Acquirers often squander value in mergers by treating integration of business functions as a mechanical, cost-saving exercise – overlooking valuable revenue synergies and value generating activities. By thinking more laterally and approaching PMI as an opportunity to rethink how functions can enhance value, acquirers can secure superior long-term growth. This Focus Report, second in our series on PMI, describes how this approach can be applied to five core functions: information technology; research and development; procurement; production networks; and sales and marketing.