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By Amirali Mohajer, Forefront Lead, Deloitte
Roland Coase, the brilliant British economist, had a simple and yet profound insight on the nature of firms. He recognised that the reason firms exist is mainly to reduce the transaction costs of going to the market for every single input they needed for production. It is simply too costly to identify the right supplier, negotiate a price and sign a contract for every nut and bolt needed. It makes sense for the entrepreneur to hire people and bring things in-house. However, Coase also recognised that as entrepreneurs create and grow their companies, they will create their own internal transaction costs. The bureaucracy needed to organise and allocate resources will become less efficient as the firm grows.
A Q&A with Lawrence Wintermeyer, CEO, Innovate Finance
Q. Which developments have had the most significant impact on the FinTech industry over the last few years and how have these developments changed the direction of the industry?
By Al Bowman, Risk Sensing Lead, Deloitte
Decision making is an integral part of life. The busier we get, the less opportunity we have to create the time, space and capacity to self-inform the decision making process. There are different techniques we can adopt to narrow the number or complexity of decisions that have to be made, for example, Mark Zuckerburg famously limits his choice of what to wear in order to maintain some capacity for more important decisions.
By Carolyn Fairbairn, Director-General, CBI
The pace of change in the business environment is accelerating. It is no longer the strongest businesses that survive and thrive - but rather the ones that adapt. A perfect concoction of technological advances and evolving customer behaviour means businesses across all sectors must be prepared to change.
By Peter Harris, Propel by Deloitte lead
Eighteen months ago, three colleagues and I took on a new challenge. A challenge never previously undertaken at Deloitte – build the firm’s first start-up.
If the feat wasn’t already large enough, our aim was to build a start-up for start-ups called Propel by Deloitte - an accounting and analytics service that could empower ambitious start-ups and small businesses to grow. This meant accessing a new market and engaging a new audience.
By Katy Bentley, Innovation Portfolio lead, Deloitte
Success is good. Failure is a bad. Synonyms for failure include breakdown, downfall and non-performance. Oddly the word lemon also features and I am reminded of the proverb “when life gives you lemons make lemonade”. Can this also be applied to failure? To experiment and fail but take the lessons you have learnt to create a recipe for something greater than the sum of its parts, making failure a crucial part of success.
By Tugce Bulut, CEO, Streetbees
At no point in history have communications and culture moved faster than today.
This is the age of the collaborative, co-creative, knowledge-based, hyper-productive organisation. The accelerating pace of change in business means there is an ever-growing urgency to connect the right people with the right information to drive business decisions. This can often mean the difference between success and failure.
By Vimi Grewal-Carr, Innovation lead, Deloitte and Jemma Venables, Innovation Insight, Deloitte
During the past six years of austerity the public sector has been under significant pressure to cut costs and at the same time improve service delivery.
This seems like an impossible ask.
By Greg Howard, Deloitte Pixel lead
It would probably surprise you to learn that a quarter of your millennial employees – these born after 1985 – would like to quit their current jobs sometime this year. Those that do want to stay want to mix where they work between the coffee-shop-around-the-corner, their home office or even at the beach, if that’s okay with you? Oh, and they’d prefer not to work 9-5. Instead, they’d like to go to the gym mid-morning and grab a coffee with a friend mid-afternoon.
By John Middlemiss, Robotics Lead for UK Financial Services practice, Deloitte
There has been a LOT of hype around the impact of robotics software on financial services, and indeed on all service industries, but there is still a lack of clarity around what this genre of software can do. I often hear: “Let’s have a go and see what happens…” but is there a way to deploy this software more effectively?