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「開発生産性」ではなく「事業生産性」こそが本質~ ROICで紐解く、開発の「稼ぐ力」の最大化 ~
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ワンキャリアTech
March 03, 2026
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「開発生産性」ではなく「事業生産性」こそが本質~ ROICで紐解く、開発の「稼ぐ力」の最大化 ~
AI事業開発室室長の江副が、イベント「EMConf JP 2026」にて登壇した際の資料となります。
イベントページ:
https://2026.emconf.jp/
ワンキャリアTech
March 03, 2026
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Transcript
ʮ։ൃੜ࢈ੑʯͰͳ͘ʮࣄۀੜ࢈ੑʯ͕ͦ͜ຊ࣭ ~ ROICͰඥղ͘ɺ։ൃͷʮՔ͙ྗʯͷ࠷େԽ ~ 2026 3݄4 EMConf גࣜձࣾϫϯΩϟϦΞ ߐ෭ ྿ਓ
Career झຯ ͻͱ͜ͱ ࣗݾհ Copyright © ONE CAREER Inc. All
Rights Reserved. 2 ߐ෭ ྿ਓ גࣜձࣾϫϯΩϟϦΞ AIࣄۀ։ൃࣨ ࣨ ITελʔτΞοϓ2ࣾ → ϫϯΩϟϦΞ ݑ๏ͷྫΛಡΉ͜ͱ ຊΑΖ͓͘͠ئ͍͠·͢ʂ
Copyright © ONE CAREER Inc. All Rights Reserved. ϛογϣϯ 3
ਓͷ͚ͩɺ ΩϟϦΞΛͭ͘Δɻ ଟ͘ͷਓʹͱͬͯࣄਓੜͰ࠷࣌ؒΛࢿ͢ΔରͰ͋ΔʹؔΘΒͣɺ ࣄબͼʹؔͯ͠ҙࢥܾఆͷج४ͱͳΔΑ͏ͳσʔλ͕গͳ͘ɺ ͍·ͩʹब৬͔ͯ͠Βޙչ͢Δਓ͕ޙΛઈͨͳ͍ঢ়گͰ͢ɻ ࢲͨͪɺͯ͢ͷݸਓͷΩϟϦΞʹ͖߹͍ɺΩϟϦΞσʔλΛूΊɺ ଟ༷Խ͢Δੈͷதʹ͓͍ͯࣄબͼͱ࠾༻׆ಈΛΞοϓσʔτ͍͖ͯ͠·͢ɻ
Copyright © ONE CAREER Inc. All Rights Reserved. ࣄۀ༰ 4
5 ͜Ε·ͰՄࢹԽ͞Ε͍ͯͳ͔ͬͨʮΩϟϦΞσʔλʯΛऩूɾ׆༻͠ɺब৬ɾ࠾༻ͷҙࢥܾఆΛαϙʔτɻ αʔϏεҰཡ 1. த్࠾༻ͷސ٬͚αʔϏεਓࡐհɺϝσΟΞαʔϏεΛఏڙɻ
Copyright © ONE CAREER Inc. All Rights Reserved. 0. ͡Ίʹ
5
Copyright © ONE CAREER Inc. All Rights Reserved. Q. EMʢΤϯδχΞϦϯάϚωʔδϟʔʣͱ
6
Copyright © ONE CAREER Inc. All Rights Reserved. ʮܦӦͱ։ൃݱΛܨ͙༁ऀʯ ʮ։ൃੜ࢈ੑʹΛ࣋ͭʯ
ʮΤϯδχΞͷ࠾༻ɾҭɾධՁͷׂΛ୲͏ʯ 7
Copyright © ONE CAREER Inc. All Rights Reserved. ʮܦӦͱ։ൃݱΛܨ͙༁ऀʯ ʮ։ൃੜ࢈ੑʹΛ࣋ͭʯ
ʮΤϯδχΞͷ࠾༻ɾҭɾධՁͷׂΛ୲͏ʯ ʮEMʯͱ͍͏ܕʹ·Ζ͏ͱ͍ͯ͠ͳ͍͔ʁ 8
Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ͍ɾߦಈ 9
Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ͍ɾߦಈ How
10
Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ͍ɾߦಈ ࣄۀͱεςʔΫϗϧμʔͷؐݩ
How Outcome ▼ ຊ࣭ 11
࣍ Copyright © ONE CAREER Inc. All Rights Reserved. 12
1. զʑ͕ಇ͘ҙٛ 2. ։ൃੜ࢈ੑͷ᠘ 3. ROICΛҙࣝͨ͠औΓΈ 4. EMͷଘࡏՁ
Copyright © ONE CAREER Inc. All Rights Reserved. • גࣜձࣾͰಇ͘ͱ
• ࢿՈ͕ٻΊΔϦλʔϯ • ΩϟϐλϧήΠϯͷΈ • ϑϦʔΩϟογϡϑϩʔʢFCFʣͱ • اۀՁͷࢉग़ํ๏ʢDCF๏ʣ • Ք͙ྗͱͯ͠ͷROICɺ݁Ռͱͯ͠ͷFCF • ROIC ≒ ࣄۀੜ࢈ੑ • ߴ·ΔROICͷॏཁੑ 1. զʑ͕ಇ͘ҙٛ 13
Copyright © ONE CAREER Inc. All Rights Reserved. גࣜձࣾ 14
גࣜձࣾͰಇ͘ͱ ࢲͨͪͷଟ͕͘Λஔ͘ʮגࣜձࣾʯͷຊ࣭ɺࢿՈʢגओʣ͔ΒࢿຊΛूΊɺࣄۀ׆ಈΛ௨ͯͦ͡ͷՁΛ ࠷େԽ͢Δʹ͋Δɻग़ͨ͠རӹΛదʹࢿՈʹؐݩ͠ɺ͞ΒͳΔࢿΛݺͼࠐΉ॥Λங͘͜ͱ͕ͦ͜ɺ اۀͷ ଘଓͱ࣋ଓతͳΛࢧ͑ΔେલఏͰ͋Δɻ גओ גࣜձࣾ ग़ࢿ اۀՁͷɾརӹؐݩ
Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯɾΠϯΧϜήΠϯ 15
ࢿՈ͕ٻΊΔϦλʔϯ ࢿՈ͕גࣜձࣾʹग़ࢿ͢ΔͷɺاۀՁͷͱརӹͷؐݩͷظ͔ΒͰ͋ΔɻاۀՁͷ্͕גՁ্ঢ ͱ࣮ͯ͠ݱ͢ΔʮΩϟϐλϧήΠϯʯͱɺग़͞Εͨརӹ͕ͳͲͷؐݩͱͳΔʮΠϯΧϜήΠϯʯ͕͋Δɻ ͜ͷೋ͕ͭɺࢿՈʹͱͬͯͷجຊతͳϦλʔϯͰ͋Δɻ ΩϟϐλϧήΠϯ ʢ=ച٫ʹΑΔརӹʣ ΠϯΧϜήΠϯ ʢ=อ༗ʹΑΔརӹʣ اۀՁͷʹΑΔ גՁ্ঢʹΑΔϦλʔϯ ʹΑΔܧଓతͳऩӹ ٻΊΔϦλʔϯ
Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯɾΠϯΧϜήΠϯ 16
ࢿՈ͕ٻΊΔϦλʔϯ ຊࢿྉͰΩϟϐλϧήΠϯʹযΛͯΔɻ اۀՁͷ্ʑͷࣄۀ׆ಈͷՌʹ݁͠ɺैۀһҰਓɹͻ ͱΓͷߦಈͱ࠷ڧ݁͘ͼ͍͍ͭͯΔ͔ΒͰ͋ΔɻҰํɺΠϯΧϜήΠϯͦͷݪࢿࣄۀՌʹґڌ͢Δͷ ͷɺํͷܦӦஅʹΑΔӨڹ͕େ͖͍ͨΊɺຊ߲Ͱର֎ͱ͢Δɻ ɹ ΩϟϐλϧήΠϯ ʢ=ച٫ʹΑΔརӹʣ ΠϯΧϜήΠϯ ʢ=อ༗ʹΑΔརӹʣ اۀՁͷʹΑΔ גՁ্ঢʹΑΔϦλʔϯ ʹΑΔܧଓతͳऩӹ ٻΊΔϦλʔϯ
Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯ •
גओגࣜͷച٫Ͱചങ ࠩӹΛಘΔ اۀՁ্ • কདྷͷFCFͷظ اۀՁ 17 ΩϟϐλϧήΠϯͷΈ ΩϟϐλϧήΠϯͷݯઘɺاۀՁͷ্ʹ͋Δɻ اۀՁɺকདྷੜΈग़͞ΕΔFCFʢϑϦʔΩϟογϡϑϩʔʣͷظʹΑͬͯܗ͞ΕΔɻ גՁ্ঢ • ࢢ͔ΒͷධՁ
Copyright © ONE CAREER Inc. All Rights Reserved. FCF 18
ϑϦʔΩϟογϡϑϩʔʢFCFʣͱ ϑϦʔΩϟογϡϑϩʔʢFCFʣɺاۀ͕ຊۀͰՔ͍ͩݱۚʢӦۀCFʣ͔Βɺࣄۀҡ࣋ʹඞཁͳઃඋࢿͳͲ ͷࢧग़ʢࢿCFʣΛࠩ͠Ҿ͍ͨʮࣗ༝ʹ͑Δ༨ࢿۚʯɻ ظटݱۚ ظݱۚ ӦۀCF ࢿCF ࡒCF FCF ӦۀCF ຊۀͷӦۀ׆ಈʹΑΔݱۚͷ૿ݮ ࢿCF ઃඋࢿͳͲͷࢿ׆ಈʹΑΔݱۚͷ૿ݮ FCF ࣗ༝ʹ͑Δ༨ࢿۚ ࡒCF ࢿۚௐୡͳͲͷࡒ׆ಈʹΑΔݱۚͷ૿ݮ ʴ ʹ Ωϟογϡ ϑϩʔ
Copyright © ONE CAREER Inc. All Rights Reserved. DCFʢDiscount Cash
Flowʣ๏ 19 اۀՁͷࢉग़ํ๏ʢDCF๏ʣ DCF๏কདྷFCFΛݱࡏՁʹׂΓҾ͖ɺͦͷ૯ͱͯ͠اۀՁΛࢉग़͢Δɻ ׂΓҾ͘ͷɺকདྷͷΩϟογϡऩӹੑෆ࣮֬ੑʹΑΓɺݱࡏͷ͓ۚͱՁͰͳ͍ҝͰ͋Δɻ PV ɿ ݱࡏՁɺFCFk : KͷϑϦʔΩϟογϡϑϩʔɺr : ׂҾ1 FCF1 FCF2 FCF3 FCF4 FCF5 ׂҾ ׂҾ ׂҾ ׂҾ PV1 PV2 PV3 PV4 PV5 ݱࡏՁ ظؒ 1ޙ 2ޙ 3ޙ 4ޙ 5ޙ ݱࡏ 1: ׂҾͱকདྷಘΒΕΔ͓ۚͷՁΛݱࡏͷֹۚʹͨ͢Ίͷɻ
Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 20
Ք͙ྗͱͯ͠ͷROICɺ݁Ռͱͯ͠ͷFCF FCFاۀՁͷݯઘͰ͋Δ͕ɺͦΕ͋͘·Ͱࣄۀ׆ಈͷ݁Ռʹա͗ͳ͍ɻ ʑͷӦΈʹ͓͍ͯΘΕΔ͖ɺࢿຊΛ͍͔ʹ༗ޮ׆༻͠ɺϦλʔϯΛ࠷େԽͤ͞Δ͔ͱ͍͏ʮՔ͙ྗʯʹ͋Δɻ Լࢿຊʹର͢ΔརӹʢROICʣͷ্͕ͦ͜ɺকདྷʹΘͨΔFCFग़ͷڌΓॴͱͳΔɻ Լࢿຊʹର͠ ͲΕ͚ͩޮతʹརӹΛ ੜΈग़͔ͨࣔ͢͠ FCF ROIC ࣗ༝ʹ͑Δ ༨ࢿۚ Լࢿຊ ࣄۀʹ࣮ࡍʹͨ͡ ࢿۚͷ૯ֹ
Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 21
ROIC ≒ ࣄۀੜ࢈ੑ ROICʮͨ͡ࢿຊʹରͯ͠ɺͲΕ͚ͩͷརӹΛ্͔͛ͨʯΛࣔ͢ࢦඪͰ͋Γɺ࣮࣭తʹࣄۀશମͷੜ࢈ੑΛ ө͠ग़͢ͷͰ͋Δɻ͜ͷࣄۀੜ࢈ੑΛߴΊɺՔ͙ྗΛ࠷େԽ͢Δͱ͍͏γϯϓϧ͔ͭຊ࣭తͳඪɺ৬छΛ ΘͣɺࣄۀʹܞΘΔͯ͢ͷϏδωεύʔιϯʹڞ௨ͯ͠ٻΊΒΕΔͷͰ͋Δɻ ࢿ࢈ ିआରরද ʢBSʣ ७ࢿ࢈ ଛӹܭࢉॻʢPLʣ ച্ߴ ੫Ҿޙ Ӧۀརӹ ച্ݪՁ ൢඅ ๏ਓ੫ͳͲ ࣄۀෛ࠴ ༗རࢠ ෛ࠴ ROIC ࣄۀੜ࢈ੑ ROICɹʹ ੫ҾޙӦۀརӹ ʢNOPATʣ Լࢿຊ
Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 22
