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mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Mladen Fruk </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Stephen Hall<span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Devesh Mittal</span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">New research shows that actively reallocating corporate resources is even more important in a downturn than it is in good times.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Fstrategy%20and%20corporate%20finance%2Four%20insights%2Fnever%20let%20a%20good%20crisis%20go%20to%20waste%2Fnever%20let%20a%20good%20crisis%20go%20to%20waste.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="never-let a good crisis go to waste" data-layer-report-name="never-let a good crisis go to waste>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (PDF-191 KB)</span></a></div></div></div></div> <p> <strong>The vast majority</strong> of organizations are surprisingly slow to reshuffle their resources. When we conducted a large-scale analysis of the reallocation patterns of multibusiness companies, for instance, we found that most of them awarded each business in their portfolio an unchanging percentage of total corporate capital year after year between 1990 and 2005. Yet the returns were higher and the volatility lower at organizations that reallocated more actively.</p> <p> When we present these findings (which we highlighted in a previous <em>McKinsey Quarterly</em> article<a href="#" rel="#footnote1" class="link-footnote"><sup>1</sup></a> <span style="display:none" class="tooltip" id="footnote1"><span class="footnote-content"><span class="footnote-number">1.</span><span class="footnote-text"> See Stephen Hall, Dan Lovallo, and Reinier Musters, “<a href="/insights/strategy/how_to_put_your_money_where_your_strategy_is">How to put your money where your strategy is</a>,” <em>McKinsey Quarterly</em>, March, 2012. </span><span class="clear"></span> </span><span class="footnote-bottom"></span></span>) to senior executives, they often ask us about the impact of the financial crisis and the downturn that followed. Surely, they argue, a tougher economic environment has led to more pronounced changes in resource-allocation patterns as companies were forced to look for new sources of value.</p> <p> In fact, this proves not to be true. When we extended our analysis through 2010, thereby covering a full 20 years of performance by 1,500 companies, we found that the downturn had virtually zero impact on patterns of reallocation.<a href="#" rel="#footnote2" class="link-footnote"><sup>2</sup></a> <span style="display:none" class="tooltip" id="footnote2"><span class="footnote-content"><span class="footnote-number">2.</span><span class="footnote-text"> Resource allocation is measured as 1 minus the minimum percentage of capital expenditure received by distinct business units over the 20-year period from 1990 to 2010. We used Compustat data on 1,508 US-listed companies that reported capital expenditure in a minimum of two distinct four-digit Standard Industrial Classification (SIC) codes. </span><span class="clear"></span> </span><span class="footnote-bottom"></span></span> There was apparently no greater aggregate corporate appetite for it in the tough recent years than there had been in the previous 15.</p> <p> Yet the executives’ instincts are right: dynamic resource allocation became more critical than ever during the downturn. Compare the performance of companies in the top third of our pool (high reallocators) with the performance of those in the bottom third (low reallocators). As Exhibit 1 shows, the gap between the total returns to shareholders (TRS) of the high reallocators, on the one hand, and of the low reallocators, which evolved their allocations only modestly over the 20 years, on the other, increased from 2.4 percentage points to 3.9 percentage points as a result of the extra five years. That may not sound like such a big gap, but 3.9 percentage points of annual incremental returns to shareholders implies that an investor’s stake in our sample’s typical high reallocator was worth more than twice as much as a stake in an average low reallocator by the end of the 20-year period (assuming all dividends were reinvested).</p><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 1</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Companies that actively reallocated their resources continued to perform better through the 2007–10 economic downturn.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex1.svgz?cq=50&cpy=Center"/><img alt="" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p> When we looked at companies sector by sector, the same broad pattern emerged: whether in basic materials, energy and utilities, information technology, or consumer products and retailing, the median TRS was consistently greater for the high reallocators than for the low ones.</p> <p> A similar story is apparent in the corporate-survival statistics. Over the new, longer period of our study, the survival gap between high and low reallocators increased to 22 percent, up from 13 percent in the original period.</p> <p> In addition, since our data now cover both of the major global economic downturns of the past 20 years (for our purposes, 1999 to 2002 and 2007 to 2010), we can divide companies into those slow to respond by reallocating resources in the two crises, those that actively reallocated in only one, and those that did so in both. The results speak for themselves (Exhibit 2). On average, a company that was a high reallocator during both downturns had a TRS 3 percent greater than a company that was a high reallocator in only one and 4.5 percent greater than a company that wasn’t in either.