HP s grand vision

　　惠普的遠大宏景

　　Aping IBM

　　效仿IBM

　　HP needs to transform itself if it is to avoidbecoming obsolete

　　若想避免被淘汰，惠普需要自我更新

　　WHEN the board of HP, the world s largest computer-maker, unveiled plans to restructure, itexpected the company s shares to suffer; but not to crash by 20%.

　　當全球最大的計算機制造商惠普的董事會公開了其改組計劃之后，它預計公司的股份會下跌，但沒想到會下跌20%。

　　HP s bosses thought investors would love their plan to spin off the firm s low-marginpersonal-computer business, but be wary of their plan to buy Autonomy, a Britishsoftware-maker, for a handsome $10.3 billion.

　　惠普的股東們以為這個讓惠普低毛利的個人電腦得以大賺一筆的計劃會受到投資人的喜愛;而103億美元高額收購Autonomy的計劃則會使投資人躊躇不前。

　　In fact, they hated both ideas. On August 19th, the day after the announcement, theywiped $12 billion off HP s market value.

　　事實上，投資人對這兩個計劃都沒興趣。惠普對外宣稱其計劃的第二天，8月19日，惠普的市值下降了120億美元。

　　One problem was that the announcement left unclear what HP wanted to do with its PCunit and why exactly it intends to pay so much for Autonomy. Another factor was that manyof the firm s shareholders are short-termists, who were scared away by lowered revenue andprofit forecasts.

　　一方面，這此宣告并沒有明確講明惠普對其個人電腦有何打算，也沒有說明它為什么要以如此高額來收購Autonomy;另一方面，惠普的很多股東都是短期投資人，他們被低收入以及低利率前景嚇到了。

　　But the big problem is that LoApotheker, HP s newish boss, is taking a huge gamble.

　　但最大的問題在于惠普的新老板Lo Apotheker這次玩大的：

　　He is trying to follow the example of IBM, by reducing HP s dependence on hardware andpushing up into software and services.

　　他打算效仿IBM，減少惠普對硬件的依賴，而轉向軟件和服務業務。

　　To grasp what HP has in mind, one has to understand the two main currents in the ITindustry.

　　要弄清楚惠普腦袋里裝的是什么，就要先知曉目前IT行業的兩股主要潮流：

　　First, nearly any new technology quickly becomes a commodity that is easily copied andhence not very profitable.

　　第一，幾乎所有的新技術都會一夜之間成為簡單復制的商品，因此利潤也有限。

　　This is why IT firms are always trying to move up the stack into software and services, wheremargins are higher.

　　這就是為什么IT公司總是想辦法進軍躋身利潤更加豐厚的軟件業和服務業。

　　Second, the biggest IT firms typically control what is known as a platform: a digitalfoundation on which others build their products, such as Microsoft s Windows.

　　第二，典型的大型IT企業會操控一個平臺：一個他人會在上面創建電子產品的基礎，如同微軟的Windows。

　　This allows them to capture a disproportionate share of the industry s profits.

　　這使得它們得以獲得份額不一地利潤。

　　HP seems to have ignored both currents, at least in the past decade. Carly Fiorina, its bossfrom 1999 to 2005, merged with Compaq, another computer-maker, in a deal worth $25billion.

　　至少過去十年來，惠普似乎對兩股潮流都視而不見。惠普1999年至2005年的總裁Carly Fiorina以250億美元并購了另一家電腦制造商Compad。

　　Mark Hurd, her successor, cut costs but was ousted in 2010 after a dust-up over sex andexpenses before he could fix the firm s strategy.

　　Carly Fiorina的后繼人Mark Hurd降低了支出，但2010年，他還沒完成惠普的戰略計劃之時，他就因陷入財政和性愛雙重丑聞而被掃出局。

　　That job now falls to Mr Apotheker.

　　如今重任落在了Mr Apotheker肩上。

　　The firm s PC business is the world s biggest, but is not as profitable as HP s other units.