ߴ·ΔROICͷॏཁੑ ROICࣾͷཧࢦඪʹཹ·Βͣɺࢢ͕اۀΛධՁ͢Δࡍͷڞ௨ݴޠͱͳ͍ͬͯΔɻࢿຊޮΛॏࢹ͢ ΔࢿՈͷઢ౦ূͷ্ҡ࣋ج४ͷݫ֨ԽͳͲΛഎܠʹɺROICܦӦ͢Ͱʹ࣋ଓతͳاۀՁ্ΛՌͨ͢ ͨΊͷલఏ݅ʹͳ͍ͬͯΔɻ Ҿ༻ɿ౦ژূ݊औҾॴ/ࢿຊίετגՁΛҙࣝͨ͠ܦӦͷ࣮ݱʹ͚ͨରԠʹ͍ͭͯ (https://www.jpx.co.jp/news/1020/cg27su000000427f-att/cg27su00000042a2.pdf) Ҿ༻ɿ౦ژূ݊औҾॴ/άϩʔεࢢʹ͓͚ΔࠓޙͷରԠ (https://www.jpx.co.jp/equities/follow-up/nlsgeu000006gevo-att/um3qrc0000016108.pdfʣ
Copyright © ONE CAREER Inc. All Rights Reserved. • ։ൃੜ࢈ੑͷϨϕϧʮॱʹ্͕Δʯͱ͍͏ࢥ͍ࠐΈ
• ੜAIͰੜ࢈ੑ্͕͕͍ͬͯΔͱ͍͏ࢥ͍ࠐΈ • ։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ • ࢀߟ: CAPEXͱOPEXࢀߟ: CAPEXͱOPEX • ։ൃऀ͕͓͖ͬͯ͘ROICΛߴΊΔࢹ 23
Copyright © ONE CAREER Inc. All Rights Reserved. Q. ։ൃੜ࢈ੑͷ্
ࣄۀੜ࢈ੑʢROICʣʹ݁͢Δ͔ʁ 24
Copyright © ONE CAREER Inc. All Rights Reserved. Q. ։ൃੜ࢈ੑͷ্
ࣄۀੜ࢈ੑʢROICʣʹ݁͢Δ͔ʁ 25 ✕
Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃੜ࢈ੑ 26
։ൃੜ࢈ੑͷϨϕϧʮॱʹ্͕Δʯͱ͍͏ࢥ͍ࠐΈ ։ൃੜ࢈ੑҰൠతʹɺʮࣄྔͷ૿Ճ → ظՃՁʢϢʔβʔͷՁఏڙͳͲʣͷ্ → ࠷ऴతʹͲΕͩ ͚ࣄۀՁʹసͰ͖͔ͨʯͱ͍͏ࢹͰޠΒΕΔ͜ͱ͕ଟ͍ɻͦͷͨΊɺੜ࢈ੑ্ͱݴ͏ͱɺ·ͣϨϕϧ1 ͷʮྔΛ૿͢ஈ֊ʯ͔ΒखΛ͚͕ͪͰ͋Δɻ Ҿ༻: ։ൃੜ࢈ੑʹ͍ͭͯٞ͢Δલʹ͓͖͍ͬͯͨ͜ͱ/େ (https://qiita.com/hirokidaichi/items/53f0865398829bdebef1)
Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃੜ࢈ੑ 27
ੜAIͰੜ࢈ੑ্͕͕͍ͬͯΔͱ͍͏ࢥ͍ࠐΈ ੜAIʹΑͬͯੜ࢈ྔ͔֬ʹ૿͍͑ͯΔɻ͔͠͠ɺ૿͑ͨੜ࢈ྔ͕ࣄۀՁʹͲΕ͚ͩసͰ͖Δ͔͕ॏཁͰ͋ Γɺస͕͚ΕΠϯύΫτݶఆతͱͳΔɻ ੜAIʹΑΔίʔυྔ ച্ɾརӹʹώοτ͠ͳ͍ ച্ɾརӹͷస 30% 70% 100 % ݟ͔͚ͤͷੜ࢈ੑ ຊ࣭తͳੜ࢈ੑ
Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃͷੜ࢈ੑΛߴΊΔ ࣄۀͷੜ࢈ੑʢROICʣΛߴΊΔ
How Outcome ▼ ຊ࣭ 28
Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 29
