Photo courtesy Samuel, Son & Co. We ve got about 600 sales professionals and right now I couldn t accurately tell you who is doing what and where in this organization.The company also worked closely with Oracle and Deloitte to ensure payroll processes conformed to Canadian standards, managed differing payroll cycles, and complied with payroll regulations for both union and non-union employees.For example, we have 22 different vacation plans in our Canadian workforce and 12 different 401 k retirement plans in the US with limited difference between them—why?I see huge value in putting more decisions and activity into the hands of the employees and line leaders, he says.For example, if the company deadline for entering information on annual pay increases coincides with testing of the next bundle of code, Busch s team needs to build a timeline that accommodates both deadlines rather than just pushing off testing, as had been the practice with upgrades to on-premises software.Once all data is on the same platform, Busch eventually wants to present the consolidated data in a dashboard allowing executives to easily compare workforce and productivity data points across the company s operating sites.
The daily fantasy sports DFS industry has taken one hell of a beating these past seven months, with states from New York and Illinois to Nevada concluding that betting on virtual sports teams compiled from real pro and college athletes isn t a game of skill after all — it s illegal gambling.The two most prominent players in the saga have been Boston-based DraftKings — founded in 2011 and with $445 million in VC cash to its name so far — and FanDuel, which has raised north of $360 million in financing since its inception in 2009.And this surely can t be good for business.In FanDuel s latest annual report, announced just this week, auditor Deloitte highlighted the uncertainty created by this situation:Despite legal challenges, FanDuel has confirmed it has suspended operations in both Nevada and New York, which surely doesn t bode well for its bottom line.The loss of turnover in the states in which the group has suspended operations pending further legal clarity represents less than 20 percent of total turnover for the 18 months ended June 30, 2015, he said.FanDuel s predicament helps highlight how much can change in a year.Though the company received VC investment in its former incarnation, Hubdub closed in 2010 to focus all its efforts on a separate product it had launched a year earlier — FanDuel.Noting that sports was one of the most active categories on Hubdub at that point, and fantasy sports in general was a significant market, Eccles and co. scanned existing fantasy sports products and concluded it had room for improvement.
"Risk: Deloitte says its research "gives us limited grounds to believe that MPLs will systematically price risk better in areas where banks have an appetite to play."In other words, banks could exploit the same algorithmic innovations.By building up specific expertise in areas like, say, asset finance or invoice financing, they can develop an advantage over the banks.Tomlinson of Deloitte says: "In the medium term, however, MPLs are likely to find a series of profitable niches to exploit, such as borrowing which falls outside banks' risk appetite and segments that value speed and convenience enough to pay a premium for example SMEs, particularly in invoice financing, or high-risk retail borrowers .This has been driven by the competitive prospectus for investors and borrowers offered by peer-to-peer lending platforms unencumbered by the legacy systems and costly infrastructure of banks, combined with excellent levels of customer service.Many of the conclusions in the Deloitte report depend on assumptions which do not reflect the development of peer-to-peer lending to date.Lord Adair Turner, the banking regulator from 2008 to 2013, said in February that "the losses which will emerge from peer-to-peer lending over the next five to 10 years will make the bankers look like lending geniuses."More recently, the poster child of online lending in the US, LendingClub, has been engulfed in a scandal over disclosure and minor doctoring of loans that has led to the ousting of its CEO and founder.• Funding Circle's CEO addressed 'the most pertinent question anyone can ask about our industry'• 'This is not the canary down the coal mine': Here's what the industry is saying about LendingClub's crisis• One epic slideshow tells you everything you need to know about the $180 billion world of online lendingNOW WATCH: This is the best Ferrari ever builtLoading video...
Here's an in-depth look at how brands can help drive greater wallet share by focusing on collaboration, consumers, and data.In fact, 52% of those corporate execs said having to spend more money to serve customers caused stress.It's the idea that if a marketer puts a certain dollar amount into a channel, he or she should be able to generate another amount in return.Li says that the paid channel perspective is most effective, largely due to marketers' ability to calculate each channel's ROI.Davis wanted to have a consolidated way to measure the effectiveness — or lack thereof — of all Deckers' marketing and distribution channels.Marketers always forget that you need people to actually execute these plans, Li says.
