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CIO_Survey_Presentation.ppt

  1. 1. Survey of North American Chief Information Executives Summary—March 2004
  2. 2. Overview <ul><li>Objective: to understand the value, successes, and challenges in aligning IT with the rest of the business or agency. </li></ul><ul><li>Respondents: 200 IT executives from companies/agencies in manufacturing, financial services, consumer business and government with mean annual revenues of $1.8 billion </li></ul><ul><li>Methodology: Between October 28, 2003 and November 3, 2003, a total of 200 surveys and telephone interviews were conducted of IT leaders meeting the following criteria </li></ul><ul><ul><li>Employed at companies with $500 million or more in annual revenue </li></ul></ul><ul><ul><li>Director level and higher in an IT function </li></ul></ul><ul><ul><li>Employed in one of the following industries: manufacturing (discrete and process); finance/banking/brokerage/insurance; consumer business; and government (federal, state, local) </li></ul></ul>The survey was conducted by Deloitte Consulting LLP and IDG Research Services Group.
  3. 3. Overview <ul><li>“Business and IT Alignment” as defined for this survey includes: </li></ul><ul><ul><li>IT strategy specifically developed to serve the corporate strategy </li></ul></ul><ul><ul><li>IT spending explicitly planned and measured against corporate priorities </li></ul></ul><ul><ul><li>IT operational goals matched to corporate business goals </li></ul></ul><ul><ul><li>IT organization and governance specifically aligned with corporate structure/governance </li></ul></ul><ul><ul><li>Relevant IT performance metrics expressed in terms relevant to and understood by the corporate executives (CEO, CFO, COO, VP Sales, etc.) </li></ul></ul><ul><ul><li>IT internal operations and organization directed by a stated IT strategy </li></ul></ul>While both private sector and government entities participated in the survey, for simplicity, we will use the terms “business” and “corporate” throughout this report to refer to both commercial companies and government agencies.
  4. 4. Contents <ul><li>Summary Results </li></ul><ul><li>The Data </li></ul>
  5. 5. Summary Results The vast majority of IT executives agree that aligning business and IT is valuable … 96% of IT Executives predict that a “significant” or “moderate” positive bottom-line impact could be achieved in their businesses if an IT strategy were specifically developed to serve the corporate strategy 90% of IT Executives predict that a “significant” or “moderate” positive bottom-line impact could be achieved in their businesses if IT operational goals matched corporate business goals 90% of IT Executives predict that a “significant” or “moderate” positive bottom-line impact could be achieved in their businesses if IT spending were explicitly planned and measured against corporate priorities 89% of IT Executives predict that a “significant” or “moderate” positive bottom-line impact could be achieved in their businesses if IT operations and organization were aligned to a stated corporate strategy
  6. 6. Summary Results More than 90% say executive management plays a visible role in IT strategy development. 70% of IT Executives report that IT is part of the business executive team and plays a “strategic” role in the enterprise Survey respondents report that IT and other business executives are working together to develop business and IT strategies and agendas …
  7. 7. Summary Results Yet survey responses reveal prevalent challenges in achieving business—IT alignment … 65% of IT Executives say “ineffective communication of business strategy and goals between business management and IT management” represents a “significant” or “moderate” challenge 49% of IT Executives say the “lack of a defined business strategy” is a “significant” or “moderate” challenge 63% of IT Executives say a prevailing culture that allows business units to make their own technology decisions is a “significant” or “moderate” challenge 55% of IT Executives cite “weak support from senior business management” as a “significant” or “moderate” challenge
  8. 8. Summary Results <ul><li>Despite the challenges, executive teaming and focus on alignment is producing results … </li></ul>42% report that their enterprises have been “extremely” or “very successful” in developing an effective IT organization/structure 42% report that their enterprises have been “extremely” or “very successful” in developing a correctly skilled IT organization 38% of IT executives report that their enterprises have been “extremely” or “very successful” in developing a correctly sized IT organization
  9. 9. Summary Results A small set of IT and business executives appear to be doing it right … 10% of the 200 respondents scored themselves as “extremely successful” in aligning IT and business strategies *&quot;Well-Aligned Companies&quot; are defined as companies answering &quot;5 - extremely successful&quot; to question 11a (Overall, how successful has your company been in its work to align IT in each of the following areas: (a) IT strategy aligned with the corporate strategy) [= 10 percent of the 200 respondents] … we call this set of respondents the “Well-Aligned Companies”*