　　惠普的個人電腦業務規模居全球之首，但利潤還是比不上惠普的其它業務。

　　What is more, most buyers of HP s machines are consumers, whose demands shift faster andmore whimsically than those of corporate customers.

　　此外，惠普的大多數客戶是消費者，相比那些企業客戶，他們的口味變化既快又古怪。

　　So HP intends to turn its PC business into a separate unit and then spin it off.

　　因此，惠普想要將其個人電腦業務獨立出來，并爭取擴大利潤。

　　Buying Autonomy also helps HP to move onto higher-margin terrain: the British firm soperating margins exceed 40%.

　　收購Autonomy也幫惠普進軍更大利潤的領域：這個英國公司的盈利空間超過40%。

　　But the main reason HP paid a 64% premium for its shares seems to be that it believes thatAutonomy s technology could be turned into a platform to help companies make sense oftheir ever-growing pile of data.

　　但是惠普愿意購買64%的股份似乎是因為它相信Autonomy的技術可以轉變為一個平臺，這個平臺有助于企業處理其日益增長的數據。

　　This includes not only structured data, but also the unstructured kind, which now makes upmore than 80% of the information that flows through a typical company.

　　不僅包括結構化數據，還包括那些如今構成一個典型企業80%信息量的非結構化數據。

　　Such a platform would allow firms to do some nifty things.

　　這樣一個平臺使得企業做事更有效率。

　　A retailer, for instance, might decide how much beer to stock based not just on previoussales records, but also on weather forecasts, party chatter on social media and schedulesfor sports matches.

　　比如，一個零售商不僅可以之前的銷售記錄為依據，還可以天氣預報、媒體上的黨派言論以及體育項目的記事日程來決定啤酒的囤貨量。

　　All this sounds sensible.

　　這一切聽起來似乎都很明智。

　　But establishing a new platform and ultimately becoming a firm that looks much like IBM isa tall order.

　　但建立一個新的平臺并最終成就一個類似IBM的企業并非易事。

　　Many other firms are also jostling to become the main interpreter of corporate data.

　　很多企業也在處理企業數據領域相爭得你死我活。

　　To reach its goal of having software generate 8-9% of its revenues by 2023, up from lessthan 3% today, HP will probably have to make further acquisitions.

　　惠普的計劃是在2023年之前使得軟件盈利占其收入的8-9%，而今天軟件為惠普帶來的收入只占了3%，要完成這一目標，惠普可能要再并購其他企業。

　　And its services business is mainly about keeping IT systems running, not about helping firmsreinvent themselves.

　　而惠普的服務業主要著眼于保持IT系統正常運轉，而不是重構企業本身。

　　Given the difficulties, it is not surprising that many shareholders have bolted.

　　考慮到這些困難，那么大多數股東打退堂鼓也就不足為奇了。

　　But HP and its new boss should not be faulted for trying.

　　但不應該譴責惠普及其新老總的嘗試。

　　They have little alternative, if they wish to avoid becoming a collection of commoditybusinesses.

　　如果他們想要避免淪落為一個商品企業，那么他們就別無他選。

　　Technology is a brutal business, says Mr Apotheker. If you don t innovate and reinventyourself, you will become obsolete.

　　技術行業是很殘忍的， Apotheker說道，如果你不自我創新，那遲早會被淘汰。

　　詞語解釋

　　1.vision n.視力;視覺

　　I ve had my eyes tested and the report says thatmy vision is perfect.

　　我的眼睛檢查過了，檢查報告說我的視力非常好。

　　2.obsolete a.已廢棄的;過時的

　　The army plans to phase out the equipment as itbecomes obsolete.

　　軍隊計劃淘汰這些設備，因為它們已經報廢了。

　　3.investor n.投資者

　　My nephew is a cautious investor.

　　我侄子是個小心謹慎的投資者。

　　4.announcement n.通告;宣布

　　The government s announcement is seen as a move towards settling the strike.

　　政府的通告已被視為邁向解決罷工問題的一步。

　　5.autonomy n.自治;自治權

　　The separatist is demanding full autonomy for their state.

