Not surprisingly, a move of this magnitude sparked skepticism. Anne Alexandre, an analyst who covers Nestlé for HSBC Securities in London (the company is traded only in Europe), downgraded her recommendation on Nestlé stock a year after the project was announced. While she says that the ERP system will likely have long-term benefits, she is wary of what the project will do to the company along the way. "It touches the corporate culture, which is decentralized, and tries to centralize it," she says. "That’s risky. It’s always a risk when you touch the corporate culture.