With the rise of DLT (Distributed Ledger Technology), there are numerous business owners claiming that their business is either blockchain-powered or innovates in some ways by using this technology.
Through the years I had to constantly find ways to integrate blockchain solutions into already-established businesses. Through time, I have developed a simple framework that helps entrepreneurs understand whether this technology is a viable solution for their business to thrive.
There are a few simple steps to go through when assessing if blockchain will disrupt your business and/or your industry:
Take a look at your own business model
What kind of service do you offer? Assess whether the service offered is covering an important need of your clients and spend time understanding where the improvements need to be made. Even if the final answer is that you do not need blockchain to improve your market position, this introspection will help you see where you are positioned (and should be done every few months).
Set up the metrics that you will use to measure the success of this move
What are the affected areas of the company or the workflow when the new technology comes in? How will your employees see the change? It is important to bring changes gradually into a business. I like to believe that the best moves when modernizing a business’s tech are the ones that cannot be seen. The swifter a move is, the better is the impact that it has: lower costs for employee training, less stress on your users/customers and faster go to market.
Understand what resources you can invest in this endeavor
There’s one of my favorite sayings: You have to spend millions to make billions. When disrupting a model, there are huge costs involved. It is important to understand that all new and shiny toys cost a lot of money. Don’t be fooled by an apparently low cost of a plug-and-play solution (trust me, it will cost you up to 10x more than going for a custom service from the beginning) and spend enough time and money in researching and educating yourself before starting anything.
Assess how this move affects your competitively
Although this tech is pretty sexy, do you actually need it? Will this bring you more $$$? If yes, go for it. If not, just drop the thought and find other ways to stay on top of your field.
If you have decided that blockchain is a go-to move for you, stay tuned for further stories that explain what are the steps to become blockchain-powered. 🙂
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