Accelerating Digital Ecosystem

Development through Strategic Alliances

Accelerating Digital Ecosystem Development through Strategic Alliances

Contents

Foreword 3
Digital Ecosystems – The new basis for competition 4
Key capability sets 10
Capability development options – Build, Partner, Acquire 13
Learnings from the marketplace 17
Key risks and potential mitigation approaches 20
Potential approach to develop digital ecosystem 23
About Monitor Deloitte 26

2

Foreword
In our recently published study “Digital era for ASEAN
conglomerates - Hype or reality?” we established that the
digital economy provides significant opportunities for ASEAN
organisations. To say that digital play requires a paradigm shift
from “business-as-usual” is a cliché in today’s time. Its global
penetration has pushed industries to develop their own digital
ecosystem. The top 5 most valuable companies are digital
companies. In Asia, the digital economy is expected to grow at
21% y-o-y, which is 3X the growth rate of the physical economy.
The winners are those who have a broader view of the digital
economy, have a winning strategy to capitalise on these
opportunities and able to mitigate the underlying threats to
Mohit Mehrotra drive growth and sustain shareholder returns.
Strategy Consulting Leader
Monitor Deloitte ASEAN The pace of change is phenomenal – we have observed 9
momehrotra@deloitte.com key patterns of disruption, which are driving multiple paths
to displacement for existing incumbents. We have also
witnessed that a selective investment driven model adopted by
incumbents for their digital initiatives, have failed to generate
any material impact. Therefore, a differentiated “value creation”
approach is required to leverage connected ecosystems. .
Accelerating Digital Ecosystem Development through Strategic Alliances
This will require a fundamental refresh of the mindset, culture
and capabilities. Given, there are hardly any secrets in the digital
world, speed-to-scale defines success or failure. What then,
are the options for the incumbent to build digital capabilities
that are fast-to-scale yet flexible enough to accommodate the
changing digital ecosystem?
This paper attempts to answer several of these aforementioned
questions. We believe that opting for a strategic alliance model
is the optimal way for traditional businesses to enter and thrive
in the digital economy. Priorities and choices of the alliance
model differs by industry verticals, capability build objectives and
geography. A recent analysis of more than 125 recently formed
alliances suggest three interesting new trends: (a)~50% of
recent alliances formed were to accelerate new product design/
development; (b) TMT sector dominating the alliance landscape,
contributing to almost ~50% of all alliances being formed and
(c) cross industry collaboration is becoming the new norm,
particularly between the TMT industry and the financial services
industry and between TMT and Consumer and Industrial
products sectors. However, these alliances are easy to form, but
extremely hard to sustain. Significant risks exist across the entire
alliance lifecycle that need to be identified and mitigated through
a planned approach. We hope that through this paper we are
able to show that businesses need to rethink their capability
development strategy for their digital play.
3
Accelerating Digital Ecosystem Development through Strategic Alliances

01 Digital Ecosystems –
The new basis for competition

4
 Accelerating Digital Ecosystem Development through Strategic Alliances

Digital economy is scaling up faster than the physical economy

Winners will be those who do not solely focus on digital plays, but build their business models to leverage on both the
physical and digital economies.
A digital economy is a global network of economic and social activities that are enabled by information and
communications technologies, such as the internet, mobile and sensor networks
Asia Physical Economy (USD Bn) 2015 Asia Digital vs. Physical Economies (USD Bn)

+7%
33,824 Digital Physical %
24,240
742 11,385 6.5%

1,393 31%
Select Asian countries

2015 2020 434

147 4,116 3.6%

Asia Digital Economy Estimate (USD Bn)
142 2,183 6.5%
+21%
4,880
57 873 6.5%
1,883
31 294 11%
2015 2020
24 374 6.5%
As % 8% 15%
of GDP 20 313 6.5%

Source: IMF WEO GDP Forecasts; WEF NRI 2015; Monitor Deloitte analysis

5
Accelerating Digital Ecosystem Development through Strategic Alliances

Digital natives are at the forefront of value creation and value

appropriation

Top 5 publicly traded companies by market cap (USD Bn)

