SETLabs Briefings VOL 5 NO 3 Jul-Sept 2007
Managing Costs by Leveraging Procurement Information Intelligently By Rajib Saha
Augment your enterprise’s spend visibility and redefine your procurement strategies with the 360° approach to enterprise cost management
C
hief procurement officers (CPO) today face
organizations can adopt appropriate strategies,
great challenges to comprehend on how
policies and systems to improve procurement
their organizations spend in buying diverse
performance.
categories of materials and services. Without a clear understanding of dollar outflow, it becomes
TWO VIEWS ON PROCUREMENT SPEND
difficult for them to carve out cost-saving
To deliver high-performance in procurement
strategies that can come through improvement
organizations need: (a) unified view of enterprise
in procurement operations. Enterprise Cost
procurement data residing in multiple systems;
Management (ECM) can help them understand
(b) multi-dimensional analysis to transform
their organization spend scenario and develop
data into information, and (c) integration of
strategies to achieve cost saving.
marketplace, process and technology aspects for
ECM can be defined as the set of
comprehensive insight.
processes, tools and practices to achieve visibility
These above-mentioned objectives can
and control on enterprise spend. ECM provides
be achieved through a two-pronged approach.
insights into areas for savings and exposes
1) an ‘inside-out’ view of transactional spend
procurement process inefficiencies as well. With
data residing across multiple systems through
comprehensive view on spend through ECM
advanced analytical software applications, and
1
through category
The 360° approach to ECM would be
enrichment, supply market analysis, processes
to follow a gradual approach to understanding
assessment and technology evaluation.
enterprise spend landscape with the ‘inside-out’
2)
an ‘outside-in’
view
The ‘inside-out’ view provides visibility
view followed by ‘outside-in’ view. The 360°
to operational performance whereas the
approach to ECM can help in understanding
‘outside-in’ view drives strategies and policies.
end-to-end enterprise spending through the
Through ‘inside-out’ view, by using spend
combination of both side views. In the 360°
analysis applications, one gets to know from
approach, outcome from inside data analysis
historic data, how an organization has spent for
would be enriched with market, process and
a given past period. Deficiencies, if any, in the
technology analysis to make better decisions.
internal processes can be identified as a result of
Before elaborating both views of ECM and
spend analysis. These analyses certainly lead to
comprehend 360-degree approach, one need to
savings by addressing the identified anomalies.
also understand cost management challenges
But they have limitations in unlocking
that today’s procurement department faces.
"Inside-out" and "Outside-in" views of procurement help enterprises have a 360° understanding of their cost management landscape
continuous value once the process anomalies
COST MANAGEMENT CHALLENGES
are addressed. Therefore questions arise on -
Organizational focus on procurement has radically altered
over the last decade.
• How to achieve incremental benefits?
Procurement has transformed from back office
• How to leverage changes happening
transaction processing department to a strategic
within the business context to impact
function. Today, procurement departments play
procurement performance?
significant role in organizations in achieving competitive positioning and price leadership
The ‘outside-in’ analysis provide insights on
in the marketplace. Procurement executives
the ‘how’ or ‘what next’ aspects of improvements
are under significant pressure to contribute to
by integrating external elements that are
their organization bottom-line. In industries
relevant to procurement. This analysis identifies
like automotive or discrete manufacturing,
incremental savings opportunities available
where product cost would be a prime factor
to the enterprise due to changes in external
for
environment, like supply market, input material
function has emerged as strategic differentiator.
price changes etc.
To maintain profit margins, the need for high
2
competitive
positioning,
procurement
performance in procurement would be obvious
ECM
in such industries.
program enables
enterprises
overcome these challenges and draw a roadmap
Procurement
executives
face
a
for
a
holistic
performance
improvement.
number of challenges while spearheading
The roadmap would be the outcome of deep
procurement transformation initiatives. Poor
analysis across multiple dimensions. ECM paves
view of enterprise spend would be a key issue.
the path for CPOs to meet their cost savings
This would be due to dispersion of data in
targets and contribute to their organization
multiple systems across the enterprise. Poor
bottom-line.
data quality and inconsistencies add further complexities.
