Great expectations The changing role of IT in the business

A report from the Economist Intelligence Unit sponsored by Capgemini, Cisco Systems and SAP

Great expectations The changing role of IT in the business

Preface

Great expectations: The changing role of IT in the business is the first in a series of reports from the Economist Intelligence Unit‘s Global Technology Forum, a research programme targetted at senior executives responsible for managing and deploying information technology in the pursuit of business objectives. Jeanette Borzo was the author of the report, and the editor was Denis McCauley. The Global Technology Forum is sponsored by Capgemini, Cisco Systems and SAP. The research for this paper is based on a global survey of 288 senior executives, as well as interviews with CIOs and other senior technology managers. The Economist Intelligence Unit’s editorial team executed the survey, conducted the interviews and wrote the report. The findings and views expressed in this report do not necessarily reflect the views of the sponsors. The Economist Intelligence Unit bears sole responsibility for its content. Our sincere thanks go to the survey participants and interviewees for sharing their insights on this topic. September 2006

© The Economist Intelligence Unit 2006

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Great expectations The changing role of IT in the business

Executive summary

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IOs and IT managers today face no shortage of challenges, from overseeing the convergence of voice and data networks to grappling with compliance, data security and tight spending budgets. Their jobs are set to become tougher: CEOs and boards expect information technology‘s mission to expand from cost cutting to revenue generation, and relatively quickly. This is among the major findings of a new Economist Intelligence Unit research programme, sponsored by Capgemini, Cisco Systems and SAP, on the evolution of IT‘s role within the business. The study is based on a global survey of 288 senior executives in both technology and business functions as well as in-depth interviews with senior IT executives. Other key findings of the research include the following:

About the survey A total of 288 executives from 58 countries participated in the first Global Technology Forum survey, conducted by the Economist Intelligence Unit in May 2006. 40% of the respondents were based in Europe, 30% in the Americas and 26% in Asia-Pacific. In addition to being cosmopolitan, our survey sample was very senior. Fully 49% of respondents were C-level executives such as CEOs, CIOs and CFOs, and the other half consisted of senior managers such as heads of business units and departments. In order to compare views of IT from different functional perspectives, we strove to achieve a rough balance between IT and non-IT executives—the former accounted for 43% of the sample. 17 industries were represented in the survey, with the largest number of respondents hailing from the financial services, professional services, manufacturing and technology sectors. Participants also came from a range of company sizes, with 46% reporting annual revenue of over US$500m, and 19% over US$5bn.

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● An “expectations gap” exists between IT and the executive suite. Most technology managers (62%) also believe that enabling revenue generation will come to be IT‘s primary mission within the next three years, but CEOs and board members (83%) are almost wholly convinced of it. The gap yawns particularly wide in Asia-Pacific and Europe, where many IT managers retain a strong belief in the primacy of IT‘s cost-reduction role—partly due to continued C-level insistence on hitting costefficiency targets. This gap will need to close—and C-level priorities to become more consistent— for better IT-business alignment to be achieved. ● Organisational and technical solutions will be tapped to improve IT‘s fit with the business objectives. The acquisition of new technologies tops the list of initiatives that survey respondents, including CEOs, hope will improve the level of IT-business alignment. But organisational measures are also prominent: all executives place strong emphasis on joint project management responsibility between IT and business managers, as well as the use of cross-functional teams. ● Some decentralisation of IT functions to other business units is also likely. The beginning of the end of the IT department as we know it? The majority of surveyed executives think not, at least for the next five years. But as many CEOs and board members (41%) foresee the disappearance of a stand-alone IT department as those who do not. More than a few companies appear ready to consider radical solutions to bring IT and the business closer together.

