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8/3/2019 Achieving High Performance in the Semiconductor Industry
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Achieving HighPerformance in the
Semiconductor Industry
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Constant change is a fact of life in all areas of the high-tech industry, including semiconductors.In fact, one could argue that never before havesemiconductor companies been forced to confrontthe amount of change currently rippling throughthe sector. From the current economic downturn tothe rise of the multi-polar world to consolidations,alliances and business model shifts—all are havinga tremendous impact on semiconductor companies’operations, competitiveness and profitability.
To help shed light on actions semiconductorcompanies should take in response to today’schallenges, Accenture recently researched dozensof companies across the three semiconductorsegments—fabless, foundry and IDM. Our effortsrevealed three semiconductor companies thatmeet Accenture’s definition of a high-performancebusiness: two fabless companies and a foundry.By studying these leaders further, we identified
some of the characteristics and practices thatcan help any semiconductor company take stridestoward achieving high performance in an industryundergoing substantive and unpredictable change.
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The year 2009 will continue to be a
very challenging one for semiconductor
companies. According to various
analysts’ estimates, the market will
decline substantially this year—ranging
from a 5.5 percent drop predicted
by the Semiconductor Industry
Association to a 16.3 percent slide
expected by Gartner Dataquest.
Yet history also tells us thesemiconductor industry is highly cyclical,
as Figure 1 illustrates. And, in fact, most
observers are predicting the industry
to rebound in 2010, with the recovery
beginning to take hold in late 2009.
Growth is expected to be the most
robust between 2008 and 2012 in the
microcomponents and logic segments,
which are projected to post growth
rates of 3.6 percent and 3.4 percent,
respectively, during that time frame1.
Against this industry backdrop, fourmain trends are influencing the direction
of the semiconductor industry, each of
which results in distinct challenges for
semiconductor companies.
The continued dominance of Asia
Asia Pacific’s economic performance,
led by China and India, will continue to
outpace that of other regions—driven
in large part by increased foreign
investment to capitalize on the region’s
low manufacturing costs and strong
domestic demand. In fact, Asia Pacific’s
share of total worldwide semiconductor
revenue is expected to increase from 54percent in 2007 to 62 percent by 20122.
Indeed, 65 percent of the world’s top 20
semiconductor companies derived more
than 40 percent of their revenues from
the Asia Pacific region in 20083.
Beyond manufacturing, the region also
is attracting growing investment in
research and development. According
to a recent survey, China was named
by 60 percent of respondents as one
of the top-three most attractive
locations for R&D—outpacing theUnited States (40 percent), India (30
percent) and the United Kingdom
and Russia (15 percent each)4.
Greater shift to fablessoperations
Escalating manufacturing costs have led
to a sharp increase in the outsourcing
of manufacturing processes. In fact,
the industry’s larger players now are
focusing much more on product design
rather than on non-core manufacturing
processes. As a result, IP has become
more strategic than ever to maintainingtechnology leadership and market share.
1. iSuppli – Global Integrated Device Manufacturing
H2 2008 Market Tracker, 07 Jan 2009
2. Source: Gartner Dataquest 2008 [Forecast
Database: Semiconductors, Asia/Pacific, 2003-2012
(4Q08 Update)]
3. Source: iSuppli Nov 2008, Accenture Research
4. Source: PWC, July 08, UNCTAD 2005/2009
Four trends challenging the industry
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Acceleration of the development
of alliancesAlong with manufacturing costs,
semiconductor companies’ R&D costs
have risen dramatically as well, spurring
companies to seek ways to maintain the
R&D investment at the level required
to keep pace with Moore’s Law. Indeed,
R&D spending for the semiconductor
industry is one of the highest in the
electronics/high-tech market. In
2007, for instance, 54 percent of the
semiconductor industry’s top players
spent up to 20 percent of sales on R&D,while 46 percent spent between 21
percent and 40 percent5.
