Cracking the Value Code: How Successful Businesses Are Creating Wealth in the New Economy

Overview

How Can Your Company Crack The Value Code?

The authors of this book suggest an answer. Organizations thrive or fail based on how they design, invest in, and manage their entire portfolios of value for your company in the New Economy?

Cracking the Value Code lays out four easy-to-understand steps to help enterprise, manage your company as a portfolio of assets, and use information to measure and report all your...

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Overview

How Can Your Company Crack The Value Code?

The authors of this book suggest an answer. Organizations thrive or fail based on how they design, invest in, and manage their entire portfolios of value for your company in the New Economy?

Cracking the Value Code lays out four easy-to-understand steps to help enterprise, manage your company as a portfolio of assets, and use information to measure and report all your assets.

What to do differently and how to do it is the focus of this book. The authors' mission is to help you see, invest in, manage, and measure all of what matters in the New Economy.

Cracking the Value Code lays out four easy-to-understand steps to help enterprise, manage your company as a portfolio of assets, and use information to measure and report all your assets.

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Editorial Reviews

Richard Schmalensee
Many have observed that the New Economy is built on intangible assets. By providing both a conceptual framework and a host of instructive examples, Cracking the Value Code goes beyond this observation to help managers invest wisely in intangibles and derive value from those investments.
—Dean, MIT Sloan School of Management
Steve M.H. Wallman
Breaking a code has always been a favorite pastime of the intellectually curious and the intellectually endowed. Here we have that exercise applied to the most fundamental aspect of capitalism and our economy - what makes the private sector tick and how to value it. Boulton, Libert and Samek have broken the code of the drivers of wealth production in the New Economy. Their insights and research begin to lay the invaluable foundation for a new accounting and disclosure system. This book will inform both those who want to know where accounting will be heading over the next decade, and those who want to see the patterns of wealth production emerging in companies that deploy soft assets more than hard ones.
—CEO, FOLIO; Senior Fellow, The Brookings Institute
Baruch Lev
Too often management books dismiss the 'old economy' in favor of the 'new,' thereby missing the essence of successful management--optimally combining the new with the old, the bricks with the clicks. This book offers an outstanding blend of the new and the old to identify, manage and report corporate value.
—Philip Bardes Professor of Accounting and Finance, Director of the Research Project on Intangibles
Martin Sorrell
When attempting to calculate the value of a business asset, it's sometimes convenient to pretend that if you can't count it, it doesn't count. We all know that's nonsense - and getting more so: but what's the alternative? Cracking the Value Code faces this conundrum head-on - and provides modern, actionable answers.
—Group Chief Executive, WPP Group plc
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Product Details

  • ISBN-13: 9780066620633
  • Publisher: HarperCollins Publishers
  • Publication date: 5/1/2000
  • Pages: 288
  • Product dimensions: 6.12 (w) x 9.25 (h) x 1.04 (d)

Meet the Author

Richard E.S. Boulton, Barry D. Libert, and Steve M. Samek are partners at Arthur Andersen. Richard Boulton, Worldwide Managing Partner - Strategy and Planning, is responsible for the firm's global service offerings (assurance, tax consulting, and corporate finance), as well as the firm's Web-based knowledge businesses. Barry Libert is a worldwide lecturer and consultant on value creation and its impact on business models, corporate investment, and technology strategies in the New Economy. Steve Samek, Managing Partner of the firm's U.S. operations, is responsible for almost 40,000 professionals who serve more than 20,000 companies in all industries and sits on the firm's Board of Partners.

Barry D. Libert is an independent consultant, worldwide lecturer, and advisor to companies and institutional investors on enterprise value and relationships. Libert is a coauthor of Cracking the Value Code: How Successful Businesses Are Creating Wealth in the New Economy, the forerunner of this book. He has been featured in major publications including The Wall Street Journal, Newsweek, Barron's, The New York Times, and Industry Standard, and is a frequent guest on CNBC, CNN, Bloomberg TV, and Reuters TV. He is represented by the Leigh Bureau.

Richard E.S. Boulton, Barry D. Libert, and Steve M. Samek are partners at Arthur Andersen. Richard Boulton, Worldwide Managing Partner - Strategy and Planning, is responsible for the firm's global service offerings (assurance, tax consulting, and corporate finance), as well as the firm's Web-based knowledge businesses. Barry Libert is a worldwide lecturer and consultant on value creation and its impact on business models, corporate investment, and technology strategies in the New Economy. Steve Samek, Managing Partner of the firm's U.S. operations, is responsible for almost 40,000 professionals who serve more than 20,000 companies in all industries and sits on the firm's Board of Partners.

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Read an Excerpt

How much does the New Economy weigh?
Answer: A lot less than you might think. U.S. Federal Reserve Chairman Alan Greenspan posed that question in a speech in Dallas, Texas. His conclusion: The country's economy is proportionally lighter, in a literal sense, than at any time in this half-century.

By conventional measures, he noted, the U.S. gross domestic product is five times what it was 50 years ago, but its physical weight has grown only slightly. That is because the smokestack industries of the past produced tangible goods. Today, a significant part of the country's economic output is intangible, and that part is growing at exponential rates.

A newspaper available on-line in digital form, for example, weighs nothing compared with the physical product, and it can be transported via the Internet at a cost of next to nothing. A software program weighs no more than a few ounces. Music is no longer weighted down by packaging at all, as listeners download it from the Internet into their computers or MP-3 players.

Greenspan put it succinctly when he said that "virtually unimaginable a half-century ago was the extent to which concepts and ideas would substitute for physical resources and human brawn in the production of goods and services."

What does all of this mean for you and your organization? It means that the New Economy is not just hype and high-flying stocks, that it represents a new reality that no company can afford to ignore. It means that you and your business are going to have to embrace a new model of how to create value.