　　分裂主義者在要求他們的州完全自治。

　　HP s grand vision

　　惠普的遠大宏景

　　Aping IBM

　　效仿IBM

　　HP needs to transform itself if it is to avoidbecoming obsolete

　　若想避免被淘汰，惠普需要自我更新

　　WHEN the board of HP, the world s largest computer-maker, unveiled plans to restructure, itexpected the company s shares to suffer; but not to crash by 20%.

　　當全球最大的計算機制造商惠普的董事會公開了其改組計劃之后，它預計公司的股份會下跌，但沒想到會下跌20%。

　　HP s bosses thought investors would love their plan to spin off the firm s low-marginpersonal-computer business, but be wary of their plan to buy Autonomy, a Britishsoftware-maker, for a handsome $10.3 billion.

　　惠普的股東們以為這個讓惠普低毛利的個人電腦得以大賺一筆的計劃會受到投資人的喜愛;而103億美元高額收購Autonomy的計劃則會使投資人躊躇不前。

　　In fact, they hated both ideas. On August 19th, the day after the announcement, theywiped $12 billion off HP s market value.

　　事實上，投資人對這兩個計劃都沒興趣。惠普對外宣稱其計劃的第二天，8月19日，惠普的市值下降了120億美元。

　　One problem was that the announcement left unclear what HP wanted to do with its PCunit and why exactly it intends to pay so much for Autonomy. Another factor was that manyof the firm s shareholders are short-termists, who were scared away by lowered revenue andprofit forecasts.

　　一方面，這此宣告并沒有明確講明惠普對其個人電腦有何打算，也沒有說明它為什么要以如此高額來收購Autonomy;另一方面，惠普的很多股東都是短期投資人，他們被低收入以及低利率前景嚇到了。

　　But the big problem is that LoApotheker, HP s newish boss, is taking a huge gamble.

　　但最大的問題在于惠普的新老板Lo Apotheker這次玩大的：

　　He is trying to follow the example of IBM, by reducing HP s dependence on hardware andpushing up into software and services.

　　他打算效仿IBM，減少惠普對硬件的依賴，而轉向軟件和服務業務。

　　To grasp what HP has in mind, one has to understand the two main currents in the ITindustry.

　　要弄清楚惠普腦袋里裝的是什么，就要先知曉目前IT行業的兩股主要潮流：

　　First, nearly any new technology quickly becomes a commodity that is easily copied andhence not very profitable.

　　第一，幾乎所有的新技術都會一夜之間成為簡單復制的商品，因此利潤也有限。

　　This is why IT firms are always trying to move up the stack into software and services, wheremargins are higher.

　　這就是為什么IT公司總是想辦法進軍躋身利潤更加豐厚的軟件業和服務業。

　　Second, the biggest IT firms typically control what is known as a platform: a digitalfoundation on which others build their products, such as Microsoft s Windows.

　　第二，典型的大型IT企業會操控一個平臺：一個他人會在上面創建電子產品的基礎，如同微軟的Windows。

　　This allows them to capture a disproportionate share of the industry s profits.

　　這使得它們得以獲得份額不一地利潤。

　　HP seems to have ignored both currents, at least in the past decade. Carly Fiorina, its bossfrom 1999 to 2005, merged with Compaq, another computer-maker, in a deal worth $25billion.

　　至少過去十年來，惠普似乎對兩股潮流都視而不見。惠普1999年至2005年的總裁Carly Fiorina以250億美元并購了另一家電腦制造商Compad。

　　Mark Hurd, her successor, cut costs but was ousted in 2010 after a dust-up over sex andexpenses before he could fix the firm s strategy.

　　Carly Fiorina的后繼人Mark Hurd降低了支出，但2010年，他還沒完成惠普的戰略計劃之時，他就因陷入財政和性愛雙重丑聞而被掃出局。

　　That job now falls to Mr Apotheker.

　　如今重任落在了Mr Apotheker肩上。

　　The firm s PC business is the world s biggest, but is not as profitable as HP s other units.

