As the world moves towards rapid digital transformation disruption, companies need to transform their business. Companies should make their business model smarter with ever-changing customers' demands and third-party dependencies in the ecosystem.
By automating several operations of their business model and making things faster, companies generate higher revenue and onboard more customers seamlessly. Business owners need to adopt blockchain technology to drive more traction to businesses and stand apart from the crowd.
Blockchain is among the fastest-growing decentralized technology that is transforming every industry. Be it automotive, construction, IT, or consumer domain — the impact is massive and performance-driven. On this note, check out how blockchain can transform your company's business model for better growth and profitability. SevenBits Blockchain Center of Excellence (CoE) team ensures a complete transformation over these critical business aspects.
Operations & management
Management and operations are among the most complex business aspects, and they grow as the business expands over time. The majority of the functions are manual in the traditional model; it becomes tedious to execute them efficiently.
For overcoming this challenge, blockchain can automate these challenges using self-validating smart contracts and blockchain-based databases. Companies can have custom-base smart contracts for their customers, partners, and supply chain, vendors.
Enterprises can use a private or a public blockchain to validate, store and share the origin of data, goods, or services. Smart contracts can automatically execute business agreements and various management operations seamlessly.
This distributed ledger technology advances the trust among multiple parties in the business network. It lets the entities work together without additional paperwork. As all the business processes are transparent, it boosts trust among them.
For making accounting more credible and trustworthy, it needs to be transparent across all touchpoints and participants. In the conventional business model, generally, a team is responsible for managing and auditing the accounting. As only a specific group is responsible for executing accounting operations, transparency takes the back seat.
However, with a blockchain-based system, it becomes impossible to forge or manipulate the data as it will take forever to overwrite the false changes in all the nodes. With this advancement, it becomes much easier for a company to put the accounting operations in front of all associated business partners to boost trust.
Another significant benefit of integrating a blockchain-based database in the account is seamless automation without hampering the previous work quality. This transformation of decentralized technology applies to all small and large-sized businesses across multiple industries.
Efficient Hiring and HR operations
Hiring is a tedious and attention-seeking task, and it has become essential for companies to integrate automation to make it more efficient. The human resources individuals are responsible for various aspects including, profile selection, interviewing, shortlisting, onboarding, and more.
Automation of all operations is impossible; however, it's feasible to put specific complex and time-consuming tasks on an automated process. Tasks like document verification, generating onboarding documentation are much easier to accomplish.
Blockchain applications can streamline the hiring process by facilitating HR experts to verify the candidates' credentials quickly. Also, this decentralized advancement can waive off the necessity of hiring third-party hiring companies and save substantial recruitment costs.
Blockchain-enabled protocols can also streamline the entire payroll system. Companies that have offices across the globe can take massive advantage of it and simplify the payroll process. Blockchain can standardize payments in various currencies accurately. It can change the way organizations compensate their employees and avoid financial errands.
Robust omnichannel marketing
Regardless of size, no company can deny the importance of marketing to stay relevant in the industry and keep growing. Blockchain technology can simplify the marketing team's job in several aspects. Using this technology, the marketing team can accurately plan their campaigns and budget to ensure the targets are easier to achieve.
The marketing team can transparently track the traction, revenue, and leads generated seamlessly using blockchain-based applications. Compared to the traditional marketing model, this new advancement is more data-driven and scalable.
Get Started with Sevenbits to Transform Business Model
SevenBits is a leading blockchain development company that offers full-stack services to meet every business goal. Be it legacy migration or integrating new applications with the existing one, we have you covered. With a stack of public and private blockchain frameworks, we can help you accomplish complex tasks faster with higher accuracy.
It is the right time to transform your existing business model and take a step towards digital transformation. Get in touch with us at firstname.lastname@example.org to explore more about how you can grow your business using blockchain technology.