innovation, digital, data and the trust economy: a bright ... › content › dam › deloitte ›...
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Innovation, digital, data and the Trust Economy:A bright future for the CFO function
Philipp Kristian Diekhö[email protected]
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‘Today’s business world is far more about communities and relationships and far less about transactions.’ – Deloitte Australia Trust Index 2018
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Welcome to The Trust Economy. It’s strangely familiar!
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Our society and economy are built on trust
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Every business is in the business of trust
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Technology and data are transforming who, what and how we trust
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Digital trust intermediaries are evolving the global economy
Uber, the world’s largest taxi company,
owns no vehicles. Facebook, the world’s
most popular media owner, creates no
content. Alibaba, the most valuable
retailer, has no inventory. And Airbnb, the
world’s largest accommodation provider,
owns no real estate. Something
interesting is happening.
– Tom Goodwin
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All of these create data-driven social capital markets on a global scale
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Redefining trust = value realised in economic or social interactions
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Collective trust is the world’s most profound economic power
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When trust leaves, value leaves with it
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Trust creates mental monopolies in people’s heads
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This makes leading people, organisations and nations so successful
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Highly trusted companies financially outperform their peers
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Trusted organisations are the happiest, highest performing workplaces
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Braving complexity requires agile, proactive and resilient teams
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Trust facilitates self-regulating high-autonomy, high-alignment cultures
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Leadership evolves from guarding privilege to enabling self-organisation
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The decentralization paradox: Less control can drive more effectiveness
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Status quo: Industrialisation and urbanisation built on ‘necessary’ distrust
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The old economy is inefficient and constrained because of this distrust
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We’re experiencing a global trust low that is destroying economic value
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Startups that win over trust from incumbents change entire industries
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Inertia and legacy has always created uphill trust barriers for innovators
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Innovation happens when trust shifts from established to new solutions
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Technology advances paved the way for every major global trust shift
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Trust in nomadic life to trust in settlements
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Trust in personal relationships to trust in money
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Trust in manual craft towards trust in industrial corporate structures
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Trust in local production to trust in globalised trade
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Trust in corporations to trust in data-driven intermediation
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Decades of innovation wired us to put great default trust in technology
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People trust data to turn unknowns into knowns and simplify things
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Technology is shifting society from distrust-first to trust-first ecosystems
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Tech-enabled decentralisation returns us to social regulation, but at scale
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Technology and data are driving our biggest social evolution in history
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This relationship renaissance is transforming business on a global scale
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Decentralisation of information erodes legacy structures
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Decentralisation of supply and demand enhances variety and choice
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Decentralisation of intermediation itself reduces the cost of trust
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Data is the new nuclear power
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As trust shifts to technology, data IS becoming the heart of our economy
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Client centricity matters more than ever, and data is an integral part
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An ever increasing volume of information means simplicity is paramount
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Technology will automate much of today’s business, including advisory
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Integrity and accountability are likely to become highly algorithmic
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All key decisions from strategy to hiring will directly link to data
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Data is overtaking people as the most important revenue and trust driver
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It enables transparency, customisation and simplicity to reduce frictions
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Trust leads to prime customer access to deliver more relevance and value
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Empowering all stakeholders with data products is the way forward
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The quality of digital interfaces is a mission-critical future success factor
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Trust leads to less friction, more empowerment and greater compliance
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Embracing the Trust Economy hedges against current global trust shifts
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Implementing a trust strategy: Measure, heatmap, analyse gaps, optimise
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Accounting for trust enhances your commercial and social contribution
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The Trust Economy balances human pursuits of wealth and wellbeing
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The Trust Economy = The Happy Economy