Without
proper
assessment
SPEND ANALYSIS - THE ‘INSIDE OUT’
decision-making becomes difficult. Traditional
VIEW
ERP or legacy systems do not provide the kind
Spend analysis application enables enterprises to
of reports that today’s procurement executives
extract, enrich and analyze spend or procurement
need. Integrating market knowledge to the
data. It allows enterprises understand spend
internal analysis to enhance sourcing decisions
patterns (by suppliers, categories, business units,
Spend analysis applications bring with them multiple benefits — primary among them being, getting insights on savings opportunities and process improvement areas
would be another challenge. There are issues
regions) and spend leakages (non-compliance,
with non-standard procurement processes and
price variance)
technologies among multiple units and regions
processes. It provides insights for identification
of an enterprise.
of savings opportunities while also indicating at
There
are
concerns
regarding
happening within existing
process improvement areas.
introduction of new vendors or switching away
Spend analysis application can be
from incumbent vendors, even if that reduces
described as a smart data warehouse with
cost. Then there are, other questions like -
advanced data cleansing, classification and
•
Which technology platforms or point
analysis tools. Some of the popular application
solutions are to be given priority?
providers in this space are Ariba, Zycus, Ketera, Verticalnet, The Buying Triangle, etc. The process
• What are the market changes in technology landscape that can
of spend analysis happens in three stages -
be
(1) extract (2) enrich, and (3) analyze.
leveraged? •
Extract
Would procurement outsourcing be the
- Spend data resides in
multiple systems like ERP, payment systems,
right strategy?
3
Spend data sources across enterprise
Spend Analysis Application
Data Source ‘n’
Supplier
Data Source 2
Classify
Common Data Warehouse
Category
Spend Analysis Reports
Region
Extract
Normalize Enrich
Analyze
Data Source 1
Figure 1: Spend Analysis - Extract, Enrich, Analyze for ‘Inside-Out’ View
Source: Infosys Research
e-procurement applications, procurement cards
Enrich - Once spend data from all dispersed
and T&E systems. More often than not, these
systems are loaded into the common warehouse,
systems are built over a period of time and
cleansing,
they are not integrated. The data formats are
would be needed to make the data meaningful.
different in these source systems. Moreover, an
Such data can be then used for further analysis.
enterprise can have multiple units or regions
Normally data residing in multiple enterprise
with different type of applications to store
systems are inconsistent. Different systems or
spend data. To get any visibility through such
business units may follow different nomenclature
dispersed data, pulling and storing them in
and coding system for the same line item. For
one single place in a standard form would be
example, ‘Desktop Computer’ may be stored as
mandatory. Spend analysis application extracts
‘Computer’ or ‘PC’ or ‘Personal Computer’ in
all instances of spend data across different
different systems. Different units or systems may
systems within the enterprise into its common
follow some sort of product classification but
data warehouse. Most commercially available
they may not be standard across the enterprise.
products (COTS)
to
From analysis standpoint, unless data is properly
extract data from popular or standard
classified and grouped, aggregation would not
applications and have tools for easy mapping of
be possible. So understanding total spend for a
data formats of other systems to their common
line item for leveraged sourcing would not be
warehouse format.
possible. Neither can price variance be identified
have
ready
interfaces
4
normalization
and
classification
for a single line item bought by different units.
existing suppliers data. Such capabilities allow
Another example of data inconsistency can be
enriching supplier data and keeping supplier
supplier-naming discrepancy. Without a central
related information auto-refreshed.
master data management process and formal data governance structure, different business units
Analyze - In the previous two stages spend
within an organization may register the same
analysis
supplier in different ways. For example, ‘Hewlett
spend data, integrate them and add necessary
Packard’ may be stored as ‘HP’, ‘HP Inc’, ‘H.P.’,
intelligence to them for meaningful analysis. In
‘Hwlt Pckrd’ or ‘Compaq’. It may be possible
the final stage, the analysis capabilities (OLAP
that the same supplier ‘Hewlett Packard’ may
tools) of spend analysis application slice and dice
have been registered more than once (more than
the aggregated data across multiple dimensions,
one supplier code) due to different addresses or
viz., category, supplier, region etc. The tools
may be registered under different GL codes (as
provide reports with in-depth insights on how
IT product supplier, as IT service provider, as IT
an enterprise have been spending dollars in
consultant etc) due to multiple line of products/
different categories with multiple suppliers in
services supplies. Unless supplier data have
different units or regions. With such granular
been normalized, organization cannot estimate
visibility, enterprises can perform the next level
supplier relationship value (total spend) for
of analysis and roadmap planning to save money
better bargains.
