Dell as a company has been in a state of transformation from a developer and direct seller of PCs to a provider of enterprise solutions since it acquired storage vendor EqualLogic in 2008.
That transformation has been forced into high gear given that Dell's PC business, and PC sales in general, have been falling. Yet, given the importance even now of PCs to Dell's overall business, Dell has a lot of work to do to meet future business requirements.
Unfortunately, the kind of steps a company as large as Dell needs to take is hard to do under Wall Street scrutiny. For an example, look at the investor backlash caused when HP in 2011 considered selling or spinning off its Personal Systems Group (PSG).
Such transformations are better accomplished behind closed doors. And, Dell can close the doors by going private.