  10. 10. Summary Results A closer look at the “Well-Aligned Companies” in comparison to their less-aligned counterparts shows they were reaping the benefits of their alignment success … The well-aligned are eight times more likely than other respondents to describe themselves as “extremely successful” in aligning IT and business operational goals The well-aligned are five times more likely to describe themselves as “extremely successful” in aligning IT and business spending priorities The well-aligned are three times more likely to say that executive management has the correct perception of IT value The well-aligned are seven times more likely to say they have been “extremely successful” in achieving an effective IT organization structure and governance
  11. 11. Summary Results The next section—The Data—presents the survey responses. Throughout the section we include select analyses of the differences between large and small companies, differences across industries, and examine how the successes, challenges, and agendas of the “strategically well-aligned” differ from their peers. We believe in letting the facts speak for themselves, with only the most minimal commentary by way of perspective. However, we must warn you that the data presents some paradoxes—revealing in some cases, conflict between goals and priorities or conflict between intentions and actions, and in other cases conflict that can only be resolved through interpretation We hope you’ll find Deloitte’s 2003 CIO survey interesting and useful. We are pleased to announce the results of our recent IT alignment survey have been published in the March 15 issue of CIO Magazine. Survey Authors: Dean Nelson – [email_address] (212) 436 3265 Paul Howley – [email_address] (617) 437 2343 John Andrews – [email_address] (617) 437 3159 Eileen Rubey – [email_address] (312) 374 2427 Ken Horner – [email_address] (212) 618 4522 Irwin Goverman – [email_address] (206) 838 6311 Jean-Claude Aube – [email_address] (514) 390 1601 Ann Senn – [email_address] (612) 397 4420 To order hard copies of this report, visit our firm's distribution center Web site and request item #4044. An electronic copy of this report, and other CIO Advisory Services collateral are available for downloading . Sources for additional information
  12. 12. The Data Is Alignment valuable? Is Alignment a priority? Is anyone successfully aligning? The success of the “Well-Aligned” What are the barriers to Alignment? How is Alignment measured? With whom do IT executives align? Is executive perception of IT Value accurate? What is Executive Management’s Involvement in Developing IT Strategies? What is the Role of the IT Department in the Organization?
  13. 13. Is Alignment valuable? Absolutely! Survey results showed widespread agreement that there is tremendous value in aligning business and IT. Respondents generally indicated that they saw greater value in strategy and planning alignment than metrics and organizational alignment. When respondents were asked to rate the degree of positive impact on their companies’ bottom line that could be achieved by aligning various areas or facets of business and IT, the vast majority reported “moderate” to “significant” (highest) positive impact to company earnings Relevant IT performance metrics expressed in terms relevant to and understood by the corporate executives IT organization and governance specifically aligned with corporate structure/governance IT Operations and organization aligned to stated IT strategy IT operational goals matched to corporate business goals IT spending explicitly planned and measured against corporate priorities IT strategy specifically developed to serve the corporate strategy Predicted Impact of IT Alignment 86% 81% 89% 90% 90% 96% Significant or Moderate Impact
  14. 14. Is Alignment valuable? In almost every instance, larger organizations believe alignment promises bigger impact on earnings. % answering “significant” (highest) when predicting impact of various alignment efforts on company bottom line. Relevant IT performance metrics expressed in terms relevant to and understood by the corporate executives IT organization and governance specifically aligned with corporate structure/governance IT operations and organization aligned to stated IT strategy IT operational goals matched to corporate business goals IT spending explicitly planned and measured against corporate priorities IT strategy specifically developed to serve the corporate strategy Predicted Impact of IT Alignment
  15. 15. Is Alignment valuable? Relevant IT performance metrics expressed in terms relevant to and understood by the corporate executives IT organization and governance specifically aligned with corporate structure/governance IT operations and organization aligned to stated IT strategy IT operational goals matched to corporate business goals IT spending explicitly planned and measured against corporate priorities IT strategy specifically developed to serve the corporate strategy IT Executives in the financial services industry are considerably less bullish on alignment impact than their counterparts in Consumer Business and Manufacturing. % answering “significant” (highest) when predicting impact of various alignment efforts on company bottom line. Manufacturing Financial Services Consumer Business Government