directly by negotiating prices with supplier
Spend
analysis
application
application
extract
all
enterprise
has
or indirectly by improving spending related
capability to add taxonomy information to each
processes. Simply put, one can get answers to
record to arrive at some standard commodity
some key cost management questions like:
structure for all products and services. Most COTS applications have artificial intelligence
• How
is
the
enterprise
spending
distribution by dimensions like categories,
based algorithms -- like, Bayesian analysis, Knearest neighbor analysis, natural language
suppliers, units, regions etc?
parsing and rich knowledge libraries. This
• How is the Pareto analysis by category, by
enables granular classification aligned to various
suppliers? Where to focus in strategic
standard commodity taxonomies (like UNSPSC,
sourcing efforts?
SIC, eClass etc) or any custom taxonomy. Spend
• What is the aggregated enterprise
analysis applications have rule-based engines
spending for any category? What is the
to normalize data inconsistencies like spelling
leverage opportunity?
errors, acronyms, similar descriptions, duplicate
•
records, etc.
Who the key suppliers are? How much is the aggregated spending with these key
Also, links among suppliers can be
suppliers?
identified to group them, normalize supplier
What
is
the
leverage
opportunity?
data and recognize supplier families. Some
•
Are there purchase price variations for
niche spend analysis packages have high-
any category? What is the savings
end capabilities (web crawlers) to integrate
opportunity?
information from external sources, like supplier
• What is the contract compliance
catalogues and content providing sites with
percentage for any category? How much
5
spend is through non-preferred suppliers?
online payment from a few business units while
• Which units/regions are not following
others are still continuing paper based payment
contracts? Which categories have high
for those same supplier(s). To correct such
non-compliance?
anomalies it would be imperative to know the
• Which
categories
have
supplier
process in both scenarios to identify optimum
consolidation opportunities? Are parts
‘to-be’ process for payment to such vendors.
rationalization opportunities available?
Such process related views are not available through spend analysis. Some of the key procurement areas
LIMITATIONS OF ‘INSIDE OUT’ VIEW Reports
from
spend
analysis
application
that need visibility beyond spend analysis
provides visibility to understand what is
applications are
happening within the procurement department •
of an enterprise. They also bring out intelligence residing within procurement related transaction
Categories amenable for strategic sourcing and their risks-benefits scenarios
• Process changes required to improve
data. Procurement executives can understand which departments/ buyers have not followed
performance and implement compliances
which corporate contracts. They may find that
• Metrics definition to track process performance
some suppliers are supplying same items to •
different units (within enterprise) at different prices.
Technology up-gradation and outsourcing opportunities.
Through these analyses spend analysis reports provide great insights for saving money
If one tries to create the roadmap
and improving cost management metrics. But
from spend analysis reports, it would be based
to take a more holistic approach one needs to
only on internal information. But that would
know how organizations can reduce incidences
limit better business decisions and would not
of spend leakages by changing or improving
help realize greater benefits of enterprise cost
processes. It is required to know what
management. Strategies made without taking the
technology up-gradation would be needed in
external view would not reflect the marketplace
procurement portfolio to overcome barriers of
opportunities.
manual processing.
Such questions would not THE ‘OUTSIDE IN’ VIEW DRIVES
be answered by spend analysis application.
‘WHAT NEXT’
Spend analysis application cannot take into context the effects of changing external
To identify incremental opportunities and to
environment. For example, changes in prices
deliver high performance, enrichment of spend
of crude oil would have an impact on spend of
analysis reports would be needed by integrating
packaging supplies (laminates). The effect on
other analyses. Without integrating external or
laminates’ prices would be significant for any
‘outside-in’ view with available spend analysis
CPG manufacturer. The spend analysis tool
reports, ECM programs would not yield great
cannot provide such information. From spend
returns. Figure 2 depicts on how after such
analysis reports, one may discover that within
integration, the ‘outside-in’ view drives ‘what
the enterprise some suppliers are receiving
next’ in terms of spelling out spend management
6
Category Information Enrichment
Supply Market Intelligence
Process Analysis
Metrics Benchmarking Spend Analysis Reports
Technology and Outsourcing Assessment
Spend Management Strategy & Roadmap
Figure 2: ‘Outside-In’ View Drives ‘What Next’
Source: Infosys Research
roadmap. Enrichment through ‘outside- in’
identification and prioritization of categories for
analysis happens in the following dimensions -
strategic sourcing. The spend analysis reports would not provide clear direction on this. Two
• Supply Market & Category
factors drive the decisions for strategic sourcing:
• Process & Benchmarking
a) estimated savings opportunities, and b)
• Technology & Outsourcing.