Great expectations The changing role of IT in the business

Re-defining the mission

S

ince the early days of the IT department, the dominant role of information technology as viewed from the executive suite has been as a driver of cost efficiency. This has been the case even as companies deploy advanced IP (internet protocol)based networks and applications with unprecedented levels of functionality. In a global survey of 288 senior managers—in technology and other functions—across 17 industries, 61% of respondents say that IT’s primary mission today remains that of reducing costs and boosting productivity. But the IT mission in enterprises is changing: nearly 70% of the same executives say that within three years, IT’s predominant role will be to enable revenue growth. Boastful posturing from technology managers? Clearly not, as this expectation is most pronounced in the survey among CEOs and board members (83%), considerably more than among IT executives (62%)1. This is more than a matter of opinions. The strength of C-suite expectations suggests that the expansion of IT‘s mission to encompass revenue

generation is becoming a corporate mandate. Thus the insistence from the highest levels that IT strategy and capabilities become much more closely aligned with the company‘s overall business objectives. “It is becoming critical” to align IT more closely with business goals, says Charles Soobroy, vice president of information systems and technology at Sony BMG Music Entertainment, based in London. Responsible for IT in 22 Europe, Middle East and Africa countries, Mr Soobroy adds: “It is essential now that IT partners with [and not just serves] other departments, and stands shoulder to shoulder with them.” This is not to say that the mandate to improve cost efficiency will fall away. Reducing operational costs remains among the top one or two imperatives for executives when the discussion shifts to IT investment priorities over the next three years. But for CEOs in particular, a more important technology objective is to help improve knowledge management, and another major imperative is to help the firm ”respond quickly to market changes”. As competition intensifies in virtually all markets

In your view, what is IT’s predominant role today in helping your company to achieve its strategy goals, and what will it be in three years? (% respondents) 1 The Economist

Today

In 3 years

To enable revenue growth 39

To enable revenue growth 69

To drive cost efficiency 61

To drive cost efficiency 31

Source: Economist Intelligence Unit, Global Technology Forum survey, 2006.

© The Economist Intelligence Unit 2006

Intelligence Unit’s Business 2010 white paper, produced in 2005 (and sponsored by SAP), highlighted a similar finding. In a global survey of 4,018 executives conducted for the report, 59% agreed that IT’s primary role in five years’ time will be to increase competitive advantage rather than drive cost efficiency. Executive confidence in this development has clearly grown since the Business 2010 study.

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Great expectations The changing role of IT in the business

Survey respondents believing that IT’s predominant strategic role in three years will be to enable revenue growth (% respondents) CEOs & board members 83

Total C-level executives 75

Total sample 69

IT executives 62 Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

and companies‘ scope for product differentiation narrows, many are turning to innovation in business models—how they develop, produce, sell and deliver products—to drive revenue growth. IT‘s contribution to the top line is perhaps most visible in the development of web-based sales channels. But improved knowledge management—for example in analysing customer preferences and channelling the analysis to product development teams—and faster speed of executive decision-making are also enabled by the effective use of IT and also impact on revenue growth. For Sony BMG, the better use of corporate knowledge is a way to increase revenue, according to Mr Soobroy. “We have to know the fan base, what music they’re interested in, and what music they’re

When making decisions on allocating IT budget over the next three years, IT support for which of the following business objectives will have the highest priority? (% respondents)

Total sample CEOs & boardmembers IT executives

Improving the use of knowledge throughout the company 49 43 45

Driving down operational costs 47 39 55

Responding quickly to market changes 35 33 37 Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

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buying,” he says, noting that IT is the means with which to obtain that knowledge. “This can become a corporate asset,” he adds. Enabling better collaboration with partners is another key IT mission. Says Mr Soobroy: “We are increasing our involvement with specialist third-party companies to maximise exploitation of our digital and physical assets, via as many channels as possible. It is IT’s job to ensure that the handshaking between all parties goes well.”

The expectations gap As we have observed, the executive suite’s vision of IT as revenue generator is not shared with the same level of confidence throughout the organisation. This is the clearest indicator of a gap in expectations that exists between C-level executives—particularly CEOs—and IT managers. Expressed in quantitative terms, a global expectations gap of 13% on the question of IT’s primary role in future—enabling revenue generation or driving cost efficiency—seems substantial. (It rises to 21% when only the responses of CEOs and board members are considered.) This masks considerable differences between regions, however. The views of Clevel executives and IT managers seem to be relatively aligned in North America, with only a 3% gap. It widens to 13% in Europe and to 23% in Asia-Pacific. What accounts for this gulf in perspectives, particularly outside of North America? The greater Clevel enthusiasm in IT‘s revenue-generating mission may partly result from a general rise in IT literacy among business executives, affecting their views on how, for example, the web and new applications can be used to greater benefit. Corporate leaders have also found themselves under greater pressure from shareholders to justify their investments in new technology; visualising a broader IT impact on the business that reaches to the top line helps them do that. Both of these trends have been more in evidence in North America than in other

