5 Benefits of Blockchain Technology for Businesses

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StrategyDriven Risk Management Article | 5 Benefits of Blockchain Technology for Businesses

Many people are using the world blockchain these days. So much so that the phrase has become a buzzword. Currently, ASX blockchain companies are providing these services to users.

Finance and business executives often joke that the word blockchain placed at the end of the company name is enough to increase the share price of any entity at least twofold.

Jokes apart, it is a fact that more than 50% of companies are using – or planning to use – the blockchain technology, which gives a boost to the relatively nascent market.

Before we discuss its business benefits, we should first find out what blockchain really means, and what value it has to offer.

Blockchain Technology Defined

Blockchain technology is simply defined as a list of records known as blocks linked through cryptography. Each block contains transaction data and a time stamp.

It was first introduced for circumventing the traditional banks and financial institutions and satisfy their fears regarding unregulated money, making its way into the mainstream.

Blockchain technology authenticates and enforces financial transactions. Every aspect of the transaction, from creation to settlement, is carried out in real-time.

Businesses can use this technology for making and receiving payments, store data on clouds, or executing agreements.

In the article below, we will discuss some benefits of blockchain technology for businesses.

1. Money Transfer and Payments

This is perhaps the most widely known use of blockchain. With the help of this technology, businesses can carry out payments and transfers. Blockchain offers a secure and safe transfer of money anywhere in the world with a very low fee.

There are no intermediaries involved in blockchain transactions which usually charge high commissions, and also cause slowdowns in the process.

A business that has clients or employees in different parts of the world can carry out instant crypto-currency transfer in a cost-effective manner.

There are some organizations, including Abra and Bitage, who are spearheading the blockchain money transfer phenomenon.

2. Supply Chain Management

Most people in business abhor paperwork. They think that it stalls their speed and decreases their efficiency. When the matter is urgent, paperwork becomes a burden.

For businesses that are involved in supply chain management, logistics, or shipping, blockchain allows opportunities to bypass delays created due to excessive paperwork, and track all the shipments in real-time.

3. Transparency of transactions

Blockchain technology has allowed transaction histories to be more transparent. The reason is that it is a distributed ledger.

The same documentation is shared with all the participants involved in the transaction. There are no separate copies for each user.

Every participant in the transaction must agree on the documents, which will not become valid until there is a consensus. If a single change is needed in any document, it will mean changing all the existing and subsequent records after obtaining confirmation from all participants.

This system of affirmations and confirmations maintains the accuracy and transparency of the data. This also means that the data on the blockchain is more accurate than similar data shared through papers.

Blockchain can be understood with the help of Google Docs. There is a document that is available to many people who can make changes and save them. The same document is available to every user. However, there is just one difference. No single user can delete previous entries made in the document. They can only make additions.

4. Safety and Security

Blockchain technology is way more secure than the traditional systems of record keeping. First of all, every transaction must be agreed and affirmed by all participants before it is properly recorded.

Secondly, once approval is received from all participants, the transaction is encrypted, and then connected with the preceding transactions.

Thirdly, the information encrypted through this process is not stored in a single computer. Rather, it makes its way into a network of computers belonging to participants involved in these transactions. The availability of the same data on many computers across different geographical locations renders it impossible for hackers to attack all of them simultaneously.

The sanctity and security of data are imperative to every organization, whether it is healthcare services, banks, financial institutions, or government entities. Blockchain technology offers a novel way of sharing information without the fear that it will be compromised in any way. The risk of unauthorized access or activity or willful fraud is almost non-existent through blockchain.

5. Better management of inventory

Blockchain technology offers a complete and concise record of every monetary transaction that takes place in your business.

It also offers the opportunity to connect with every other part that you are dealing with, whether it is your supplier, clients, warehouse, or a retailer.

Everyone who is part of the network has the same data available to them. Since the information is similar to everyone, there is little room for confusion regarding the transactions that took place at each end. This leads to much better management of inventory as compared to the traditional method where every participant has their own set of documents that are reconciled with the rest at the end of any given period.

