There are few companies that are qualified to print banknotes and have the right security to be able to offer that to central banks. The criteria to choose a supplier is obviously based on the technical ability, the experience and security, and then, of course price comes into play. The purchasing processes are becoming more and more professional. Now, there are tenders with pre-qualifications for example.

The technology has obviously changed, even though one of the main technologies used since the very beginning is still used today – intaglio printing, used almost exclusively in this industry for printing banknotes. But there are many different techniques that have been adopted more recently, such as varnishing, which emerged maybe 10 -15 years ago. Today, printing a banknote is a multi-step process, you can have as much as 8 or 9 different processes and many different machines that come into play for producing banknotes, which has made the entire process all the more complicated. Of course, the qualifications of our employees has changed along with that evolution. Today, many printing skills, finishing skills and design skills are needed, besides growing R&D activities, all which develop new security features to adapt new techniques and new processes, to enhance the security and the durability of banknotes. These are some of the main concerns of the central banks we work with. 

There has been an evolution in the printing techniques themselves, which has had an impact on the day-to-day. With all of the security features that are incorporated into the printing process, such as holograms or threads, there are many different kinds of security elements incorporated into the banknotes. We are a printing company. So when it comes to strategy, we have to master the printing techniques themselves, but we also have to master the job of integrating different technologies, different substrates and different security features. We have to do that within an environment that is highly industrial, because we’re supplying billions of individuals with products that are numbered and personalized. And these products need to be so secure that forgery would be impossible, with the resistance needed to last the day-to-day use of a banknote. 

Part of the security of our business comes from the supply chain, which is unique to the industry. Banknote paper is very specific one, only used for banknotes, and manufactured by extremely niche suppliers who will only sell to recognized banknote printers (state printers or private printers). The same goes for the ink, which is made exclusively for banknote printing. The ink is resistant and has integrated security features, to be long lasting. You won’t find these requirements anywhere else in the printing industry. It’s very unique – from the holograms designed for banknotes to the threads specifically designed to be incorporated in the banknote paper.  The entire supply chain is dedicated to this industry and that’s a large part of the security of a banknote. 

The design is essential because it’s a matter of security and conveys the image of a country. We incorporate the security features into the design. But there is also an artistic part to it. You have to be able to understand the history and the symbols of a country to create attractive designs tailored to the specific culture. That is what makes the design of each banknote very interesting.

Obviously I can’t go into too much detail into the secure technologies that we use, but there can’t be only one security feature that prevents counterfeiting. For us, we use a collection of different barriers to fight potential forgers. There are a lot of technologies used to make the paper itself, the threads, the fibers, the printing techniques… It’s a very thorough combination of different security features. And our business is evolving constantly because we have to introduce new security features on an ongoing basis. 

Definitely yes! But that is separate from our joint venture in Bulgaria. We operate in both developed countries and emerging countries. It’s been like this since the beginning. We are now addressing the market from our two plants in France and Bulgaria. We have the exact same standards in terms of quality, security, knowhow and capabilities from those two plants. The clients who choose Oberthur Fiduciaire as a supplier know that they will get the exact same quality whether banknotes are printed in France or in Bulgaria. 

I think there are a lot of preconceived ideas about that. I can’t predict whether or not banknotes will have disappeared in two hundred years. There is competition between print payments and the evolving electronic methods today. But we actually just completed a thorough statistical analysis in developed countries. Interestingly enough, we have found that usage of banknotes has consistently increased over the last fifteen years, between 50% and 100%. While I can’t see future, the volume of printed banknotes is growing faster than GDPs. That might come as a shock considering the rise in electronic payments, but the reality is that cash is still king and growing in developed economies… and even faster in emerging economies.

To get an idea of intrapreneurship and on how to introduce entrepreneurial culture in a company one should address to the research of Jack Welch, former chairman and CEO of General Electric. Mr. Welch defined 25 rules for top-managers to build an effective company. Some of them are quite common and are connected with setting goals and focusing on innovations. While the others provide insights on how to inspire people and build entrepreneurial environment. 

We chose 8 most relevant statements and found confirmation by surveys and researches of consultancy firms and reputable businessmen.  