Great expectations The changing role of IT in the business

Expectations gap: % difference between C-level executives and IT executives who believe that the primary role of IT will shift from driving cost-efficiency to enabling revenue generation in three years

Over the next three years, what will be the chief obstacles to your company’s ability to align the IT infrastructure with its business objectives? (% respondents)

Total sample CEOs & boardmembers IT executives

25 22.75

20

Lack of understanding from senior management of how IT should support business objectives 33 18 40

15 13.33

Insufficient IT investment

12.70

10

31 29 32

5

Lack of collaboration across functions 3.08

0

Global

North America

27

Europe

32

Asia-Pacific

28

Source: Economist Intelligence Unit, Global Technology Forum survey, 2006 Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

regions, at least until recently. It is in the perspectives of IT managers, however, where the regional differences are greatest. European and Asian IT executives are considerably less convinced of a new mission for IT than their North American peers. IT executives might explain that their day-to-day responsibilities for managing networks do not afford them the luxury of such strategic thinking. Mr Soobroy of Sony BMG also observes that dual pressures are often placed on IT from above. “It’s a bit of a dichotomy,” says Mr Soobroy. He often hears other IT managers complain that “the business managers say ‘Move us forward’ while we all remain under pressure to reduce costs.” Such dichotomy is evident in our survey: as noted earlier, while C-level respondents stress the importance of IT‘s revenue-generation role, driving down operational costs remains at or near the top of their list when it comes to budgeting priorities. No surprise, then, that many IT executives are relatively reluctant to let other goals take priority over that of reducing operational costs. Different perspectives also emerge in other areas, for example when seeking to divine the chief obstacles to closer IT alignment with the business. For CEOs and board members, the chief impediment to closer

alignment is organisational—difficulties in breaking down barriers between functions and departments. IT executives agree that this is an obstacle but point upstairs to identify the main problem: senior management‘s poor understanding of IT‘s capacity to support the business objectives2. As CIO at Van Eck Global, a US-based money management firm, Laurent Comès has a foot in both camps. He agrees that senior management‘s failure to understand how IT works is a problem. For one thing, IT is often perceived to be lagging because its assistance is not solicited early enough. “Mostly, IT finds out too late” about an innovative project or a new business model, says Mr Comès, leaving IT insufficient time to put the proper procedures and policies into place. This is manifested even within the executive suite: “CIOs are still brought in only at the tactical level, and not enough at the strategic level.”

2 This view is supported

The expectations gap is symptomatic of the difficulties that companies face in achieving closer alignment between their IT capabilities (their applications, hardware, IT staff and organisation) and strategic

by the results of a recent survey of line of business (LOB) and IT managers in the US conducted by analyst firm IDC (IDC US Market Watch Survey, July 2006). Both sets of managers agreed that the greater challenge in their organisation was not the inability of IT staff to understand business issues, but rather the lack of technology understanding on the part of business managers.

© The Economist Intelligence Unit 2006

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The elusive goal of alignment

Great expectations The changing role of IT in the business

business goals. To judge by the survey, the most that can be said is that IT currently supports companies‘ business objectives ”partially”. Just over half of respondents, or 54%, say that IT has been an important contributor to their firms‘ success in executing on strategic initiatives. The good news is that this roughly parallels the share of surveyed executives (51%) who believe their firms perform well on strategy execution. The link between IT and good strategy execution becomes clearer when these 51% are queried separately: nearly 70% of them affirm that IT has been either important or critical to their success. This is the case, for example, for PSA, an international freight operator based in Singapore. According to Ang Cheng Kiat, vice-president of customer and corporate systems, ”IT plays a significant role in helping PSA achieve its strategic goals; it is an enabler of PSA’s growth and is critical to our ability to provide value-added services to our customers.” IT‘s contribution is rated most highly by executives when it comes to improving knowledge management and supporting expanded collaboration with partners.