In response, many companies have
begun forming strategic alliances and
partnerships to spread R&D costs
among a greater number of companies.
One prominent example of such
collaboration is the IBM Common
Platform Alliance, which includes 10
leading semiconductor companies
and accounts for $18 billion in capital
expenditure or roughly 34 percent of the
total semiconductor industry’s capitalexpenditure in 2007 ($54 billion). The
companies in the alliance also have
recorded R&D spending of $19 billion
in 2007, which represents 49 percent
of the total industry’s R&D spending of
$40.9 billion6.
Further consolidation of theindustry
Although forming alliances is still the
preferred strategy for reducing R&D
and manufacturing costs, mergers andacquisitions remain an alternative that
can enable a semiconductor company
to gain strategic assets to quickly
strengthen its product portfolio.
Such activity is not limited to one
segment of the industry. Fabless
players are targets for IDMs seeking to
acquire new technology and increase
their economies of scale, while fabless
companies are acquiring other fabless
businesses to reinforce their strategic
assets (especially, their IP). However,
while offering the opportunity toacquire key capabilities, mergers and
acquisitions can seriously disrupt
employee morale and organization
effectiveness if not managed
continuously and comprehensively.
5. Source: iSuppli - McLean Report 2007 & 2008Editions *note: based on Gartner Dataquest’s 2006
CAPEX reports.
6. Source: iSuppli - McLean Report 2007 & 2008
Editions *note: based on Gartner Dataquest’s 2006
CAPEX reports
0
50
100
150
200
250
300
-40
-30
-20
-10
0
10
20
30
40
2007200620052004200320022001200019991998199719961995199419931992
25% 8%-12% 3%-7%
Global Semiconductor cyclical Market growth 1992-2007
CAGR
$ Billion % Growth
274263
238
178
153
170
155
111
8679
222
156
222
139148
141
Figure 1. The semiconductor market is highly cyclical
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As part of our ongoing research on the
characteristics of high-performancebusinesses, Accenture has answered
that important question by devising
an objective definition of high
performance—one that is based on
quantifiable metrics—and applying
that definition to companies across
36 industry segments, including the
semiconductor industry. In all, Accenture
studied more than 6,000 companies as
part of this effort.
Accenture defines a high-performance
business as one that:
• Effectivelybalancescurrentneedsand
future opportunities
• Consistentlyoutperformspeersin
revenue growth (three-year andseven-year compound annual growthrate), profitability (three-year andseven-year spread, that is, return oninvested capital), future value (seven-year change and seven-year level inrelative future value), and total returnto shareholders (over three, five, sevenand 10 years)
• Sustainsthissuperiorityacrosstime,business cycles, industry disruptionsand changes in leadership
We evaluated 42 semiconductor
companies (each with greater than$450 million in annual revenue)
across the three main segments of
the semiconductor industry—fabless,
foundry and IDM (Figure 2)—against
these criteria, and found only three
companies met Accenture’s criteria
for high-performance: two fabless
companies and one foundry. Tellingly,
no IDMs met Accenture’s criteria,
which clearly reflects the difficulty this
segment has balancing their unwieldy
cost structure with lower demand
and volume. Furthermore, reinforcing
the trend of increased influence and
importance of Asia Pacific, two of the
three high-performance businesses in
the semiconductor industry are based in
the Asia Pacific region.
Defining high performance
In such a challenging market, it’s paramount
for semiconductor companies to achieve high
performance if they want to thrive both todayand beyond. But what exactly do we mean by
high performance?
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Figure 2. Our high-performance business research spanned the three main semiconductorindustry segments
Marketing/Sales B2B*
IDM Model
Design/IP systemsDesign/IP Systems Manufacturing
Fabless Model Foundry Model
* Business to business sales
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Variable to be Tested Hypothesis
Operating Model Companies implementing the fabless or “fab-lite” business model fortheir integrated circuit production are generally high performers.