　　惠普的個人電腦業務規模居全球之首，但利潤還是比不上惠普的其它業務。

　　What is more, most buyers of HP s machines are consumers, whose demands shift faster andmore whimsically than those of corporate customers.

　　此外，惠普的大多數客戶是消費者，相比那些企業客戶，他們的口味變化既快又古怪。

　　So HP intends to turn its PC business into a separate unit and then spin it off.

　　因此，惠普想要將其個人電腦業務獨立出來，并爭取擴大利潤。

　　Buying Autonomy also helps HP to move onto higher-margin terrain: the British firm soperating margins exceed 40%.

　　收購Autonomy也幫惠普進軍更大利潤的領域：這個英國公司的盈利空間超過40%。

　　But the main reason HP paid a 64% premium for its shares seems to be that it believes thatAutonomy s technology could be turned into a platform to help companies make sense oftheir ever-growing pile of data.

　　但是惠普愿意購買64%的股份似乎是因為它相信Autonomy的技術可以轉變為一個平臺，這個平臺有助于企業處理其日益增長的數據。

　　This includes not only structured data, but also the unstructured kind, which now makes upmore than 80% of the information that flows through a typical company.

　　不僅包括結構化數據，還包括那些如今構成一個典型企業80%信息量的非結構化數據。

　　Such a platform would allow firms to do some nifty things.

　　這樣一個平臺使得企業做事更有效率。

　　A retailer, for instance, might decide how much beer to stock based not just on previoussales records, but also on weather forecasts, party chatter on social media and schedulesfor sports matches.

　　比如，一個零售商不僅可以之前的銷售記錄為依據，還可以天氣預報、媒體上的黨派言論以及體育項目的記事日程來決定啤酒的囤貨量。

　　All this sounds sensible.

　　這一切聽起來似乎都很明智。

　　But establishing a new platform and ultimately becoming a firm that looks much like IBM isa tall order.

　　但建立一個新的平臺并最終成就一個類似IBM的企業并非易事。

　　Many other firms are also jostling to become the main interpreter of corporate data.

　　很多企業也在處理企業數據領域相爭得你死我活。

　　To reach its goal of having software generate 8-9% of its revenues by 2023, up from lessthan 3% today, HP will probably have to make further acquisitions.

　　惠普的計劃是在2023年之前使得軟件盈利占其收入的8-9%，而今天軟件為惠普帶來的收入只占了3%，要完成這一目標，惠普可能要再并購其他企業。

　　And its services business is mainly about keeping IT systems running, not about helping firmsreinvent themselves.

　　而惠普的服務業主要著眼于保持IT系統正常運轉，而不是重構企業本身。

　　Given the difficulties, it is not surprising that many shareholders have bolted.

　　考慮到這些困難，那么大多數股東打退堂鼓也就不足為奇了。

　　But HP and its new boss should not be faulted for trying.

　　但不應該譴責惠普及其新老總的嘗試。

　　They have little alternative, if they wish to avoid becoming a collection of commoditybusinesses.

　　如果他們想要避免淪落為一個商品企業，那么他們就別無他選。

　　Technology is a brutal business, says Mr Apotheker. If you don t innovate and reinventyourself, you will become obsolete.

　　技術行業是很殘忍的， Apotheker說道，如果你不自我創新，那遲早會被淘汰。

　　詞語解釋

　　1.vision n.視力;視覺

　　I ve had my eyes tested and the report says thatmy vision is perfect.

　　我的眼睛檢查過了，檢查報告說我的視力非常好。

　　2.obsolete a.已廢棄的;過時的

　　The army plans to phase out the equipment as itbecomes obsolete.

　　軍隊計劃淘汰這些設備，因為它們已經報廢了。

　　3.investor n.投資者

　　My nephew is a cautious investor.

　　我侄子是個小心謹慎的投資者。

　　4.announcement n.通告;宣布

　　The government s announcement is seen as a move towards settling the strike.

　　政府的通告已被視為邁向解決罷工問題的一步。

　　5.autonomy n.自治;自治權

　　The separatist is demanding full autonomy for their state.

　　分裂主義者在要求他們的州完全自治。