  16. 16. Is business and IT Alignment a priority? <ul><li>When asked on an unaided basis to list their top three IT priorities, “Align IT with Business” could be found at number 33 on the list, with only 2% of respondents listing it in the top 3 </li></ul>While there was widespread agreement that business and alignment was valuable, survey responses indicated that “IT priorities” are more tactical in nature
  17. 17. Is anyone successfully aligning? IT executives reported strong success at a strategy level—in aligning corporate strategies and IT operations to IT strategies—but reported lesser success at aligning operational agendas and activities. IT performance metrics aligned with corporate executive understanding IT organization and governance aligned with corporate structure/governance IT operational goals aligned with corporate business goals IT spending aligned with corporate priorities IT strategy aligned with the corporate strategy IT operations and organization aligned to stated IT strategy 36% 42% 51% 52% 55% 57% Significant or Moderate Impact
  18. 18. Is anyone successfully aligning? Despite the complexities and bureaucracy assumed to be inherent in a larger organization, the IT executives from larger organizations report greater success in alignment. % Rating “Extremely” or “Very” Successful IT performance metrics aligned with corporate executive understanding IT organization and governance aligned with corporate structure/governance IT operational goals aligned with corporate business goals IT spending aligned with corporate priorities IT strategy aligned with the corporate strategy IT operations and organization aligned to stated IT strategy
  19. 19. Is anyone successfully aligning? Although IT executives from some industries reported more success in particular areas than others, most industries appeared to trend the same direction. % Rating “Extremely” or “Very” Successful IT performance metrics aligned with corporate executive understanding IT organization and governance aligned with corporate structure/governance IT operational goals aligned with corporate business goals IT spending aligned with corporate priorities IT strategy aligned with the corporate strategy IT operations and organization aligned to stated IT strategy Manufacturing Financial Services Consumer Business Government
  20. 20. Is anyone successfully aligning? <ul><li>Only a small minority of respondents believe they have been extremely successful these areas. In fact, only … </li></ul><ul><li>9% have been extremely successful in achieving a correctly skilled IT Department </li></ul><ul><li>7% have been extremely successful in achieving an effective IT organization structure / governance </li></ul><ul><li>10% have been extremely successful in achieving a correctly sized IT Department </li></ul>Though most respondents believed alignment would produce measurable benefits, IT Executives generally reported moderate to modest results. % Rating “Extremely” or “Very” Successful
  21. 21. Is anyone successfully aligning? IT executives from larger organizations reported only slightly better results than their counterparts. % Rating “Extremely” or “Very” Successful
  22. 22. Is anyone successfully aligning? Results differed somewhat across industries. % Rating “Extremely” or “Very” Successful Manufacturing Financial Services Consumer Business Government
  23. 23. Is anyone successfully aligning? <ul><li>Survey results show that 10% of IT Executives believe they have been extremely successful in aligning business and IT objectives. </li></ul><ul><ul><li>For purposes of our analysis, we will call this 10% the “Well-Aligned Companies”* </li></ul></ul><ul><li>When we isolate the responses from these 10%, we see there is a clear distinction between the “Well-Aligned Companies” and the “Less-Aligned Companies” </li></ul>A small number of organizations reported significant success in the quest for IT Alignment. &quot;Well-Aligned Companies&quot; are defined as companies answering &quot;5—extremely successful&quot; to question 11a (Overall, how successful has your company been in its work to align IT in each of the following areas: (a) IT strategy aligned with the corporate strategy) [= 10 percent of the 200 respondents]
  24. 24. The Success of the “Well-Aligned” The distinction between well-aligned and less-aligned companies is striking when asked how successful they have been in various alignment efforts. In every aspect, well-aligned companies believe they have been “extremely successful” six times to 12 times more often than less-aligned companies. IT operational goals matched to corporate business goals IT spending aligned with corporate priorities IT operational goals aligned with corporate business goals IT operations and organization aligned to stated IT strategy IT organization and governance aligned with corporate structure/governance IT performance metrics aligned with corporate executive understanding
  25. 25. The Success of the “Well-Aligned” Correctly Sized IT Department Effective IT Organization Structure/Governance Correctly Skilled IT Department Not surprisingly, the well-aligned companies are three to five times more likely to respond as “extremely successful” in developing a correctly sized IT department, an effective IT organization structure/governance, and a correctly skilled IT department.