#1 #2 #3 #4 #5

2001 GE Microsoft Exxon Citigroup Walmart

2006 Exxon GE TOTAL Microsoft Citigroup

Petro
2011 Exxon Apple
China
Shell ICBC

Digital
2016 Apple Alphabet Microsoft Amazon Facebook
Physical

Source: Visual Capitalist

6
 Accelerating Digital Ecosystem Development through Strategic Alliances

9 key patterns of disruption are driving multiple paths to

displacement for existing incumbents

The pace of change is phenomenal The 9 patterns of disruption are prominent

Expand marketplace reach Unbundle products and services

38 years 1 Connecting fragmented buyers and 6 Giving you just what you want, nothing
sellers - whenever, wherever more
Radio

Unlock adjacent assets Shorten the value chain

13 years 2 Cultivating opportunities on the edge 7 Transforming fewer inputs into greater
Television value outputs
Turn products into platforms
4 years
3 Providing a foundation for others to build Align price with use
upon 8 Reducing upfront barriers to use
Internet
Connect peers Converge products
3.5 years 4 Fostering direct, peer-to-peer 9 Making 1 + 1 > 2
connections
Facebook

9 months Distribute product development

5 Mobilising many to create one
Twitter
Time to reach
6 months 50 million users
Instagram

35 days

Angry Birds

Source: Bernd Leger, “20 fresh mobile trends,” Localytics, May 13, 2013, http://www.locaytics.com/blog/2013/mobile/2013/mobiles-statistics
“Patterns of disruption - Anticipating disruptive strategies in a world of unicorns, black swans, and exponentials “, Deloitte University Press

7
Accelerating Digital Ecosystem Development through Strategic Alliances

A differentiated “value creation” approach is required to leverage

the connected ecosystem

Value addition Value creation

Investor in physical Investor in Business builder in

economy
(Bolt-on digital offerings)
•• Minority investments – ecosystem approach.
difficult to exert control
digital economy
(Coordinated planning to build
bolt-on digital offerings)
•• Partnership-model allowing
some degree of control
digital economy … the era of heavy business
conglomerates is gone. The
(Focus on building economy of today and tomorrow
own interconnected
ecosystems) will rely on a platform &
•• Open Ecosystem build
approach allows a quicker
and less investment centric
pathway Alibaba.com

By providing all manner

Competition should be
of services and content on
strengthened for technologies
(our) platforms, we aim to
SoftBank that power ecosystems such MakerBot
create a comprehensive
as the 3D ecosystem
ecosystem

Source : Monitor Deloitte Analysis; News Articles

8
 Accelerating Digital Ecosystem Development through Strategic Alliances

The connected ecosystem based business models require organisations

to have an evolved mindset and an urgent capability refresh

Ecosystem Thinking to Frame Business Models New Business Model Archetypes

Improve utility
•• See what customers really need and fulfill it completely
•• Make it easy for customers to use their offerings and to get things done
Money
Enhance experience
•• Connect with customers’ sense of identity and purpose
WIN THE •• Enhance their sense of self
CUSTOMER
•• Confer status and meaning to customers
Trade
Supply Exchange Demand
•• Identify under-exploited assets such as untapped demand and/or fragmented supply
•• Define rules for their exchange
•• Connect these buyers and sellers
Data
Co-create
3 Business Model Archetypes of Today
•• Enable collaborators to find each other
Win the customer OWN THE •• Provide the context & tools for collaboration
PLATFORM
•• Facilitate commercialisation of outputs
Own the platform
Augment decision making
Activate the data •• Harness powerful insights through IoT and big data technologies
•• Help customers make better choices than they could alone

Guarantee outcome
Source: Deloitte article, titled: Business Models for A New World – A new perspective on strategy
and business model development, September, 2016
ACTIVATE •• Use data to manage the performance of the assets and guarantee outcomes
THE DATA
•• Sell solutions instead of assets

9
Accelerating Digital Ecosystem Development through Strategic Alliances

02 Key capability
sets

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 Accelerating Digital Ecosystem Development through Strategic Alliances

3 key organisational capabilities are required to succeed in the

digital ecosystem model

New business model archetype 3 key organisational capabilities required to succeed in the digital ecosystem

Definition

• Strategic capabilities serve as the basis

Own the for competitive advantage
platform • These are ‘must build’ capabilities for
companies to be competitive
• Must be distinctive from competitors and
meaningful to customers
Strategic • Platform and data ownership are critical
requirements for strategic capabilities

