2020 was anything but predictable. As a result of an ever-changing environment, traditional business models and consumer expectations have continued to change rapidly and make the concept of a business-wide transformation, an essential step for businesses to survive. Although there is no clear solution for adaptation, one technology has continued to remain at the forefront of the business community across all industries. As you might have guessed, this technology is the distributed ledger known as the blockchain. With blockchain, businesses are equipped to change the way (or transform) the processes underlying critical functions and paving the way for added value.
What is Business Transformation?
Business transformations are used as a change management strategy to adjust the ways a business operates. These bold but necessary changes are believed to accelerate growth and change to promote the underlying business strategy and vision further.
Each business transformation can be further broken down. Two of the most common when it comes to technology innovation is a digital transformation targeted to unlock value using technology to find a more efficient way to do things or a process transformation in which previously lengthy and challenging processes are optimized to reduce the labour needed.
Although many businesses have identified that a business transformation is necessary, they have not given the project the required urgency. By the time most IT leaders have noticed a business transformation is essential, lost profits and other symptoms of lost competitive advantage have already begun to sink in. Enterprises of all sizes do well to stay one step ahead of the curve and plan to optimize business functions long before the health of the business has begun to slip.
To kick start your business transformation, two words of advice can help keep your project on track:
- Set realistic expectations around the project length
- Ensuring enough capital and people are available for the ideation phase of these project, which is known to be the most time-sensitive phase of a business transformation
Determining How Your Solution Aligns with Strategy
To ensure your business transformation goes smoothly, businesses can clearly define their strategy for the future. Doing so will help to determine the specific capabilities that will be needed in the ideation phase. Many have found the answer in blockchain solutions, especially since there are so many potential use cases spanning from healthcare, government and financial services in addition to any industry that involves the trading of high-value objects. The nature of blockchain technology lends itself to a digital transformation since it revolutionizes the very processes a business is built on.
The main drawback of blockchain continues to be the lack of knowledge around the technology and how it works. Fortunately, a blockchain platform provider like Arckadl can help businesses determine the potential use and impact of the technology on their business by doing the heavy lifting when it comes to the technology itself. Companies then have a more significant opportunity to determine what processes will be improved or what additional value can be unlocked with new technology.
Although overarching strategies might differ, businesses often see data management as a critical opportunity for transformation. When appropriately managed, enterprises are empowered with the right insights to make good decisions, and good choices cannot be made with the blockchain alone. With the cloud, the Arckadl platform is the right direction for enterprises to manage Blockchain Session Controls (BSCs) remotely and provide authorizations to share data with whom. Choosing a hybrid deployment (public and private cloud) can allow for public data to be used for data exchange and confidential data to remain on a private sidechain depending on your business’s strategic direction.
Leveraging Blockchain as Your Digital Transformation
“We developed our solution specifically to answer a few key problems in the market today; we simplify the adaptation of blockchain and how businesses should approach it. With the ARCKADL platform, the integration into the blockchain world is much more user-friendly, and there is no need anymore for a special blockchain engineer or heavy coding developer. The BSC’s and Cloud platform can interconnect different blockchain networks in a simple plug and play concept, while our cloud platform is very cost-effective. We are more excited today than ever before about our enterprise and service provider market position with our new blockchain platform. The blockchain industry is at the beginning of a long-term transition to cloud management and what we call cloud-driven. As a founder of ARCKADL, I am very pleased with the progress of our team and how the market reacts to what we have to offer; we already established solid key milestones in a few of the large Service Providers and key Enterprises while we are moving forward to officially release the platform to the public as soon as possible. We opened our HQ in the United Stated Bay Area just a few months ago, and the global team is working around the clock.”
— ARCKADL CEO, Ronen Cojocaru
The bottom line is blockchain isn’t going away anytime soon. Therefore, your business should note how you can harness blockchain’s power using an experienced blockchain platform. Since the technology is still in its infancy stages, meaning several hidden challenges and barriers may arise. They can be detrimental to the success of the project without the right experience.
Is blockchain a part of your business transformation strategy for 2021? Give us a clap if so, otherwise, we would love to hear why it isn’t in the comments below.