Blockchain Business Opportunities on Business Process – Next Unicorns?
“Without transforming the business process, Blockchain only offers the potential of incremental value in reducing TCO.” ― Tom Golway
A business process consists of a series of actions with required steps to achieve an expected outcome. Every process is structured and repeatable. All the employees in an organization have to go through the same process. If a type of action is unperformed, the entire workflow might become a fiasco. Hence, streamlining a business process is the key aspect for an organizational structure. With a structured business process, every employee can recognize their responsibilities and reduce errors to achieve an added productivity.
CRM and Business Process
With the purpose of accelerating business functions, CRM software is used to upgrade the workflow of organization. Over the years, CRM, a single and multidimensional platform, helps companies to get things done better in the following ways.
- It enhances the collaboration of all the departments in a company.
- It tracks down only the potential customers and converts the leads to sales.
- It enables sales representatives to manage their deals.
- It manages all the data coming from every action.
- It creates a team spirit among employees.
Blockchain coupled with CRM
Blockchain technology has opened up a new world of possibilities with revolutionary opportunities. Around the world, Blockchain service providers offer novelties on every business function. In the same manner, this technology can also transform Customer Relationship Management service to attain a more effective outcome.
What is Blockchain?
In a nutshell, a block chain is an ever-growing list of interconnected records. Each record is called block. These records are cryptographically resistant and secure since it functions without any possibility of tampering. As an open and decentralized platform, blockchain interconnects distributed records between users in an everlasting and provable way. If blockchain technology is coupled with CRM, this combination can offer a combined and precise status of a user’s personal details, transaction records, and other important data. Here are five most important benefits that a company can gain from blockchain-combined CRM technology.
Transparency-centred efficiency
As a distributing platform, blockchain technology allows a company to securely and transparently manage customers without the support of any financial institution. The elimination of this middleman procedure brings a greater transparency-centred efficiency in all dealings.
Cryptographically secure
Each block contains transaction records since a blockchain is a chain of blocks. Cryptographical technology connects every block with the support of network keys so that any user or hacker cannot tamper or alter any records. CRM databases function as a centralized system on a single cloud server. However, blockchain technology-fused CRM is a decentralized and distributed network and reduces chances of repudiation and fraud.
Overcoming the problem of outdated data
Across the world, CRM users deal with outdated data whenever they work. Blockchain technology in CRM makes users get rid of outdated data since this technology depends on blocks that present the precise and unified 360-degree view of data. As a result, connecting Blockchain with CRM technology lets companies overcome the problem of storing outdated data.
Blockchain as a service provider
Blockchain-as-a-service (BaaS) has started occupying the corporate world as a safe distributing platform like Software as a Service (Saas). Nowadays BaaS enters into various domains such as Fintech, healthcare, research, IoT, supply chain and telecommunications to offer safe and viable distribution services. Let’s see some of the best service providers that help companies realize their blockchain ambitions.
Factom
Location: Austin, Texas
Types of Solutions: Audit History, Automation, Compliance, Data Integrity, Decentralization, Digital Identity, Evidence Capture, Proof of Existence, Proof of Process, Public Witness, Secure Exchange and Tokenization
Symbiont
Location: New York, New York
Types of Solutions: Guaranteed consistency, Superior privacy, True decentralization, and robustconsensus
Blockstream
Location: Mountain View, California
Types of solutions by product: Liquid Network, Aqua, Blockstream AMP, Blockstream Green, Blockstream Explorer, Blockstream Satellite, Blockstream Mining, Lightning Network, Elements and Cryptocurrency Data Feed
Paystand
Location: San Francisco, California
Types of solutions by product
- APIs
- Billing and receivables
- Enterprise blockchain
- Integrations
- Payments
- Software platforms
Types of solutions by department
- Accounts payable
- Accounts receivable
Types of solutions by industry
- Construction
- Food and beverage
- Insurance
- Manufacturing
- Medical suppliers
- Renewable and environment
Bloq
Location: Chicago, Illinois
Infrastructure solutions for DeFi projects, Cryptocurrency Enterprises, Blockchain Protocols, Staking and Developers
Some other blockchain service providers are: Altoros, Amazon Aws, Appinventiv, Fluence, Cryptowerk, Clovyr, Kaleido and Innominds.
Blockchain-as-a-service platforms offer different types of companies the opportunity to experiment with blockchain services such as enhanced trust minimization, data security, accountability and transparency. Consequently, companies don’t require developing their own blockchain system with costly in-house computing resources.
Business Opportunities and Business Process
As a rising star in the corporate world, Blockchain-as-a-Service (BaaS) will be the future players that will make next unicorns. Since unicorns are consumer-focused, these blockchain enterprises, disruptive and innovative game changers, can create a new market on providing customer-friendly services that improve the business process of any public sector.
Problems of Public Sector
Public sectors face several defects and demerits even after tremendous achievement and progress. Delayed decisions and inefficient management are major shortcomings that hinder the further progress and scope.
Delayed Decision-making
Delayed decision-making is one of the key factors that roam among public companies all over the world. Due to lack of timely response, most of the directors of public sectors are not well-informed to take responsibility for making immediate decisions that are based on promising projects. Here, blockchain-integrated CRM technology comes forward to make directors alert on ongoing projects, and connect them in a single multidimensional platform. Enhancing data structures with more reliable sources in a convenient way are highly important for a data-enabled informative decision making.
Inefficiency in Management
When it comes to operational decisions, most managers lack of taking quick decisions. Most of the mangers, chairpersons, bureaucrats and managing directors, are not skilled enough to run industrial enterprises, and they are not technically strong enough to suggest any technology-driven management approaches. Blockchain-connected technology supports the management of public sectors to achieve a technology-based management where every decision can get started with the support of all types of experts.
Other problems
Public enterprises suffer from some other problems as follows.
Lack of an accurate criterion and flaws in project planning
Investment decisions in public sectors are not taken under proper evaluation of cost-benefit analysis, demand and supply and technical possibility. Lack of an accurate criterion and flaws in project planning makes delayed decisions and increases costs in the commissioning of projects.
Lack of innovation
Lack of innovation among public sectors brings poor infrastructure between different undertakings in the domains of finance, personnel and materials management. Expected outcome is not achieved with outdated information and materials.
Less touch with employees and consumers
In public sectors, there is little incentive to work hard and advance efficiency. Public sectors lack a personal communication with employees and sensitivity to the needs of consumers.
Conclusion
Blockchain will not only transform how we use CRM but it has the potential to primarily reinvent and redesign business operating models on the whole. Every business function is based on a certain process which needs more authentic data management for solving problems. Hence, Blockchain providers can focus on solving problems of public sectors. Start-ups, which aim to become next unicorns, should rely on providing blockchain-centred services that help public companies achieve an efficient management and innovative infrastructure.