• Core capabilities impact customer choice

and/or shape the economic profit
proposition
• They are not a defensible source of
advantage and focus on effectiveness
Core
• Platform ownership and ‘win’ the
customers are core for economic success

• Foundational capabilities are not distinctive

nor do they impact customer choice
• Required in order to be a viable
Win the Activate competitor; focus on efficiency to maintain
customer the data threshold levels of performance
Foundational • Digitisation is essential for achieving
efficiencies and supporting digital
platforms

11
Accelerating Digital Ecosystem Development through Strategic Alliances

To successfully execute, many of these capabilities and underlying

building blocks need to be institutionalised in parallel
Type of capability Illustrative list

Organisational capabilities

Foundational Strategic Core Foundational Core Strategic

Innovation Adequate Measure

1 2 Skilled talent 3 Leadership 4 5 Insights 6
mission technology performance

Innovation vision Redefining skill Identify innovation 360° Customer Performance measured
APIs
and mission requirement champions Insight on effort and outcomes

Attracting Identify drivers of Service Oriented Number of innovative

Innovation strategy Behavioural Analytics
innovative innovation across Architecture concepts
technology talent organisation’s
Innovation & culture hierarchy Big Data/ Social Number of concepts
DevOps
transformation Retaining innovative analytics commercialised
technology talent Training and
Partner development of Number of successful
Digital Platforms Predictive analytics
development & Building an management 3rd party partnerships
management innovation mindset
Encouraging Straight Through Customised Assessment of
Digital & innovation innovation across Processing offerings customer satisfaction
...
learning organisation

Blockchain ... ...

Training and Celebrate the
upskilling programs ‘failures’

...
... ...

Source: Monitor Deloitte Analysis

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 Accelerating Digital Ecosystem Development through Strategic Alliances

03 Capability development options —

Build, Partner, Acquire

13
Accelerating Digital Ecosystem Development through Strategic Alliances

Speed to scale defines success or failure - Inorganic growth provides

required acceleration

Speed vs. Risk Profile for Capability Growth Pathways

Advantages Disadvantages
High
Build
•• Lower up-front investments •• Longest duration to develop digital
Buy – capability
•• Highest strategic control
Acquisitions •• Challenges from traditional mindset
•• Ownership of IP & technology
and culture not fitted to digital change
Organic growth
Time to success

Partner
•• Shorter time to market •• Reduced profitability due to sharing
Partner –
•• Leverage complementary capabilities •• Less control over strategic direction
Strategic Alliance
and product bundles •• Difficult to hold partner accountable
Strategic alliance

Build – Buy •• Expedited ramp-up •• Highest up-front investment cost

Organic •• Stable cash-flow with captive market •• Integration and execution risk due to
Growth share/customer base complexity
•• Readily available product/IP
Low High Acquisition
Risk profile

Key Focus of this study

Source: Monitor Deloitte Analysis

14
 Accelerating Digital Ecosystem Development through Strategic Alliances

Strategic Alliances emerge as relatively risk free alternative –

4 distinct archetypes exist

4 Archetypes for Strategic Alliances in the Digital Ecosystem

Centralised Sequenced Facilitated Self-organised

O O O O O O O O
O O O O

•• Clear Orchestrator who drives the •• Traditional supply chain or distribution •• Primarily Participant-driven with •• Purely Participant-driven
interactions required to achieve the system with a high-level Orchestrator multiple, complex interaction patterns •• No Orchestrator and typically includes
objective •• Participants may interact with upstream •• Orchestrator defines governance and grassroots systems and pack systems
Types

•• Participants generally only interact with or downstream players interaction protocols only with no defined standards, forums, or
organiser barriers to entry

AT&T Foundry General Motors AMEX Open Forum Linux and Android OS
•• Exposes AT&T’s API to developers to •• The GM supply chain across parts •• Online forum for small business owners •• Linux has seen success with its open-
Examples

promote mobile app innovation
•• Product development cycle time has
improved from 18 months to 6 months
manufacturers, suppliers, assemblies
and etc. is an example of traditional
Sequenced Model
to interact, ask questions, advise and source philosophy
exchange information
•• Android, a Linux-based mobile O/S,
dominates with market share of ~82%, or
1.4 billion users worldwide

O Orchestrator Participant

Source: “Performance Ecosystems: A decision framework to take performance to the next level”; Deloitte Center of the Edge,