</p><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 2</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Companies that reallocated their resources during tough times enjoyed significantly higher returns.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex2.svgz?cq=50&cpy=Center"/><img alt="" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p> Realizing the benefits of resource reallocation during a downturn often requires shifting capital and other resources from one existing business to another: when times are tough, there is generally less new capital around, either in the form of growth in retained earnings or of new debt and equity capital. From 2007 to 2010, for example, the volume of new capital available to corporate-management teams in our sample declined by over 15 percent.</p> <p> In these circumstances, it is more incumbent than ever on companies to make difficult trade-offs between the funding of promising growth opportunities (which require nurturing with more capital) and of mature or underperforming ones (which may need pruning). We found that high reallocators in our sample tended to reallocate existing and new resources equally; low reallocators, by contrast, had a much harder time taking resources away from existing lines of business and tended predominantly to reallocate new resources. The willingness to rob Peter to pay Paul is one of the hallmarks of a dynamic top team.</p> <p> This is not to say, however, that sharp, one-time swings of focus in response to a changing external environment generally make sense. Rather, our new data suggest that markets most reward companies that do not overreact to short-term signals by making large, abrupt changes in business focus but instead pursue multiple, stepwise shifts in resources, year after year, in pursuit of a clear strategy. That approach tends to produce better returns and lower volatility than one or two Herculean changes to a corporate portfolio (Exhibit 3).</p><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 3</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Companies that consistently reallocated their resources experienced higher and less variable returns.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex3.svgz?cq=50&cpy=Center"/><img alt="" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/never%20let%20a%20good%20crisis%20go%20to%20waste/svg_resourceallocation_ex3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>These results suggest to us that resource reallocation is a muscle that requires exercising in good times and even more in bad times. Companies should be on their guard against inertia at all stages of the cycle—and may need to be particularly ruthless in a downturn, especially when new sources of capital dry up.</p> </div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p> <strong>Mladen Fruk</strong> is a consultant in McKinsey’s Bucharest office, <strong>Stephen Hall</strong> is a director in the London office, and <strong>Devesh Mittal</strong> is a specialist in the McKinsey Knowledge Center in Gurgaon.</p><p>The authors would like to thank Reinier Musters for his contribution to the development of this article.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_2734c4f">Search Openings</span></a></div></div></section></div></main></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Never let a good crisis go to waste","displayName":"Never let a good crisis go to waste","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"ac666d40-18b9-44d7-8178-02ea65480797","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Never let a good crisis go to waste"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"New research shows that actively reallocating corporate resources is even more important in a downturn than it is in good times."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2013-10-01T00:00:00Z"}},"body":{"value":"[[DownloadsSidebar]] \u003cp\u003e\n\u003cstrong\u003eThe vast majority\u003c/strong\u003e of organizations are surprisingly slow to reshuffle their resources. When we conducted a large-scale analysis of the reallocation patterns of multibusiness companies, for instance, we found that most of them awarded each business in their portfolio an unchanging percentage of total corporate capital year after year between 1990 and 2005. Yet the returns were higher and the volatility lower at organizations that reallocated more actively.\u003c/p\u003e\n\n\u003cp\u003e\nWhen we present these findings (which we highlighted in a previous \u003cem\u003eMcKinsey Quarterly\u003c/em\u003e article\u003ca class=\"link-footnote\" rel=\"#footnote1\" href=\"#\" onclick=\"return false;\"\u003e\u003csup\u003e1\u003c/sup\u003e\u003c/a\u003e \u003cspan id=\"footnote1\" class=\"tooltip\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e1.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e\nSee Stephen Hall, Dan Lovallo, and Reinier Musters, \u0026ldquo;\u003ca href=\"/insights/strategy/how_to_put_your_money_where_your_strategy_is\"\u003eHow to put your money where your strategy is\u003c/a\u003e,\u0026rdquo; \u003cem\u003eMcKinsey Quarterly\u003c/em\u003e, March, 2012.\n\u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e \u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003e) to senior executives, they often ask us about the impact of the financial crisis and the downturn that followed. Surely, they argue, a tougher economic environment has led to more pronounced changes in resource-allocation patterns as companies were forced to look for new sources of value.\u003c/p\u003e\n\n\u003cp\u003e\nIn fact, this proves not to be true. When we extended our analysis through 2010, thereby covering a full 20 years of performance by 1,500 companies, we found that the downturn had virtually zero impact on patterns of reallocation.