To build or to buy? Exploring Sunk Cost Fallacy
Description
In this episode of the Retail Crime Intelligence Podcast, host Bobby Haskins and Rhod Thomas, Auror’s Chief Customer and Commercial Officer, discuss whether companies should develop their own software or buy existing solutions.
Aside from the financial cost, Rhod gives insights into what organizations must consider before deciding. Bobby and Rhod share industry examples and ways to overcome the sunk cost fallacy that leaders tend to face.
This episode explores the best time to develop in-house solutions and when it’s more advantageous to collaborate or purchase from external providers.
Jump into the conversation:
(00:00 ) An introduction to the episode with guest Rhod Thomas
(05:05 ) Auror's impact on crime prevention and safety
(08:08 ) A decision-making process for building or buying software
(16:21 ) How the sunk cost fallacy affects all businesses
(18:42 ) Why you should fail fast and learn from your mistakes
(23:24 ) The cost of building an in-house solution
(25:54 ) Why you should consider the pace of technological advancement
Resources:
Rhod’s LinkedIn: https://www.linkedin.com/in/rhodrithomasnz
Bobby’s LinkedIn: https://www.linkedin.com/in/bobbyhaskins/
Auror’s website: https://www.auror.co/
United States
