Delta Dental Analysis
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This document summarizes an Enterprise Resource Planning (ERP) system upgrade proposal presented to Delta Dental. It discusses financing the $106 million project through either 100% cash or maximum debt of $80 million. It also analyzes scenarios of delayed completion, delayed layoffs of 400 employees, and eventually re-upgrading the system. The recommendation is to use a balloon payment and layoffs concurrently, have a strict layoff policy, improve the ERP evaluation process, and then invest in growth areas like marketing, mobile, and research.
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Delta Dental is considering upgrading its 30-year-old computer system, which is estimated to cost over $100 million. Financing the entire project using cash could negatively impact the company's finances and competitive position in several ways: it could reduce cash reserves below the $200 million threshold, jeopardize the company's A- credit rating, decrease its leverage ratio below industry averages, and impair its ability to efficiently scale in the future. Rather than using only cash, the report recommends financing the project through a combination of cash and debt to avoid these risks while maintaining a sustainable growth strategy.
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Practical tips for compensation professionals
Practical Tips for Reducing Compensation Cycle Time & Stress. The presentation provides practical, executable advice and techniques that have been proven to work regardless of company size, location. The types of compensation plans you use are also unimportant when learning these new skills. Learn how to plan for nearly everything and see why you may have had problems in the past, and what you can do about them in the future.
Time to change? How to shape the profession for tomorrow
This was a presentation given by Amanda Clack, Fellow of the APM and PM practitioner for over 25 years. Amanda is also the Senior Vice President of the Royal Institute of Chartered Surveyors (RICS).
The presentation was given to the Northern Ireland membership and guests on Thursday 13th November 2014 at The Mount Conference and Business Centre in Belfast.
Amanda's presentation considered the future of project management and how we all need to think differently as professionals to achieve the APM vision to "create a world in which all projects succeed" which forms part of the APM Strategy 2020.
Whilst at PricewaterhouseCoopers (PwC) as a partner, Amanda led a report entitled “Portfolio and Programme Management 2014 Global Survey”. In this session Amanda will explore with us some key findings from this report and share with us her personal views on what the profession needs to do to change to start to achieve the APM Strategy 2020 vision.
Gregory Shireman PM 12 05 2016
Gregory Shireman is a senior project manager with over 15 years of experience managing IT and financial projects. He has a background in finance, accounting, and project management. Currently he works as a consultant, managing projects such as integrating financial data warehouses and upgrading enterprise systems for organizations like UW Health.
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Delta Dental Analysis
- 1. Edan Carignan, Caroline Rashidi, Shane Nath Enterprise Resource Planning Computer System Upgrade Sponsor: Mr. Gary Radine
- 2. Agenda ❖ Company Summary ❖ Project Summary ❖ Project Constraints ❖ Financing The Project Using 100% Cash ❖ Maximum Debt ❖ Delayed Completion ❖ Delayed Layoffs ❖ Re-Upgrade of Project ❖ Possible Outcomes ❖ Recommendation ❖ Q&A
- 3. Company Summary ❖ Non-profit organization founded in 1954 ❖ Largest dental plan system in the US ❖ 39 members covering all 50 states ❖ Enrollment and gross revenues doubled by CEO Mr. Gary Radine
- 4. Project Summary ❖ Best method of implementing ERP system ❖ 35 page report ❖ 5 detailed scenarios ❖ Possible outcomes of each scenario ❖ Recommendation to Delta Dental Delay of ERP Implementation Edan All Cash Max Debt Delayed Layoffs Shane Re-Upgrade Possible Outcomes Caroline
- 5. Project Constraints ❖ Cash surplus cannot go below $200 million ❖ Only method of raising capital is a 3- year loan ❖ Loan amount limited to $80 million ❖ $20 million annual cash inflow ❖ Management prefers the funding to be from cash flow from operations and borrowings from the bank
- 6. Financing using 100% Cash ❖ Policy to not go below $200 million in cash reserves ❖ $106 million project cost ❖ Risks ❖ Leverage will decrease $75 $150 $225 $300 C ash Surplus ProjectC ost Cash Surplus Project Cost Cash Reserve Limit
- 7. Financing using 100% Cash Comparable Companies Leverage Ratio (L/A) United Healthcare (UNH) 0.61 Wellpoint (WLP) [acquired by Anthem] 0.63 Aetna (AET) 0.72 CIGNA Corp. (CI) 0.80 Humana (HUM) 0.60 Centene Corp. (CNC) 0.70 Health Net, Inc. (HNT) 0.71 WellCare Health Plans (WCG) 0.67 Healthspring (HS) [acquired by Cigna] 0.47 Molina Healthcare (MOH) 0.77 Average 0.67 0.18 0.35 0.53 0.70 Delta Dental Top 10 0.67 0.54
- 8. Maximum Debt Pros ❖ More Liquid Cash ❖ Current Low Interest Rates Cons ❖ Risk of Default ❖ Drop in Credit Rating
- 9. Maximum Debt A.M Bests’ BCAR Model ❖ Business Profile ❖ Operating Performance ❖ Balance Sheet Strength
- 10. Delayed Completion of Project 59% 41% Exceed Budget 53% 47% Take Longer 49% 51% Receive Anticipated Benefits
- 11. Delayed Completion of Project ERP Evaluation Team Poorly Defined Requirements Change in Management During Implementation Choosing a Vendor Based Solely On Sales Pitch Lack of Employee Training Reason Solution Involve more employees than ERP Evaluation Team Spend time understanding your specific needs Invest in comprehensive training programs
- 12. Delayed Layoffs Scenario ❖ Originally 400 layoffs in year 4 ❖ Delay of 200 employees for 2 extra years Reasons ❖ Project delayed ❖ System is not as efficient ❖ Employee adjustment time Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Cash Surplus $300,000 $397,850 $417,850 $369,500 $403,750 $433,250 Cash from Operations $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 Borrowed Capital $33,216 -$33,216 FTE Reductions $9,500 $14,250 $9,500 $4,750 Total $353,216 $417,850 $414,134 $403,750 $433,250 $458,000
- 13. Delayed Layoffs Short Term Effects ❖ Pay extra $28.5 million Long Term Effects ❖ Fear of layoffs ❖ Employee Morale Decreases ❖ Workplace Productivity Decreases Outcome ❖ Layoffs are necessary ❖ Extra money is spent ❖ Fear within employees is set $28.5 million
- 14. Re-Upgrade of Project Technological Revolution ❖ Significant investments in computer upgrades ❖ Opportunities in infrastructure and application development To Stay Competitive ❖ Keep and increase market share ❖ Appropriate response to competitors
- 15. Possible Outcomes ❖ Invest in marketing ❖ Invest in mobile platform ❖ Invest in research and risk management ❖ Lower insurance premiums ❖ Invest in money-market securities
- 16. Recommendation ❖ Balloon payment and FTE layoffs happen concurrently ❖ Strict layoff policy ❖ ERP Evaluation Team ❖ After successful project, Delta Dental should invest in the previously mentioned possible outcomes 68% 32% Debt Cash
- 17. Questions?
- 18. Thank You