You nailed it on the head. "It seems strange to think that companies would leave money on the table, but in older industries I think this is exactly what happens. The money just requires too much organizational churn for their corporate appetite." As companies grow, they get filled with layers of middle management to handle organizational complexity but this is one of the biggest costs centers. Additionally, as time goes by, these are the jobs that are looked at during cuts so everyone in this layer is in self preservation mode. They start hoarding information going up and down to make themselves indispensable and slowly the organization becomes the Titantic and can't get out of their own way.