\u003ca class=\"link-footnote\" rel=\"#footnote2\" href=\"#\" onclick=\"return false;\"\u003e\u003csup\u003e2\u003c/sup\u003e\u003c/a\u003e \u003cspan id=\"footnote2\" class=\"tooltip\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e2.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e\nResource allocation is measured as 1 minus the minimum percentage of capital expenditure received by distinct business units over the 20-year period from 1990 to 2010. We used Compustat data on 1,508 US-listed companies that reported capital expenditure in a minimum of two distinct four-digit Standard Industrial Classification (SIC) codes.\n\u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e \u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003e There was apparently no greater aggregate corporate appetite for it in the tough recent years than there had been in the previous 15.\u003c/p\u003e\n\n\u003cp\u003e\nYet the executives\u0026rsquo; instincts are right: dynamic resource allocation became more critical than ever during the downturn. Compare the performance of companies in the top third of our pool (high reallocators) with the performance of those in the bottom third (low reallocators). As Exhibit 1 shows, the gap between the total returns to shareholders (TRS) of the high reallocators, on the one hand, and of the low reallocators, which evolved their allocations only modestly over the 20 years, on the other, increased from 2.4 percentage points to 3.9 percentage points as a result of the extra five years. That may not sound like such a big gap, but 3.9 percentage points of annual incremental returns to shareholders implies that an investor\u0026rsquo;s stake in our sample\u0026rsquo;s typical high reallocator was worth more than twice as much as a stake in an average low reallocator by the end of the 20-year period (assuming all dividends were reinvested).\u003c/p\u003e[[exhibit 1]]\n\n\u003cp\u003e\nWhen we looked at companies sector by sector, the same broad pattern emerged: whether in basic materials, energy and utilities, information technology, or consumer products and retailing, the median TRS was consistently greater for the high reallocators than for the low ones.\u003c/p\u003e\n\n\u003cp\u003e\nA similar story is apparent in the corporate-survival statistics. Over the new, longer period of our study, the survival gap between high and low reallocators increased to 22 percent, up from 13 percent in the original period.\u003c/p\u003e\n\n\u003cp\u003e\nIn addition, since our data now cover both of the major global economic downturns of the past 20 years (for our purposes, 1999 to 2002 and 2007 to 2010), we can divide companies into those slow to respond by reallocating resources in the two crises, those that actively reallocated in only one, and those that did so in both. The results speak for themselves (Exhibit 2). On average, a company that was a high reallocator during both downturns had a TRS 3 percent greater than a company that was a high reallocator in only one and 4.5 percent greater than a company that wasn\u0026rsquo;t in either.\u003c/p\u003e[[exhibit 2]]\n\n\u003cp\u003e\nRealizing the benefits of resource reallocation during a downturn often requires shifting capital and other resources from one existing business to another: when times are tough, there is generally less new capital around, either in the form of growth in retained earnings or of new debt and equity capital. From 2007 to 2010, for example, the volume of new capital available to corporate-management teams in our sample declined by over 15 percent.\u003c/p\u003e\n\n\u003cp\u003e\nIn these circumstances, it is more incumbent than ever on companies to make difficult trade-offs between the funding of promising growth opportunities (which require nurturing with more capital) and of mature or underperforming ones (which may need pruning). We found that high reallocators in our sample tended to reallocate existing and new resources equally; low reallocators, by contrast, had a much harder time taking resources away from existing lines of business and tended predominantly to reallocate new resources. The willingness to rob Peter to pay Paul is one of the hallmarks of a dynamic top team.\u003c/p\u003e\n\n\u003cp\u003e\nThis is not to say, however, that sharp, one-time swings of focus in response to a changing external environment generally make sense. Rather, our new data suggest that markets most reward companies that do not overreact to short-term signals by making large, abrupt changes in business focus but instead pursue multiple, stepwise shifts in resources, year after year, in pursuit of a clear strategy. That approach tends to produce better returns and lower volatility than one or two Herculean changes to a corporate portfolio (Exhibit 3).\u003c/p\u003e[[exhibit 3]]\n\n\u003cp\u003eThese results suggest to us that resource reallocation is a muscle that requires exercising in good times and even more in bad times. Companies should be on their guard against inertia at all stages of the cycle\u0026mdash;and may need to be particularly ruthless in a downturn, especially when new sources of capital dry up.\u003c/p\u003e\n\n"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered 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Knowledge Center in Gurgaon.\u003c/p\u003e\u003cp\u003eThe authors would like to thank Reinier Musters for his contribution to the development of this article.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"FE65F9E6F58D4B82B4CF3BEFE1B6B06C","name":"Mladen Fruk","authorTitle":{"value":"Mladen Fruk"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"D4F1B495AB11474791530D0511F218D5","name":"Stephen Hall","authorTitle":{"value":"Stephen Hall"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"393D511F5A13482EBE7FD13B8D527DB2","name":"Devesh Mittal","authorTitle":{"value":"Devesh 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