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September 02, 2021

BTOES From Home - SPEAKER SPOTLIGHT : Buying Companies in Bankruptcy: How to re-Build a Culture of Winning!

Courtesy of JSPI Capital Partners's Ira J. Perlmuter, below is a transcript of his speaking session on 'Buying Companies in Bankruptcy: How to re-Build a Culture of Winning!' to Build a Thriving Enterprise that took place at BTOES From Home.

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Session Information:

Buying Companies in Bankruptcy: How to re-Build a Culture of Winning!

Ira purchases promising, lower middle market companies that have fallen into financial distress and even bankruptcy.  He has faced the challenge of re-energizing these fallen angels and how to try and re-motivate employees from the C-Suite, middle management and the the hourly, manual laborers to believe in themselves, their product and their company again.  

He has bought 11 companies and a community bank and served as Chairman of five of those companies and is on the Board of the Bank and is Chairman of the Credit and Compliance Committees, as well.

  • Partnership and Commitment
  • Dealing with the Past Respectfully
  • Culture and Enthusiasm
  • Empowerment
  • Growth and Excitment 

Session Transcript:

good day everyone and welcome to this session of BTOES i'd like to thank Brian and everybody at BTOES for inviting me to participate and present at this at this conference um I know we're all getting used to the new mode of conferences but hopefully this will work well.

My topic today is buying companies in bankruptcy how to rebuild a culture of winning and I just want to give a little background about what I do so my name is Ira J. Perlmuter and I buy companies in bankruptcy or financial distress. I've been doing this for over 15 years I bought 11 companies in a bank and I'm looking to do many more.

It's very rewarding work not only financially but also we're able to bring back jobs and give people opportunities and i want to talk to you and share with you my experiences and how to rejuvenate how to get a a company and its people excited about going forward and to do that I'd like to give you a couple of examples and basically there there are really five key points that I want to talk about.

Screenshot (82)One is partnership and commitment the other is dealing with the past respectfully and dealing with respect for employees the other is culture and enthusiasm the next one is empowerment and finally growth and excitement and how do you get this how do you bring this back to companies where the employees have been struggling the company has been struggling and and things are generally very difficult and the environment is difficult and the whole mood and energy is bad.

So i'd like to share with you a couple of ideas and this is what i've done in each of the companies that i bought so number one is i when i'm doing my due diligence i spend a lot of time talking with management and not only with management but talking really with every level of employee whether they're middle management or even the guy sweeping the floor and try and build a rapport with them a sense of trust because these are this is going to be your team.

If you buy this company and you want to make sure that you're connecting with them in the right way and so i share with them that in my view when i am running a company that it's really a partnership of interest and that we're all trying to do the best at whatever skill set we have and whatever we can bring to the table to make the company and make our lives successful and so by doing that it's very important to validate the work.

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That they do whether they're drafting uh documents or whether they're drafting engineering documents or whether they are welding something or painting it or whatever it might be it's very important to validate and show that you value what they're doing uh in in the company in their particular role and it's very important to show that you value new ideas.

So I ask everybody from literally obviously the person with the tie down to the lowest um sort of a working level what do you see about the company what could we do to make this company better and more successful and so it's very important to show that you really want to know what it is that could make things better and how how to make the company better and that you value their ideas so listening is super important and that means phone in the pocket.

You're focused totally on the individual looking them in the eye and trying to understand what would make their job easier what would they make the job better and what it is to do and then talk with them about how you would try and roll that out or how they think it should be rolled out in the corporation and so these this is extremely important to do the other thing is very important to have respectful communication and again um you know.

I typically come in in my suit and tie many of the employees are not wearing a suit and tie they are wearing a t-shirt and have uh you know bandanas on and whatever it might be they're manufacturing companies in many instances and come from a different world than i do and so it's very important to be able to establish a sense of caring and a sense of trust and respect for what each person is doing and so i do that by engaging them tell me a little bit about what you do for fun uh what your hobbies tell me a little bit about your family um and try and understand that and then engage with them in whatever it is that they might be if they play softball.

What position do you play what do you like about the game uh my experience is playing softball or why hey g i have two left hands or whatever it is um and try and establish a rapport so very very important so the personal respect and dignity of each person in the company is extremely important to recognize and to validate as part of part of the role i would say that many of the companies that i bought have been on their back legs they didn't have insurance for the employees because they're in bankruptcy or financial distress and so I will share with them that.

