Naturally Global. Brazil s global growth imperative. The challenge of internationalization

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1 Naturally Global Brazil s global growth imperative The challenge of internationalization

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3 Do Brazilian companies have a global problem? In the last decade Brazil s domestic demand and exports have soared, making the country the world s seventh largest economy. During the same period, the stock of Brazilian outward Foreign Direct Investment (FDI) more than quadrupled. At the same time, a number of global industries have been shaken up by the emergence of Brazilian companies; firms like AB InBev, Gerdau, JBS Friboi and Vale are among the world s highest performers in their sectors. Despite these achievements on the global stage, Brazilian business leaders will admit that, other than industry insiders, you d be hard pressed to find many executives around the world who recognize Brazilian companies. The lack of wide recognition in itself would not be such an issue if it did not betray a broader problem: the success of Brazilian companies on the global stage focuses narrowly on a small number of companies in relatively few fields. Overall, indicators show that Brazilian companies appear to be much less aggressive relative to their BRIC peers and firms in some other high-growth markets when it comes to seeking growth beyond their borders. Does it matter that Brazilian companies are internationalizing at a slower rate than firms from other countries? We believe it does, and that the long-term competitiveness of the Brazilian economy depends on the ability of Brazilian firms to supply, partner and compete with the world s best companies both at home and abroad. Clearly, the business case for internationalization is not just about growing foreign sales. It s also about building the capacity to compete and grow more effectively in Brazil s own domestic markets. This report is a call to action, highlighting the dangers of complacency in today s rapidly evolving market environment. It is not a call for all Brazilian companies to internationalize immediately. Instead, we are advocating that Brazil s business leaders take a more global perspective in their strategy planning. With an increasingly complex global competitive landscape and recent uncertainties in the domestic economy, Brazil s business leaders need to decide whether, and when, internationalization is right for them 3

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5 Catching up with the leaders Arriving on the global stage Following decades of struggle, Brazil s emergence onto the global stage has been astounding both in terms of its timing and its impact. Jim O Neill who as Goldman Sachs chief economist created the BRIC acronym in 2001 has acknowledged that the inclusion of Brazil was considered a controversial move, due to the fragility of the economy at that time. 1 The growing global footprint of Brazilian trade and investment has put that controversy to rest. Brazil s total export value has more than quadrupled since 2000, rising from US$55 billion to US$243 billion in Overseas investments also rose significantly, with outward FDI stock increasing from US$52 billion in 2000 to nearly US$233 billion in 2012 (see Figure 1). In some industries, such as mining and primary food production, Brazilian companies are among the world s leaders. In 2006, Petrobras stunned markets by announcing the discovery of the giant Tupi (now Lula) pre-salt oil field. In 2008, InBev purchased Anheuser-Busch to become the largest brewing company in the world. Despite a deepening global economic crisis in 2009, Brazilian companies continued to assert themselves internationally. Marfrig acquired Cargill s Seara Foods, while JBS consolidated Brazil s global leadership in the meatpacking industry through its purchase of US company Pilgrim s Pride. In the same year, all three major international credit rating agencies conferred investment-grade status to Brazil. An emotional President Lula confirmed the country s newfound status on the world stage by announcing, Today, Brazil has become a citizen of the world, 3 having been awarded the 2016 Olympic Games. Figure 1: Brazil outward FDI stock and export value (US$ billion) Outward FDI stock Exports Source: UNCTAD, Ministry of Development, Industry and Trade (MDIC) 5

6 Brazil has established itself as a critical hub in the global economy of the 21 st century and Brazilian companies appear to have become inextricably entwined within the interconnected web of global business. However, Brazil s strong performance over the past decade has not concealed the economy s structural shortcomings, which pose a threat to long-term growth and global competitiveness. Examining some worrying trends GDP growth has decelerated sharply recently. In 2012 it was 0.9%, significantly below the 2.7% recorded in 2011, let alone the 7.5% rate seen in The longer-term economic outlook is stronger, but questions need to be asked about the prospects of Brazilian companies in international markets. Consider that Brazil is now the world s seventh largest economy, yet only eight Brazilian multinational corporations (MNCs) are in the Fortune Global 500. A similar picture emerges if we look at the world s most valuable brands where companies from Mexico, Taiwan and South Korea have featured, but none from Brazil. 5 Analysts and academics have published countless studies on the phenomenon of Asian companies going global, particularly the expansion of Chinese and Indian firms, but it remains very rare to see similar material on the international journeys of Brazilian businesses. Is this simply poor public relations? Unfortunately, key indicators suggest otherwise. 6