։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ ROICɺͰ͋ΔԼࢿຊΛόϥϯεγʔτͷआํɾିํͷͲͪΒͰଊ͑Δ͔ʹΑͬͯͦͷఆ͚ٛҟͳ Δɻ։ൃͱͷؔΛߟ͑Δࡍɺӡ༻αΠυʢआํʣͱͯ͠ʮӡసࢿຊ1ʴݻఆࢿ࢈ʯͱఆٛͯ͠ߟ͍͑ͯ͘ɻ Ӧۀརӹ ൢඅ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ଛӹܭࢉॻʢPLʣ ച্ ੫Ҿޙ Ӧۀརӹ ੫ҾޙӦۀརӹʢNOPATʣ ିआରরද ʢBSʣӡ༻αΠυ ྲྀಈෛ࠴ ७ࢿ࢈ ݻఆෛ࠴ ݻఆࢿ࢈ ྲྀಈࢿ࢈ ӡసࢿຊ ੫ҾޙӦۀརӹ ʢNOPATʣ Լࢿຊ ROICɹʹ ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ೖ࠴ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢඅ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ੫ҾޙӦۀརӹ අ༻ ɾച্ݪՁ ɾൢඅ 1: ӦۀӡసࢿຊΛࢦ͢ɻച্࠴ݖ+୨Էࢿ࢈-ೖ࠴Ͱࢉग़͞ΕΔɻ
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։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ ։ൃͱؔ࿈͕ਂ͍߲ͱͯ͠ɺʮແܗݻఆࢿ࢈ɺച্ݪՁɺൢඅʯ͕ڍ͛ΒΕΔɻແܗݻఆࢿ࢈ʹ։ൃͨ͠ɹɹ ιϑτΣΞࢿ࢈͕ܭ্͞Εɺച্ݪՁʹ։ൃඅʢΤϯδχΞͷڅ༩ؚΉʣΠϯϑϥඅ͕ɺൢඅʹݮՁঈ ٫අͳͲΛͦΕͧΕܭ্͍ͯ͠Δɻ˞ϓϩμΫτ։ൃʹؔΘΔࢧग़Λશͯඅ༻Խ͍ͯ͠Δاۀ͋Δɻ Ӧۀརӹ ൢඅ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ଛӹܭࢉॻʢPLʣ ച্ ੫Ҿޙ Ӧۀརӹ ੫ҾޙӦۀརӹʢNOPATʣ ିआରরද ʢBSʣӡ༻αΠυ ྲྀಈෛ࠴ ७ࢿ࢈ ݻఆෛ࠴ ݻఆࢿ࢈ ྲྀಈࢿ࢈ ӡసࢿຊ ੫ҾޙӦۀརӹ ʢNOPATʣ Լࢿຊ ROICɹʹ ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ೖ࠴ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢඅ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ੫ҾޙӦۀརӹ අ༻ ɾച্ݪՁ ɾൢඅ ιϑτΣΞ ݮՁঈ٫අͳͲ ։ൃඅɾΠϯϑϥඅ
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ࢀߟ: CAPEXͱOPEX ιϑτΣΞࢿ࢈ͷࢿͳͲͷʮࢿຊతࢧग़ʯΛCAPEXʢCapital Expenditureʣɺ ΠϯϑϥඅͳͲͷʮࣄۀӡӦඅʯΛOPEXʢOperating Expenseʣͱ͍͏ɻ CAPEXʢࢿຊతࢧग़ʣ OPEXʢࣄۀӡӦඅʣ ιϑτΣΞࢿ࢈ɺݐͳͲ কདྷͷՁΛੜΈग़͢ࢿ࢈Λ औಘ͢ΔΑ͏ͳࢧग़ɻ ਓ݅අɺΠϯϑϥඅͳͲ ࣄۀӡӦʹؔΘΔඅ༻ɻ Ӧۀརӹ ൢඅ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ੫ҾޙӦۀརӹʢNOPATʣ ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ೖ࠴ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢඅ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ιϑτΣΞ ݮՁঈ٫අͳͲ ਓ݅අɾΠϯϑϥඅ