Government plans to flog off the Land Registry have been heavily criticised by the Competition and Markets Authority, which warns it will create a private monopoly hold over public data.It said the creation of "NewCo" would pose "a significant risk" in providing value to the public and "may degrade the terms of access to its monopoly data in order to weaken competition to its own commercial products."According to the CMA, accountancy firm Deloitte has valued public sector data at between £6.2bn and £7.2bn per year."We believe that consumers and the economy would be best served by a model that promotes wide access to Land Registry data at cost-reflective prices, encouraging its use and commercial exploitation by a range of individuals and businesses," said the CMA.According to a report by the New Economics Foundation on behalf of campaigning group We Own It today, the public will lose out financially from the sale.A public consultation by the Department for Business, Innovation and Skills on the Land Registry s future will close on 26 May 2016.
Deloitte put out a pretty brutal report on the marketplace lending industry on Monday, predicting it "will not be significant" and saying players in the market are "unlikely to pose a threat to banks in the mass market."Marketplace lenders are online platforms that connect retail lenders with borrowers, cutting out banks who traditionally sit in the middle.People can lend out their money at attractive returns averaging 7%, while small businesses and consumers can get quicker and easier cash than if they went to a bank.Marketplace lenders have grown from non-existence a decade ago to a $180 billion industry today.But Deloitte thinks that the growth of marketplace lenders — more commonly called peer-to-peer lenders in the UK — could be peakingThe auditor thinks they can enjoy a profitable if modest existence targeting specialist, niche segments of the market where their knowledge can be a competitive advantage.But if they target more mass-market offerings, their destiny is not in their own hands.The success or failure of these platforms will be due to interest rates and banks, who could undercut them on price and equal them at technology.BI has been polling the reaction to this report among those in the industry.Here are the responses we got back from some of the top UK platforms: View As: One PageSlides
Based in Dublin, the EMEA Financial Services Blockchain Lab will form part of Deloitte s fintech initiative The Grid , with the company looking to bring around 50 staff on board.The launch and backing of a large entity like Deloitte should help push blockchain, which is the backhaul technology behind online transactions using cryptocurrencies such as Bitcoin, further into the public consciousness.The team will also develop proof-of-concepts into functioning prototypes to create ready to integrate solutions for the firm s financial services clients, and work with leading technology companies that are looking to roll out blockchain-enabled solutions across different countries, giving more businesses access to the technology than ever before.There is significant demand from clients who are looking to use blockchain to speed up payments and transfer clearances, settlements, reconciliations and digital identity, and many other use cases.Last month, the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.This is despite the Bank of England raising its suspicions about Bitcoin last year, warning that the digital currency could pose a threat to financial stability in the UK should it see widespread adoption.
Facebook's Telecom Infra Project TIP has signed up a bunch of carriers and vendors.The TIP aims to spread the white-box with software-defined control plane approach used by Facebook's Open Compute Project to telco networks.Juniper Networks has decided the TIP fits its increasingly SDN-based approach to markets, and jumped on board.Juniper will TIP in sorry-Ed designs for an open line system, and a coherent transponder terminal.Silicon vendor Broadcom, HDMI comms specialist Bluestream, and Deloitte are also on the list.TIP has also announced it's created three project groups:Access – with subgroups for system integration and site optimisation chair: SK Telecom ; unbundled solutions co-chairs: SK Telecom and Nokia ; and media-friendly solutions chair: Intel ;Backhaul – Facebook chairs the high-frequency autonomic access subgroup, and co-chairs the open optical packet transport subgroup with Equinix;Core and management – core network optimisation will be chaired by Intel; greenfields telecommunications networks is shared between Facebook, Nokia, and Deutsche Telekom.