  26. 26. The Success of the “Well-Aligned” Interestingly, the “Well-Aligned” companies had a different perspective on the value of business and IT alignment. Predicted Impact of IT Alignment In every instance, IT executives from the well-aligned companies have a more positive outlook on the impact of IT and business alignment activities. IT operational goals matched to corporate business goals IT organization and governance specifically aligned with corporate structure/governance IT operations and organization aligned to stated IT strategy IT spending explicitly planned and measured against corporate priorities IT strategy specifically developed to serve the corporate strategy Relevant IT performance metrics expressed in terms relevant to and understood by the corporate executives (CEO, CFO, COO, VP Sales, etc.)
  27. 27. What are the barriers to Alignment? Respondents rated a variety of factors on the degree to which each poses a barrier to effective IT alignment at their companies. In general, governance and communication issues play a key role in blocking alignment. 22% 17% 39% Weak support from IT management 31% 18% 49% Lack of defined business strategy 36% 20% 55% Weak support from senior business management 38% 24% 62% Lack of awareness in company regarding formal IT value management and alignment 34% 29% 63% Autonomous culture—business units/divisions have traditionally made their own technology decisions 37% 28% 65% Ineffective communication of business strategy and goals between business management and IT management 37% 28% 65% Lack of budget to allocate or apply to creating IT alignment in the company Moderate Challenge Significant Challenge Top 2 Boxes Barriers to business and IT Alignment % Rating …
  28. 28. What are the barriers to Alignment? Respondents cited ineffective communications, tight budgets, and autonomous cultures as the most common serious barriers. While top barriers remained the same for well-aligned and less well-aligned companies, well-aligned companies were far less inclined to cite weak support from business management, lack of a defined business strategy, or lack of awareness of IT value. Ineffective communication of business strategy and goals Lack of budget to apply to creating IT Alignment Autonomous culture within business units/divisions Weak support from IT management Lack of awareness of formal IT Value Management and Alignment Lack of defined business strategy Weak support from senior business management Others % Rating Barrier as having a “Significant Impact”
  29. 29. What are the barriers to Alignment? Smaller companies are much more likely to cite weak support from senior business management and the lack of budget to allocate or apply to creating IT alignment in the company as barrier to IT alignment. Not surprisingly, larger companies are plagued by an autonomous culture and ineffective communication. Weak support from IT management Lack of defined business strategy Lack of awareness in company regarding formal IT Value Management and Alignment Weak support from senior business management Ineffective communication of business strategy and goals between business management and IT management Lack of budget to allocate or apply to creating IT Alignment in the company Autonomous culture—business units/divisions have traditionally made their own technology decisions % Rating Barrier as the “Top Barrier to IT Alignment”
  30. 30. What are the barriers to Alignment? The trend by industry shows some discernable differences. Weak support from IT management Lack of defined business strategy Lack of awareness in company regarding formal IT Value Management and Alignment Weak support from senior business management Ineffective communication of business strategy and goals between business management and IT management Lack of budget to allocate or apply to creating IT Alignment in the company Autonomous culture—business units/divisions have traditionally made their own technology decisions % Rating Barrier as the “Top Barrier to IT Alignment” Manufacturing Financial Services Consumer Business Government
  31. 31. How is Alignment measured? Measuring alignment appears to be a challenge. When asked how they measure the success of IT alignment, the most common response among IT Executives is “subjective senior executive assessment”. Metrics quantifying the return on IT investments judged within an IT portfolio of investments view Metrics quantifying the return on IT investments judged within an overall business portfolio of investments view Metrics quantifying IT ROI on individual projects and initiatives Metrics quantifying IT spending against overall business activity Subjective senior executive assessment % Citing Measurement as a Manner in which IT Alignment is Measured
  32. 32. How is Alignment measured? Well-aligned organizations are more likely to focus on quantifiable measures. Metrics quantifying IT spend vs. overall business activity Metrics quantifying the IT ROI (business investment portfolio view) Metrics quantifying IT ROI (individual projects/initiatives) Subjective senior executive assessment Metrics quantifying IT ROI (IT investment portfolio view) Don’t know / refused Other Not formally measured % Citing Measurement as a Manner in which IT Alignment is Measured