15
Accelerating Digital Ecosystem Development through Strategic Alliances

Suitable application of critical building blocks varies significantly

by Strategic Alliance Archetype

Key Building Blocks Applied to Strategic Alliance Archetypes

C Centralised S Sequenced F Facilitated O Self-Organised

Tightly Loosely
Construct Tightly controlled or loosely coupled partnership models C S F O
Controlled Coupled

Hard (dollars or assets) or soft investments (people, “Hard” “Soft”

Investment Profile C S F O
methods, processes) Investments Investments

Shared KPIs, financial metrics, Operational SLAs and Well-defined Limited definition
Success Metrics C S F O
incentives KPIs of KPIs

Joint Product Roadmap, bundling and pricing, marketing and Structured Loosely structured
Product Scope C S F O
branding offerings offerings

Degree of exclusivity and rules of engagement High

Exclusivity C S F O Non-exclusive
(geographies, clients, products) Exclusivity

Simple alliance (e.g. GTM or channel alliance) vs. capability Capability “Simple”
Solution Scope C S F O
development Development Alliance

Source: Monitor Deloitte Analysis based on previous client engagements

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 Accelerating Digital Ecosystem Development through Strategic Alliances

04 Learnings from the

marketplace

17
Accelerating Digital Ecosystem Development through Strategic Alliances

Digital alliances focus on enhancing product design and

development, with TMT dominating the alliance landscape

•• Product development partnerships appear to focus on synergising C&IP: Consumer and

Figure 1: Global Partnerships Industrial Products
complementary core competencies
FSI: Financial Services
15% by Capability Build
•• Meanwhile, sales partnerships are formed to target new or specific Industry
customer segment LSHC: Life Science and
Healthcare
TMT: Technology, Media and
56% 29%
Telecommunications
Improve operations

New market/customer segments

New product design/development

4% 3% •• TMT’s dominance in the partnership landscape is clear due to its central

1%
Figure 2: Global Partnerships position in the digital space
5%
by Industry Vertical •• Cross-industry partnerships are primarily made of TMT-FSI and TMT-
18% C&IP collaborations – 51 out of 58 cross-industry alliances
•• The diversity of these TMT-FSI partnerships suggest a breadth of
C&IP TMT & C&IP
opportunities: from mobile money, payments, insurance services, and
20% 50% FSI TMT & FSI lending

LSHC Cross Industries Others

TMT

Source: Monitor Deloitte Analysis. Sample size = 137 partnerships across Americas, EMEA, and APAC

18
 Accelerating Digital Ecosystem Development through Strategic Alliances

However, unique patterns exist across geographies and industries in

terms of the alliances scope

Figure 3: Geographic nuances on digital alliances Figure 4: Capability build objectives by industries

12% 9% 14%
16% 20% 19%
25% 29%
29% 31%
35%
28% 32% 30%
Improve operations 25% 17% Improve operations

31% New market/customer segments 60% 100% New market/customer segments

86%
New product design/development New product design/development
71% 56% 52% 54%
56% 56% 50%
38%
20%

APAC Europe North Multiple C&IP FSI LSHC TMT TMT & TMT & MULTIPLE
America regions C&IP FSI INDUSTRIES
OTHERS

•• In APAC, partnerships are geared towards developing new products or solutions
•• Contrast this to Europe, where partnerships are formed to target both external and
internal improvements
•• Being at the core of Digital, TMT-exclusive partnerships focus most on design,
development, and new topline growth
•• The majority of cross-industry partnerships are between TMT-FSI and TMT-C&IP –
of which, the key focus area is new and convergent digital offerings
•• C&IP-exclusive partnerships show a higher propensity to target new market or
segments for the offerings

Source: Monitor Deloitte Analysis. Sample size = 137 partnerships across Americas, EMEA, and APAC

