"It is a language for figuring out what gets in the way of change and progress, " says Todd Pierce, former CIO of biotechnology company Genentech, who says it helped his management team resolve core issues in a matter of hours.

CNN: STORY HIGHLIGHTS

In 2001 when he took charge of the ITGO, he has been one of the core members of Acer's top management team.

ENGADGET: Acer's Jim Wong named Corporate President, will head new Touch Business Group

"Ideally, we like to find a company with a strong core business, a good brand name, a new or at least revitalized management team and a solid balance sheet, " writes Putnam.

FORBES: Turnarounds: Winning With Losers

As a result, companies should focus on the following core areas: Leadership, Processes, Project Management and (in some cases) Cultural Awareness for all team members.

FORBES: A Holistic View of Global Software Development