7 Brazil s total export value, considering both goods and services, sits below the other BRIC nations, having been overtaken by India in No doubt driven by the energy sector, the gap in export value between Brazil and Russia has grown six-fold during the period (see Figure 2). And economies including Mexico, South Korea and Hong Kong also rank higher than Brazil on this measure. Looking at the efforts of Brazilian firms in setting up new operations overseas, we find that the number of greenfield investments by Brazilian companies in the past decade is the lowest among the BRIC economies. Since 2003, while Russian companies invested in over 1,300 overseas greenfield projects, Chinese companies in nearly 2,300 and Indian companies in more than 2,500 projects, Brazilian firms invested in just over 500. (see Figure 3). In fact, in 2000 Brazil had the highest stock of outward FDI among the BRIC economies. However, it has advanced more slowly than other countries in the group, and now lags both China and Russia. Today, only India remains below Brazil s levels, but India recorded a higher growth rate for most of this period (see Figure 4). It is also important to note that the success of Brazilian companies on the global stage has been narrowly focused on a small number of fields and on a small number of companies. Almost 90% of Brazil s overseas greenfield investments between 2003 and 2012 were concentrated in four sectors, and almost 95% of investment has come from the top ten investing companies. 6 Figure 2: Total export value (US$ billion) Russia India Mexico 300 Brazil Source: UNCTAD 7

8 Figure 3: Outward greenfield investment (number of projects, ) 3,000 2,500 2,000 1,500 1, Source: fdi Markets India China South Korea Russia Turkey South Africa Brazil Chile Mexico Figure 4: Outward FDI stock (US$ billion) China 400 Russia Brazil 100 India Source: UNCTAD 8

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10 Overall, Brazilian companies appear to be much slower to seek growth beyond their borders, relative to their BRIC peers and to firms from some other emerging markets. Like companies in other large emerging economies, Brazilian firms have used that scale in terms of the access it gives to natural resources and a large population of workers and consumers in order to build their own unique local competitive advantages. This domestic scale can act as a springboard for internationalization it would be a shame to waste this opportunity. Brazilian companies often point to the domestic policy environment as a critical obstacle to their global expansion, citing factors such as high taxes and credit constraints. 7 Such external factors may play their role, but our research also uncovers important cultural traits within Brazilian companies that serve to discourage greater global participation (see InFocus: Culture as an obstacle). It is true that Brazilian companies have not had access to some of the other advantages enjoyed by their emerging market peers. For example, they haven t had the plentiful financing that major Chinese companies have benefitted from, or the English language advantage that many Indian and other Asian MNCs enjoy. These challenges underscore the strong achievements of Brazil s existing global giants that have overcome them. By learning from the success of these Brazilian companies, business leaders can employ proven approaches to begin to stake their own claims in the global market. 10

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12 InFocus: Culture as an obstacle A recent research study by the Economist Intelligence Unit highlighted Brazil s difficulties in coping with the cultural and language barriers of working across borders. Eighty percent of Brazilian executives said that cross-border difficulties hampered their overseas expansion plans, which is a higher rate than responses from other countries. 8 This may not come as a surprise to those who are aware that Brazil is ranked as one of the 10 worst countries in the world for business English proficiency. 9 The ability to effectively work across cultures is not only about language. It is also a question of mindset. A recent Accenture study looked at the international mindsets of about 200 company leaders from Brazil, China, Germany, India, Russia, South Africa, the UK and the US. Only 24% of the Brazilian executives we surveyed believe that their company s leadership group has a strong global mindset, and the survey s evaluation of the global mindset among the broader workforce was dramatically lower than in other countries as well (see Figure 5). Worryingly, it is not clear that this situation will improve in the medium term, as Brazilian executives are even less confident about the international credentials of the next generation of leadership only 7% of Brazilian executives believe that their company s high potential managers have a strong global mindset. 10 Stepping out into global markets is not an easy decision, and any international investment demands a careful evaluation of risks and benefits. Different attitudes to risk will therefore play an important part in defining the nature and speed of internationalization decisions. In a recent Accenture survey of 588 business leaders around the world, we found that only 20% of Latin American respondents think of themselves as first movers, compared with 32% of Asia-Pacific respondents. In contrast, Latin American executives are far more likely to consider themselves fast followers than business leaders from other geographies. Figure 5: Does your workforce have a strong global mindset? 70% 60% 62% 64% 62% 62% 50% 40% 30% 47% 27% 24% 38% 45% 34% 40% 27% 38% 46% 31% 20% 10% 0% Your company s Global Leadership Group 7% High potential managers Germany Russia UK Brazil US China India South Africa Source: Growing Global Leaders Survey, Accenture,