19
Accelerating Digital Ecosystem Development through Strategic Alliances

05 Key risks and potential

mitigation approaches

20

Significant risks exist across alliance lifecycle – Proactive mitigations
will ensure ‘Sustainability’
Alliance Lifecycle Key Risk
Partner Identification & Scalability of existing platform to partnership
Selection
Over-engineering – too prescriptive &
comprehensive clauses limiting productivity
Negotiation & Deal
Structuring
Unfavourably negotiated deal terms favouring
one side over the other
Lack of management attention and focus
Underperformance due to over-ambitious
targets set initially
Alliance Execution
Cultural clash impacting collaboration
Potential loss of continuity across all stages of
the partnership lifecycle
Exit Stage High dependency on one partner’s capability
hindering the speed and ease of the exit
Source: Monitor Deloitte Analysis
Accelerating Digital Ecosystem Development through Strategic Alliances
Potential Mitigation
Wait until existing offerings are at a minimum
maturity to be shared with a potential partner
Start by ‘seeding’ a few critical rules and allow
the rest to develop through natural interaction
Adopt “win-win” approach that puts
accountability and rewards on both partners
Appoint “Champions” from senior leadership in
both parties to drive management focus
Institute quarterly review committees to assess
and reset goals if necessary
Develop “gateway” managers who can bridge the
two cultures in a partnership
Deploy processes for knowledge transfer to
keep integrated alignment across lifecycle
Define a disengagement process that includes
transfer of critical assets, people, technology
21
Accelerating Digital Ecosystem Development through Strategic Alliances

Success needs to be ensured through critical negotiation elements

with the potential partner
Ensuring Success through critical negotiation elements with the potential partner

Partner Identification Negotiation & Alliance Execution Exit Stage

& Selection Deal Structuring

Critical terms must be negotiated to

“secure” the Execution phase of the
Alliance given the high potential for risk

1 2 3 01 Revenue/profit targets – agreeing on a common goal that is reasonable and credible,

Revenue/profit targets
Capability, asset, and but that generates high sustainable value
Incentives and
technology 02 Incentives and disincentives – risk/reward mechanisms to encourage collaborative behavior
disincentives
investments 03 Capability, asset, and technology investments – having “skin in the game” will ensure
a deeper level of commitment to the success of the alliance

4 5
Shared KPIs and SLAs
6 04 Shared KPIs and SLAs – a measurable and enforceable way to ensure accountability on
Conditions for both parties, and to deliver the best service to the customer
Exclusivity and IP
termination 05 Exclusivity and IP – marking clear boundaries on exclusivity
06 Termination – providing for an exit clause that allows a safe and de-risked termination
should the occasion arise

7 8 9 07 Product/solution scope –product roadmap and development

Preferred Partner 08 Customer scope – customer segmentation and rules of engagement
Product/solution scope Customer scope
benefits 09 Preferred Partner benefits – special discount clauses, first-class support, etc

Source: Monitor Deloitte Analysis

22
 Accelerating Digital Ecosystem Development through Strategic Alliances

06 Potential approach to develop

a digital ecosystem

23
Accelerating Digital Ecosystem Development through Strategic Alliances

A practical approach to build a digital ecosystem

A practical approach

Performance gaps Existing ecosystems

Map the Ecosystem

Key ecosystems relevant
to performance gaps

Objectives Risks and Capabilities

Select resulting
ecosystem types

Design the Model 1. Enhance existing 2. Adopt a

ecosystem new ecosystem

Optimize Evolve to Develop an

Develop scope
existing a new alliance archetype for
of alliances
alliances archetype alliances

Negotiation
Partner Alliance
Drive the Change and Deal Exit
Identification Execution
Structuring

Management practices to improve performance

24
 Accelerating Digital Ecosystem Development through Strategic Alliances

Monitor Deloitte Playbook – “Strategic Alliance in a Box”

Strategic alliance in box Value

1 2 3
Partnership Long-listing & Proof-of- •• Leverage existing Playbook
Strategy: Initial Screening: concept, short- to provide a tried and tested
Where do we need Who are all listing & Final toolkit
a partnership, and the potential Alliance Model:
•• Leverage Monitor Deloitte’s
why? candidates for a Who is the
existing relationships
partnership? partner?
in the region for “agile
What would the
acceleration”
alliance look like?

4 5 6
Negotiations & Launch Program
Contracting Preparation & Management
Mobilisation Support: Market
launch, Ramp-
up, etc.