Collapsed payments unicorn Powa Technologies will likely leave at least £110 million $160.7 million of debts unpaid, according to an analysis of documents by BI.New documents filed with Companies House show former management expect just £1 million to be recovered from the business, which was once valued at £1.8 billion.That will barely dent the huge loans taken on by the business, not to mention the £14 million of trading debts, and £1 million owed to UK staff.Powa raised more than $200 million £136 million in debt and equity funding over 3 years.READ: Inside the crash of London's $2.7 billion unicorn PowaThe new documents also shed light on Powa's spending, showing the company:ran up debts of over £150,000 with its PR company;owed almost £50,000 to the Twickenham rugby stadium and Rugby's governing body;and ran up debts of at least £4.7 million with mobile developers.So-called "Statement of Affairs" documents prepared by Powa's management after administrators were appointed, estimate how much the business is theoretically worth, how much money can realistically be recovered, and how much debt the company owes.Documents have been filed for both Powa Technologies Group, the overall holding company which raised money, and UK trading company Powa Technologies Ltd, which owned the bulk of the technology and conducted business.The document for the group company shows that, when intergroup loans and internal business are discounted, management expects £137.25 million of debts to be left unpaid.The list of Powa's trading creditors sheds some light on what the business was spending money on:Office space: Powa owed a combined £3.9 million to various subsidiaries of temporary office space provider Regus around the world — from Jakarta to Milan.Flame represented Powa in the UK but a source close to Flame told BI that the company's remit was extended globally in October last year.That more or less stacks up with my analysis of what Powa likely spent all its money on.The documents are believed to have been prepared by Powa's then CFO Steven Taylor and were signed off by Powa's former board, including founder and CEO Dan Wagner, and administrators Deloitte.The bulk of the £1 million former management expects Deloitte to be able to recover from the business comes from selling off stock held by the company, as well as office furnishings."He also argued that much of the Wellington debt, including the £67 million in unsecured shareholder loans, "should be discounted because they were investments rather than trading creditors and the two things are very different.Administrators Deloitte, Boston-based Wellington Management, and Flame PR all declined to comment on BI's figures.SEE ALSO: Topless dancers, champagne, and David Bowie: Inside the crash of London's $2.7 billion unicorn PowaSEE ALSO: There's a huge unanswered question in the collapse of Powa Technologies — where did the money go?SEE ALSO: The autopsy on the collapse of $2.7 billion Powa Technologies is out — here are the key pointsNOW WATCH: Here s the one affordable habit ultra-successful people shareLoading video...
News: Lab will be based in Dublin and focus on EMEA financial services market.Deloitte is launching a Financial Services Blockchain Lab as the business advisory firm develops its fintech initiative 'The Grid'.The idea is to help FS better understand and embrace the trends that are affecting it.In essence the lab is serving as a centre of excellence in blockchain, it will work alongside teams from other member firms across EMEA, such as the London-based UK Blockchain team.The companies; BlockCypher, Bloq, ConsenSys, Loyyal, and the Stellar Development Foundation, are working collaboratively with Deloitte to provide new technological capabilities to its global financial institution client base.Increasingly technology is being adopted to rejuvenate the services that are being offered to customers but structural changes to how services are delivered will be what enables them to reduce costs and increase agility.
China is investing heavily in a robot workforce.In a statement to the BBC, Foxconn Technology Group confirmed that it was automating "many of the manufacturing tasks associated with our operations" but denied that it meant long-term job losses."We are applying robotics engineering and other innovative manufacturing technologies to replace repetitive tasks previously done by employees, and through training, also enable our employees to focus on higher value-added elements in the manufacturing process, such as research and development, process control and quality control.Since September 2014, 505 factories across Dongguan, in the Guangdong province, have invested 4.2bn yuan £430m in robots, aiming to replace thousands of workers.Economists have issued dire warnings about how automation will affect the job market, with one report, from consultants Deloitte in partnership with Oxford University, suggesting that 35% of jobs were at risk over the next 20 years.Former McDonald's chief executive Ed Rensi recently told the US's Fox Business programme a minimum-wage increase to $15 an hour would make companies consider robot workers.
Foxconn is turning to artificial intelligence to replace human help on its manufacturing lines.The Chinese electronics manufacturer has cut its workforce from 110,000 employees down to just 50,000 at one factory simply by replacing them with robots according to a recent report from the South China Morning Post.A spokesperson added that through training, they are enabling employees to focus on higher value-added elements in the manufacturing process, such as research and development as well as process and quality control.The spokesperson told the publication that it will continue to harness automation and manpower in their manufacturing operations and expect to maintain a significant workforce in China.Last year, 35 companies spent a total of four billion yuan more than $610 million USD on artificial intelligence.Consultants from Deloitte, in partnership with Oxford University, suggest that as many as 35 percent of jobs will be at risk of being replaced through automation over the next 20 years.
