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