Manage less. At first sight that sounds unwise. But if we take into account another principle – lead more – it makes sense. Embody the company’s values and be a role model for the employees. This principle is also cited by David Lidell, President and founder of SKYE Business Solutions. Mr. Lidell suggests that managers should apply their leadership skills and charisma to the required extent and exactly when it’s needed. He also presumes that it is important to work out a balanced attitude to faults and recognize their inevitability.  

Articulate your vision. Manager’s mission is to communicate goals of the company effectively and clearly. Sharlyn Lauby, ITM Group, Inc. and HR expert, agrees with this statement and fairly notes that it is important to give a say to those who are supposed to be affected by these goals, including stake-holders and group leaders. In the same time, it is crucial not only to put it in a logical way, but to create an attractive picture of future achievements, in other words, to get people emotionally involved in pursuing company’s ambitions.

Involve everyone. There is no use to expect outstanding results or innovative ideas from who are treated formally or like ordinary subordinates in their companies. Whereas those who respect the employees, take in consideration their opinions when making important decisions and clearly convey the idea of teamwork, are always rewarded with excellent results. Thus, managing consulting firm Peter Barron Stark Companies interviewed 100,000 employees in companies throughout USA and found direct correlation between the extent of employees’ engagement and their performance.

Make everybody a team player. Treat your employees as vital parts of the whole organism, make them see you appreciate everyone’s contribution and create team spirit. This idea runs through the expert articles of Barbara J. Bowes, president of Legacy Bowes Group. Based on rich experience, she claims that attitude to employees make greater part of their success than their education or any other factors. In the same time, Mrs. Bowes prevents managers from keeping secretive, selfish and competitive staff members. Such people are unlikely to change, that’s why it’s better to replace them with those open for cooperation.

Get less formal. What Mr. Welch means by this slogan is that informal atmosphere (within reasonable bounds, of course) makes employees feel less tensed and therefore encourages working with greater enthusiasm. Speaking about methods, he recommends organizing brainstorms and accepting all ideas coming both from leaders and first-line managers. Taking out ‘bossy element’ from a company, managers, however, should somehow balance the autonomy with control.

Energize others. It’s wonderful if you are able to maintain continuous enthusiasm for work. But a true leader is the one who resonates with people and make them share the same values and energy for going forward. Duff & Phelps acquired a name to conjure with in the area of corporate finance advisory, by setting rules of organizational performance and high standards of professionalism. Yann Magnan and Robert A. Bartell, both managing directors at Duff & Phelps, explain: “our people are trained to the highest level. We want to be the elite of advisory firms, especially in corporate finance. Our job is demanding because our clients expect us to be 'best in class' players.”

Get good ideas everywhere. If a manager is an open-minded forward looking person and makes it a rule to get ideas from everywhere, then he/she should, first of all, pay attention to their most valuable resource – people. Encourage them to share their thoughts and make sure the working environment doesn’t raise any difficulties in terms of format of meetings or interrelationship of employees. With this in prospect, Duff & Phelps mobilize ad hoc task forces whenever necessary: “Our compensation system applauds and encourages this working relationship (…) Pulling from our many subject matter experts, we are able to work with different scenarios: do we need our IP expert involved, our real estate expert, our ‘going private’ expert? The matter in which we are involved will be upfront from the beginning”, the Managing Directors of Duff & Phelps say.

And make business fun! It is one of the most curious suggestions which only means that it’s hardly impossible to do a job which you don’t enjoy. Thus, Jack Welch considers that success is impossible without friendly atmosphere and sense of humor.
In conclusion, we can’t but emphasize the idea that it’s team who contributes to success of a company. Investing in people’s development, encouraging their progress and providing them with opportunities for self-expression are of great importance. Creating appropriate environment for talented employees can do miracles.
 
Go further:
http://www.businessinsider.com/building-an-entrepreneurial-culture-2011-8
http://www.peterstark.com/key-to-engagement/
http://www.evancarmichael.com/library/david-liddell/Lead-More-Manage-Less.html
http://www.ideals.news/Lost-in-translation-Duff-Phelps-carries-the-ball_a88.html
http://www.legacybowes.com/working-world-labour-a-employee-relations/165-attitude-is-everything-team-players-embrace-mop-and-bucket-philosophy.html