A recent deal emphasized the importance of secure central communication. Layoffs are common in our home city of Calgary and we recently fell victim to an unfortunate case of corporate downsizing. Our team had been advancing an exciting deal for over 4 months, including the inevitable slowdown from summer holidays. Last week, our main deal contact, an industry veteran, was laid off from the buy-side company. In a sizable, transaction with many moving pieces, the assumption is that others will jump in and advancements will quickly resume at a normal pace. That was not the case in this instance.
The team member’s email account is still inaccessible to remaining personnel. Our team and the various supporting parties have had to start near the beginning of the transaction process, painstakingly reconfirming deal points that had already been agreed to, in some cases months ago.
While this particular round of layoffs was unavoidable, the resulting communication vacuum could have been avoided. By ensuring team members are communicating and flowing documentation through a central, secure communication system, like Comflo’s blockchain transaction management software, documentation remains available to approved users. Comflo’s blockchain-based system provides continual web-based access to transaction communications and files, ensuring continuity and helping to preserve momentum.
That same week, our team experienced a similar although slightly different case. A major commodity buyer’s purchasing manager was caught up in the September 14, 2018 earthquake near Taiwan. Following the earthquake, the purchasing manager was with his family, tending to after effects, a significant distance from the company’s head office. The team member was inaccessible for nearly a week. In this instance however deal communications are passing through Comflo‘s software such they they are secured to cloud storage and accessible to team members. While the affected purchasing manager takes the necessary time away with his family, the transaction keeps continuity with a single communication channel.
For deals spanning several weeks or months it is impossible to predict the sorts of disruptions that may arise — such as an earthquake. Keeping communication in a singular, secure channel helps to reduce unforeseen disruptions.
Comflo’s blockchain software provides verified buyers/sellers, secure transaction management, and best-in-class risk management practices for the commodity trading industry.