As a business owner, your New Year's resolution may be to run your business this year -- not have your business running you. You need something that will ramp up your efficiency and make your life easier.
Cue blockchain consulting.
Blockchain is a file -- or public distributed ledger -- that replicates a transaction list across several connected computers. It's perfect if your business completes processes involving multiple transactions, which can be hard to manage.
An increasing number of businesses are adopting blockchain technology to power their processes and operations. Not sure if it's a trend you should join?
Here's a rundown of six reasons you need to leverage blockchain consulting for your business in the new year.
Let's dig in!
Why Do I Need Blockchain Consulting for My Business?
If you're like many other business owners, you know firsthand that business processes featuring many transactions can be complex and expensive for your company to maintain. These transactions might include exchanging documents and records or exchanging financial assets.
But good news: Blockchain consulting can help you. And you're the perfect candidate for it.
For instance, let's say Mark owns several shops that sell craft supplies. He has to work with more than a dozen suppliers for fulfilling transactions.
And that can quickly become complicated.
After all, every relationship with a supplier features its own terms, including varying quantities and locations. Mark may find it difficult to manage these interactions.
On top of that, Mark cannot easily see everything that is going on with vendors. Ensuring that every contractual obligation is being met is cumbersome and expensive.
And if a delivery term is not met, tracing where exactly the issue originated can feel impossible.
If you, like Mark, have complicated processes coupled with rising workloads as a result of limited resources, you won't make it very long without blockchain consulting.
How Blockchain Can Help Mark -- And You
Let's take a look at Mark's situation again. If he chooses to implement the use of blockchain, he and his vendors will be able to collaborate as part of a network that is strongly connected.
He'll be able to see all transactions, including those that are time sensitive, via an updated ledger.
As a result, he'll automatically know when important requirements have been met. And he doesn't need an intermediary to find out this information, either.
With the help of blockchain consulting, you can be like Mark.
1. Blockchain Consulting Can Help You to Enhance Your Customer Focus
One of the major benefits of blockchain is that it can help you to improve your business's customer focus.
And isn't that what your business is all about -- meeting your customers' needs? After all, they pay the bills.
Blockchain can essentially help with redefining processes and standards to the benefit of the customer. This has already taken place in the airline industry.
For instance, if a customer's flight is delayed more than 30 minutes, the airline may allow him or her to claim compensation. And this claim can be processed right away.
How is this possible?
The company's blockchain network can access flight information in real time and then release the payment at the appropriate time.
A more automated process fueled by blockchain technology can likewise help you to instantly gratify your own customers.
So, how can a financial transaction between two parties take only a few seconds when you use blockchain?
Because there is no third party to deal with.
When you cut out the middleman, everything runs more smoothly (of course, you likely already know this from running your own business).
All of this translates to more time, more money and less stress.
You can't beat that.
3. Auditing Purposes
With your blockchain network, every detail about a transaction will be recorded. This is perfect for when the asset needs to be audited.
It's especially valuable if your business is the type that needs data to authenticate an asset.
You can also easily track the goods in your supply chain when you use blockchain consulting.
This is paramount for ensuring that your business -- which includes your transportation vehicles and warehouses -- is running as efficiently as possible.
After all, if your products are delivered on time, your cash flow will increase.
You can also easily spot any issues with your assets during their lifecycles and thus take the necessary steps to manage them more effectively.
The feedback you receive from blockchain technology can help you to make wise decisions concerning shipping returns and decommissioning, for example.
5. Transparency Benefits
A major benefit of blockchain technology is that it offers greater levels of transparency. This is true no matter how large or small your business is.
When you don't have enough commercial and financial transparency, commerce delays and poor business relations may develop.
Not exactly the best way for your business to ring in the new year.
6. Security Benefits
With blockchain, you can enjoy the benefit of added security for your business transactions.
This is because your transaction data are stored across many computer networks. And these networks consistently check one another and verify the information.
This is different from your traditional ledger that records information using a central server.
Blockchain and IoT
By now, you've probably heard of Internet of Things, or IoT. This concept refers to connecting virtually any device, ranging from your smartphone to your coffee maker, to the internet.
The marriage of blockchain technology and IoT can transform your business in a powerful way. And it all starts with the guidance of a blockchain consulting company.
A blockchain company can use various tools to create an IoT and blockchain platform that works for your business.
Your new platform can lead to new ideas, insights and even business opportunities. And it can help with solving that stubborn business problem for which you haven't found a fix yet.
How We Can Help
We offer blockchain solutions combined with IoT to help your company to become more efficient.
With the help of blockchain consulting, you will notice an improvement in your operational costs and thus increased profits.
Get in touch with us to find out more about how blockchain technology can take your business operations to a brand new level.