ACS Change Management

Atlanta, GA

The Atlanta metropolitan area is the eighth-largest economy in the country and 17th-largest in the world. Corporate operations comprise a large portion of the Atlanta’s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, UPS, and Newell-Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations. Many corporations are drawn to Atlanta on account of the city’s educated workforce; nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation as a whole and 41% in Boston. Delta Air Lines, the city’s largest employer and the metro area’s third largest, operates the world’s largest airline hub at Hartsfield-Jackson Atlanta International Airport and has helped make Hartsfield-Jackson the world’s busiest airport, both in terms of passenger traffic and aircraft operations. Media is also an important aspect of Atlanta’s economy. The city is a major cable television programming center. Information technology, an economic sector that includes publishing, software development, entertainment and data processing has, garnered a larger percentage of Atlanta’s economic output. Indeed, Atlanta contains the fourth-largest concentration of information technology jobs in the United States.

Banking & Financial Services

Assets of the largest 1,000 banks in the world grew by 6.8% to a record US$96.4 trillion while profits declined by 85% to US$115 billion. Growth in assets in adverse market conditions was largely a result of recapitalization. EU banks holds the largest share of the total, 56%. Asian banks’ share amounts to 14%, while the share of US banks amounts to 13%. Fee revenue generated by global investment banking totals US$66.3 billion. The United States has the most banks in the world in terms of institutions i.e. 7,085 including 82,000 branches. This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. China’s top 4 banks have in excess of 67,000 branches with an additional 140 smaller banks. Japan has 129 banks and 12,000 branches. Germany, France, and Italy each had more than 30,000 branches – more than double the 15,000 branches in the UK. Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. The financial services industry represents 20% of the market capitalization of the S&P 500 in the United States. Finance industry income as a proportion of GDP is 7.5%, and the finance industry’s proportion of all corporate income is 20%. The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market capitalization. However it is not the largest category in terms of revenue or number of employees. It is also a slow growing and extremely fragmented industry, with the largest company (Citigroup), only having a 3% US market share.

Chicago, IL

Chicago has the third largest gross metropolitan product in the United States. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification. Chicago is a major world financial center, with the second largest central business district in the United States. The city is the headquarters of the Federal Reserve Bank of Chicago (the Seventh District of the Federal Reserve). The city and its surrounding metropolitan area are home to the second largest labor pool in the United States with approximately 4.25 million workers. In addition, the state of Illinois is home to 66 Fortune 1000 companies, including those in Chicago.

Healthcare

The health care industry, or medical industry, is an aggregation of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care. The modern health care industry is divided into many sectors and depends on interdisciplinary teams of trained professionals and paraprofessionals to meet health needs of individuals and populations. The health care industry is one of the world’s largest and fastest-growing industries. Consuming over 10 percent of gross domestic product (GDP) of most developed nations, health care can form an enormous part of a country’s economy. For purpose of finance and management, the health care industry is typically divided into several areas. As a basic framework for defining the sector, the United Nations International Standard Industrial Classification (ISIC) categorizes the health care industry as generally consisting of: hospital activities; medical and dental practice activities; “other human health activities”. This third class involves activities of, or under the supervision of, nurses, midwives, physiotherapists, scientific or diagnostic laboratories, pathology clinics, residential health facilities, or other allied health professions, e.g. in the field of optometry, hydrotherapy, medical massage, yoga therapy, music therapy, occupational therapy, speech therapy, chiropody, homeopathy, chiropractics, acupuncture, etc. The Global Industry Classification Standard and the Industry Classification Benchmark further distinguish the industry as two main groups: health care equipment and services; and pharmaceuticals, biotechnology and related life sciences. Health care equipment and services comprise companies and entities that provide medical equipment, medical supplies, and health care services, such as hospitals, home health care providers, and nursing homes. The second industry group comprises sectors companies that produce biotechnology, pharmaceuticals, and miscellaneous scientific services. Other approaches to defining the scope of the health care industry tend to adopt a broader definition, also including other key actions related to health, such as education and training of health professionals, regulation and management of health services delivery, provision of traditional and complementary medicines, and administration of health insurance. The global medical device industry has experienced significant growth over the last five years and is expected to continue, reaching approximately US $302 billion with a CAGR of 6.1% during the next five years. The medical device industry is comprised of surgical, cardiovascular, home healthcare, general medical and other devices. The industry is highly fragmented, and North America dominates with 46% of the global market. High competitive rivalry prevails with low to moderate barrier for entry into the industry. The aging population and growing demand for convenient and cost-effectiveness products are expected to drive the global home healthcare device industry, and the home healthcare device market is expected to reach an estimated US $29 billion with a CAGR of 3.4% over the next five years. The home healthcare device industry consists of home-based treatment such as glucose monitor, blood pressure monitor, diabetic control device, wheelchair, walking aids, oxygen inhaler, thermometer, home dialysis, test strips, heart rate meters, sleep monitor device, and such other home healthcare devices. A combination of factors such as technological innovations, aging population, rising patient pool, and changing lifestyle is seen to impact the market dynamics significantly.