To what extent do your company’s IT capabilities (applications, hardware, IT staff and organisation) currently enable the achievement of its key business objectives today? (% respondents) Expand / deepen interaction with partners 54

Improve the company’s use of knowledge 52

Drive down operational costs 51

Accelerate introduction of new products / services 49

Respond quickly to market changes 48

Expand into new geographic markets 46

Increase customer loyalty 45

Improve supply chain efficiency 44

Execute on new business models 39 Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

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Their assessment deteriorates when other strategic objectives are brought into play, such as faster product development and improving responsiveness to market shifts. It slips noticeably on IT‘s ability to help the firm boost customer loyalty—a worrying sign given the enormous sums invested in customer relationship management (CRM) systems in recent years—and execute on new business models.

Closing the divide How can companies‘ IT capabilities and business objectives be brought into better alignment (and, in the process, the expectations gap be reduced)? Some solutions are organisational, and may very well involve the decentralisation of IT responsibilities to other business units. “An IT department will be more successful if it can integrate into the business units,” believes Mr Comès. Applications development and support figure among the candidates for decentralisation, although infrastructure maintenance is likely to remain in the charge of a centralised IT department for the foreseeable future. Some will go in for more radical solutions. More than one-third of survey respondents foresee the disappearance of a stand-alone IT department in their firms within the next five years. An even larger share of IT executives subscribes to this view, and as many CEOs and board members agree with the proposition as disagree. Short of decentralisation, the selected intertwining of business and IT responsibilities is certain to progress. For example, IT executives stress the importance of assigning joint IT and business managers to technology projects—with joint responsibility for their success or failure. “For IT to be successful, you need dual ownership of any project,” says Mr Comès. IT executives and CEOs alike also display enthusiasm for the use of cross-functional teams to foster better understanding between line of business and IT staff.

Great expectations The changing role of IT in the business

Many firms are moving in these directions. Footstar, for example, a US-based footwear retailer, proactively recruits staff with a combination of business and technical expertise. “Most of our technology projects are a combination of business and IT staff,” says the firm’s CIO, Stuart Werner. “They go much more successfully than when IT handles projects on its own. One plus one definitely equals three with this approach.” Survey respondents—and C-level executives above all others—also look to investments in new technology to help close the gap. Van Eck‘s Mr Comès, for example, is looking for business analysis tools that will help portfolio managers make better buying decisions to boost revenue. Mr Werner says that Footstar is looking into better analytical tools that can help with assortment planning and inventory optimisation. New applications written for mobile computing devices may also “improve the ability of a retailer to bring customers into the store, and then to reach out to them through customer relationship management software,” he says. One thing is certain: the profile of IT staff will change. All surveyed executives agree that the hiring of senior IT managers with both business and IT experience will be a priority. It may go further: the largest portion of respondents maintain that, in three years, the majority of their IT employees will have had previous experience in business functions. The CIO will naturally be influential in helping to bridge the divide. Consequently, many expect the CIO to rise in the corporate pecking order, in some firms to board level. “There are going to be growing pains,” says Mr Comès. “But I see the CIO as the glue—the translator—between the business guys and the techies.”

Do you agree or disagree: In five years, a stand-alone IT department will no longer exist in our company?* (% respondents)

Agree Disagree

Total 34 56

CEOs & board members 41 41

IT executives 37 61

Firms successful in executing on strategy 37 52 *Respondents could also answer “Don’t know”. Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

Which of the following initiatives will be most important over the next three years in ensuring that your company’s IT capabilities enable the achievement of its business objectives? (% respondents)

Total sample CEOs & boardmembers IT executives Firms successful in executive strategy

Acquiring new technology 41 45 35 42

Assigning joint responsibility for technology projects to IT and business managers 38 29 43 38

Promoting cross-functional teams to broaden IT staff’s exposure to other parts of the business 37 42 36 40 Source: Economist Intelligence Unit, Global Technology Forum survey, 2006

© The Economist Intelligence Unit 2006

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Great expectations The changing role of IT in the business

Conclusion

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orporate leaders set high hopes on their firms‘ capacity to change and grow amid intensifying global competition. They are looking to IT to doff its cost-cutting mentality and help make this happen. Our research suggests that the IT department‘s confidence that it will be up to the task, while reasonably high, does not approach the level of expectations held in the executive suite. This and other research findings point to a still yawning gap between IT capabilities and the business-related demands that senior management is placing on it. IT executives, meanwhile, may be forgiven for sensing inconsistency in the messages they are receiving from upstairs. Enabling revenue generation

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© The Economist Intelligence Unit 2006

resounds as a C-level priority for IT, yet when it comes to allocating budgets, the mandate to drive down operational costs remains strong. CEOs also place considerably greater store than IT managers in new technologies to help achieve closer IT alignment with the business; the organisational solutions emphasised by IT executives‘ may be tougher to implement but could have longer lasting results. That IT executives are thinking along these lines confirms that they recognise the challenge. “It’s up to IT now to be the catalyst,” says Mr Soobroy of Sony BMG. “We have to turn the vision into solutions. We, as IT, have to support the business for this new world.”

