strategy

Blockchain, Data Governance, and Smart Contracts in a Post-COVID-19 World

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The last few months have been very disruptive to nearly everyone across the globe. There are business challenges galore; such has managing large remote workforces – many of whom are new to working remotely, and managing risk while attempting to conduct “business as usual.” Unfortunately for most businesses, their systems, processes, and internal controls were not designed for this “new normal.”

While there have been many predictions around Blockchain for the past few years it is still not widely adopted. We are beginning to see an uptick in adoption with Supply Chain Management Systems for reasons that include traceability of items – especially food and drugs. But large-scale adoption has been elusive to date.

Image of globe with network of connected dots in the space above it.

My personal belief is that we will soon begin to see large shifts in mindset, investments, and effort towards modern digital technology driven by Data Governance and Risk Management. I also believe that this will lead to these technologies becoming easier to use via new platforms and integration tools, and that will lead to faster adoption by SMBs and other non-Enterprise organizations, and that will lead to the greater need for DevOps, Monitoring, and Automation solutions as a way to maintain control of a more agile environment.

Here are a few predictions:

  1. New wearable technology supporting Medical IoT will be developed to help provide an early warning system for disease and future pandemics. That will fuel a number of innovations in various industries including Biotech and Pharma.
    • Blockchain can provide the necessary data privacy, data ownership, and data provenance to ensure the veracity of that data.
    • New legislation will be created to protect medical providers and other users of that data from being liable for missing information or trends that could have saved lives or avoided some other negative outcome.
    • In the meantime, Hospitals, Insurance Providers, and others will do everything possible to mitigate the risk of using the Medical IoT data, which could include Smart Contracts as a way to ensure compliance (which assumes that there is a benefit being provided to the data providers).
    • Platforms may be created to offer individuals control over their own data, how it is used and by whom, ownership of that data, and payment for the use of that data. This is something that I wrote about in 2013.
  2. Data Governance will be taken more seriously by every business. Today companies talk about Data Privacy, Data Security, or Data Consistency, but few have a strategic end-to-end systematic approach to managing and protecting their data and their company.
    • Comprehensive Data Governance will become both a driving and gating force as organizations modernize and grow. Even before the pandemic there were growing needs due to new data privacy laws and concerns around areas such as the data used for Machine Learning.
    • In a business environment where more systems are distributed there is an increased risk of data breaches and Cybercrime. That will need to be addressed as a foundational component of any new system or platform.
    • One or two Data Integration Companies will emerge as undisputed industry leaders due to their capabilities around MDM, Data Provenance & Traceability, and Data Access (an area typically managed by application systems).
    • New standardized APIs akin to HL7 FHIR will be created to support a variety of industries as well as interoperability between systems and industries. Frictionless integration of key systems become even more important than it is today.
  3. Anything that can be maintained and managed in a secure and flexible distributed digital environment will be implemented as a way to allow companies to quickly pivot and adapt to new challenges and opportunities on a global scale.
    • Smart Contracts and Digital Currency Payment Processing Systems will likely be core components of those systems.
    • This will also foster the growth of next generation Business Ecosystems and collaborations that will be more dynamic in nature.
    • Ongoing compliance monitoring, internal and external, will likely become a priority (“trust but verify”).

All in all this is exciting from a business and technology perspective. It will require most companies to review and adjust their strategies and tactics to embrace these concepts and adapt to the coming New Normal.

The steps we take today will shape what we see and do in the coming decade so it is important to quickly get this right, knowing that whatever is implemented today will evolve and improve over time.

What are you doing to improve CX today?

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In challenging times, small frustrations may result in harmful long-term negative sentiment. During this current pandemic crisis your approach to Customer Experience (CX) matters more than ever. Your business needs to protect relationship capital and see this as an opportunity to appeal to your next generation of loyal customers.

picture of the question mark symbol.

Recently I sold a few things on an auction website. The transactions were great and concluded quickly. But, the payment arm of this organization seems to have a bug in their tracking system related to USPS Registered Mail. Their status of the transaction displayed “shipped,” but when you pressed the “Tracking” button it was clear that the package had been delivered a few weeks earlier. Still, they were holding a significant amount of money and there was no clear release date.