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We will not buy a company unless there is health insurance for every employee and so I want them to know that and many of them you know can't believe it they've been doing without for a long time things have been difficult in the company and so they're very grateful to hear that just want to give you a couple of examples of that is we bought a company and it was very hard for us to get the health insurance for the new employees because we need to take a census whatever a lot of details.

So I had my CEO buy individual just one-off policies for all 96 employees one at a time each one he charged on his credit card uh for all 96 employees and so the next day when we took over the company and we handed them their paperwork and said hey you know our CEO stayed up much of the night putting through each one of your individual health insurance policies here's your insurance card here's your providers etc etc they were blown away and it created a sense of trust.

That we really cared about them that we didn't say well you know what can we do we couldn't get the insurance tough luck on you we made sure that they had health insurance from day one and um that went a long way another company i was at they're a small company under the law we did not need to provide health insurance and i told them i don't care we're going to cut our profit we cut our profit 25 percent in the first year simply to make sure that all of our employees had proper health insurance and when i walk on that factory floor every guy with a tattoo in bandana says thank you for giving our health insurance.

Thank you for caring about me and my family and it's invaluable and then when i walk on the floor they know there's a certain sense of trust about what i do and how i run our companies and so very very um very important to establish that type of bond and that type of relationship just like to share with you a couple of other stories when i was doing due diligence on one of the companies I noticed the soda machine had very high prices and you know this is where the workers come to have lunch and i said to an employee.

You know why are these prices so high in here for the soda he said well the owners you know they own the soda machine and they get a kickback off that machine and so you know they want the price to be higher I said I'm telling you one thing when i buy this company we're going to charge the cost of the soda and that is it we're not going to make money on our employees backs by um you know by charging them extra to buy a soda and sure enough the first thing I did when I came in was we replaced those soda machines.

We put in new ones and it was even written up in the local newspaper how the new owners care about their employees and got them a new soda machine where all they do is pay and buy soda at cost so very important showing that you care that you're there and this is the first building blocks of re-energizing and changing the mood and energy in a company is showing that you care about every person that works there i'll just tell you a kind of funny story is that same company when we bought it i the day before i i or that morning when i was first coming in to announce.

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It i went out to walmart i bought all kinds of different ice cream uh treats for the employees i bought them power bars all kinds of things and i bought microwave popcorn because i saw they had um microwave ovens there during lunch they could have popcorn well anyway i i loaded it all up in the store in the trunk of the car at walmart when i got back to the office i was starting going to take out all this stuff and bring it in and i open my trunk and the smell of popcorn came pouring out of there and i was like oh my gosh it smells like a popcorn factory in the trunk of my car and then i realized that we were having our very first corporate visitors that day to come inspect their vehicle that we had built and i thought you know maybe i better not bring this popcorn in the building.

Today they're gonna think we're running a popcorn factory here as opposed to uh making garbage trucks so very important i i personally handed out ice creams at lunch i went around with three different boxes do you want chocolate do you want vanilla do you want strawberry what do you want here it is here's protein bars for everybody and and that's what i did i want to talk about another couple of examples of this and then come to it we i recently visited a company and one of the employees their husband had just uh passed away the month before and they were just mentioning how he was a native American and although the woman the survivor wasn't native American.

She spoke about how her husband used to go around to schools and talk about it native American history and um and everything like that and I mentioned her I said you know my grandfather was a blood brother uh which means in the old days they used to um make a little uh cut and they would share blood and become a blood brother so she was very interested in this she asked what tribe he was with and i told her he was in a Cinnabon which is a tribe from northern wyoming and i followed up i showed her a map i said here.

This is where they are here's some information about the tribe about the nation and she was very um very touched by that that i didn't just think like okay well your husband's dead what could i do i never met the guy before he was a native American you know what could i do about it i'm just here trying to buy a company though when she saw that i cared and she even followed up with me afterwards to ask me something else about that that that native nation.

So very important to establish rapport and personal caring that's the building blocks the building blocks of of turning around a company i just want to share with you another story we had a fellow at one of our companies and this was shortly after we bought it unfortunately he was diagnosed with pancreatic cancer and you know he was in a small boondocks town here in America and um they say oh yeah we're just gonna cut you know cut everything out i was promised they can't rather they were gonna just cut everything out and um you know leave him to whatever whatever is gonna be after that and uh we said well wait a minute we think that's not maybe the best course of action we know there are other treatments for this and we called we spoke to the head of uh oncology at a major uh medical school in new York and they said listen you don't need to cut these this guy's prostate out we can do this with a very simple treatment he'll have full functionality and no reason to uh to go overboard and we did that and and this guy was an hourly worker.

