Over the last 2 years, the hype around blockchain has cooled down significantly and IoT continues to penetrate everything we do. Our use case research has found over 400 significant business implementations in just about every industry and it is expected that the 12 billion IoT devices in 2020 will grow to 25 billion by 2025. The World Economic Form believes that Blockchain and IoT has the potential to reduce cost in global GDP by $3-5 trillion over the next 6 years. I believe that number is understated.
So, why should you care? Here are some thoughts for Senior leaders about the applications of Blockchain and IoT….
Board of Directors
Regulatory Compliance, Employee Identification, Corporate Reporting, Risk Mitigation
Chief Information Officers
Data Integrity, Data Security, Data Integration, Identity Management
Chief Operating Officers
Chain of custody, Provenance, Inventory Management, Vendor Quality and Reputation, “Track and Trace” Asset Management, Compliance to Employment Law, Quality Assurance, Quality control, Contractural Fulfillment, Resource Management, Upstream and Downstream Partnerships, Counterfeiting
Chief Financial Officers
Efficiency, Cost Reduction, SOX, Compliance, Auditing, Accounts Payable, Accounts Receivables, Know Your Customer, Risk Mitigation
As you can see, there are a lot of reasons for investigating Blockchain and IoT. Blockchain and IoT are transformational technologies that lower cost and have the potential to differentiate a company in its marketplace while also significantly reducing the cost of doing business. It is estimated that over 20% of a company’s overhead is for validation purposes only and Blockchain and IoT have the ability to eliminate much of that. These technologies are not for everyone and it is important that you know if it will benefit your company.
There are several ways you can find out. You can schedule a quick call with me to discuss and/or you can schedule one of our following workshops which we will customize for your company:
- Blockchain and IoT Economics and Governance Workshop: Understand the key levers, the framework for refining strategy, aligning stakeholders and its impact on governance
- Blockchain and IoT Immersion Workshop: Bring your leadership team up to the same level of understanding about Blockchain and IoT business applications and decide if Blockchain and IoT are for your company
- Blockchain and IoT Strategy Workshop: Identify applications for Blockchain and IoT and understand how it would integrate it into your business strategy
- Building the Business Case for Blockchain and IoT: Developing the understanding the implications in your business, to your customers, throughout your supply chain and to the bottom line
- Blockchain and IoT Implementation Roadmap Workshop: Creating the multi-year plan for how you are going to implement and integrate these technologies into your workplace
Blockchain and IoT are the same place that the internet was in 1996 and I am sure you understand the impact of the internet on today’s business landscape. We will see the same impact for Blockchain and IoT in 5-7 years, so can you afford not to have a plan around this disruptive technology?
For more information, call a Blockchain and IoT subject matter expert at (909) 949-9083, send an email to firstname.lastname@example.org or request more information here.
About the Author: Jim Gitney is the CEO of Group50 Consulting and the Co-chair of CompTIA’s Blockchain Advisory Council. Founded in 2004, Group50 Consultants are subject matter experts in operations and global supply chains. We understand how to leverage technology, process, organization and vendors to optimize a company’s supply chain, and we bring best practices learned from well know middle market and Fortune 500 companies. Group50 works with middle market companies to significantly improve their supply chain performance from raw materials to delivered finished goods and quote to cash.
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