13 The same study highlights the disproportionate influence of language on strategy formulation. Forty-six percent of Latin American respondents emphasized the importance of having a shared language as a way to group target markets in their strategic planning, compared with the 28% global average; and only 17% of respondents identified as successful internationalizers. These cultural differences may partly explain the relatively slower internationalization of Brazilian companies. As a society, Brazil s culture has a worldwide reputation as being friendly and open. Indeed, Brazil itself is held up as a success story of integration across a variety of disparate cultures. Yet, the evidence suggests that there is room for improvement when it comes to Brazilian business leaders. One potential solution involves prioritizing investments in language and cross-cultural working practices, which could play a critical role in improving the confidence and preparedness of Brazilian companies looking to go global. 46% 46% 45% 54% 52% 33% 33% 32% 34% 14% 13% 13% 24% 28% 18% 17% Employees whose roles span multiple countries Employees whose roles are contained only in your home country 13

14 High stakes: The rewards of action, the costs of inaction When questioned about the relative tardiness of Brazilian companies when it comes to internationalization, a common explanation is the need to focus on lucrative domestic growth opportunities first. In fact, domestic expansion opportunities are cited by Brazilian firms in a survey by the Brazilian Society for the Study of Transnational Enterprises and Economic Globalization (SOBEET) as the second most important barrier to the internationalization of the country s companies. 11 This attitude suggests a dangerous set of assumptions about how Brazil s domestic economy will evolve as it deepens its engagement with the rest of the world. Competition is global, even if your company s operations are not. Access to resources, capabilities, assets and new markets is increasingly available to all. Those firms that avoid serious consideration of internationalization options and opportunities are imposing a double disadvantage on themselves: they are choosing to forgo access to potential benefits available across today s interconnected global economy, and they are simultaneously leaving themselves open and vulnerable to the risks brought about by those same interconnections. 14

15 Opening eyes to the opportunities A 2010 study with a focus on Brazil found that higher levels of global sales have a positive impact on market performance. 12 Unilever, the Anglo-Dutch consumer goods company, exemplifies the broader benefits and advantages of the multinational model. The company saw sales growth of 4% between 2007 and 2011, despite serious economic weakness across developed markets (see Figure 6). This performance was thanks to the company s geographically diversified footprint, particularly across emerging economies. These markets provided all of Unilever s growth through much of this period (see Figure 7). The benefits of economies of scale and risk management through diversification are well understood. But Unilever has gone further to exemplify the benefits of distributing a variety of functions and business activities around the world. This allows the company to access skills and assets found in different parts of the world and to leverage these across its global network. Consider the firm s award-winning Pureit water purifier; originally designed by the company s skilled R&D team in India in response to specific local market needs, it now has an expanded range of products and is sold in markets all around the world, including Brazil. 13 Brazil s astute multinationals have opened their eyes to these opportunities. Take the case of Braskem, a highly innovative multinational in the thermoplastic and petrochemical products sectors. The company, which was founded in 2002 and has an R&D center in Pittsburgh, has developed the Green PE, a polyethylene made of sugarcane. It subsequently announced a partnership with Novozymes, the Denmark-based industrial biotechnology leader, seeking to take this success a step further and develop a Green PP (polypropylene).on top of this, Braskem also has a partnership with US-based W.R. Grace & Co., a world leader in the catalysts sector. The goal there is to develop catalysts to obtain more chemical products of renewable origin. 14 The opportunities are there to be grasped. Careful timing is an important consideration, but hesitating too long can be dangerous. Being late in the game can mean higher costs, less attractive partnership options, weaker bargaining power, more restricted investment options, and a fiercer fight for talent, visibility and market share. Figure 6: Unilever revenue growth breakdown ( billion) Total revenue change in revenue from developed economies change in revenue from emerging economies 46.5 Total revenue 2011 Source: Unilever company reports 15