It will be useful to note here that the world’s largest shipping company, Maersk, is currently using blockchain technology for handling its workflows. The company started using blockchain after it found out that a simple shipment involved hundreds of interactions between different people across the globe, hindering speed and efficiency.

With the help of blockchain, the company is able to keep and process that data of its thousands of containers scattered all over the globe with ease and efficiency.

The Final Word

Initially, blockchain was envisaged as a technology that would support the Bitcoin. However, as time passed, experts suggested that it may have many more advantages. Currently, it is being discussed that blockchain may fundamentally alter the internet itself.

Gradually, with time, blockchain tore the boundaries of money-related transactions and became a distributed ledger phenomenon.

Presently, the demand for blockchain in businesses has been increasing exponentially. The demand for blockchain is expected to shoot up by more than 75% by 2022.

 

Five Reasons Why Market Research is Necessary for Your Business

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StrategyDriven Marketing and Sales Article |Market Research|Five Reasons Why Market Research is Necessary for Your BusinessYou must have heard of a market research agency that examines factors that can affect your sales. This makes you wonder why it is crucial to carry out market research in the first place. And how does your business benefit from such an analysis?

Market research is an essential aspect of running any business either when it is being established, or when a running company is seeking ways to beat its competitors. The results of the research offer you the required data which can be utilized for making useful commercial decisions in the future.

In the article below, we will discuss some critical reasons why market research is necessary for any business.

1. Offers Better Understanding of Your Niche Customer Base

There are many questions on which your entire business, its revenue, and eventual profitability hinges:

  1. Who is the buyer of your product/service?
  2. What is the frequency of your product sale?
  3. What kind of people constitutes your niche market?
  4. Do they have a specific requirement that is fulfilled by your product/service?
  5. Are there any substitutes for your product?

Many such questions form the backbone of your entire planning, production, and sales strategy. If you can answer these questions correctly, you will have a much better understanding of your own business, the demand for your product, and how you can run your business successfully.

With the help of market research, you can not only figure out your niche market, but you can also pin down your specific customers.

Once you have mapped out the profile of niche customer, you will be able to identify the actual size of your market correctly. You will also get to know why and when people will buy your product/service.

Moreover, you will be able to understand the demographics of your niche market. It will enable you to plan and develop rewarding campaigns in the future.

2. Offers Knowledge Regarding your Competitors

Competitors can chip away at your niche market, and decrease your sales. It usually happens because they carry out market research before you do.

To remain in the market, you also need to carry out research and beat your competitors at their own game. Market research assists you in identifying how many players are there, and which ones are winners. It also allows you to find out your weaknesses, and even that of your competitors. But, most of all, you will get to know what your successful competitors are doing to attract the customers towards themselves. This knowledge can be used for updating your own product/service and your overall business dealings. Knowing your competitors is a crucial aspect of running a successful business, and thorough market research allows you to remain informed about your customers at all times.

3. Offers Product Knowledge

Of course, all the fuss is about sales, and sales are based on your product. Market research is a must before you launch your product. The market research carried out before the formal launch of your product, should let you know about its existing demand. You should also know its exact cost as well as the estimated revenue that you will be generating through the sales of this product.

If you have thoroughly carried out your market research, you will be able to make the wisest business decisions. This research will also refrain you from incurring unnecessary costs on a product, or producing something that has minimal demand. There is no guaranteeing the success of your product before it has been introduced into the market. But, there are ways through which you can be reasonably sure about its future. The market research allows you to understand the dynamics of the market you have chosen to enter, and whether your product has a future in it.

4. Offers Unexpected Opportunities

Like in every other thing in life, change is inevitable in business. And the ones that can manage this change can survive the market. Everyone must have heard about Kodak. It used to be a giant in the camera film industry. When the time of digital cameras was arriving, the company was advised to switch towards this new phenomenon, but the owners of the business refused to change their course and continued making camera films.

Eventually, other companies that were making digital cameras beat this giant and grabbed its market shares with the help of technologically advanced products. Another example is Netflix. This video-streaming giant grabbed the opportunity presented by the advent of the internet and grabbed the video-rental market.