Mergers and Acquisitions Companies with a higher propensity to consolidate with othercompanies are generally high performers
Product Portfolio Companies that focus on specializing instead of diverse product linesare high performers.
End-User Markets / Distribution Channel High performers serve a broader variety of end-user markets (forexample, PCs, consumer electronics, mobile phones and automobiles).
Product Life Cycle Management High performers have adopted product lifecycle management solutionsto improve the efficiency of product development and collaborationamong their engineering-centric processes.
After identifying the three high-performance
businesses, we sought to uncover some of the
reasons these companies excel. To help in thateffort, Accenture developed five hypotheses to test
several qualitative variables to understand what
drives high performance in the semiconductor
industry (Figure 3).
The drivers of performance in the semiconductor industry
Figure 3. Our hypotheses about high performance in the semiconductor industry
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The first hypothesis relates to a
company’s operating model. We
hypothesized that companies
implementing the fabless or “fab-lite”
business model for their integrated
circuit production are generally high
performers. We found ample evidence
to support this assertion. For starters,
two of the three high-performance
businesses we identified are fabless
companies—and none is an IDM. We
further found that between 2004
and 2007, fabless semiconductors
companies outperformed IDMs in
three key areas: revenue growth (20.4
percent versus 8.9 percent), spread
(0.18 percent versus -3.1 percent) andtotal return to shareholders (2.4 percent
versus 2.2 percent). These findings
lend credence to the notion that the
absence of costly manufacturing
assets and processes is correlated
with better financial performance.
The preceding also helps explain why
most semiconductor companies in the
peer set we analyzed—63 percent—are
either going fabless or embracing
the fabless model to some extent
in response to the fact that risingmanufacturing costs are not being
offset by an increase in revenue. In fact,
manufacturing costs across the industry
have risen an estimated 10 percent to 15
percent year over year, compared with
revenue increases that have averaged 4
percent to 5 percent7.
The second hypothesis involved
merger and acquisition activity.
We posited that companies with a
higher propensity to consolidate with
other companies are generally high
performers. However, our research
revealed no definitive correlation
between acquisitive propensities and
high performance in the semiconductor
industry—but that doesn’t mean M&A
cannot generate positive results for
semiconductor companies. Indeed, as
previously mentioned, semiconductor
companies typically have embarked
on M&A activities to acquire strategic
assets, rather than to explicitly boost
short-term growth. Investors appearto have rewarded such selective and
value-accretive acquisitions. As shown
in Figure 4, acquisitive companies
are more likely to have generated
higher total return to shareholders
and three-year spread than their non-
acquisitive peers. However, to generate
the value from such combinations,
semiconductor companies not only must
be able to effectively integrate the
operations of the combining entities,
but also must blend the mergingcultures and address directly the loss
of control and transition necessary to
sustain the operation of the internal
and newly acquired resources.
Our third hypothesis related to product
portfolio. We hypothesized that high
performers are more likely to focus
on specialization instead of diverse
product lines. We did, in fact, find that
high-performance businesses in the
semiconductor industry are more likely
to specialize in one product segment.
In fact, of the top 25 semiconductor
companies, 17 derived more than 70
percent of their total revenues from
one IC product segment in fiscal
year 2007. Furthermore, one of the
high-performance businesses in the
semiconductor industry, a fabless
company, generated 100 percent of its
total revenue from one segment, whilethe foundry in our high-performance
business group generated 72 percent
of its sales from the same segment.
The current trend toward specialization
largely is being driven by the rising
costs of conducting research and
building fabs, as well as the advantages
of owning patents and having a
deep knowledge base about specific
products. As a result, high-performance
businesses tend to focus their research
in particular product areas, wherethey can potentially develop a design
advantage that, if it persists for a
business cycle or two, may force
competitors to shift their own focus and
abandon the product.
7. Gartner Dataquest Telebriefing: Financial
Challenges Facing the Semiconductor Industry,
January 2008
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Spread is equal to the Return on Invested Capital less the Capital Charge (ROIC-WACC)
Elpida
International Rectifier
Samsung
Toshiba
Sun
AMD
Micron
InfineonROHM
TI
Intel
STM
National Semiconductor
Fujitsu
Matsushita
Analog Devices
Maxim Integrated
Philips
-35%
-25%
-15%
-5%
5%
15%
25%
-20,00% -10,00% 0,00% 10,00% 20,00% 30,00%
3
y e a r s
T R S
3 years Spread
Industry Mean. 0.4%
Industry Mean. -2.0%
Acquisitive Cie
Non acquisitive Cie
Acq. Cie Mean. 1.3%
Acq. Cie Mean. 8.9%
Non Acq. Cie Mean. -4.9%
Non Acq. Cie Mean. -2.6%
11
Our fourth hypothesis focused on
distribution channels and end-usermarkets. We wanted to test the notion
that high-performance businesses are
more likely to serve a broader variety
of end-user markets (for example, PCs,
consumer electronics, mobile phones
and automobiles) as opposed to being
narrowly focused on one or a few
markets. Our research refuted this
hypothesis. Our three high-performance
businesses in the semiconductor
industry derive the bulk of their
revenues from one or two end-user
application categories (with one of the
companies generating 100 percent of
its revenue from a single market). This
finding makes sense when one considers
that market share in most mature
semiconductor industry sub-segments
is likely to be dominated by one or two
leading companies.
The fifth hypothesis related to
product life cycle management. Wehypothesized that a contributor to
high performance was a product
lifecycle management solution that
helps improve the efficiency of product
development and collaboration among
a company’s engineering-centric
processes. According to our research,
there does not seem to be any direct
correlation between the use of product
lifecycle management solutions and
high performance in the semiconductor
industry. In fact, the vast majority
of semiconductor companies we
studied have adopted product lifecycle
management to improve the efficiency
of product development and enhance
collaboration among their engineering-
centric processes—suggesting
product lifecycle management has
become a “table stakes” capability
that all companies need to compete
successfully. This is especially true inlight of the ongoing challenge that both
IDM and fabless companies have in
managing the ever-decreasing product
lifecycle and increasing R&D investment
required to remain competitive. In fact,
the emerging trend is companies moving
beyond product lifecycle management
toward IP maturity models and
ecosystems, which provide the full range
of innovative assets and capabilities
necessary for a semiconductor company
to most effectively leverage its IP for
differentiation in the marketplace.
Figure 4. Acquisitive companies are more likely to have generated higher total return toshareholders and three-year spread than their non-acquisitive peers.
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Market focus and position
High-performance businesses haveremarkable clarity when setting
strategic direction, and understand
intuitively where and how they can
have the greatest impact on the
value chain. They also are adept at
anticipating marketplace and industry
changes and quickly adjusting their
business models accordingly to
capitalize on the new opportunities
those changes make possible.
The foundry in our group of high-
performance businesses has been
extremely adept at teaming with fabless
and IDM companies to deliver the
largest portfolio of process-proven IP
and libraries, as well as the industry’s
most advanced design ecosystem. As
a result, the company dominates the
foundry business with a market share
of nearly 50 percent which, in turn,
provides the required scale to make
large plant investments profitable.
The fabless high-performance businesses
have an adaptive strategy that enables
them to focus on the most profitable
segments and product mix. As a result,
they can move quickly to capitalize on
new business opportunities and exitbusinesses that are past their prime.
Distinctive capabilitiesHigh-performance businesses are
experts in translating ideas into
results by effectively focusing their
efforts and capital only on the most
critical processes and capabilities,
and relentlessly pursuing continuous
improvements while being on the edge
of revolutionary change.