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He worked in the yard he drove around a truck picked up stuff delivered stuff not really a key employee of the company but when all the other employees saw that we went to bat for this guy al and that we made sure that he had proper medical care and that we weren't just going to say well you know geez Alger, you're a little older it's your it's what can we do you're sick.

It's not our fault you know we just got in here we're just trying to build a company here and when they saw that we had that kind of care for the employees it changed the whole energy in the company and it gives us a different ability to talk candidly with employees about what we want to hope to accomplish what do they want to accomplish and where can we go with that so i'd like to talk about the next topic which is dealing with the past respectfully and being respectful.

So very important you come into one of these companies and everything is messed up they don't have money to buy inventory they're in the middle of building this and they don't have the you know attire that they need so they got to start building something else it's very frustrating and nerve-wracking and you know nobody knows what's going on and there's a lot of bleeding financial bleeding and emotional bleeding and you know it's very unsure and so it's very easy to come in and say well those last guys.

That are in here were just a bunch of jerks and uh you know look what they did and not the way we operate not at all so we do is we um of course show respect for the prior management and we try not to get involved in judging or you know um ranking them because we don't know they could be somebody's best friend they could be somebody's uncle and anyway we don't get anywhere by knocking people down we get places by building people up and so our focus is tell me what you learned from those experiences what what was it that went wrong here and what do you think the better way to handle it is and we're going to make sure that we institute those changes when we go forward in the new company and so we totally flipped the energy on.

It is tell me what you see went wrong and i value your insight in that and what do you think it takes to do that if they said we need to organize the inventory better how do you recommend doing that we'd love to see where what would your plan be or you say gee we um we're the operations need to be moved around we're operating in a very inefficient way.

We're bringing this thing here and bringing it there and five people are having to move it at a time what does it take to make it more efficient and when they see that we value what they say what their ideas are and again it's forward-looking not like well what happened in the past it's how can we make this better going forward show me where would you put this this bandsaw and tell me would it be helpful to have carts that have wheels on it as a matter of fact we had a situation where they where they were using carts with wheels and they were very shaky.

I said listen guys you cannot be using carts that are shaky you're carrying very heavy steel god for a bit of piece of steel falls off somebody's going to get really hurt and when they saw that i cared that the cart had to be strengthened and we would not let them use these cards again tremendous lesson there so the focus really is on the new day on the new dawn and going forward and what what can we do to learn take the learnings and the teachings that you had from this oh we painted the article the wrong color well guys.

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How do we make this sure that that doesn't happen is there a checklist do we have a quality control at every step of the process so we don't have something that's 90 percent done and find out that the very basic foundation of the thing is wrong very important i want to talk a little bit i mentioned about respect when i go into a factory i shake everybody's hands now many times and i'm talking about manufacturing a lot of times where their hands are dirty with oil and grease and they're like oh you don't want to shake mine I'm like i can wash my hand i want to shake your hand you you're a human being you're going to be partners with me on this enterprise.

I can shake your hand i could always wash it off later and i can't tell you how important that is the guy takes his glove off i shake his hand i don't like pretend like oh gosh i got a handful of grease it's like great to me you're a great human and i look forward to working with you so important i wanted to say also sometimes you walk in a factory and there's a piece of garbage on the floor and you can just walk by it like well they walk by it.

So I'm just gonna walk by it well sets a really bad tone I bend down i pick it up now obviously I'm not sweeping the floor but i pick up the piece of garbage and they see wow the guy respects the place where I work he respects this is my home for eight hours a day he respects what i need to do here and and that I'm working here I don't want to work in some dirty dusty place this guy cares about my work environment so very important again set the tone.

What kind that you have respect for them you have respect for their work environment that you're going to bring make it the right place we have many times where guys had to go off the floor that if they lost the glove or it broke or ripped or whatever it is we put vending machines right on the floor new gloves new knee pads whatever it was so they knew it was right there to make sure that they were taken care of and again that focus on seeing.

What can i do to make this a better work environment for you super important for building rapport and building trust and empathy in these workers of course number one first and foremost is always safety ask them what can we do or do you feel safe in the way that this uh this factory is working because I can't tell you how many times the guy says you know there should be a a bumper on the end of this thing or they're operating.

That saw without a proper glasses and like listen we got to put a sign up here there's nobody operating a saw without glasses here and we will have a meeting and we'll have safety meetings and it's it's all about safety for our employees and caring about people and that's why it's so important to show care and concern and i mean genuine Karen's concern not like well I gotta make money.