16 Figure 7: Composition of Unilever s revenue (percentage share) 44% 47% 49% 53% 54% 56% 53% 51% 47% 46% Developed markets Emerging markets Source: Unilever company reports 16

17 A transformed competitive landscape Domestic firms in Brazil may possess an incumbency advantage, but that is no cause for complacency. Foreign multinationals, especially from developed markets, have long been present in the country. Nestlé has operated in Brazil since the 1930s. 15 Carrefour opened its first store in the country in Indeed, the openness of Brazil s retail sector to foreign players is in stark contrast with other emerging economies such as India, where until September 2012 foreign multi-brand retailers could not hold a majority stake in retail operations. But the global competitive landscape is being transformed, and Brazil is not immune to these shifts. Companies from around the world are just as attracted by Brazil s domestic growth prospects as Brazil s own companies. Many of these foreign companies are global enterprises with significant scale and efficiency. They possess a range of competitive strengths, including low-cost business models, innovation expertise, technological prowess and global brands. Moreover, most multinationals have become leaner and more competitive in response to the recent economic turmoil. A glance through international newspapers brings the intensification of interest in Brazil from established multinationals into focus. For example, Carlyle Group, a US asset management company, recently bought a stake in Ri Happy, a Brazilian toyshop chain, and now controls 85% of the company. 17 In cosmetics, LVMH expanded its Sephora business by opening its first store in São Paulo in July 2012, following its 2010 acquisition of a 70% stake in the Brazilian online retailer Sack s. Le Pain Quotidien, a Belgian restaurant chain, opened its first store in Brazil during 2012 and Starbucks, the US coffee chain, is planning to open more than a hundred stores over the next five years. Recent activity by emerging-market companies also illustrates this trend. In telecommunications, China Telecom announced that it is planning to start offering Internet, data and outsourcing services in Brazil. 18 In consumer electronics, Lenovo, the Chinese PC manufacturer, completed earlier this year its acquisition of the Brazilian electronics firm CCE. The aim is to position itself to capture the growing demand for Internet-connected devices, such as tablets and smartphones, especially from Brazil s new middle class consumers. 19 The picture becomes starker if we look at the numbers behind these news stories and company announcements. Investment into Brazil has recorded a sound evolution despite the global slowdown. Last year, FDI flows into the country were 45% higher than in 2008, in sharp contrast with a 26% decline at the global level over the same period (see Figures 8 and 9). As a result, in 2012 Brazil received the fourth highest levels of direct investment globally, at US$65 billion, more than double the FDI flows into India (see Figure 10). 17

18 Figure 8: Global FDI inflows (US$ billion) Figure 9: FDI flows into Brazil (US$ billion) 1,816 1,216 1,408 1,651 1, Source: UNCTAD. NB: UNCTAD FDI data includes both greenfield and M&A activity Figure 10: FDI inflows by recipient economy, 2012 (US$ billion) United States China Hong Kong Brazil British Virgin Islands United Kingdom th Australia Singapore Russia 51 Canada 45 Chile Ireland Luxemburg Spain India Source: UNCTAD 18

19 More intense-but also direct-competition This trend is bound to continue. Brazil s promising domestic markets will be increasingly targeted by foreign multinationals, not least those from other emerging economies. Indeed, an Accenture survey of Asian companies conducted in August 2012 found that more than a quarter of Chinese companies and 13% of South Korean companies are already focusing their international expansion on Latin America and the Caribbean. And momentum still seems to be building. When asked to consider the focus of their expansion in the next three years, 40% of Chinese companies and 35% of South Korean companies responded that they were placing bets on Latin America and the Caribbean. Moreover, Asian and Brazilian companies are headed for a collision in tomorrow s most lucrative markets. Today, Brazil s competencies complement the cost-based strengths of Asian competitors (see Figure 11). But in only three years, the picture may be very different. By their own admission (and in cases such as China and Malaysia, under the guidance of their growthminded governments), many Asian companies are racing up the value chain, moving directly toward capabilities like higher-quality talent and innovation that Brazilian companies identify as their most competitive globally. Many Chinese companies, for example, are on a publicly stated drive to move from lower-cost offerings toward more sophisticated, knowledge-based products and services. Figure 11: Brazil vs. Asia: Changing competitive dynamics Cost-based strengths Non-cost based strengths Asia today Brazil today Asia in three years 1. High-quality products 1. High-quality products 1. High-quality products 2. Low- cost operations 2. Skills and talent 2. High- value innovation 3. Low- cost innovation 3. Affordable capital 3. Skills and talent 4. High- value innovation 4. Strength of brand 4. Strength of brand 5. Skills and talent 5. High- value innovation 5. Intellectual property 6. Strength of brand 6. Intellectual property 6. Low- cost innovation 7. Intellectual property 7. Low- cost innovation 7. Affordable capital 8. Affordable capital 8. Low- cost operations 8. Low- cost operations Ranking is based on survey responses on the perceived globally competitive strengths of 102 Brazilian MNCs and 250 Asian MNCs. Source: Accenture analysis; Accenture Brazilian multinationals survey 2012, and Accenture Asian multinationals survey,

