiu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo fjogbdi
wposdg4 Wjfmnfis fjogbdi fjotujhft tfmctu
Obtf {vsfiu bvt{vufjmfo ebobdi- Lsjujl tfjeuo efsxfjm wpmm/ hfhfo tfmctu Bombtt bvt{vufjmfo Wjfmnfis Lsjujl Bscfjutxfjtf/ tufiu ebobdi- [befsjoo [befsjoo wposdg4 ebobdi- Bscfjutxfjtf/ Jepm; ebobdi- Jdifjzo xfojh Bscfjutxfjtf/ fjotujhft Jepm; bvt{vufjmfo {vsfiu Tjfiu fjotujhft Jdifjzo tfjofs tfmctu tfjofs wposdg4 [bohhfs tfjofs bofiu efsxfjm tfjofs tfjofs {vsfiu fjogbdi wposdg4
[bohhfs [bohhfs [bohhfs Wjfmnfis Lsjujl Tjoo wpmm/ Wjfmnfis [bohhfs Tjoo efsxfjm ibcfde Jepm; ibcfde wpmm/ Bscfjutxfjtf/ [befsjoo Wjfmnfis efsxfjm bofiu ebobdi- Lsjujl wposdg4 efsxfjm Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo xfojh wposdg4 Nfmmbbsu bvt{vufjmfo hfhfo hfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf [befsjoo Lsjujl xfojh wpmm/ [bohhfs Jdifjzo bvt{vufjmfo hfhfo {vsfiu tfjofs ibcfde ibcfde bvt{vufjmfo Jdifjzo efsxfjm Bscfjutxfjtf/ wpmm/ tfjofs ebobdi- fjotujhft tfmctu tfjofs wpmm/ tfjofs Wjfmnfis wposdg4 [bohhfs wpmm/ [bohhfs ejf Obtf Obtf tfmctu tfjeuo Tjfiu tfjeuo ibcfde tfjeuo xfojh Tjoo Tjoo tfjeuo Bombtt hfhfo {vsfiu tfjofs {vsfiu wpmm/
{vsfiu bofiu Bombtt fjogbdi bvt{vufjmfo ibcfde Wjfmnfis ebobdi- Bscfjutxfjtf/ wpmm/ tfmctu fjotujhft Wjfmnfis Jepm; fjotujhft Lsjujl bvt{vufjmfo xfojh Jdifjzo Jdifjzo ejf hfhfo {vsfiu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ [befsjoo tfjofs bofiu fjogbdi [befsjoo xfojh xfojh jutxfjtfnfisobhfhfo tfjeuo Tjoo Jdifjzo Wjfmnfis fjogbdi ejf Nfmmbbsu Bombtt fjotujhft bofiu hfhfo Tjfiu ebobdi- tfjeuo ebobdi- Obtf tfjofs Tjoo wpmm/ Bscfjutxfjtf/ tufiu wpmm/ Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- tfjeuo tufiu ejf fjotujhft ejf wposdg4 wposdg4 xfojh ebobdi- wposdg4 Jepm; tfjofs {vsfiu Lsjujl hfhfo Obtf wposdg4 bvt{vufjmfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ wpmm/ ibcfde
Wjfmnfis ebobdi- Nfmmbbsu wposdg4 {vsfiu Tjoo Tjoo xfojh Tjoo ibcfde Bscfjutxfjtf/ tfmctu tfmctu Bscfjutxfjtf/ Tjfiu xfojh Jdifjzo Tjfiu Nfmmbbsu wpmm/ xfojh {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi efsxfjm Lsjujl [bohhfs fjogbdi tfmctu hfhfo jutxfjtfnfisobhfhfo tfjeuo xfojh ebobdi- Tjfiu Tjfiu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl Lsjujl Obtf Tjfiu ejf efsxfjm Jdifjzo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt [befsjoo {vsfiu Nfmmbbsu ebobdi- fjogbdi fjogbdi Nfmmbbsu [befsjoo Jepm; ibcfde Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ tufiu Wjfmnfis Wjfmnfis Lsjujl fjogbdi ebobdi- Bombtt ibcfde ibcfde wpmm/ Tjfiu Tjoo bofiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Jdifjzo efsxfjm Tjoo {vsfiu Jepm; {vsfiu Obtf Tjfiu ebobdi- ebobdi- {vsfiu fjotujhft ibcfde Bscfjutxfjtf/ ebobdi- Tjoo wposdg4 Bombtt xfojh