Appendix Great expectations The changing role of IT in the business

Appendix In May 2006, the Economist Intelligence Unit conducted a survey of 288 executives from 58 countries across Europe, Asia-Pacific and the Americas. Our sincere thanks go to all who took part in the survey. Please note that not all answers add up to 100%, because of rounding or because respondents were able to provide multiple answers to some questions.

In which region are you personally based? (% respondents)

In what type of business do you work? (% respondents) Financial services 18

Western Europe 34

Professional services 13

North America 27

IT and Technology 13

Asia-Pacific 26

Manufacturing

Eastern Europe 5

10

Government/Public sector

Middle East & Africa 5

7

Telecoms

Latin America 3

6

Healthcare, pharmaceuticals and biotechnology 5

Consumer goods 5

Education 4

Which of the following best describes your title?

Transportation, travel and tourism

(% respondents)

4

Chemicals

CEO/President/Managing director

4 20

Manager

Entertainment, media and publishing 4

17

CIO/Technology director

Energy and natural resources 2

13

SVP/VP/Director

Automotive 2

11

Head of Department

Construction and real estate 2

9

CFO/Treasurer/Comptroller

Logistics and distribution 1

6

Retailing

Other C-level executive

1

6

Head of Business Unit 6

Board member 4

Other 9

© The Economist Intelligence Unit 2006

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Appendix Great expectations The changing role of IT in the business

In your view, what is IT’s predominant role today in helping your company to achieve its strategy goals, and what will it be in three years? (% respondents)

What are your organisation’s global annual revenues in US dollars? (% respondents)

Under $100m 37

Today:

$100m to $500m 16

To drive cost efficiency 61

$500m to $1bn 11

To enable revenue growth 39

$1bn to $5bn 17 $5bn to $10bn 5 $10bn or more 14

What are your main functional roles?

In 3 years:

(% respondents)

To drive cost efficiency 31

IT 43

Strategy and business development

To enable revenue growth 69

35

General management 34

Finance 19

Marketing and sales 16

Information and research 14

Operations and production 13

Risk

Which of the following initiatives will be most important over the next three years in ensuring that your company’s IT capabilities enable the achievement of its business objectives? (% respondents)

12

Customer service 11

R&D 7

Supply-chain management 5

Human resources

Acquiring new technology 41

Assigning joint responsibility for technology projects to IT and business managers 38

Promoting cross-functional teams to broaden IT staff’s exposure to other parts of the business 37

4

Hiring senior managers with both business and IT management experience

4

Adopting a portfolio management approach for monitoring IT projects

Legal Procurement 2

25 20

Ensuring regular review of IT projects by the CEO and CFO 18

Other 3

Encouraging appointment of the CIO to the board 8

Other 3

10

© The Economist Intelligence Unit 2006

Appendix Great expectations The changing role of IT in the business

On the whole, how successful is your company in executing its strategic initiatives? (% of respondents) 1 (Not at all successful) 1

7

2

3 (Somewhat successful)

4

5 (Very successful)

42

Don’t know

39

11

0

How important has IT been in your company’s success in executing its strategic initiatives? (% of respondents) 1 (Not at all important) 2

11

2

3 (Somewhat important)

33

4

5 (Critical)

Don’t know

36

18 1

To what extent is your company capable of adapting to the likely features of tomorrow’s global business environment listed below? (% of respondents) 1 Incapable

2

3 Somewhat capable

4

5 Entirely capable

6 Not applicable/Don’t know

Greater customer power 1

8

37

38

13

2

Globalisation of supply and sourcing 1

14

27

31

21

6

Extensive collaboration with partners 2

10

34

36

18

31

17 1

Rapid technology change 2

17

32

Fluidity of business models 2

23

35

27

11

2

Continuous innovation 2

19

31

33

14

Scarcity of talented staff 2

25

38

26

7

3

Heightened demands for regulatory compliance and transparency 1

8

35

33

17

6

© The Economist Intelligence Unit 2006

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Appendix Great expectations The changing role of IT in the business

