Blockchain Can Help Your Business Stay Fit And Unlock Workforce Productivity At A Lower Cost

Enterprises that continue to delay a shift to new technology at scale aren’t just incurring an opportunity cost, they’re risking their very survival.

Decentralized ledger tech offers a simple yet reliable way to uplift your remote operations without spending too much.
Blockchain technology allows companies to save on costs and improve the integration of existing systems-of-record without changing existing applications.

Execute multi-party processes in a verifiably consistent way without exposing sensitive corporate information.

In-person collaboration and serendipitous interactions are necessary for creativity and innovation. One recent showed that face-to-face meetings are essential for developing new ideas and keeping staff motivated and focused.

I fear this collapse in-office face time will lead to a slump in innovation. The new ideas we are losing today could show up as fewer new products in 2021 and beyond, lowering long-run growth.

This will create a productivity disaster for firms’, says Bloom, a senior fellow at the Stanford Institute for Economic Policy Research (SIEPR)

With the growing amount of uncertainty on what the new work environment will look like, companies have rushed to install new systems and upgrade their legacy stacks.

But the bigger question is – how can we best use collaboration technology to keep the creative juices running in this do-or-die dynamic?

Staying sane while going all-in on the cloud

More CIOs are evolving their approach to inhouse software development in favor of SaaS owned source code even for the most critical applications.

While the stakes are high and time is money, the speed of deployment becomes crucial. APIs’ ubiquity enables “modular” software that can be created, connected, and deployed quickly at little cost composed of building blocks for specific functions like operational efficiency or supply chain management.

Both third-party API services and legacy systems leveraging API gateways are dramatically simplifying broader connectivity.

Another thing to consider for remote operational efficiency is the abundance of app silos and toggle fatigue. When much of the work gets split up and done among a dozen apps, the information silos sprawls out of control, and workflows are getting more manual.

So we are forced to map workflows to the constraints of the software, while it should be the other way around. We need a way to combat this fragmentation with the power to build integrations and applications that naturally align with their optimal workflows.

The blockchain facelift for remote process management

According to IDC, 30+% of participants in any given multi-party process cannot take advantage of productivity and innovation available to companies with large IT departments.

This often results in multi-party processes managed in a highly manual fashion and prone to double entries and operational risks that require manual reconciliation costing $100 or more to resolve each time.

Disruptive technologies offer a path to streamline process innovation securely and privately without spending a fortune on developing a new legacy system.

Blockchain-powered automation is a scalability investment. It may incur hefty upfront costs in time and capital, but most often will help your company become more resilient in today’s new normal, where having fewer humans in the equation can literally make the difference between life and death.

‘Introducing new technology always has a fair chance of resulting in unsatisfactory outcomes, but the upside could potentially be extraordinary.

Next, be aggressive in demanding free trials or performance-based fees from automation vendors, or both! Technology providers, especially if they’re early to mid-stage startups, typically value usage and revenue over profitability, take advantage of the dynamic. >

Lastly, make sure you know what you need to get out of the automation technology and set up concrete, measurable metrics to track – if the sales team at the vendor is worth their salt, they should work with you on this point to prove their technology’s value. Every penny counts!’ Steven Pu, CEO and Founder of Taraxa.

Ultimately, blockchain technology allows companies to save on costs and improve the integration of existing systems-of-record without any changes to existing applications. It greatly facilitates automation adding speed and auditability to every business unit.
Also read: The Top 10 In-Demand Tech Skills you need to have in 2021

Case study: Distributed ledge tech gives you the power to innovate faster even when working from home

Frictionless remote operations start with adopting a scalable and robust open-source API gateway for optimizing processes in any business unit by establishing transparent and trusted relationships between the stakeholders both inside and outside your organization.

From distributed collaboration to supply chain management, DLT offers several applications to make sure your business stays up-to-date.

One great example is its application for organizing multi-party processes while working remotely.

Ready-made for a business of any size and fast to onboard, it will check off most of the boxes for building up an essential base layer for efficient and credible stakeholder communication.

Its ultimate value props are increased speed and complete transparency of all operations processes for all sorts of external multi-party collaboration – remote work, hub-and-spoke, and other hybrid work models, where it lets you sign-off on project milestones from any communication channel you’re using from email and Slack to simple SMS texting.