Why? Because today's economy-built as it is on a foundation of new technologies, globalization, a new generation of people entering the workplace, and the increased importance of intangible assets-is different from anything any of us have encountered before.

In the words of Fast Company magazine, "a global revolution is changing business, and that business is changing the world. New rules of business, and a new breed of company [that] will challenge the corporate status quo. No part of business will be immune. The structure of the company is changing; relationships between companies are changing; the nature of work is changing; and the definition of success is changing. The result will be a new world order representing unparalleled opportunity and unprecedented uncertainty."

Organizations are creating value in totally new ways, using assets and combinations of assets heretofore unrecognized under traditional accounting systems-and certainly unmeasured. The realization of the enormous economic value of people, for instance, has sparked a no-holds-barred war for talent, often at the expense of traditional attitudes about work itself and old ways of recognizing and rewarding employees. In such a milieu, old methods of managing and measuring are simply not up to the task.

To ignore the significance of the changes afoot in business today is to ignore reality itself as the page turns on a new millennium. And what organization can thrive, or even survive, in a world of illusion? None.

Those changes are manifest in every day's headlines: When it turns out, for example, that almost every new member of the Forbes list of 400 wealthiest individuals in 1999 built his or her fortune on technology; when an upstart Internet company like America Online, Inc., could seek to acquire the Time Warner, Inc. media empire; when Microsoft Corporation achieved a market value exceeding the combined value of eight giant U.S. corporations (Boeing, Caterpillar, Ford, General Motors, Kellogg, Eastman Kodak Company, J.P. Morgan & Company and Sears, Roebuck). As the millennium began, Microsoft's market value stood at $602.4 billion--built almost entirely on intangibles.

This book examines how successful businesses like these are creating value in the New Economy. And we draw a key distinction between value creation and value realization. Value creation-that is, future value captured in the form of increased market capitalization-is how successful businesses are creating value in the New Economy. Value realization-that is, value captured in the form of past and current earnings or cash flows-is what underlies both traditional accounting and most of today's management information systems (including EVA). It necessarily means that many organizations take a short-term view, ignoring the drivers of value creation today, especially intangible assets.

In the pages that follow, you will find a new set of tools that we have developed to help you create value in the New Economy. It is called Value Dynamics, and it is based, in part, on an intensive three-year, 10,000-company research project by professionals at Arthur Andersen. It speaks directly to the four realities of the New Economy.

New business models are emerging.
Businesses are their assets, all of their assets-tangible and intangible, owned and unowned. But in the New Economy, it is intangible assets such as relationships, knowledge, people, brands, and systems that are taking center stage. We see this in the new strategies and business models being developed by such powerhouses as Microsoft Corporation, E*TRADE Group, Inc., and Amazon.com, Inc. Successful companies will combine both old and New Economy assets. In fact, it is the combination and interaction of various assets-more than any other factor-that will determine a business' economic success.

New business models create new risks.
Companies are increasingly employing unique business models, which push the boundaries of traditional controls. That is, leading-edge companies are finding that their management and measurement systems are no longer aligned with the assets that they are using to create value. What's more, the New Economy is producing a whole set of different risks-from new transactions and new markets to new technologies, new competitors, and new relationships. But risk in the New Economy encompasses the upside, as well as the downside. As a result, companies need to embrace (as well as manage) risk to prosper and succeed.

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Table of Contents

Introduction: What is Value?
Pt. I See What Matters
1 How Are Businesses Creating Value in the New Economy? 5
2 Businesses Are Their Assets - All Their Assets 25
3 Businesses Create Value with Different Business Models 47
Pt. II Invest in What Matters
4 Who is Creating Value with Physical Assets? 67
5 Who is Creating Value with Financial Assets? 81
6 Who is Creating Value with Employee and Supplier Assets? 97
7 Who is Creating Value with Customer Assets? 111
8 Who is Creating Value with Organization Assets? 125
Pt. III Manage What Matters
9 Putting It All Together 147
10 Design Your Business Model 159
11 Master Risk 179
12 Manage Your Asset Portfolio 197
13 Measure and Report All Your Assets 215
Epilogue: Leave a Legacy of Value 237
Glossary 243
Sources & Suggested Reading 251
Index 259
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Sort by: Showing all of 3 Customer Reviews
  • Anonymous

    Posted August 23, 2000

    Good job, Buono Fortuna with you work!

    Well done. I recommend this book to anyone interested in the dynamics of enterprise value today. The book is seriously under valued (priced) for the IP it offers the reader. What a bargin? It flows well and offers insight into the thinking of valuation beyond a formula approach, plug-it-in software programs and hobbiest appraisers. AA&Co. hits a home run with the publication of this work.

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  • Anonymous

    Posted July 25, 2000

    Good thinking, sheds interesting light

    The concept that value creation can't be measured in terms of just the accounting books is very clearly laid out, and well-explained. The case studies that are presented demonstrate the concepts using market value comparisons to book value, which is an interesting alternative approach, although not necessarily free of market bias and public panic reactions to factors that may not have anything to do with the organization in question. How much of any company's total market cap is really purely a function of what that company does, and not at all a function of general market whim? There is little to no discussion of what the application of the concepts presented might be, and the statements made are presented as fact, when there is no evidence presented to verify them. Also, the framework presented does not take organizations in the public sector into account, so value creation here is purely a function of stock market value, which is a limited way to look at the concept of 'value'. This is a good introduction to the topic of value creation in the private sector, and I would love to see the authors follow up with a more structured approach that presents evidence, and takes more kinds of organizations into account in terms of the concept of value creation.

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  • Anonymous

    Posted October 1, 2009

    No text was provided for this review.

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