  33. 33. How is Alignment measured? Large organizations prove more likely to utilize quantifiable metrics in measuring IT alignment, particularly matching IT spend against overall business activity. Metrics quantifying the return on IT investments judged within an IT portfolio of investment view Metrics quantifying the return on IT investments judged within an overall business portfolio of investments view Metrics quantifying IT ROI on individual projects and initiatives Metrics quantifying IT spending against overall business activity Subjective senior executive assessment % Citing Measurement as a Manner in which IT Alignment is Measured
  34. 34. How is Alignment measured? Industry data shows some discernable differences. For example, finance and manufacturing IT executives are more likely to quantify IT spending against overall business activity. Metrics quantifying the return on IT investments judged within an IT portfolio of investments view Metrics quantifying the return on IT investments judged within an overall business portfolio of investments view Metrics quantifying IT ROI on individual projects and initiatives Metrics quantifying IT spending against overall business activity Subjective senior executive assessment % Citing Measurement as a Manner in which IT Alignment is Measured Manufacturing Financial Services Consumer Business Government
  35. 35. With whom do IT executives align? When asked whom on their executive team they have the strongest alignment or business-side relationship, respondents most often mention the VP/director of operations or the general manager or SVP. % Citing the Executive as their Strongest Business Ally (multiple answers allowed) VP/Director Operations General Manager or SVP CFO CEO, President VP/Director Finance COO VP/Director Sales/Marketing
  36. 36. With whom do IT executives align? Well-Aligned companies were almost twice as likely to cite a strong relationship with the CEO/President than less-aligned companies. CEO, President COO CFO General Manager or SVP VP/Director Operations VP/Director Finance CIO VP/Director Sales/Marketing Other business unit management Don’t know/refused % Citing the Executive as their Strongest Business Ally (multiple answers allowed)
  37. 37. With whom do IT executives align? Larger corporations are split across the board in whom they believe are the strongest allies of IT. Smaller companies are much more likely to ally with the CFO and the VP of Operations. % Citing the Executive as their Strongest Business Ally (multiple answers allowed) VP/Director Operations General Manager or SVP CFO CEO, President VP/Director Finance COO VP/Director Sales/Marketing
  38. 38. With whom do IT executives align? Industry data shows predictable differences. For example, manufacturing IT executives align largely with financial executives and financial services IT executives with operations executives. % Citing the Executive as their Strongest Business Ally (multiple answers allowed) Manufacturing Financial Services Consumer Business Government VP/Director Operations General Manager or SVP CFO CEO, President VP/Director Finance COO VP/Director Sales/Marketing
  39. 39. Is executive perception of IT Value accurate? On the encouraging side of the survey, 63% of IT executives say top management’s perception of the value that IT provides to the business is accurate. This is a significant improvement over what their counterparts reported a year ago, when only about half of the respondents said that top management’s perception of the value of technology was correct. % of Respondents (equal to 100%)
  40. 40. Is executive perception of IT Value accurate? It is no surprise that the well-aligned companies are on the same page with management, while the less-aligned companies were more likely to state that the value of IT is understated. Yes, it is accurate No, value is understated No, value is overstated % of Respondents (equal to 100%)
  41. 41. Is executive perception of IT Value accurate? IT Executives from larger organizations reported more optimistic assessments of executive perception of IT Value. % of Respondents (equal to 100%)
  42. 42. Is executive perception of IT Value accurate? IT Executives within Financial Services and Consumer Business industries also reported more optimistic assessments of executive perception of IT Value % of Respondents (equal to 100%) Manufacturing Financial Services Consumer Business Government
  43. 43. Are business executives involved in defining IT Strategies? Survey results show that most companies have both defined corporate-level business and IT strategies. 82% report that their company has a defined corporate business strategy, and of these, 88% indicate that this business strategy is communicated to IT. But is this then taken to the next logical step? Are business executives involved in developing the IT Strategy? Yes. Over 60% of respondents indicate that business leaders are either a full member of the team or actually lead the shaping of IT Strategy. % of Respondents (equal to 100%)
