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The Benefits of Understanding Blockchain Technology

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StrategyDriven Entrepreneurship Article | The Benefits of Understanding Blockchain TechnologyThere are many benefits to understanding Blockchain Technology, and a few things to keep in mind. It can streamline trade finance deals across borders and improve record keeping. Unfortunately, it’s also vulnerable to hackers.

It Can Be Used to Streamline Trade Finance Deals Across Borders.

One of the biggest pain points for businesses is the inability to process trade finance deals quickly and efficiently across borders. Manual documentation and slow processes can delay transactions, disrupting business. Blockchain technology can streamline this process and make it easier for companies to transact across borders.

Banks are already using blockchain technology to improve the financial system and increase efficiency. For example, Brock Pierce established Blockchain Capital, the first sector-focused venture fund that only invests in businesses using Blockchain technology. As a result, it reduces the number of intermediaries in the process and eliminates the need for manual settlements.

Blockchain technology can also be used to confirm cross-border securities transactions. In addition, because Blockchain is a distributed system where multiple computers are linked, it prevents tampering with the data. As a result, blockchain technology reduces the time it takes for securities transactions to settle.

It Can Be Used to Secure Financial Transactions

Blockchain technology can secure financial transactions by providing financial institutions with real-time tracking of customer transactions and identifying suspicious transactions. This technology can improve existing processes that result in losing money and assets. It can optimize financial infrastructure globally and transfer assets more effectively than current systems. Research has shown that Blockchain can reduce costs and lead to significant changes in the financial industry in the long term.

Financial services should consider the impact of Blockchain adoption on their core activities before moving forward with this technology. For instance, companies not primarily in the banking industry should avoid taking risks by moving into this new market. Additionally, companies should consider the energy costs of Blockchain solutions. A large amount of electricity is required for the process. Therefore, a company should consider the energy supply in its area before implementing the technology.

Blockchain technology can help banks secure financial transactions by eliminating the need for centralized databases. Currently, banks invest in centralized databases, which have a high purchase and maintenance cost. In addition, banks must also deal with the risk of human operation and bookkeeping. By eliminating these risks, banks can focus on securing financial transactions.


It Can Be Used to Improve Record Keeping

The use of Blockchain technology in healthcare can have a profound impact on record keeping and patient care. It provides enhanced transparency and safety in the record keeping process, allowing physicians to focus more time on patients. It also enhances clinical trials and treatments by enabling smooth data exchange among healthcare providers. This can result in improved diagnostic precision, efficient therapies, and cost-effective ecosystems in the healthcare industry. With Blockchain technology, organizations involved in the healthcare ecosystem can communicate with one another and exchange information on a shared leader. It also allows users to monitor the actions of other users within the system.

Blockchain is often defined as a decentralized, sequential ledger in which the entries are connected through cryptographic links and stored in a distributed, peer-to-peer computer network. Blockchain is a fast-evolving technology that has the potential to introduce new forms of records and record keeping modalities. This emerging technology is being explored in virtually every country in the world. Consequently, record managers must be prepared to adapt their current record keeping practices to this new technology.

Can be Hacked

Blockchain technology is vulnerable to hacking, as it relies on a decentralized public ledger. This ledger is visible to every stakeholder in the network, including attackers. This makes it important for the Bitcoin industry to ensure the security of digital wallets and safe exchanges. Blockchain was once touted as unhackable, but recent hack attacks have shown that the system is not invulnerable.

Hackers have exploited the vulnerability of blockchain technology by targeting smaller currencies and exchanges. These hacks are relatively cheap and have shown the vulnerability of the system. However, most cryptocurrency hacks still rely on malware and phishing attacks, which do not require a hacking tool. Because these attacks are so low-cost, they are still relatively easy to pull off. To prevent this attack, users should ensure they use secure wallets and encrypt their data.

Although blockchain technology makes hacking difficult, stealing assets and manipulating transactions is possible.

Choosing the Right Bank

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StrategyDriven Managing Your Finances Article | Choosing the Right BankChoosing the right bank to help manage your finances can be difficult. With so many local and national bank chains, the options from which to choose can be seemingly endless. However, with just a few simple steps, you can be much closer to choosing the right bank for you.

Step 1: Decide What Account Type(s) You Need

The first thing you should decide is what type of accounts you need. Perhaps you simply need a checking account for depositing your paychecks or a savings account to start building your emergency fund. If this is the case, then you can be sure almost any bank you choose will meet your needs.

However, if you are looking for more advanced options such as credit card lines, personal loans and wealth management, you will find your pool of options begins to get smaller.

Step 2: Find Banks Local to You 

While online banking largely eliminates the need to regularly visit the bank in person, it may still be important to visit the bank directly on certain occasions, and depending on where you are located, certain chains may be more or less available. For example, if located in Massachusetts, Kevin Cohee OneUnited Bank could be a great option, but if you are in North Carolina, Well’s Fargo may be more readily accessible.