So I guess I don't want a guy to chop his finger off in a thing because then he's gonna have down time I'll tell you just one story about that one of the companies I took over that um they had a certain uh emergency route to get to the hospital and the route that they took was not the shortest route not the fastest route it was the route that would um that would be the least expensive for them because they could get there with only one person actually even the person themselves driving themselves to the hospital.

I said no no no nobody drives themselves to the hospital over here somebody gets hurt somebody's gonna go with them we're gonna make sure they're taken care of and i got a standing ovation from all the employees they couldn't believe it i said i'm telling you right now we will shut the factory if somebody's hurt we're going to shut down and we're going to make sure that they get care and that's what we did we had an employee that had a heart attack at that same factory not any fault of ours or anything like that unfortunately.

Just wasn't well and our first responder just happened to have gone out uh to do an errand and we didn't have a first responder on site we trained 15 first responders we said we're not going to have a factory without first responders here somebody could get hurt we need to make sure that we have people trained and we're going to pay and we're going to train them and make sure that they get proper training so we can be have first responders and then when we went to the biggest trade show of the year we had a a huge banner on the side of our truck that said in memory of this and this gentleman who had passed away and that we are part of uh the American heart association training program and etc. etc.

So again people the employees see we care about our workers we care about your life what you're doing your family and how to do everything and that's so important once you built those bonds that human bond of a relationship then you can start saying hey guys and gals listen we want to make this better here are some ideas we have we're going to need everybody to work a little bit harder or maybe a little bit longer or whatever it is or do something in a different way that maybe you've never done before but we're going to be with you and because we built that bond of respect and trust and caring we get buy-in and all of a sudden it's a whole new world and so very important also when i do my factory tours.

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When I'm doing due diligence or when i make a visit at the factory i stop i look at the work and again I'm talking about in the sort of the factory milieu of manufacturing i stop and look at their work i say wow eric how do you get this curve so perfect on this piece of metal or this paint job i can see myself in it always praising their work so they see that i appreciate how hard it was for them to actually get that thing right because many of these processes are difficult or smell bad or you know their hand is right near a saw and you got to show that you appreciate their work and so i will do that and walk around and and it has to be genuine.

I'm not talking about faking oh yeah this is a great job you know blah blah blah who cares i'm talking about really appreciating how much work goes into whatever it is that they're doing and showing that you care and you appreciate the craftsmanship and the craftsmanship and what they're doing also very important to sponsor and do lunches or different things like that to show again that you care about people every thanksgiving.

We make sure everybody gets a turkey on Christmas of the holidays we make sure they get a gift card that's personally handed out thank you for doing great job this year thank you for helping us out we really appreciate it making sure that there's things we try and do fun activities everybody we've rented out a water park for the day we're gonna go take a day off they can't believe it a guy in a suit is coming they're gonna have a party at a water park they can't believe it bring your family bring your friends.

We want you know we are a team and so important to build that team spirit the other thing is and this is empowerment is show that you value people's ideas now i will tell you no matter how stupid it is you got to show respect so somebody says hey I think we should move this and this thing hey harry tell me a little bit about why you think that you know let's think about that let's think that through what can we do about that and let me see maybe there's another way you know.

Maybe it's really not a good idea so you want to be able to deflect that and say well harry what if we did this that would accommodate your need but yet meet our need for efficiency or productivity or whatever it might be but the importance is that you take the time to stop and listen i remember a company that we took over there was a guy handling the inventory and he went through he labeled everything and he was so proud of it uh it was almost i hate to stop by there because the guy took a half an hour every time to tell me how he categorized every nut and every bolt and how it was here and there and he could find it you know blindfolded but i spent the half an hour i told him Greg that is a great job that's incredible.

What you did and it's creating tremendous efficiencies and i really respect the job that you did so very very important to listen and take the time to hear what others have to say and um and validate validate and respect and congratulate for that and then not only listen but say let's take the next ideas how do we how do we manifest that how do we put that into action you know i would like to put you on a committee and very important communication super important in these things because a lot of times people are siloed especially in in troubled companies.

You know yeah the accounts receivable person is there just trying to collect those receivables they don't want to hear anything about manufacturing the manufacturing guy is like geez one of the receivables coming in there's no communication so i try and have meetings cross department meetings so people going to say and see how hard each person in the other department is working to make this a successful venture so very important to have communication sometimes even to put together committees hey guys listen you're in the inventory department.

You're in the manufacturing department you're in the shipping department we seem to have some some challenges here let's sit down go through it all respectful tell me what's what do you see is not working and how can we fix that and then let's talk about it all together in a respectful way let's try it out let's see what we could do to make it better so super important and then the other thing is of course you want to talk about growing and and the last section is really about growth and excitement how do you create that excitement in a company and what i do is i talk number one about organic growth guys we've got a great product here.