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։ൃऀ͕͓͖ͬͯ͘ROICΛߴΊΔࢹ ROICΛ্ͤ͞Δʹɺ੫ҾޙӦۀརӹͷ૿ՃͱԼࢿຊͷ࠷దԽ͕ෆՄܽͰ͋Δɻ͜ͷߏΛཧղ্ͨ͠Ͱɺ ʑͷ։ൃ׆ಈΛʮ͍͔ʹརӹΛߴΊɺࢿຊΛޮతʹ׆༻͢Δ͔ʯͱ͍͏ࢹͰଊ͑Δ͜ͱ͕ٻΊΒΕΔɻ ੫ҾޙӦۀརӹ ʢNOPATʣ Լࢿຊ ※ ‑ ROIC‐ɹʹ ‐ ച্ ‐ අ༻ ‑ ݻఆࢿ࢈ ‑ ӡసࢿຊ ‑ ։ൃίετͷݮ ࢿ࢈ܭ্/අ༻Խஅ ෆཁͳࢿ࢈ͷ૿Ճ੍ ༗ܗɾແܗݻఆࢿ࢈ͷཧ Ϣʔβʔ՝ղܾຬ্ʹ݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪োɾτϥϒϧͷݮͰमસඅෛ୲ͷݮ AI׆༻ʹΑΔੜ࢈ੑ্ ϓϩηεվળʹΑΔੜ࢈ੑ্ ࢿ࢈ܭ্Ͱ͖ΔιϑτΣΞࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨதظͷ։ൃܭը ۀϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτΣΞ༡ٳαʔόʔͷഇغɾཧ ҡ࣋͞ΕΔࢿ࢈͕ຊʹඞཁ͔ఆظతʹݟ͠ ऩӹੑͷߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟϦϑΝΫλϦϯάͰอकίετݮ ӡ༻ίετͷݮ ΤϯδχΞࣗͷεΩϧΞοϓʹΑΔੜ࢈ੑ্ େنࢿϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ ※ Լࢿຊඞͣ͠Լ͛Δ͜ͱ͕ຊ࣭Ͱͳ͍ɻ ࠷దͳࢿຊͰརӹΛग़͢Δ͜ͱ͕ॏཁɻ OPEX CAPE X
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1. ιϑτΣΞࢿ࢈ʹܭ্͢Δ։ൃͷཧ 2. ࡒ্ࣝͷͨΊͷษڧձ։࠵ 3. ։ൃεϐʔυͷ্ 33
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ᶃ ιϑτΣΞࢿ࢈ʹܭ্͢Δ։ൃͷཧ ΤϯδχΞ͕ࣗࢿରޮՌʹର͢Δઆ໌Λ୲͍ɺιϑτΣΞࢿ࢈ʹܭ্͢Δ։ൃͷ։࢝ਃ͔Β༧࣮ใࠂ ·ͰΛҰ؏࣮ͯ͠ࢪɻ͜ͷӡ༻ʹΑΓɺ։ൃΛ࡞Δ׆ಈʹͱͲΊͣɺࣄۀՌͱ݁ͼ͚ͭΔࢹΛڧԽ͍ͯ͠Δɻ ੫ҾޙӦۀརӹ ⬆︎ ։ൃίετ ͷݮ ࢿ࢈ܭ্ අ༻Խஅ ෆཁͳࢿ࢈ͷ ૿Ճ੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷཧ Ϣʔβʔ՝ղܾຬ্ʹ݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪োɾτϥϒϧͷݮͰमસඅෛ୲ͷݮ AI׆༻ʹΑΔੜ࢈ੑ্ ϓϩηεվળʹΑΔੜ࢈ੑ্ ࢿ࢈ܭ্Ͱ͖ΔιϑτΣΞࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨதظͷ։ൃܭը ۀϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτΣΞ༡ٳαʔόʔͷഇغɾཧ ҡ࣋͞ΕΔࢿ࢈͕ຊʹඞཁ͔ఆظతʹݟ͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟϦϑΝΫλϦϯάͰอकίετݮ ӡ༻ίετ ͷݮ ΤϯδχΞࣗͷεΩϧΞοϓʹΑΔੜ࢈ੑ্ େنࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ Լࢿຊ ⬆︎ ࢿ࢈ੑ։ൃʹ͓͚Δӡ༻ϑϩʔ ΤϯδχΞ͕ ROIɾࢿຊͷ ճऩܭըΛ ݕ౼͠WFਃ ܦӦਞ͕ ֬ೝˍঝೝ ※ࠩ͠͠ͷ ߹ ։࢝ਃ ਐḿ֬ೝ ΤϯδχΞ͕ ࢿ࢈ੑ։ൃͷ ճऩݟࠐΈ Λࢉग़ ຖ݄ܦཧͱ ৼΓฦΓ ਐḿ֬ೝ ΤϯδχΞ͕ ࢿ࢈ੑ։ൃͷ ༧࣮Λࢉग़ ܦཧ+ܦӦ ਞ͕֬ೝ ຖिνʔϜϦʔμʔ͕ใࠂ ʢ༧ࢉਐḿɾਐḿɾண༧ ʣ
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੫ҾޙӦۀརӹ ⬆︎ ROICΛҙࣝͨ͠औΓΈ 35 ᶄ ࡒ্ࣝͷͨΊͷษڧձ։࠵ ϚωʔδϟʔΛରʹɺִिͰࡒษڧձΛ࣮ࢪɻاۀՁͷຊ࣭DCFɺROEɾROAɾROICͱ͍ͬͨࡒࢦඪ ͷཧղΛਂΊΔɻࢿՈઢɾܦӦऀઢͷํ͔Βࣄۀ։ൃΛଊ͑Δࢹ࠲Λʹ͚͍ͭͯΔɻ ։ൃίετ ͷݮ ࢿ࢈ܭ্ අ༻Խஅ ෆཁͳࢿ࢈ͷ ૿Ճ੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷཧ Ϣʔβʔ՝ղܾຬ্ʹ݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪োɾτϥϒϧͷݮͰमસඅෛ୲ͷݮ AI׆༻ʹΑΔੜ࢈ੑ্ ϓϩηεվળʹΑΔੜ࢈ੑ্ ࢿ࢈ܭ্Ͱ͖ΔιϑτΣΞࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨதظͷ։ൃܭը ۀϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτΣΞ༡ٳαʔόʔͷഇغɾཧ ҡ࣋͞ΕΔࢿ࢈͕ຊʹඞཁ͔ఆظతʹݟ͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟϦϑΝΫλϦϯάͰอकίετݮ ӡ༻ίετ ͷݮ ΤϯδχΞࣗͷεΩϧΞοϓʹΑΔੜ࢈ੑ্ େنࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ Ϛωʔδϟʔ͚ษڧձ • ࢀՃऀ: ϚωʔδϟʔʢCTOɾ։ൃ෦ΛؚΉʣ • ස: ִि։࠵ʢࣄલ՝͋Γʣ • ओͳֶशςʔϚ: اۀՁ্ɺROE/ROA/ROICɺPBR/PERͳͲͷࢦඪཧղ
