Deal making has always been cyclical, and the last few years have felt like another low point in the cycle. But the historical success of M&A as a growth strategy comes into sharp relief when you look at the data. Bain & Company’s analysis strongly suggests that executives will need to focus even more on inorganic growth to meet the expectations of their investors.

In the first installment of this three-part series on the coming M&A renaissance, “The surprising lessons of the 2000s,” we looked back at the last 11 years of deal activity and examined why it was a very good time for deal makers who followed a repeatable model for acquisitions. The accepted wisdom paints the decade as a period of irrational excess ending in a big crash. Yet companies that were disciplined acquirers came out the biggest winners. Another surprise: Materiality matters. We found the best returns among those companies that invested a significant portion of their market cap in inorganic growth.

In this second part in our series—“What to do with all that cash?”—we look forward. We argue that the confluence of strong corporate balance sheets, a bountiful capital environment, low interest rates and eight great macro trends will combine to make M&A a powerful vehicle for achieving a company’s strategic imperatives. The fuel—abundant capital—will be there to support M&A, and the pressure on executives to find growth will only increase as investors constantly search for higher returns. Some business leaders argue that organic growth is always better than buying growth, but the track record of the 2000s should make executives question this conventional view.

The final part of the series highlights the importance of discipline in a favorable environment for M&A. Deal making is not for everyone. If your core business is weak, the odds that a deal will save your company are slim. But if you have a robust core business, you may be well positioned. All successful M&A starts with great corporate strategy, and M&A is often a means to realize that strategy. Under pressure to grow, many companies will find inorganic growth faster, safer and more reliable than organic investments.

As M&A comes back, some executives will no doubt sit on the sidelines thinking it is safer not to play. Experience suggests that their performance will suffer accordingly. The winners will be those who get in the game—and learn how to play it well.