If you are conducting regular market research, you will be able to seize all those opportunities that open in the market due to a change in public preferences, the introduction of a new product, or merely a technological advancement.

5. Offers Opportunities for Business Expansion

Market research allows you to help you understand the changing preferences of the customers and makes necessary amendments in your product merely satisfy these demands. You also get to know if there are opportunities for expansion within your niche market.

Business owners can keep track of their competitors, create and develop objective-based marketing campaigns, and take advantage of the changing market dynamics.

Another great advantage of carrying out regular market research is that you can take stock of all problems before they even occur. It offers an opportunity to either mitigate them before they occur or solve them as soon as they pop up.

The Final Word

Research allows business owners to obtain insight into the dynamics of your niche market and identify the needs of your existing and prospective customers.

It also allows you to run cost-effective operations that affect your bottom-line profitability.
Carrying out regular market research is imperative for running a profitable business, that is why every expert in this field recommends it.

Things to consider before choosing the best PR agency

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StrategyDriven Marketing and Sales Article |PR Agency|Things to consider before choosing the best PR agencyBill Gates once said, “If I had just one dollar, I would spend it on public relations.” Well, what are the odds of that happening? But in this statement, we clearly understand the importance of Public Relations.

They are an essential tool to manage the communication between a company and society to build and maintain it’s a representative and positive image.

A company makes use of public relations through a set of strategic communication actions. They coordinate to create and strengthen links with the public and consumers. The top-ranking PR Agency in Sydney uses informative feedback to achieve fidelity with their clients.

The job of any PR agency is to assess consumer behavior, categorize company policies, and plan future actions. You need to make sure that the agency you are choosing for your business has these qualities:

Experience of the agency in the sector

Experience has undoubtedly been the most cited quality. You have to look mainly at the experience, not only of the agency but of the team that will take care of your account. Specialization in specific markets is almost always a guarantee of success.

Must have oomph

Pay attention to the kind of work the agency does. Excessive experience can cause the agency to fall into routines, to do the same thing for every business they manage. Make sure your business does not lose its uniqueness as it will cause your public image to lose freshness and originality.

A stable client portfolio

Isn’t it strange that certain agencies lose clients very quickly? You don’t want any unpleasant surprises. Excessive customer turnover can be a reasonable indication of poor operation. On the contrary, other agencies have a very high level of loyalty with their client portfolio, with whom they have been working for many years.

Investigate the results with other clients.

It is a piece of straightforward advice that many forget. It is essential to ask the agency what were the results of the campaigns they had done for clients similar to your company. Some agencies continue to live from the fame achieved in other times when, at present, their level of competence is well below. Don’t forget this recommendation: ask other clients of the agency to assess their satisfaction with it. It doesn’t cost money and can save a lot of trouble.

A qualified team

Some clients complain that after the initial phase in which top executives of the agency serve them, they are then ‘abandoned’ in the hands of less experienced professionals. You need to make sure experienced professionals manage your business. Having new agents maintain your work who are not familiar with the challenges businesses face may harm your company.

The price

Especially in the current crisis, this factor takes on a unique role. You may find a cheaper company more attractive at the beginning of your business, but this is a recipe for disaster. The quality of the PR Agency should not be compromised, as it is critical to your business.

Local or International

You need to ask this question as to what is best for your business. Will a multinational agency understand your business better or a local agency? A specialized agency that will appreciate your business or one that provides integrated communication services? And concerning size, what will be most effective for your company: a large, medium or small agency?

Know what your PR agency should do for you

You need to understand the responsibilities public relations agency has towards you. Their work is not just limited to the management of events or to communicate the news or changes that your company has.

When a company, from any industry, suffers a crisis, it is essential to know how to handle it and communicate what is necessary with the public. Not managing the business crisis correctly, can make it unfavorable for the company, which can even damage its image and reputation.

What is it that makes your business unique? Why are your customers loyal to you? What are the KPIs of your business which attract clientele? Identify and highlight the differentiators between you and competitor companies.