Insurance

Global insurance premiums grew by 2.7% in inflation-adjusted terms to $4.3 trillion, climbing above pre-crisis levels. The return to growth and record premiums generated during the year followed two years of decline in real terms. Life insurance premiums increased by 3.2% and non-life premiums by 2.1%. While industrialized countries saw an increase in premiums of around 1.4%, insurance markets in emerging economies saw rapid expansion with 11% growth in premium income. The global insurance industry was sufficiently capitalized to withstand the financial crisis and most insurance companies have restored their capital to pre-crisis levels. With the continuation of the gradual recovery of the global economy, it is likely the insurance industry will continue to see growth in premium income both in industrialized countries and emerging markets. Advanced economies account for the bulk of global insurance. With premium income of $1.62 billion, Europe is the most important region, followed by North America $1.409 billion and Asia $1.161 billion. Europe has however seen a decline in premium income in contrast to the growth seen in North America and Asia. The top four countries generated more than a half of premiums. The United States and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging economies account for over 85% of the world’s population but only around 15% of premiums. Their markets are however growing at a quicker pace. The country expected to have the biggest impact on the insurance share distribution across the world is China, which is expected to be the largest insurance market in the next decade or two. The insurance industry comprises establishments that are primarily engaged in the pooling of risk by underwriting insurance (i.e., assuming the risk and assigning premiums) and annuities. The insurance industry is a highly fragmented and includes segments such as life insurance and non-life insurance. The European region currently dominates this industry; however, Latin America, eastern Europe, and the Middle East are expected to lead the industry in the future. Asia is expected to grow the fastest over the next decade.

London, United Kingdom

London generates approximately 20 per cent of the UK’s GDP (or $446 billion); while the economy of the London metropolitan area – the largest in Europe – generates approximately 30 per cent of the UK’s GDP (or an estimated $669 billion). London is one of the pre-eminent financial centres of the world and vies with New York City as the most important location for international finance. London’s largest industry is finance, and its financial exports make it a large contributor to the UK’s balance of payments. Around 325,000 people are employed in financial services in London. London has over 480 overseas banks, more than any other city in the world. Over 85% (3.2 million) of the employed population of greater London works in the services industries. The City of London is home to the Bank of England, London Stock Exchange, and Lloyd’s of London insurance market. Over half of the UK’s top 100 listed companies (the FTSE 100) and over 100 of Europe’s 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are within London’s metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.

Manufacturing

Manufacturing is the production of merchandise for use or sale using labor and machines, tools, chemical and biological processing, or formulation. In a free market economy, manufacturing is usually directed toward the mass production of products for sale to consumers at a profit. In a collectivist economy, manufacturing is more frequently directed by the state to supply a centrally planned economy. In mixed market economies, manufacturing occurs under some degree of government regulation. Modern manufacturing includes all intermediate processes required for the production and integration of a product’s components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead. The manufacturing sector is closely connected with engineering and industrial design. According to some economists, manufacturing is a wealth-producing sector of an economy, whereas a service sector tends to be wealth-consuming. Emerging technologies have provided some new growth in advanced manufacturing employment opportunities in the Manufacturing Belt in the United States. Manufacturing provides important material support for national infrastructure and for national defense. On the other hand, most manufacturing may involve significant social and environmental costs. The clean-up costs of hazardous waste, for example, may outweigh the benefits of a product that creates it. Hazardous materials may expose workers to health risks. These costs are now well known and there is effort to address them by improving efficiency, reducing waste, using industrial symbiosis, and eliminating harmful chemicals. The increased use of technologies such as 3D printing also offer the potential to reduce the environmental impact of producing finished goods through distributed manufacturing.

New York, NY

New York is a global hub of international business and commerce and is one of three “command centers” for the world economy (along with London and Tokyo). The city is a major center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media as well as traditional media, advertising, legal services, accountancy, insurance, theatre, fashion, and the arts in the United States. New York City has been ranked first among 120 cities across the globe in attracting capital, business, and tourists. Many major corporations are headquartered in New York City, including 45 Fortune 500 companies. New York is also unique among American cities for its large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company.

Technology

Information technology (IT) is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise. The business value of information technology lies in the automation of business processes, provision of information for decision making, connecting businesses with their customers, and the provision of productivity tools to increase efficiency. The global IT Services industry holds significant opportunities for industry players due to increasing IT spending in the healthcare, retail, and transportation sectors, among others. The market is forecast to reach an estimated US $1,147 billion with a CAGR of more than 5%. The global IT services industry comprises services related to the application of business and technical expertise to enable organizations to create, manage, optimize, and access information and business processes. The industry’s scope includes product support services such as hardware and software maintenance and professional services such as IT consulting, development, and integration services. North America, with 42% of the global market share, dominates the highly fragmented global IT services industry. Outsourcing locations such as India, China, Vietnam, and the Philippines are anticipated to be key drivers because of their low-cost labor and skilled talent pools. The APAC IT services industry is expected to register the highest growth rate among all regions during the forecast period and lead the industry. Government-backed reforms are expected to contribute to significant increases in spending for IT investments. In addition, by generating new opportunities for IT vendors globally, cloud computing is expected to reshape the industry. It is anticipated to offer immense opportunity to penetrate in the small and medium business sector. High volatility in currency exchange rates, a shrinking talent pool, and high labor costs in developed countries are some of the major challenges for the IT services industry. The increasing global demand for systems, software, and services, as well as IT spending by governments, and the banking and financial sectors are likely to boost the IT services market. The industry is highly correlated with economic cycles as IT services are project based and often represent discretionary spending.

Vancouver

With its location on the Pacific Rim and at the western terminus of Canada’s transcontinental highway and rail routes, Vancouver is one of the nation’s largest industrial centres. The Port of Vancouver, Canada’s largest and most diversified, does more than C$75 billion in trade with over 130 different economies annually. Port activities generate $10.5 billion in gross domestic product and $22 billion in economic output. Vancouver is also the headquarters of forest product and mining companies. In recent years, Vancouver has become an increasingly important centre for software development, biotechnology, aerospace, video game development, animation studios and a vibrant television production and film industry. Vancouver’s scenic location makes it a major tourist destination. Many visit to see the city’s gardens, Stanley Park, Queen Elizabeth Park, VanDusen Botanical Garden and the mountains, ocean, forest and parklands which surround the city. Each year over a million people pass through Vancouver on cruise ship vacations, often bound for Alaska.