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