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Dr Alexandros Paraskevas has demonstrated the benefits of implementing academic research and `scientific rigour' into global business practices. His conceptual approach to risk and crisis management has become highly acclaimed within the hospitality industry and has strengthened practices in a turbulent business environment. His research pioneered an effective partnership between the Oxford School of Hospitality Management and InterContinental Hotels Group (IHG), resulting in the Group developing new risk management practices, enhancing its effectiveness in managing risks, saving costs and gaining worldwide recognition as industry leader in the field. These practices are continuously shared with the broader H&T industry through appropriate fora and dissemination platforms.
The largest investment banks in London each have thousands of servers largely devoted to Monte Carlo simulations, and to quantify their risks and satisfy regulatory demands they need to be able to calculate huge numbers of sensitivities (defined below) known collectively as "Greeks". An adjoint technique developed by Professor Mike Giles in 2006 greatly reduced the computational complexity of these calculations. The technique is used extensively by Credit Suisse and other major banks, reducing their computing costs and energy consumption. It has also led to the Numerical Algorithms Group developing new software to support the banks in exploiting this new adjoint approach to computing sensitivities.
Professor Paul Grout has had a significant impact on national policy on the delivery of public services by the private sector in the last five years. His research undertaken at the University of Bristol on private provision by regulated utility companies and public private partnerships, using both economic theory and empirical studies, paved the way for his central involvement in, and directly informed, key regulatory decisions. These decisions impact materially on almost every individual and organisation in the UK. His research also directly led to his appointment in 2012 to the Board of Ofgem (the Gas and Electricity Markets Authority), the UK energy regulator.
Employee relations in Britain have undergone fundamental change in the last three decades. Research by Lewis, Upchurch, Croucher and other colleagues has tracked these changes identifying the decline of collective bargaining and the rise of alternative forms of employee voice. The impact of this programme of research has been evident in influencing the evolution of wider public debate on issues of employee voice and shaping the development of policy frameworks and specific policy initiatives in the UK and abroad, particularly concerning whistleblowing. Impact has been apparent through influencing the development of employment culture and the respective practices of employers, unions, and human resources/industrial relations practitioners.
Increased understanding of how a member state can influence the EU created two kinds of impacts: changing thinking, understanding and awareness (e.g. HM Treasury); and changing strategy and policy (e.g. EU Committee of Regions). Impacts were generated between 2008 and 2012 on the Polish Government, the Swedish International Development Agency, the US Depository Trust and Clearing Corporation, civil servants in Ukraine, Russia and the UK, the European think tank community, the Labour Party and the EU's Committee of the Regions. Impact was generated through consultancies to public bodies and by providing advice to governments, international organisations and the private sector.
There is a growing demand for evidence of the impact that non governmental and private businesses are having. Research findings have led to a range of practical and policy developments related to encouraging organisations to measure their impact and use it both for their own development and to access more resources. This research has resulted in social impact measurement being introduced to many organisations and an improvement in the tools used. Research insights into how social impact can best be measured have led to changes in the practices of charities such as Citizens Advice and the use of a measurement tool by over 200 smaller organisations.
Research undertaken at Royal Holloway developed a theoretical Performance Audit (PA) model for evaluating the value for money (v-f-m) of the post-decision operational stage of Private Finance Initiatives (PFIs) and Public Private Partnerships (PPPs). Performance Audits (PAs) undertaken by national audit offices encountered difficulties in evaluating v-f-m, given their lifespan of 25 years or more. The model has impact in the UK and Australia, influencing national auditors in their development of PA of PPP/PFI, initially in the UK National Audit Office and directly during the REF 2014 period on the PAs in the Victorian Auditor General's Office (VAGO), Australia.
A Portsmouth team has helped revolutionise how flight data from aircraft flight recorders is being analysed. This has improved the corporate performance of a leading UK company in a globally competitive market by helping it expand its business in the UK and to subsequently compete in the dynamic North American market. Historically, data was manually evaluated on a flight by flight basis. Research by the Portsmouth team means such data can now be analysed automatically by artificial intelligence (AI), saving significant man-hours, and allowing the company to diversify domestically into a related market and to expand internationally. The techniques developed were subsequently applied in a new market, enabling the new corporate partner to realise savings estimated at £100,000 p.a.
The demise of Lehman Brothers in 2008 marked the start of the current financial crisis and illustrated some of the adverse consequences of linkages between banks. The prospect of systemic crises has concerned bank regulators and monetary policy authorities for many years. Research by Professor Altunbaş at Bangor Business School, in close collaboration with the European Central Bank (ECB), has had substantial impact over 2008-2013 by influencing priorities in the international policy debate on how bank innovation can influence the conduct of monetary policy. It shows that the effectiveness of traditional monetary policy transmission mechanisms (such as the bank lending channel) is reduced by securitization activity and this also exacerbates the risk-taking channel of monetary policy. Evidence of the impact and overall scope of Professor Altunbaş' research is reflected in reference to his research at the highest monetary policy levels in Europe as well as widespread recognition in official central bank and international organization publications.
Professor Mark Addis of the School of English undertook pioneering collaborative interdisciplinary work with David Boyd (Professor of Construction at Birmingham City University) to engage with an area of business where the humanities are not usually valued. The philosophy of expertise assisted three major construction companies, Mouchel, Rider Levett Bucknall and Thomas Vale Construction, to better understand their practices. These new perspectives into construction management challenged existing practices and stimulated practitioner debate in the industry. The impacts were for individuals, who made more effective interventions in their practice especially in terms of skill development and project organisation; company groups, who gained insights which developed their practice; and the wider industry through presentations to leading national construction representative organisations.