While that was a little frustrating, what happened next changed how I feel about this company. I sent email to Support and received canned responses. I used their chat option and spoke to a couple of “people” who were either chatbots or who should be replaced by chatbots because no matter what information I provided the response was always the same, and it was not helpful at all. Interactions that are positive and consistent matter!

Now, think about tens, hundreds, or even thousands of customers or prospects having problems getting information about your products and services, getting assistance with questions or support for problems, and working with your company in general. In this time of increased stress and uncertainty it is important that the customer experience for each anticipated archetype be as ideal as possible in order to increase engagement and loyalty. BTW, those things lead to increases in lifetime customer value, repeat business, and overall business growth.

I’ve always told my teams that, “People buy easy” so as a group or organization our goal is to make conducting business with us as easy and frictionless as possible. By doing that, being fair, and acting with integrity we are rewarded with loyal customers that help our business grow.

Relationships develop over time, and each interaction helps determine the eventual outcome. Understanding what differentiates your company and products in the eyes of your customers and prospects can help you create more meaningful, consistent, and useful interactions. People appreciate a positive customer experience so those efforts may ultimately lead to the creation of Customers for Life.

Now is the time to evaluate your processes, procedures, guidelines, and interfaces. Be extremely critical as you ask yourself, “Is this how I would like to be treated as a customer?” By setting CX as a strategic priority, your business or organization will be focused on ways to eliminate friction and ensure that your customers are treated well. Moreover, by supporting the activities that comprise the customer’s journey you are building a more loyal install base.

Investments in CX today have the potential for an immediate payback as well as increased long-term growth.

Innovation, Optimization, and Business Continuity

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Originally posted on LinkedIn.com/in/chipn

What direction are you leading your team in?

Recently I read that the U.S. is experiencing a significant jump in unemployment claims. Much of that is understandable given the recent decline in many businesses, concerns about how long this crisis may last, and the need to protect ongoing viability by business owners and executives. But, in the near future business activity will resume and it will very important that businesses have maintained a pipeline of business and retained the qualified staff to deliver its products and services.

Now could be the ideal time to challenge your team to focus on improving your business. Look at business processes and identify:

  1. What works well today?  Are you able to identify what makes it work so well? Simplicity, automation, and lack of friction are typical attributes of effective and efficient systems and processes that have a positive impact on any business.
  2. What could be improved and why? Specific examples and real data will help quantify the impact and support the prioritization of follow-on activities.
  3. What is missing today?
  • Good ideas have likely been raised in the past so why not revisit them?
  • What are competitors or businesses in other segments doing that could be helpful?
  • Brainstorm and consider something completely new that could help your business.
  • Start a list, describe the need and benefits, provide specific examples, and then estimate the potential impact and time to value for each idea.
  • Take the ideas having the greatest promise and estimate the cost, people/skills needed, other dependencies for each to see how they stack up.

Something else to consider is the creation or updating of Business Continuity Plans. Now is a perfect time – while everything is fresh in the minds of your team. Not only will this help for the future, but there could also be several useful ideas for the coming weeks.

For example, do you have documentation that is sufficient for someone who is not an expert in your business to be able to take over with a relatively small ramp-up time? How will you maintain quality and control of those processes? Are your plans stored in a repository that is accessible yet secure outside of your organization? Do you have the processes and tools in place to collect documentation and feedback on things that did not work as documented or could be improved? Are your Risk Management plans and mitigation procedures up-to-date and adequate?

Investing in your business during this time of slowdown could have many benefits, including maintaining good employee morale, enhancing employee and customer loyalty, retaining employees and the expertise and skills they have, and increasing sustainability and long-term growth potential.

Could this Pandemic Create New Business Opportunities?

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Originally posted on LinkedIn.com/in/chipn

For most businesses now is a time of caution and uncertainty. Mitigation and emergency planning is likely underway. The CDC has provided solid guidance and new information is forthcoming daily. Communication Plans are being rolled-out and revised as needed. Travel and meetings are being curtailed. Disruption may become the new normal for the next few months.

Road sign that reads, "Uncertainty Just Ahead" with a background of storm clouds.