marketplace lenders might only originate $0.7 billion in 2025, according to a new Deloitte forecast.That would be a marked decrease from $4 billion in 2015 and would represent less than 1% of marketplace lenders' addressable market of personal loans, business loans, and buy-to-let property loans, according to Deloitte's math.This is a worst-case scenario, but it demonstrates two features of marketplace lending that are mostly outside the control of these startups.For starters, marketplace lenders must provide investors with a greater return than other investments in order to give them a reason to buy loans.This would place more pressure on margins and make it harder to acquire capital.Marketplace lenders use technology to expedite borrowers' decisions on loan applications and provide faster access to funds than legacy lenders.This tech also helps them service markets that are not profitable for banks, which increases the appeal to borrowers.But banks could simply acquire or partner with startups to get this technology, or even build it themselves.There is little preventing banks from replicating lenders' technology, and big banks could even introduce inferior platforms to place more pressure on lenders.Regardless of the struggle these lenders face, their continued prevalence demonstrates that we ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts and partnerships will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.As you can see, this very fluid environment is creating winners and losers before your eyes…and it s also creating the potential for new cost savings or growth opportunities for both you and your company.After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies.And if you re employed in any part of the digital economy, you ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.The blockchain is a wild card that could completely overhaul financial services.This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.This exclusive report also:Explains the main growth drivers of the exploding fintech ecosystem.Frames the challenges and opportunities faced by incumbents and startups.Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintechExplains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.And much more.The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.To get your copy of this invaluable guide to the fintech revolution, choose one of these options:Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more.
Foxconn replaces 60,000 workers with robotsApple supplier Foxconn has replaced as many as 60,000 workers with robots at its Kushan facility in Jiangsu province in China.It has about 4,800 Taiwanese companies contributing more than 60% of GDP.Director of Taiwan Investment Service Office, He Rongrong, said that the first factory in the country was built in 1989 by a Taiwanese company and since then the entrepreneurship has grown significantly.In a statement to BBC, the company said that it was automating, "many of the manufacturing tasks associated with our operations".Moshe Vardi, a computer science professor at Rice University, Texas, earlier predicted that robots would replace human beings in various professions while drastically affecting human productivity.Your browser does not support HTML5 videoPlayPausePlayPauseMute0%00:00 / 00:00FullscreenSmallscreen Japan: Robot staff help guests in weird hotelIBTimes UK
Together with Adyen, we searched six countries to find each one s fastest growing companies in revenue, hosting a dinner in each country to announce its winner.During TNW Europe –on the main stage at 5:10PM – we ve just announced the overall European winner and handed over the prestigious Tech5 award.Congratulations Lesara!As a content provider TNW is always looking for great stories.Think of it as the Deloitte fast50, only for companies younger than 5 years.1Lesara2013Germany7950 %Winner GER2Foodpanda2012Germany5048 %3Bonaverde2013Germany5000 %4FinanceFox2014Germany4850 %5Movinga2015Germany3600 %6Finexkap2012France3500 %Winner FRA7Subasta de Ocio2012Spain3026 %Winner SPA8Kano2013United Kingdom2650 %Winner UK9Tiqets2014The Netherlands2480 %Winner NL10Aircall2014France2000 %11Fever2012Spain2000 %12Festicket2013United Kingdom1795 %13Trip4real2013Spain1767 %14SendCloud2012The Netherlands1616 %151001Pharmacies2011France1500 %16Magency2011France1309 %17Bloom & Wild2013United Kingdom1250 %18PastBook2012The Netherlands1239 %19Northweek2013Spain1166 %20Kreditech2012Germany1071 %21Acast2014Sweden1000 %Winner SWE22Nestpick2014Germany1000 %23MyShowcase2012United Kingdom922 %24Nubelo2012Spain800 %25Soundtrack Your Brand2013Sweden733 %26Crowdcube2011United Kingdom730 %27AppLift2012Germany694 %28Bux2013The Netherlands670 %29Ometria2013United Kingdom641 %30Blendle2014The Netherlands618 %That s it for 2016!
View photosMoreThe Deloitte Company logo is seen on a commercial tower at Gurgaon, on the outskirts of New Delhi August 9, 2012.REUTERS/Parivartan SharmaWASHINGTON Reuters - Deloitte Consulting LLP has agreed to pay $11.38 million to resolve allegations it submitted false claims under a U.S. government contract, the U.S. Justice Department said on Tuesday.Deloitte, a New York-based consulting company, allegedly failed to comply with a price reductions clause in a contract awarded in 2000 by the General Services Administration for information technology services, the department said in a news release.