These key factors place public relations agencies in one of the marketing investment items each year. In 2016, revenues from employing PR services accounted for nearly $ 14 billion worldwide, according to data from the University of Southern California.

A great PR strategy

Your chosen PR agency must not be all words and no work. Make sure they understand your vision and share it while managing your business. Establish a realistic work plan which profits your company. Primarily your public relations strategy should stand out. Describe communication objectives and actions that propel your company towards success.

Through the right approach, a company can create a close relationship with its target so that the company becomes a reference for the product or service it offers.

All great companies have a PR agency. Managing public relations is a fundamental part of preserving the right image of the company.

With the market as competitive and broad as the current one, many companies are selling similar services and products. To maintain credibility and loyalty with customers, you need a good public relations strategy to position ourselves in the mind of the consumer.

Crisis Management Strategies

Sometimes an organization or company is suffering a disastrous event that affects its public image. Public relations should repair the damage to the image, and communicate how they will devise strategies to solve the problems.

Final Words

Make sure the PR agency you choose knows the latest trends and uses social networking as a tool for your business. In the 21st century, you cannot make public relations with models of the previous century. Pay close attention to how influencers, bloggers, tweets, social networks can affect your business.

Understanding Neurodiversity: 4 Challenges Faced by Those on the Autism Spectrum

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StrategyDriven Diversity and Inclusion Article |Autism|Understanding Neurodiversity: 4 Challenges Faced by Those on the Autism SpectrumAutism is not a condition that can be explained in one sentence. There are a lot of misunderstandings about the condition, with deep stereotypes being the root of the problem. If each person takes the time to understand autism, it can help lead to a healthier social environment. One way to do this is by championing neurodiverse workplaces in your area.

4. The Internet Is Overwhelming

There is a lot of misinformation on the internet about autism. The autism spectrum, in particular, has caught the attention of many pranksters, and it is used as a tongue in cheek joke when describing someone. A lot of the language used for autism is offensive when said in public. Due to the massive amount of information overload online, that boundary may not always be clear to people. When someone autistic is asked questions about their condition, it puts them on the spot. Sometimes these conversations can’t be controlled properly in a professional setting.

3. Social Awkwardness Gets Dialed Up

Everyone has a specific type of social interaction that they’re attuned to. There are even some people that can step outside of their comfort zone and blend in with any social situation. For someone on the autism spectrum, social interactions are never a guarantee. That means one meetup might be fine while another one is a complete disaster. Everyone has a social comfort zone, but for someone with autism, that zone is constantly moving.

2. Getting A Job Becomes A Job

Employers want to know that the job can be done with reasonable accommodation. The job market is full of employees that don’t suffer from autism. So why would an employer hire someone that needs special treatment? This is the mentality that someone with autism deals with whenever they go in for a job interview. No matter how capable they are for the position, it is always an uphill battle. Employers will expect more personal information from an autistic employee during the interview process.

1. Never Feeling Comfortable In Your Own Skin

Individuals on the autism spectrum have different physical and mental emotions every day. One always drives the other, so it is never the same feeling. What some may see as mood swings is a natural progression from one day to the next. People need a safe spot to unwind, or someone that understands who they are as a person. With the constant identity shuffling of someone with autism, this can be a challenge. Support groups are helpful, but it will fall on the personal curiosity of the public to create a healthy environment for autism. Understanding the condition is only the first part of respecting the person that has it.

Wrap Up

A healthy dose of respect should be included with all workplace atmospheres. Getting comfortable around people that are different is never easy, even when you prepare. Instead of expecting the worse, go in with a positive attitude. Even if it’s just one person that makes a difference, that is still a step in the right direction.