20 Over recent years, inward FDI in the form of cross-border mergers and acquisitions (M&As) has increased significantly in Brazil. While in 2009 asset sales by foreign companies exceeded their acquisitions by US$1.4 billion, last year saw acquisitions exceeding asset sales by US$16.4 billion more than doubling the pre-crisis high. 20 This reflects a growing appetite among foreign entrants to consolidate their positions promptly and gain market share in Brazil. For Brazilian companies the accelerated influx of foreign firms means that the competitive environment will inevitably become more fierce as Brazil establishes itself as a key hub of the multi-polar world. As a result, they will require new capabilities to respond to these changes. Firms that continue to avoid the global marketplace are restricting their own options. They will miss out on opportunities to create partnerships with European engineering firms or North American technology firms, to engage Asian companies with large English- or Mandarin-speaking workforces, or to benefit from sovereign wealth funds from Asia and the Middle East. They will also face a better-equipped and wider range of competitors in their home market, and have to do so with the self-imposed disadvantage of being domestically focused. Many Brazilian companies are clearly aware of this problem. They understand that they need to accelerate efforts and build satisfactory levels of market share in high-growth economies before it is too late. 21 This suggests that executives understand their dilemma but are struggling to address it. How can they translate ambition into action? 20

21 The way forward Internationalization is, and has always been, a complex and difficult journey for any company. Today it probably brings more complexity than in the past, but the nature of the global economy and global competition means that internationalization demands serious attention. Avoiding the issue is no longer an option. To be clear, we are not advocating that every Brazilian company must take the first opportunity to go global. In contrast, we are advocating that Brazil s business leaders take a more global perspective as they map the landscapes of demand, supply and competition. Internationalization may not be the right option for today, but global options should always be serious considerations on the boardroom agenda. For many companies, long-term sustained high performance will increasingly be a challenge without access to international growth and efficiency opportunities. The decision to forgo international opportunities should be a result of careful evaluation rather than a default outcome of postponed or avoided decision making. Even for globally established businesses, this journey does not become easier over time. Successful multinationals are constantly required to reevaluate the evolving business environments, opportunities and challenges in different parts of the world. Questions concerning how to internationalize remain as permanent boardroom agenda items: The task of implementing our internationalization strategy seamlessly merges into managing our international operations. Compare, for example, the different internationalization journeys of Natura Cosméticos and AB InBev: Natura has so far chosen to grow organically, in an effort to ensure that the fundamental values and principles at the heart of the corporation s culture are embedded in every step of their expansion. Their challenge has been to balance this globally consistent identity with the need to adapt and respond to different business environments and customer preferences in markets they have entered. In contrast, AB InBev has grown through a series of strategic global mergers and acquisitions, collecting a vast array of brands and products that are already tailored to a wide variety of tastes and preferences around the world. For them, the internationalization challenge has been to achieve efficiencies and economies of scale; not least of which is the effective integration and management of different operating models, corporate cultures and organizational systems. 21