Pocket change ... Deloitte pays up a rounding error to make the DoJ get out of its face Pic source Deloitte will pay $11m to settle allegations it overcharged the US government for IT services.The GSA is in charge of dishing out contracts to the private sector for the installation and support of hardware and services for federal agencies.In other words, Deloitte was not allowed to treat taxpayers as an endless well of money – whatever it charged private biz, it had to invoice the US government the same."Contractors are expected to deal fairly with federal agencies when receiving taxpayer funds," said Benjamin Mizer, Principal Deputy Assistant Attorney General and head of the Justice Department's civil division."As this settlement demonstrates, we will take action against those who knowingly fail to live up to the terms of their government contracts."In the past, industry heavyweights including NetApp, Oracle and the late Sun Microsystems have been accused of overcharging Uncle Sam for services rendered.
B2B Marketers Can Now Deliver the Right Message to the Right User at the Right Time Across Devices and ChannelsNEW YORK, NY– Marketwired – Jun 1, 2016 – Madison Logic, one of the world s fastest growing companies dedicated to solving the digital needs of B2B marketers, is partnering with Tapad, the leading provider of unified, cross-screen marketing technology solutions.The Madison Logic and Tapad partnership gives B2B marketers unprecedented reach and scale with the ability to run always-on, cross-device, account-based marketing programs targeting decision makers who are actively researching similar products and services.This partnership allows marketers to harness the power of Madison Logic s intent data and combine it with Tapad s cross-device solutions to connect with the most-likely-to-convert prospects with hyper-relevant content wherever and whenever they re doing their research.Relevance is essential to the success of B2B marketers, particularly now, when breaking through the clutter is difficult, said Dave Fall, COO of Tapad.In 2015, Tapad began aggressively licensing its identity management solution, the Tapad Device Graph , and swiftly became the established gold-standard throughout the ad tech ecosystem.Tapad s numerous awards include: EY Entrepreneur of The Year East Coast 2014, among Forbes Most Promising Companies two year s running, Deloitte s Technology Fast 500, Crain s Fast 50, Entrepreneur 360, Digiday Signal Award, iMedia ASPY Award and a MarCom Gold Award.
Fintechs have appeared and started to disrupt numerous areas of finance, aided by a customer first approach and backed by technology.The purpose of the innovation lab is to give early and growth-stage companies help to develop, trial, and prove their proposition by working alongside its consultants and with banks.CBR spoke to a number of the most recent start-ups selected by the lab.CapgeminiCapgemini has been taking a different approach to pushing the advancement of fintech, although it is also producing lots of research to show the development of trends.Blockchain, the distributed ledger technology that has been promised to revolutionise banking, has increasingly been focused on by Capgemini.The work it is doing as part of Innovate Finance sees it collaborate on research projects on emerging fintech trends such as open payments, financial inclusion, regtech, and blockchain technology.
The new money brings the employment website's total funding to about $200 million since being founded back in 2007, and set a "slight" increase on the circa $1 billion valuation achieved in the last fundraising round, CEO Robert Hohman said in an interview.The fundraising comes at a tough time for Silicon Valley with down rounds — or financings at lower valuations — hitting tech start-ups in the private markets and initial public offerings slowing in the public markets thanks to heightened volatility and nervousness about valuations and revenue growth.For Glassdoor that includes recruiting and other services to companies, including job advertising and enhanced profiles, among other products.Existing investors Battery Ventures LP, Google Capital, Sutter Hill Ventures LP, and Tiger Global Management LLC also participated in the financing round.Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, Inc., said that the decline in LinkedIn s stock did not go unnoticed when his firm decided to make an investment in Glassdoor.Of course, there are differences in their business models that could also be part of the explanation for the diverging valuation paths.People go to Glassdoor to learn about companies, people go to LinkedIn to find people, said Josh Bersin, a corporate talent analyst at Deloitte.Jennifer Newbill, global program manager of talent acquisition at Dell Inc., echoed Bersin s sentiment in the differences between the two firms.I think it s actually way better to go out in a market that is less heated, rather than a market that is over heated and sets you up for a valuation that is hard to support.
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