category risk ‘Estimated savings opportunities’ here refers
Supply market & category - Spend analysis
to the savings identified after enrichment of
provides granular visibility on dollar outflows
spend analysis reports based on market facts.
made in different categories in the past period
That would not be just the opportunity value
for the enterprise. What would be important
(dollar value) as an outcome of spend analysis
from an implementation plan perspective is the
application but also properly validated for
7
possibilities in actual business context. Or
•
the opportunity may be identified only after
• Vendor switching costs
integrating market information. For example,
•
for certain categories, the input prices may have
• Technical complexities
changed over the past few months and those
•
may affect costs of those categories. Technology
Supply disruption possibilities Business impact on failure Internal organizational resistance and change management issues
improvements could result in changes in prices
•
Commitment with incumbent suppliers
of certain materials like IT hardware. Such
• Supplier industry competitiveness.
market information needs to be factored in while evaluating savings. Or initiating low-cost country
From rapid execution standpoint, it
sourcing for some categories may emerge as a
would be prudent to take template-based
lucrative option. China or India has emerged
approach
as preferred sourcing destinations for many
opportunities and ‘category risk’. Otherwise
categories like electrical accessories, electronics
it would be difficult to capture the right
parts and small-size automobile components. So
information in a structured format. Template
what can be the impact of sourcing from China
driven process programs can make the process
or India? Reports from spend analysis enriched
of enrichment and subsequent assessment
through external information on supplier markets
standard and repetitive. Once estimation of
and/ or category related information can help
both parameters is complete, one can create a
determine ‘estimated savings opportunities’ for
‘category matrix’ based on ‘estimated savings
different categories.
opportunity’ on one axis and ‘category risk’
Finding
‘estimated
for
assessing ‘estimated
savings
on the other. The matrix helps prioritize
savings
opportunities’ would not be sufficient for decision
categories and phase-out strategic sourcing
on strategic sourcing. The risk associated with
implementation plan.
categories needs to be examined and estimated. To assess risk of supplier change or new supplier
Process & benchmarking - Processes are core
introduction
sourcing,
to metrics improvement within any business
understanding of supplier market dynamics
function and procurement is no exception.
would be crucial. The spend analysis application
Process views are essential to relate findings
may show, through supplier ‘grouping’ and
of spend analysis to process deficiencies. For
‘parent-child’ linking, that significant amount
example, maverick spending or non-compliance
of spend would be possible through establishing
to contracts is the result of non-existence of
one supplier across the enterprise for some
processes to integrate contract prices to
categories
That
procurement systems. To improve on metrics or
would depict as opportunities for volume
to implement compliance requirements, process
leverage and savings. However, while assessing
analysis exposes gaps to plan for process re-
category risk one may discover that those items
engineering. For a comprehensive process view,
are proprietary in nature and the leverage would
it would be essential for process owners to get
not be feasible for cost-savings. While category
the ‘as-is’ process maps across business units
risk assessment is done, one should assess
for different category groups (direct, indirect,
areas like:
MRO materials and services procurement) and
through
(single
strategic
vendor
scenario).
8
e-
functionalities
procure-to-pay,
While defining procurement metrics, linking
contract management, supplier registration,
(requisition,
them across levels needs to be kept in mind. That
supplier collaboration and supplier performance
enables procurement performance measurement
management).
by rolling up as well performance improvements
Such process analysis allows
identifying best practices within the enterprise
through cumulative impacts.
and plan for enterprise process harmonization. However,
harmonization would be easier
Technology & outsourcing
- enterprise
said than done. There are multiple challenges
procurement
ranging from system variations to internal
fragmented. On the one side are traditional ERP
people issues.
or legacy systems to maintain transaction and
technology
landscape
is
The other side of process view is
master data and on the other, there are niche
defining and tracking of key metrics that can be
applications for specific functionalities (like
rolled up to measure procurement performance.
