COVID19 may have one more lesson to teach companies: most business processes are nowhere near transparent.
We keep sharing our best insight into ways to scale up faster & with less hassle.
Re-evaluating operational transparency when working remotely.
“When you think more broadly about the effects of the shift to distributed work, it will be felt well beyond when we go back to the office. So we’ve gone through a one-way door. This is maybe one of the biggest changes to knowledge work since that term was invented in 1959”. Drew Houston of Dropbox at recent TechCrunch Disrupt.
As companies are pivoting business operations and product cycles, the legacy of slow, manual processes keeps slowing them down. Overall process integrity can be much easier to compromise as parties no longer have offline visibility and face-to-face interactions. How can one prove in real-time that distributed operations teams are communicating in accordance with unified security policy? And most importantly, how can one keep external interactions and customer relations auditable and accountable?
At the same time, not everyone needs to know what happens at every stage of business operations, hence enhanced privacy controls should remain in place. Chasing people down to verify or validate the information takes up an enormous amount of time and energy while keeping the systems of records in consistency and continuity presents even a bigger challenge. More trivial issues span reconciliation of invoices, proving corporate identity, and vendor due diligence check.
Since in most companies today operational data is shared point-to-point with no single record of events across departments and company units, it’s getting increasingly hard to match the data management systems with the process needs. So when a transaction goes awry, it is very stressful and time-consuming for project owners to identify a problem before it leads to huge process inconsistency.
To make processes more comprehensive and trackable, companies need an elevated auditing system that spans all business units and customer interactions. The right technology at hand will build up the basis for advanced automated mechanisms and ensure the integrity of digital configurations.
Learn how you can benefit from multi-party shared process visibility and build operations transactional confidence with Taraxa.
Digitalization and automation on the blockchain steroids.
As your company navigates through the uncharted landscape of the pandemic, the technological disruption is clearing the path for innovation. Distributed ledger tech looks like a good choice for the job as it delivers synchronized business processes ‘on steroids’ i.e. at a lower cost and much higher speed bringing more opportunities for smaller companies. This especially applies to verticals with lots of players down the supply chain and lots of bilateral agreements that need stakeholder approvals.
Identity and verification of parties are very important here as they help to minimize the risks through the democratization of data transfers. A ready-made blockchain solution enables a lowered cost of ownership and reduces operational frictions. Due to its open-source nature, it also takes the vendor lock-in out of the equation.
“I am a big student of emergence, which means when you have a shared vision, when you value people’s differences, something happens when there is true transparency when everything is measurable. Blockchain moves us in that direction.” Deepak Chopra on Blockchain’s business value.
Get on a path to smart process audits Taraxa’s purpose-built infrastructure.
What Taraxa offers is process optimization by adding trust to everyday operations outpacing legacy products in speed and efficiency. Our dedicated platform for online collaboration enables transformative innovation in ERP patterns through auditable handshake agreements. Here’s how it works.
The distributed ledger tech consistently records all operational transactions in a clear, tamper-proof audit trail to establish complete transparency in process audit and performance monitoring. With applications built on top, it turns your inboxes and messengers into powerful operations control dashboards giving you a 360-view of both minor handshake everyday agreements, formal business contracts, and external client interactions. This will ultimately let you switch from backward digging into numbers to proactive process monitoring near-real-time with process audits performed in minutes.
Ultimate process visibility.
Confidently manage all operational processes in a consistent and timely manner to drive high performance and precise process assessments. Extract critical data faster to draw actionable insights on mid-term performance and see the impact of business decisions early on.
Easier access to operational data.
With a minimal coordination overhead, sharing process data becomes as smooth and secure as in a physical meeting. Each data commitment is securely recorded — from input to output and across the departments, companies, and international units. This works for stakeholders and partners both inside and outside your organization.
Process audits that work for every business unit.
Use accurate OpsDat to track KPIs in every ERP module — from manufacturing and supply chain to project management. Stored in a reliable and traceable audit log, process audits can be easily accessed and verified by third parties and regulators.
Reduce waste in time and material resources dealing with costly auditing and risk management firms. Surface the nonvalue-adding activities and other bottlenecks that cause delays and other inefficiencies.