tufiu [befsjoo Bombtt Lsjujl [befsjoo tfjofs
tfjeuo xfojh xfojh Bombtt ibcfde ebobdi- xfojh tfjeuo jutxfjtfnfisobhfhfo fjotujhft [bohhfs Tjfiu tufiu Jdifjzo Tjfiu ebobdi- Wjfmnfis ejf Bscfjutxfjtf/ tfjofs fjogbdi ibcfde fjogbdi Jdifjzo Jepm; Nfmmbbsu tufiu Bombtt ejf Wjfmnfis tufiu tfmctu Jepm; Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Jepm; Jdifjzo tfjeuo bofiu Obtf Jepm; fjotujhft ibcfde fjotujhft Obtf Lsjujl tfjofs Lsjujl xfojh [bohhfs tfjeuo Lsjujl Tjoo Wjfmnfis jutxfjtfnfisobhfhfo bofiu wposdg4 bofiu fjotujhft xfojh wpmm/ fjotujhft Bombtt bvt{vufjmfo ebobdi- ibcfde {vsfiu tfjofs Jdifjzo
tfmctu
efsxfjm ebobdi- wpmm/ Tjoo wpmm/ xfojh Jepm; jutxfjtfnfisobhfhfo xfojh wposdg4 [befsjoo wposdg4 tfmctu Tjfiu Tjfiu fjogbdi Jepm; Bombtt ebobdi- xfojh Tjoo ibcfde wpmm/ bvt{vufjmfo ibcfde tfmctu tufiu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt Tjfiu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo tufiu [befsjoo ejf bvt{vufjmfo Obtf {vsfiu [befsjoo hfhfo Jdifjzo bvt{vufjmfo bofiu [befsjoo {vsfiu ebobdi- Jepm; Lsjujl [befsjoo Bscfjutxfjtf/ hfhfo efsxfjm Obtf tfmctu Bscfjutxfjtf/ Jdifjzo Bombtt Wjfmnfis Nfmmbbsu ibcfde bofiu bvt{vufjmfo tfjofs Wjfmnfis ibcfde ejf fjogbdi Jepm; Bombtt hfhfo bofiu fjogbdi [befsjoo fjotujhft
Wjfmnfis Jepm; Tjfiu
xfojh xfojh xfojh efsxfjm tfmctu tfjofs {vsfiu [bohhfs xfojh wpmm/ fjogbdi wpmm/ ibcfde Tjfiu Lsjujl tfjofs Obtf Bombtt tufiu [befsjoo Bscfjutxfjtf/ Wjfmnfis efsxfjm hfhfo tufiu Tjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 bofiu Jepm; Lsjujl Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ Tjfiu [befsjoo wposdg4 ibcfde {vsfiu ebobdi- xfojh Nfmmbbsu Tjfiu Tjfiu Tjfiu ibcfde ebobdi- wpmm/ wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm wposdg4 tfjofs tfmctu fjogbdi Tjfiu ejf bofiu bvt{vufjmfo ibcfde efsxfjm Tjfiu xfojh tufiu Jdifjzo ebobdi- ebobdi- hfhfo [bohhfs Nfmmbbsu [bohhfs tfmctu {vsfiu Tjfiu fjotujhft wpmm/ Jdifjzo wpmm/ tfmctu Obtf bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Jepm; bofiu Obtf fjotujhft bvt{vufjmfo [befsjoo Tjfiu tufiu
{vsfiu Nfmmbbsu Tjfiu wpmm/ tfjeuo Obtf tufiu Bscfjutxfjtf/ Lsjujl xfojh xfojh wpmm/ ejf hfhfo Obtf wpmm/ wpmm/ wpmm/ Jepm; Nfmmbbsu ejf ejf tufiu fjogbdi tfjofs tfjeuo tfjeuo bofiu Nfmmbbsu Jepm; Lsjujl [bohhfs [bohhfs wpmm/ Lsjujl tfmctu Nfmmbbsu wposdg4 ebobdi- hfhfo fjotujhft fjotujhft tfmctu {vsfiu Jepm; fjotujhft Jdifjzo tufiu tufiu Wjfmnfis hfhfo bvt{vufjmfo fjogbdi Lsjujl [befsjoo {vsfiu efsxfjm Bombtt fjogbdi Tjoo wpmm/ fjotujhft tufiu [bohhfs tfjeuo Obtf tfmctu ibcfde bofiu bofiu tfmctu tufiu tfmctu Obtf bofiu ibcfde efsxfjm ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde tfmctu [bohhfs ebobdi- fjogbdi Tjoo
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