contract management, order collaboration, e-
Unless the existing performance can be
procurement, catalog buying etc.) or specific
measured and benchmarking metrics can be
category management (like travel & expenses,
set, planning would never be objective. As a
print, contract labor etc). Then there are a host
result of improper planning, implementation
of
would falter. Metrics for benchmarking need to
collaboration
be defined at three different levels that address
Rossettanet, XML, SOA.
standards
metrics view requirements of different users
for and
supplier
connectivity,
architecture viz., EDI,
Outsourcing is rapidly growing in
within the organization -
the procurement space. For industries, like automotive
1) Executive - For example, total spend as
or
industrial
manufacturing,
procurement can be a core competency area
% of sales, no. of suppliers per billion
and strategic to operations. For many others,
dollar of spend, procurement operations
like banking or financial services, procurement
cost per billion dollar spend, no. of FTE
would be non-core and a support function. So it
per
may be feasible to transition entire procurement
billion
dollar
spend,
customer
satisfaction rating, etc.
function to outsourcing service provider(s) in
2) Operational - For example, cost reduction
certain industries while it would be limited
as a percentage of spend, % of suppliers
to specific processes or categories in other
that consume 80% of spend, % of spend
verticals.
under procurement, cost per purchase order,
Technology and outsourcing assessment
% spend through strategic
sourcing,
%
spend
provide insights for technology implementation
through
roadmap. To start with, one needs to understand
eProcurement system, etc.
the existing application portfolio, IT architecture
3) Process - For example, requisition to
and standards used by the enterprise. The ‘as-
PO cycle time, PO to settle cycle time,
is’ system landscape blueprint helps identify
contract compliance %, % of contracts
bottlenecks that need technology intervention.
negotiated centrally, % late payments
For technology requirement analysis,
to suppliers, no. of POs processed
a step-by-step approach can be followed.
per FTE, etc.
First, requirement of solutions that meet the
9
organization’s priorities can be ascertained
The objective of such assessment would be
and application providers’ market can be
to
screened to shortlist vendors. Then high-
development of appropriate business case.
identify
outsourcing
feasibilities
and
level selection criteria template needs to be defined based on functional and technological
NEED FOR TEMPLATES
fitment requirements. The packages that match
Analyses across these multiple dimensions
the criteria can then
external to transaction data enable procurement
and
be evaluated for cost available
teams to create a transformation roadmap. They
technology options can be evaluated and
proof-of-concept.
would be able to make informed decisions on
baseline plan for technology implementation
the initiatives that are to be pursued and hence
can be drafted.
plans can be prioritized. The shift from ‘what
For
Thus
procurement
happened’ to ‘what next’ and ‘how’ would result
outsourcing
assessment, it would be better to understand
in tangible benefits of ECM. Such shift would
overall organization plan on outsourcing. Then
be possible only after enriching spend analysis
it would be prudent to work on creating business
reports through these ‘outside-in’ views. However, driving ECM for long-
cases for procurement outsourcing. To do so, one
term benefits would require template driven
needs to know
program management. But creating enterprise •
•
•
Which processes or categories would be
wide templates and assessments of widely
feasible to outsource? What would be
diverse categories, processes, technology and
the risk?
outsourcing
require
substantial
expertise.
How would transition take place? What
The crucial aspect is that these methodologies
time frame would be required for steady
and processes must be repeatable. Without
state?
template based data collation and evaluation
What would be the new process and
process, repeatability cannot be achieved. That
organization scenario?
would make the program a one-time affair and incremental improvements would not be
• What would be the cost arbitrage savings,
possible.
long-term benefits and ROI?
Organizations
would need their
resident subject matter experts to chip-in to create needs
templates and drive these complex evaluation
granular analysis of the ‘as-is’ process map
processes. In many areas, organizations may need
created earlier, plus a scrutiny of organizational
to engage external procurement consultants.
Answering
these
questions
changes and governance structure. This can be
This
would
be
especially
true
especially for MRO (maintenance, repair and
achieved through a two-pronged approach -
operations items) and indirect procurement 1) Assessment of processes for their fitment
categories (categories that are not used directly
to off shoring/ outsourcing and associated
into end product) where organizations may not
benefits thereof, and
have adequate skill set, market knowledge or
2) Analysis of organizational and governance
resources. In industries like banking or financial
structural changes through frameworks
services, such expertise may not reside at all
like RACI.
within the organizations.