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ᶅ ։ൃεϐʔυͷ্ PRͷ࠷খ୯ҐԽAIʹΑΔϨϏϡʔޮԽɺશఔͷAI׆༻ʹΑΓɺ࣭Λҡ࣋͠ͳ͕ΒՁग़·ͰͷϦʔ υλΠϜΛॖɻ։ൃੜ࢈ੑͷߴ͍৫ͱͯ͠ɺFindy TeamʴAward1Λ4࿈ଓͰड͍ͯ͠Δɻ ੫ҾޙӦۀརӹ ⬆︎ ։ൃίετ ͷݮ ࢿ࢈ܭ্ අ༻Խஅ ෆཁͳࢿ࢈ͷ ૿Ճ੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷཧ Ϣʔβʔ՝ղܾຬ্ʹ݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪োɾτϥϒϧͷݮͰमસඅෛ୲ͷݮ AI׆༻ʹΑΔੜ࢈ੑ্ ϓϩηεվળʹΑΔੜ࢈ੑ্ ࢿ࢈ܭ্Ͱ͖ΔιϑτΣΞࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨதظͷ։ൃܭը ۀϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτΣΞ༡ٳαʔόʔͷഇغɾཧ ҡ࣋͞ΕΔࢿ࢈͕ຊʹඞཁ͔ఆظతʹݟ͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟϦϑΝΫλϦϯάͰอकίετݮ ӡ༻ίετ ͷݮ ΤϯδχΞࣗͷεΩϧΞοϓʹΑΔੜ࢈ੑ্ େنࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ Լࢿຊ ⬆︎ ৫ਓͷਫ४Λҡ࣋͠ d/d/d 1͕ લൺ 4 ഒ ʹ2 ։ൃ͚AIπʔϧͷ׆༻ Findy Team+ Award 4࿈ଓड 0.017 1.175 0.289 2022/11 2024/3 2025/3 1. Findy Team+ʢνʔϜϓϥεʣ Λ௨ͯ͡ʮ։ൃੜ࢈ੑείΞʯ͕ಛʹ༏Εͨاۀɺ͓Αͼɺଟ༷ͳ؍Ͱ։ൃੜ࢈ੑ͕༏ΕͨνʔϜΛදজ͢Δͷɻ 2. ιϑτΣΞ։ൃʹ͓͚Δੜ࢈ੑࢦඪͷҰͭͰɺ1͋ͨΓͷσϓϩΠճΛ։ൃऀͰׂͬͨʢdeploys/day/developerʣͷ͜ͱΛࢦ͢ɻ 3. ܭଌظؒɿ202211݄ʙ20256݄ ۩ମతͳऔΓΈྫ • PRͷ࠷খ୯ҐԽ: ʮ1 มߋ / 1ϓϧϦΫʯͰཻ͕খ͘͞ɺଈϦϦʔεɻ • ϨϏϡʔͷޮԽ: ֬ೝඞཁɾෆཁՕॴΛAIͰࣗಈʹ໌ࣔ͠ɺϊΠζΛഉআɻ • શఔͰAIΛ׆༻: ཁ݅ఆٛɾσβΠϯɾ։ൃɾςετͳͲશఔʹAIΛΈࠐΉɻ
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ຊʹɺͯ͢ͷ։ൃͰROIΛࢉग़͍ͯ͠Δͷ͔ʁ ࡒͷษڧձΛ։͍ͯɺ୭དྷͳ͍ͷͰͳ͍͔ʁ ͦͦɺͦΕΤϯδχΞͷࣄͳͷ͔ʁ
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ϙΠϯτʮҰ෦ͷҙࣝͷߴ͍ਓʯ͚ͩͰͳ͘ɺ ͦΕΛ“ϚδϣϦςΟ”ʹ͢Δ͜ͱɻ
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ʮશһʹͱͬͯͨΓલͷঢ়ଶʯΛͭ͘Δ͜ͱɻ
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