To what extent do you believe that your company’s IT capabilities (applications, hardware, IT staff and organisation) currently enable the achievement of its key business objectives? (% of respondents) 1 Not at all

2

3 Somewhat

4

5 To a great extent

6 Not applicable/Don’t know

Expand into new geographic markets 7

9

32

25

21

7

Increase customer loyalty 5

14

34

30

15

2

Respond quickly to market changes 2

18

31

35

13 1

Expand / deepen interaction with partners 1

11

33

39

15 1

34

16

Drive down operational costs 3

9

37

Improve supply chain efficiency 5

9

30

31

13

13

Accelerate introduction of new products / services 3

14

31

34

15

3

Improve the company's use of knowledge 2

13

32

29

23 1

Execute on new business models 4

17

35

25

14

4

In three years, to what extent do you expect that your company’s IT capabilities (applications, hardware, IT staff and organisation) will enable the achievement of its key business objectives? (% of respondents) 1 Not at all

2

3 Somewhat

4

5 To a great extent

6 Not applicable/Don’t know

Expand into new geographic markets 4

6

26

28

30

6

Increase customer loyalty 1

9

24

39

25

2

Respond quickly to market changes 1

6

27

42

24 1

Expand / deepen interaction with partners 5

21

45

28 1

35

28 1

Drive down operational costs 1

9

26

Improve supply chain efficiency 2

7

20

35

24

12

Accelerate introduction of new products / services 1

8

22

40

27

2

Improve the company’s use of knowledge 1

5

19

36

38 1

Execute on new business models 3

12

9

© The Economist Intelligence Unit 2006

24

38

23

4

Appendix Great expectations The changing role of IT in the business

To what extent do you believe that your company’s IT capabilities will, over the next three years, enable new business models based on the following attributes? (% of respondents) 1 Not at all

2

3 To some extent

4

5 Substantially

6 Not applicable/Don’t know

Systematic and wide-ranging interaction with customers 3

8

30

31

27

2

Systematic and wide-ranging interaction with partners 1

7

33

32

26 1

Systematic and wide-ranging interaction with suppliers 2

7

31

29

21

10

Ability to tailor products and services to customer demands quickly and frequently 1

10

26

33

28 1

Ability to shift or tap resources across borders frequently and quickly 3

14

24

26

23

9

Ability of employees to work anywhere, anytime 2

9

18

29

40 1

Please indicate whether you agree or disagree with the following statements. (% of respondents) Agree

Disagree

Don’t know

In three years, the CIO will be a member of the board in our company 35

46

19

In five years, a stand-alone IT department will no longer exist in our company 34

56

10

In three years, the majority of IT staff in our company will have had previous experience in business functions 44

39

When making decisions on allocating IT budget over the next three years, IT support for which of the following business objectives will have the highest priority? (% respondents) Improving the use of knowledge throughout the company 49

Driving down operational costs 47

Over the next three years, what will be the chief obstacles to your company’s ability to align the IT infrastructure with its business objectives? (% respondents) Lack of understanding from senior management of how IT should support business objectives

35

Accelerating introduction of new products/services 34

Increasing spend from existing customers 26

Expanding/deepening interaction with partners 25

Expanding into new geographic markets

Insufficient IT investment Lack of collaboration across functions 27

Employee resistance to change 22

Shortcomings in existing technology (hardware and applications) 21

Lack of understanding from the IT department of the company’s business objectives 21

24

Insufficient IT skills and knowledge 16

22

Improving supply chain efficiency

Narrow outlook of IT managers and staff 14

21

Other

33

31

Responding quickly to market changes

Executing on new business models

18

Poor project implementation by IT staff 10

1

Other 2

© The Economist Intelligence Unit 2006

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Whilst every effort has been taken to verify the accuracy of this information, neither The Economist Intelligence Unit Ltd. nor the sponsor of this report can accept any responsibility or liability for reliance by any person on this white paper or any of the information, opinions or conclusions set out in the white paper.

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