Achieve Business Excellence with Blockchain in Industry 4.0
Blockchain is revolutionizing work processes, and companies that have integrated it into their enterprise technology stack are scaling at an exponential level.
Companies are embracing an innovation-first approach to building resilience into their work processes to scale in Industry 4.0. Companies of all sizes, sectors and industries are exploring new technology opportunities to gain visibility into end-to-end supply chains, deliver operational excellence and scale their business. To scale in a highly competitive world, companies need end-to-end excellence in all business aspects to increase ROI.
Many industry veterans are exploring the possibilities of Blockchain technology in their enterprise technology workflows to streamline workflows and increase efficiency.
According to a recent report by Statista titled “Blockchain – Statistics & Facts”, global spending on Blockchain solutions is predicted to grow from USD 4.5 billion in 2020 to USD 19 billion by 2024. The report also highlights the worldwide spending on Blockchain -tools in 2021 was almost USD 6.5 billion. Here are some ways Blockchain helps companies achieve business excellence:
Also read: Blockchain adds the power of IoT for improved productivity
Adopt economies of scale
Industrial manufacturing teams are shifting their focus from producing products and parts in huge quantities to generating optimized results. It is a result of the globe embracing the performance economy in its workflows. Companies need to develop a strategic microscopic manufacturing framework to support complex and large-scale operations. Organizations that continue to use legacy tools to ensure business growth will have collaboration challenges, a lack of digitization and slower workflows. All together will result in reduced progress with low scalability. IT decision makers can evaluate their entire workflow to determine which areas can be improved by adopting Blockchain. Organizations that integrate Blockchain technology into their technology stack enable them to source reliable and high-quality raw materials to ensure optimal product quality. Companies must establish an effective supply chain management system to ensure quality and an efficient production process. This immutable ledger will store information about the entire product life cycle to detect the weak links in the entire production process. Moreover, it adds an extra layer of verification that enables businesses to distinguish between genuine and counterfeit products.
Accelerating digital transformation
Manufacturers find it a long and challenging process to implement digital transformation. But with the advent of Industry 4.0, they can no longer ignore the fact that it increases business efficiency, productivity and agility. Collecting information from devices and analyzing the results will help companies gain valuable insights to save a significant amount of money. Integrating Blockchain technology into the enterprise technology stack will help companies accelerate digital transformation strategies.
Also read: Blockchain – applaud the unsung heroes behind it before appreciating the technology
Reimagine business operations with Blockchain technology
As the business landscape has undergone enormous transformations, companies are restructuring their work processes. C-suite executives should consider the capabilities of this technology in their enterprise technology stack and its impact on transaction quality. This technology will enable businesses to excel in areas where risk is lower and add an extra layer of security to workflows where this is a top priority. Companies can integrate Blockchain applications to certify products and increase transparency in work processes. One of the main obstacles to widespread use of this technology is the lack of resources, money and IT infrastructure. IT managers should consider involving everyone, from employees to stakeholders, in the decision-making process to identify all the areas that can be revolutionized by Blockchain technology and its applications.
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