25
Accelerating Digital Ecosystem Development through Strategic Alliances

07 About Monitor Deloitte

26
 Accelerating Digital Ecosystem Development through Strategic Alliances

Monitor Deloitte provides unique insights & ideas focused on

delivering business impact
Monitor Deloitte combines the strengths of both practices including thought leadership, talent, resources, and global reach; allowing the firm to provide clients with unique insights, leading edge ideas
and methods, actionable analysis and recommendations, and extensive hands-on implementation experience – all firmly grounded in deep industry knowledge and focused on business impact

Monitor

Strategy Thought Leadership Deep Industry Expertise Global Capabilities

•• World-class thought leadership
•• Action-oriented
•• Customised solutions
•• Solid analytical capabilities
•• Leading-edge methodologies
•• Global experience
•• Consumer & Industrial Products •• Tier 1 strategy consulting
capabilities
•• Financial Services
•• Presence across 150 countries
•• Travel, Hospitality and Services
•• Technology, Media &
Telecommunications
•• Public Sector & Economic
Development
•• Life Sciences & Health Care
•• Energy & Resources

27
Accelerating Digital Ecosystem Development through Strategic Alliances

We are thought leaders in key disciplines of business and strategy…

The Art of the Powerful Times: Rising Playing to Win: How Strategy Ten Types of Innovation: The Power of Pull The Strategy Paradox The Innovator’s Solution and
Long View to the Challenge of Our Really Works The Discipline of Building by John Hagel by Michael Raynor The Innovator’s Manifesto
by Peter Schwartz Uncertain World by A.G. Lafley and Roger Martin Breakthroughs by Michael Raynor
by Eamonn Kelly by Larry Keeley and others

The Strategy and Managing Your Competitive Strategy: Moments of Impact Brand Resilience Pricing and Profitability Multi-channel
Tactics of Pricing Innovation Portfolio Techniques for Analysing by Chris Ertel and by Jonathan Copulsky Management Brand Experience
by Tom Nagle and by Bansi Nagji and Industries and Competitors Lisa Kay Solomon by Julie Meehan
Joe Zale Geoff Tuff by Michael E. Porter

28
 Accelerating Digital Ecosystem Development through Strategic Alliances

… and are at the forefront of research on digital transformation and

acceleration, globally and in ASEAN

Strategy not technology Accelerate performance Igniting the new Telco Value Deloitte Indonesia survey Digital Identity
drives digital of Digital Ecosystem Engine – B2B Markets (Global on Fintech (Co-authored with WEF)
(Co-authored with MIT) (Global perspective) and ASEAN focus)

Blockchain Digital era for ASEAN Digital Ecosystems Innovate Silicon Patterns of disruption
(Co-authored with WEF) conglomerates (Global perspective) Valley way

Future of Financial Services Brighter shade of TMT Predictions 2016 Global Mobile Consumer Finance-as-a-Service:
(Co-authored with WEF) FinTech (Global and ASEAN focus) Survey 2016 (SEA focus) API Playbook

29
Accelerating Digital Ecosystem Development through Strategic Alliances

Contact us

Mohit Mehrotra Eugene Ho Ho Kok Yong John Goeres

Strategy Consulting Leader Consumer & Industrial Products Industry
Monitor Deloitte ASEAN Leader
momehrotra@deloitte.com Deloitte Southeast Asia
+65 9452 9432 eugeneho@deloitte.com
+65 9670 2040
Financial Services Industry Leader Technology, Media and Telecom Industry Leader
Deloitte Southeast Asia Deloitte Southeast Asia
kho@deloitte.com jgoeres@deloitte.com
+65 6216 3260 +65 8233 9412

Lee Chew Chiat Mark Edmunds Mohit Grover

Public Sector Industry Leader Energy & Resources Industry Leader Life Sciences & Healthcare Industry Leader
Deloitte Southeast Asia Deloitte Southeast Asia Deloitte Southeast Asia
chewlee@deloitte.com medmunds@deloitte.com mogrover@deloitte.com
+65 5224 8228 +65 6224 8288 +65 6531 5207

30
 Accelerating Digital Ecosystem Development through Strategic Alliances

Acknowledgements

Mohit Mehrotra Piyush Jain

Strategy Consulting Leader Director
Monitor Deloitte ASEAN Monitor Deloitte ASEAN
momehrotra@deloitte.com pijain@deloitte.com

Djoko Soehartono Kuok Shern Ng Vikas Gupta Samrat Bose

Manager Manager Manager Manager
Monitor Deloitte ASEAN Monitor Deloitte ASEAN Monitor Deloitte ASEAN Monitor Deloitte ASEAN
dsoehartono@deloitte.com kung@deloitte.com vgupta@deloitte.com sambose@deloitte.com

31
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