One of the fabless companies inthe group we identified as high-
performance businesses has been
extremely adept at developing the
capabilities that generate a high level
of productivity and efficiency. For
instance, the company has relationships
with a number of advanced silicon
foundries nearby, which helps reduce
supply chain costs and time to market.
Furthermore, the company uses
advanced manufacturing techniques
for wafers and back-end packagingto reduce its product costs and
establish material supply advantages.
The other fabless company recognizes its
lifeblood is innovation, and strategicallyinvests in capabilities and long-term
initiatives that can help it stay well
ahead of competitors. Specifically,
the company has created strong IP
portfolios and distinctive embedded
software that enable rapid adoption by
designers around the globe and create
the “design wins” necessary for fabless
companies to continue to grow. In
addition, with no fixed-asset concerns,
the company is better able to invest
in the growth of its IP ecosystem for
licensing, royalty and differentiation
in the market place. Given the
consolidation of the foundry, assembly
and test services segments, the trend
toward IP ecosystem growth likely will
continue at least until the mid-2010s.
In a segment where efficiency and
productivity are critical, the foundry
has developed a robust capability that
enables the company to collaborate
tightly with its customers from
A framework for high performance in thesemiconductor industry
The Accenture High Performance Business research
initiative has identified three building blocks of
high performance, which help to further illustrate
some of the practices and capabilities that have
enabled the three high-performance businesses
in the semiconductor industry to post superior
results: market focus and position, distinctive
capabilities and performance anatomy.
This document is produced by Accenture as general
guidance. It is not intended to provide specific
advice on your circumstances. If you require advice
or further details on any matters referred to, please
contact Accenture.
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end to end to optimize design and
manufacturing efficiencies. Thiscapability is a suite of leading Web-
based applications that give the
designers at the company’s customers a
more active role in design, engineering
and logistics. For instance, designers
have access to critical information and
can create custom reports using the
online capability. By connecting with its
customers so completely, the foundry
gives customers total visibility into the
supply chain, which in turn, helps reduce
cycle time, inventory and inventory-
related costs.
Performance anatomyHigh-performance businesses possess
certain mindsets and associated
practices—driven by the organization’s
culture and leadership—that enable them
to quickly create and shape markets;
sustain superior levels of workforce
productivity; and persistently strive to
renew themselves.
For semiconductor companies, much of the performance anatomy driving high
performance centers on innovation,
which is critical to any semiconductor
company’s ability to compete. And
with the engineering workforce
largely determining the effectivenessof a company’s innovation efforts, a
performance anatomy that enhances
the effectiveness and productivity of
engineers is vital.
However, the changes buffeting the
semiconductor industry are having
a major impact on the engineering
workforce. Morale and productivity
among engineers is eroding rapidly as
they gradually lose control over key
aspects of their jobs, watch as valued
colleagues switch jobs in pursuitof greater stability and struggle to
understand the new performance
metrics with which they are measured
and managed.
The most successful semiconductor
companies make deliberate, targeted
investments in engineering professionals’
training and development to help ensure
they have the skills to be productive.
They also conduct periodic reviews of
engineers’ career paths and succession
plans to give engineers the insights theyneed to progress within the company.
In addition, by conducting regular
assessments of engineers’ mindsets
and perceptions—such as a quarterly
employee survey—high-performancebusinesses in the semiconductor
industry help executives keep tabs on
the overall mood of the workforce and
identify possible issues to deal with
before they become a drag on morale
and productivity.
13
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There’s no question that semiconductor
companies are facing a number of
strong challenges that are inherent to
the industry. Escalating costs, especially
in product design, combined with a
slowdown in demand and volume is
substantially increasing pressure on
semiconductor companies’ profitability.
Exacerbating the preceding are the ever-
present time-to-market pressures and
significant penalties for being late to a
market. And as companies continue to
pursue scale and strategic assets, they
are pressured to step up their pursuit of
M&A activities to preserve market share.