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23 These two companies have taken very different journeys and face very different strategic and operational challenges. But by digging a little deeper, it becomes clear that the questions they must pose themselves are remarkably similar. In fact, our research across industries and geographies uncovers persistent yet fundamental choices and questions that confront all aspiring and growing multinationals: How do we evaluate which markets to enter when, and the method of entry? Based on the corporate portfolio strategy, what is the mix of markets to be leveraged or targeted? What is the risk/reward profile of individual target countries how should they be prioritized? How should the market be entered to protect against market risks while optimizing performance should we build/partner/buy? How can we design an international operating model that aligns our strategy with our global model of governance? How do we balance the competing demands for global efficiency and local responsiveness? What is the optimal governance model for executing the required capabilities, e.g., which business activities are governed locally, regionally or centrally? To what extent can existing or shared capabilities be leveraged to serve new markets? How can we maintain the agility and flexibility to respond to continual change in the business environment, technology, customers and competition? How do we design strategies and operations that remain relevant during times of change? How do we improve our innovation processes to keep up with market demands? How can our corporate culture encourage flexibility and adaptation across the leadership and workforce? Going global cannot be taken lightly; the decisions are too complex, and the implications too profound. As a first step, senior leadership needs to commit to a serious evaluation of the fundamental questions stated here. It is imperative to understand the right questions to ask, and to identify the options that must be evaluated in order to make the best-informed choices and trade-offs. If Brazil s current but small stock of global champions is a benchmark, it is exciting to imagine the potential that could be unleashed by broadening the global competitiveness of Brazilian firms. Before then, serious questions need to be taken to boardrooms; strategies need to be considered; capabilities need to be built; and truly global mindsets need to be formed. 23

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25 References 1 National Public Radio, Brazil outshines other BRIC economies, December 21, The share of total Brazilian exports going to other Latin American countries was slightly above 20% for most of this period, although it has fallen somewhat in recent years, reaching 18.6% in Foreign Policy Special Advertising Supplement, Rio De Janeiro: Gearing up for the Games, Brazilian Institute for Geography and Statistics (IBGE). 5 Interbrand corporate website, accessed November 16, fdi Markets database. 7 SOBEET, Pesquisa sobre internacionalização de empresas brasileiras, June, NB: The Brazilian Society for the Study of Transnational Enterprises and Economic Globalization (SOBEET, or Sociedade Brasileira de Estudos de Empresas Transnacionais e Globalização Econômica) is a Brazilian think thank dedicated to research into the internationalization of the Brazilian economy. 8 Rio Times Online, Language Barriers in Brazil Business, May 15, Global English, Heightened Urgency for Business English in an Increasingly Global Workforce. A look at the 2013 Business English Index & Globalization of English Research, Accenture, Growing Global Leaders Survey, Presentation of Results, July, SOBEET, Pesquisa sobre internacionalização de empresas brasileiras, June, Loncan T. and Nique W.M. Degree of internationalisation and performance: Evidence from emerging Brazilian multinational firms, Revista Journal, Vol 4 (1), Harvard Business Review, How big companies beat local competition in emerging economies, August 28, Braskem, W. R. Grace and Co. and Novozymes corporate websites, accessed August 13, Nestlé corporate website, accessed October 19, Carrefour corporate website, accessed October, Financial Times, Carlyle buys Brazilian toy retailer, March 2, Financial Times, China telecom acts to gain Brazil foothold, June 13, Lenovo media release, Lenovo Closes Acquisition of CCE in Brazil, January 4, UNCTAD, World Investment Report Accenture, Fast Forward to Growth Seizing opportunities in high-growth markets,

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27 About the Authors Armen Ovanessoff is a senior research fellow in the Accenture Institute for High Performance and leads the Institute s research on emerging markets Athena Peppes (athena.peppes@accenture.com) is an economist and a senior research specialist in the Accenture Institute for High Performance Carolin Puppel (carolin.puppel@accenture.com) is a senior manager in Accenture s Strategy and Sustainability practice and leads the company s Client Value Labs for Latin America Senior executive sponsor Vasco Simoes We would like to thank the following individuals for their contributions to the study: Arika Allen, Josh Bellin, Giles Boitel, Alejandro Luis Borgo, Fernando Chaddad, Lance Ealy, Svenja Falk, Analia Ferrera, Matias Levin, David Light, Fabio Mittelstaedt, Eduardo Plastino, Andy Sleigh, Kuangyi Wei. 27

28 About the Accenture Institute for High Performance The Accenture Institute for High Performance creates strategic insights into key management issues and macroeconomic and political trends through original research and analysis. Its management researchers combine world-class reputations with Accenture s extensive consulting, technology and outsourcing experience to conduct innovative research and analysis into how organizations become and remain highperformance businesses. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with approximately 261,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, Its home page is Copyright 2013 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.