He're just as good maybe even better than the competition but we can make this happen if we all work together and we do it our hardest and we work our best we can make this happen and so uh creating that sense of pride in what it is that we're doing we make the best fire truck we make the best valve let's show you and guys let me give you some facts about the industry and let me show you why our valve is so uh coveted so desired by whoever it is or who's our customer and let them talk to the customers where customers come in and say wow you guys are doing a great job so important to do that and then you want to talk about the position of the company in the industry guys.

Do you know we are a 100 year old manufacturer and we have one of the best valves in the whole industry and people say wow i never really knew that I'm just here in no where sville you know Oklahoma making this valve i never really knew where the best valve in the industry oh yeah heck yeah you are do you know our valve ship all over the world and that we're used in the in the most important situations in the in the industry and then talking with them about acquisitions opportunities.

How can i help you advance your career do you want to uh get cross-trained do you want to try and move into management what what can i do to help you grow in your career and grow this company and so we talk about what would be a great new product for us to get if we could get in a new product that maybe would be complementary or additive to what we're doing and do you know of any give me some suggestions what do you think would be a great thing to add to this and so we're going to go out and we're going to buy other companies and guess what.

You're here with me first you're you're going to help me oversee these other companies you're going to help me do this and so creates a real sense of excitement i remember i took a group of executives from a bankrupt company and unfortunately they had had to file personal bankruptcy themselves and so they were pretty down too the company went bankrupt they went personally bankrupt and uh their lenders were chasing i said listen guys don't worry our lawyers are going to handle this for you let's go and i took them we went down to a trip in Jamaica to go excuse me.

Look at a an acquisition and they couldn't believe it they they were barely keeping their shirt on let alone thinking about an acquisition and it totally changed the whole dynamic they're like wow you know actually i instead of this we actually know three other companies in the industry that we should be looking at and um and let's look at those I'm like yeah you got it guys let's go for it and building up that sense that we can do it and that we we can get even better and we can make it better and so looking also for the big ideas.

What's the next step how do we make our product better what can we do to patent something that maybe makes makes our product just a little strategically better in the industry and so those type of things so important and it creates a certain energy people feel wow I want to build and grow i want to create i want to advance myself advance my career advance my opportunities for myself and this is this is what we do and so again the building blocks uh our partnership and commitment dealing with the past respectfully and dealing respectfully with all employees and showing respect and care and culture and enthusiasm for what it is they're doing empowerment talk to them.

Hey I value your ideas I don't know how to make a widget but you guys are great at making widgets tell me how can we make it better how can we make it faster what can we do to make the best widget in the industry and finally growth and excitement what can we do to grow this business what would make you be exciting for you to do and what role do you want to see.

Where do you see yourself in five or ten years and how can I as manager a chairman of the company how do i help you get there how do I help you achieve your goals I hope everybody found this of interest anybody's welcome to contact me you can get my contact information from the from the conference website thank you so much and again thank you Brian and the whole BTOES staff really outstanding conference I'm so excited to be here.

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About the Author

download - 2020-12-02T212817.398Ira J. Perlmuter,
Managing Director,
JSPI Capital Partners, LLC and Community Federal Savings Bank.

Ira founded JSPI Capital Partners, LLC and T5 Equity Partners, LLC as the direct, private equity investing affiliates of two separate, and very substantial, family offices. He has completed 11 acquisitions including several manufacturing companies, military parts businesses, oil and gas companies, and a bank. Ira served as Chairman of five of the companies and as Chairman of the Credit and Compliance Committees of the bank. He focuses on oversight of company operations, new business development, acquisitions and joint ventures with other family offices and companies. Ira is also a co-Founder of the Cleantech Family Office Syndicate, and has developed a program with the U.S. Department of Commerce, Minority Business Development Agency. He was cited as one of the Top Five family office executives worldwide and has spoken to select audiences for Citibank, Morgan Stanley, Credit Suisse, The Wall Street Journal and others. Ira has completed over $20 billion of restructuring, turnaround and bankruptcy/distressed M&A transactions in over 50 industries, as a banker, investment banker and principal. His own financial advisory firm, Cove Capital Advisors, Inc., completed over $5.5 billion of assignments. Among the more notable engagements were appointment as Trustee of the $700 million, Daewoo International (America) Corporation bankruptcy trust and serving as exclusive financial advisor to JP Morgan Chase on two multi-billion dollar bankruptcies.

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