Furthermore, IP integration andverification is increasingly costly and
complex. As companies are forced
to continually acquire third-party IP
and implement across diverse product
platforms, they must address both
functional unit, sub-system and system
level verification which, in chipset and
CPU/GPU, is far from simple. In addition,
mixed-signal and analog devices have
a higher level of physical validation
required given the complex and critical
systems in which they may end up.
Finally, managing changes in partners’
business models also has become much
more difficult. In fact, the lines between
original equipment manufacturers,
device manufacturer and service
provider continues to blur. For example,
semiconductor companies now may
be working directly with distributors
to create reference designs for small
and medium businesses. Furthermore,
retailers are moving into private-
label brands, a shift that will requiresemiconductor companies to sell
directly to a company that formerly was
a business partner at the end of the
supply chain.
However, the good news is that in
those challenges are opportunities
for semiconductor companies that
can achieve the right market focus
and position, develop the distinctive
capabilities and build the performance
anatomy that can help them achieve
high performance.
For all segments of the semiconductor
industry, innovation and continuous
investment in R&D will be key to
withstanding the economic downturn
and preparing for next-generation
opportunities. Companies that are able
to strike effective alliances or join the
right consortia to reduce their R&D
cost burden, as well as acquire strategic
IP assets that can provide a strong
competitive differentiation, will be more
likely to thrive.For their part, foundries should
consider further alliances and mergers
or acquisitions with semiconductor
assembly and test services companies to
provide faster time-to-market solutions
for customers. Given the continued
escalation in the investment required
for next-generation process and design
Conclusion
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technology, the service companies
that can leverage common platforms
and manufacturing alliances will be
better able to focus free cash flow
on investments in unique innovations
in manufacturing technology.
Furthermore, by 2012 we may even
see the reconstitution of foundry or
semiconductor assembly and test
services companies into complete IDMS
offering true design services directly to
original equipment manufacturers or IP
design houses.
To reduce their manufacturing cost
structure, IDMs should focus on a
more strategic offering by expandingtheir manufacturing outsourcing and
partnering approach to sustain future
growth. IDMs that can cost-effectively
offer manufacturing services should do
so. However, in Accenture’s experience,
few IDMs can provide service at the
same level of efficiency as embedded
competitors. Instead, IDMs must
make strategic investment in the
manufacturing roadmap and link it to
the product roadmap to maximize the
efficiency of their fixed assets.
Finally, semiconductor assembly and
test services companies themselves are
becoming the new enabler for Moore's
Law, offering a fast time to market,
short manufacturing cycles and flexible
integration processes. Semiconductor
companies pursuing high performance
should consider how they could leverage
such companies to further focus on their
core competency and shed unnecessary
operating costs.
The new world in which semiconductor companies
operate is, indeed, fraught with challenges, but it also
is rife with opportunities. Semiconductor companies
that can strike a compelling market position and
focus, develop key distinctive capabilities to penetrate
chosen markets, and foster a performance anatomy
that strongly supports innovation will be well on their
way toward high performance in this dynamic andunpredictable industry.
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Copyright © 2009 Accenture
All rights reserved.
Accenture, its logo, andHigh Performance Deliveredare trademarks of Accenture.
About Accenture Accenture is a global managementconsulting, technology servicesand outsourcing company.Combining unparalleled experience,comprehensive capabilities acrossall industries and business functions,and extensive research on the world’smost successful companies, Accenturecollaborates with clients to help thembecome high-performance businessesand governments. With approximately180,000 people serving clients in over120 countries, the company generatednet revenues of US$23.39 billion forthe fiscal year ended Aug. 31, 2008. Itshome page is www.accenture.com.
To learn more about how Accenturecan help your company achieve highperformance, please contact:
Scott GrantSemiconductor Segment Lead+1 602 337 4388
Accenture Research is Accenture’sglobal organization devoted toBusiness and Strategic analysis
Bouchra Carlier+33 153235039A&D research