Alexander Fleming, the Nobel Prize winner who invented Penicillin, is quoted as saying:

“The unprepared mind cannot see the outstretched hand of opportunity.”

More people will be working from home, face to face meetings will be limited, and large gatherings will be avoided as well as travel to those meetings or gatherings. Working from home can be challenging for people who are not accustomed to it so helping them make the transition may be very important to your financial bottom line.

Collaboration tools such as Slack, Basecamp, and Asana can help maintain productivity and foster necessary interaction. Some tools include video conferencing, but even so, having tools like Zoom or Webex can help both internally and externally. Seeing the person you are speaking with helps increase engagement and lead to more effective communication by spotting nuances such as facial expressions that could otherwise be missed.

Tools that are secure, are easy to implement (cloud-based solutions have an advantage here), and are easy to learn and use can be a cost-effective way to keep your business on-track. An additional benefit could be the creation of an effective distributed workforce.

But wait, there is more!

There may be important projects that you could pull in and start now. That is another means of keeping your teams engaged and focused. This could also be an opportunity to enhance skills with online training or to conduct research on new technologies or business models.

This could also be a great time to buy and sell products and services. Business demands could temporarily decrease in many market segments.

  • Sales organizations could leverage that as an opportunity to provide appealing offers to your customers and prospects.
  • Buyers could leverage their ability to quickly purchase products and services to secure better deals during this lull in business.

Reasonable concessions are mutually beneficial and could be a boon for both parties.

Negative events like a pandemic are not ideal and should not be taken lightly, but they can provide opportunities to advance your business and be positioned for even greater success once this situation is under control. It is like that wise old saying, “When life gives you lemons, make lemonade.”

Continuous Improvement, Growth Mindset, and an “Attitude of Better”

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This was originally posted on LinkedIn.com/in/chipn

When I had my own company our focus was on providing the absolute best services in a few niche areas. Our goal was to succeed in the spaces that were important yet underserved. We identified those areas, validated the need, evaluated the competition and our competitive positioning, determined the market potential, and then made an informed decision based on that data.

Continuous Improvement. An image of stairs moving upwards with a man standing on a wall near the stairs and overlooking a city scene.

But, this was not a plan for winning. It was a roadmap to places that we could win, but nothing more.What would our strategy be? What specific problems would we solve? How would we create awareness around the potential impact of those problems? And, how would we position ourselves as being the best candidates to address those business needs? In short, what was our real purpose or raison d’etre?

Recognizing that void led to a couple of powerful revelations –

1.    It is great to have a goal of being the best at something, but don’t use that as an excuse to procrastinate. Learning and improving is an iterative process, so that goal by itself was not good enough.

2.    Adopting an “Attitude of Better” turned out to be a game-changer. We set our focus on continuous improvement and winning. We became customer-obsessed, driven to provide a better service and better results for each and every customer. We gauged our success by customer satisfaction, repeat engagements, and referrals.

3.    But, it wasn’t until we adopted an intentional Growth Mindset that our business really started to evolve and improve.

·      We leveraged each and every win to help us find and create the next win.

·      Our team was constantly pushing each other to raise the bar of knowledge, expertise, and performance.

·      Just as important was what occurred next. They became a safety net for each other. Failure for one meant failure for all and nobody wanted that. They became a high-performance team.

·      We created standard processes and procedures to ensure consistency and maintain the highest levels of quality. This applied to everything we did – from working on a task to writing trip reports, status reports, and proposals. It also reduced our risks when we chose an outsourcing partner to help us take on more concurrent projects.

·      Whenever possible we automated processes to maintain consistency while increasing efficiency, repeatability, scalability, and profitability.

·      We measured and tracked everything, analyzed that data, captured lessons learned, and continuously worked on improving (and documenting) every aspect of the business.

·      A byproduct of this approach was that we could offer leaner pricing based on accurate estimates having very small margins of error. Our pricing was competitive, we could fix price much of what we did, and our profit margins were very good. This allowed us to invest in further growth.

Our “attitude of better” also came across as confidence when selling to and working with new customers. Not only could we tell them stories of our success that included tangible metrics, most of our customers became references willing to talk about the value we added. Their stories included discussions about how much better things became as a result of our work.

Better became the foundation of what we did as well as the basis of those customer success stories.