10
•
BENEFITS OF 360° APPROACH The
360°
approach
integrates
enterprise
Can evaluation of technology solutions be carried out in-house?
spending insights with other relevant analysis
• Are investments in a spend analysis tool
and external information. By leveraging internal
an organizational priority? Would the
procurement data with external information
ROI in spend analysis investment be
organizations realize two-pronged benefits-
significant and make the investment attractive?
1. Identification of saving opportunities
•
and strategies to achieve those savings like -
increased
aggregation
of
strategic
sourcing,
purchases,
supplier
Are there resources available to manage such applications and maintain it?
CONCLUSION
consolidation, price rationalization, part
In today’s competitive market, procurement
standardization etc.
departments of organizations are under pressure
2. Identification of areas for improving
to deliver high performance, especially, in
process efficiencies by process changes,
cost management metrics. To overcome cost
technology adoption and outsourcing.
management challenges it would be imperative
These impact cost metrics and adherence
to get comprehensive knowledge about
to contracts and regulatory requirements.
enterprise dollar outflows and the available opportunities (internal or external driven) to
SELF-SERVICE OR MANAGED SERVICE
control it. The 360-degree approach to cost
ECM provides organizations significant gains
management provides complete view of ‘as-is’
that are not easy to ignore. With more and
procurement state as well as identifies available
more companies adopting such programs,
opportunities to reduce cost. With combination
ECM would be a key area for any organization.
of ‘in-side out’ and ‘out-side in’ analysis through
However, the important question would be
360° approach, organizations can get insights into
whether ECM programs can be carried out in-
their transactional data as well as understand the
house or to through managed service route. The
effects of external dynamics. That allows them
answer lies within the broader organizational
to adopt appropriate strategies, IT systems and
approach to information systems management
processes that meet the demands of their cost
and outsourcing. If answers to a majority of
management objectives. It would be prudent to
the below-mentioned questions are not in the
drive ECM through template-driven program
affirmative, it would be prudent to take managed
processes so that such programs can be initiated
service route or a hybrid approach -
at regular intervals. Equipped with ‘glass pipe’
• Is procurement core to enterprise
view through ECM, enterprises can thus achieve
operation and strategic to competitive
procurement transformation.
positioning? •
Are in-house experts available to track
REFERENCES
and integrate market information to the
1.
majority of categories?
Mickey North Rizza and Lora Cecere, Successful Supply Analytics: Five Areas
• Can resources be deployed to map
To Know, AMR Research , November 16, 2005.
enterprise wide ‘as-is’ process and systems?
11
2.
www.ketera.com/newsletter/best_
Rip Greenfield, Spend Analysis: The First
practices_012207_SA.html.
Step in Strategic Sourcing, 90th Annual International
Conference
4. White Papers:
Proceedings,
Spend Analysis , BIQ at http://www.
Institute for Supply Management, 2005.
3.
A Practical Take on
Ketera.com, Spend Analysis - you can’t live without it, Best Practices in
busiq. com/WhitePapers.html. 5.
Sunil Chopra and Peter Meindl, Supply
Corporate Procurement, Vol. 1, Issue 1,
Chain Management: Strategy, Planning
Jan 2007. Available on
and Operation, Prentice Hall, US, 2000.
http://
12
Author profile RAJIB SAHA Rajib Saha is a Senior Consultant with manufacturing and supply chain practice in the Domain Competency Group. He can be contacted at mailto:rajib_saha@infosys.com.
For information on obtaining additional copies, reprinting or translating articles, and all other correspondence, please contact: Telephone : 91-20-39167531 Email: SetlabsBriefings@infosys.com
Š SETLabs 2007, Infosys Technologies Limited. Infosys acknowledges the proprietary rights of the trademarks and product names of the other companies mentioned in this issue of SETLabs Briefings. The information provided in this document is intended for the sole use of the recipient and for educational purposes only. Infosys makes no express or implied warranties relating to the information contained in this document or to any derived results obtained by the recipient from the use of the information in the document. Infosys further does not guarantee the sequence, timeliness, accuracy or completeness of the information and will not be liable in any way to the recipient for any delays, inaccuracies, errors in, or omissions of, any of the information or in the transmission thereof, or for any damages arising there from. Opinions and forecasts constitute our judgment at the time of release and are subject to change without notice. This document does not contain information provided to us in confidence by our clients.