  44. 44. Are business executives involved in defining IT Strategies? An overwhelming majority of the IT executives from the well-aligned companies, over 85%, state that executive management often leads the shaping of IT strategy or is a full member of the team that shapes IT strategy. This is over 40% higher than is reported by their less-aligned counterparts. Executive management is a full member of the team that shapes IT Strategy Executive management often leads the shaping of IT strategy based on business strategy/goals Executive manageme n t provides input into IT strategy development Don’t know/Refused Executive management has no involvement with IT strategy development % of Respondents (equal to 100%)
  45. 45. Are business executives involved in defining IT Strategies? Respondents from the larger corporations continue to stand out as the better students of IT alignment. A full 70% of those from larger organizations indicate that business leaders are either a full member of the team or actually lead the shaping of IT strategy compared to 55% from smaller organizations. % of Respondents (equal to 100%)
  46. 46. Are business executives involved in defining IT Strategies? When viewed by industry, IT Executives in the Consumer Business industry indicate the highest level of involvement from business executives in developing the IT strategy. Manufacturing Financial Services Consumer Business Government Full Member of the Team Provides Input Leads Shaping of IT Strategy No Involvement
  47. 47. What is the role of IT? <ul><li>Business Leader </li></ul><ul><li>Service Provider </li></ul><ul><li>Business Partner </li></ul><ul><li>IT Entrepreneur </li></ul>How do respondents characterize the role they currently play within their organization? Four options were provided. Orientation Inward to Outward to IT Business Innovation Fast Leading Follower Edge Business Partner Business Leader IT Entrepreneur Service Provider
  48. 48. What is the Role of the IT Department in the Organization? <ul><li>Business Partner —joint developer of business strategy </li></ul><ul><li>Service Provider —supplier of technical services in response to business strategy </li></ul><ul><li>Business Leader —leads business strategy development </li></ul><ul><li>IT Entrepreneur —drives business strategies in new areas through the use of technology </li></ul>Forty-two percent of respondents describe the IT department’s role at their companies as a “strategic business partner-joint developer of business strategy.” That said, it is not necessarily a negative characteristic of an IT Department to be viewed as a service provider. As long as, IT Departments who primarily service providers are providing services that are in alignment with the business. 0%
  49. 49. What is the Role of the IT Department in the Organization? Companies that are succeeding with IT alignment are most likely to characterize their role as either a “Strategic Business Partner” or “Critical Business Leader.” Business Leader IT Entrepreneur Business Partner Service Provider
  50. 50. What is the Role of the IT Department in the Organization? IT Departments in smaller companies are more likely to be viewed as service providers as opposed to business leaders.
  51. 51. What is the Role of the IT Department in the Organization? The distinction between business leaders and service providers is even more pronounced by looking at the data by industry. IT departments in industries heavily dependent upon IT such as financial services are more likely to identify themselves as business partners. Manufacturing Financial Services Consumer Business Government
  52. 52. Deloitte, one of the nation’s leading professional services firms, provides audit, tax, consulting, and financial advisory services through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resources programs, the firm is dedicated to helping its clients and its people excel. “Deloitte” refers to the associated partnerships of Deloitte & Touche USA LLP (Deloitte & Touche LLP and Deloitte Consulting LLP) and subsidiaries. Deloitte is the U.S. member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte’s Web site at www.deloitte.com/us. Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms, including their affiliates, deliver services in four professional areas: audit, tax, consulting, and financial advisory services. Our member firms serve more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other, related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons, certain member firms do not provide services in all four professional areas listed above. Copyright © 2004 Deloitte Development LLC. All rights reserved. Deloitte Consulting LLP 400 One Financial Plaza 120 South Sixth Street Minneapolis, MN 55402-1844 United States Tel: (612) 397 4000 Fax: (612) 397 4450 www.deloitte.com Member of Deloitte Touche Tohmatsu

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