Mindset, Motivation and Marketing: The Three Keys to Your Business Success

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StrategyDriven Starting Your Business Article |Mindset|Mindset, Motivation and Marketing: The Three Keys to Your Business SuccessFinding the courage and enthusiasm to finally start your own business will be a huge stepping stone in your life. Whether you’ve got a passion for a particular industry or you’re looking to leave your dead end 9-5, there are so many advantages to becoming an entrepreneur. However, before you get too excited about being an overnight millionaire, you need to think realistically. Your great business idea won’t be enough to get it off the ground; you will need a whole load of motivation, marketing techniques and a strong mindset. Once you have mastered these key elements you will have the confidence to launch your business and keep it running for years to come. Before you jump into the deep end, consider some of the following ideas and implement them into your business plan.

Quality over Quantity

In business you simply cannot run before you can walk. If you try to do too many things at once, you’re going to get overwhelmed and frustrated. Let’s say you’re working in the medical equipment manufacturing. It’s better to supply one or two excellent and innovative products than sell every item under the sun. You will also want to make sure your products are high quality and suited to your target demographic. Nowadays every supplier needs to think about medical equipment coating. As medical devices become smaller and more compact, the use of Parylene coatings finds increasing value due to its molecular level deposition. Overall, you need to make sure you do thorough research into your particular industry, so that you can create the best quality products in your market. Having a “quick fix” mindset just won’t work if you’re in it for the long haul.

Solving Your Target Audience’s Problems

When you start a business, your initial goal should be to solve a problem that your target audience has. Try not to think too far ahead and focus on your specific reasoning. Perhaps you’re an accountant who can help other businesses save time or maybe you sell an innovative product for the home that can solve people’s issues right away. You need to have your target person in mind and use them as a way of channelling your business goals.

Your Business Isn’t About You

If you’re starting a business because you want to make a quick buck, then you’re doing it for all the wrong reasons. The truth is, your business is more about your consumer than you. Although you might have a special passion or interest, building a business isn’t going to be easy. Of course you want to be passionate about the industry you’re entering, but you can’t think about yourself too much. Put yourself in the shoes of your target market and think about what they want rather than what you want.

Forget Imposter Syndrome

When you’re just starting out in the business world, it can be very easy to feel like an imposter. If you don’t have a huge amount of experience you can definitely feel like a fraud too! Be assured that you aren’t the first person to feel like that. You are most certainly worthy of being a business owner, so you need to believe that too. Have faith in your own abilities and forget the voice in your head that’s telling you you’re not good enough.

Your Competitors Aren’t That Important

Stop focusing on your competitors for a change and think about your own pathway. Yes, you need to use other businesses to model your own, but you shouldn’t be too focused on what they’re doing. You will start to feel overwhelmed about where they are if you think too much about what they’re doing. Laser focus on your own goals and you will be much more productive.

Giving Up Isn’t an Option

It is much easier said than done when you’re not seeing any improvements, but you simply have to stay motivated when it comes to your business. If you’re truly passionate about what you do, you should never want to give up. You’re going to have tough days that feel like a hard slog, but every entrepreneur goes through this. Sticking to it is the sign of a true pro and you will get there in the end.

You Have to Invest Before You See Results

Don’t forget that you need to spend money to earn money; you won’t be making millions overnight if you don’t have a good amount of start up capital. Depending on your business type, you will probably find that most of your money is spent on advertising in the initial months. This is because you need to spread the word of your business and get your target audience to start noticing your products and services.

Professional Marketing Goes A Long Way

Don’t be afraid to pay an expert to help you out with marketing. Yes, there is a lot you can do on your own, but this will only get you so far. Save yourself the time and stress by hiring a digital marketing agency to help you reach your business goals.

Patience and Persistence Pays Off

Once you have established a good sense of motivation and an entrepreneurial mindset, you just need to be patient. Your success won’t necessarily happen overnight, in fact it definitely won’t. Finding your feet in your target market will take time, as your ideal consumer needs to learn to trust you. If you’re in this for the long haul you will easily be able to stick to your goals with a patient and persistent attitude.

So now you will see how important your mindset and motivation is when starting a new business. Obviously marketing is very important too once you have the foundations of your business laid out. Along the way, all you need to remember is that you should only focus on one thing at a time. Creating less overwhelm for yourself in the initial months will keep your mindset on track for a thriving business in the future.