It is important to note that it is possible to maintain accounts without a local branch, so if you do not care to have a face-to-face option, then finding local banks may not be a priority for you.


Step 3: Consider the Benefits

Depending on the accounts you choose to open, you may enjoy any number of complimentary benefits. Two of the most popular benefits to look for in choosing a bank are access to a mobile app and not having to pay an annual fee.

Large chains such as PNC or Kevin Cohee OneUnited Bank will offer instant access to all your banking needs, but smaller, local banks may not. In addition, many banks may charge an annual fee to bank with them or may charge a fee for low balances or over-drafting your account. Look for banks that take measures to help you avoid these fees with features such as offering free, customizable account alerts.

At the end of the day, there is no perfect bank, and there is not just one bank that will work for you. So consider these steps to help you make an informed decision, but know that you can always change banks if you find the bank you initially choose ends up not being right for you.

How To Expand Your Marketing Business

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StrategyDriven Marketing and Sales Article | How To Expand Your Marketing BusinessNow that you’re established in your marketing business and have a steady collection of clients, you may be turning your attention to expanding your company even more. Yet you might not be sure exactly how to go about this. Read on, then, for some ideas about how to make your marketing business grow and flourish.

Market for Yourself

You’re so busy marketing for other people that perhaps you’ve neglected to properly promote your own company. Now is the time to fix that. Start by revamping your website with a fresh look and updated information. Also, make sure that it’s easy to use and that your clients can find everything they need in just a few clicks. Keep your social media pages up-to-date, too, and try running a few ads in your local newspaper. Think of some new ways to present your business to the public so that they know how well you can do your job, even for yourself!

Use Client Referrals

Don’t forget that some of your best marketing tools are actually your current clients. Ask your clients to refer others to your company, and reward them for doing so. You might set up a discount program for referrals, for instance, and provide the referring client with a percentage off your services.


Be the Best

Indeed, satisfied clients are critical for the expansion of your business, so you should strive to be the best in your field. Produce quality work for every client, and handle any issues immediately, striving to be reasonable and fair even with the most difficult clients. Your work and your efforts will speak well for your company, and you’ll attract more clients and continue to grow as word spreads about your excellent services.

Specialize

Another way to expand your business is to specialize in various fields of marketing. You might, for instance, focus on lawyer SEO materials or websites for educational institutions. Specialization can increase the amount of work available to you. Be careful about this, though, and study each addition thoroughly. Create practice materials, and compare them to current marketing campaigns. Even take a class or two so that you can be certain you have all the right skills that your specialized clients expect.

Watch Your Budget

Finally, if you’re out to expand your business, watch your budget. Begin by reviewing your current finances. Does your budget balance, or have you gone into the red? If you’re currently spending more than you’re bringing in, you must make some cuts. Look closely at your utility bills, and see if you can make a few changes to reduce your energy consumption. Also, notice how much you’re paying out for software licensing. If this is eating up a significant amount of your funds, consider switching to open source software. You can often perform the same tasks and even more with open source options, and you’ll pay much less or sometimes nothing at all.

Your marketing business can expand even beyond your current goals if you put in the time and effort and try a few of these ideas.

The Four Pillars of Omni-Channel Strategy

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StrategyDriven Managing Your Business Article | The Four Pillars of Omni-Channel StrategyAn effective omnichannel strategy involves orchestration, connection, and fulfillment. Let’s take a closer look at each. What are they? If you’re unsure, here are four essential pieces to consider. First, you should tailor your marketing strategy to your customers’ preferences. Then you can curate an experience around those preferences. 74% of customers prefer to shop online at sites that cater to their interests, while nearly half leave a website that doesn’t provide a curated experience. Personalized experiences make customers feel like they’re a valuable part of your business, and orchestration is part of this process.

Connectivity

The ability to create an integrated experience that spans multiple channels is a key component of a successful omnichannel strategy. For example, omnichannel platforms can integrate all aspects of a customer’s shopping experience, including past purchases, social media activity, email lists, and Internet of Things data. The data from these sources can help automate customer service and marketing while allowing for two-way communication.

As consumer preferences evolve, companies must be flexible enough to keep up. While diversification through every channel isn’t ideal, it is essential for an Omni-channel strategy. For example, Disney pays close attention to its website. Not only does it support all channels, but it also makes the site user-friendly for any device. In addition, it has a new Magic Band program that allows Disneyland and Walt Disney World visitors to unlock their hotel rooms and enter the parks using the same account.

A good omni-channel strategy has many moving parts, but all of them should function as a cohesive system. Ideally, each touchpoint should offer a distinctive experience and build upon previous interactions. The omni-channel strategy also should empower users to make decisions, such as when to react to a specific type of customer behavior. Further, it should enable users with the right information and make decisions based on that information.

Operations

An effective omnichannel strategy is dependent on several different factors. It requires the ability to reach the broadest possible audience with a single marketing message. Still, it also relies on a comprehensive understanding of the effects of the omnichannel strategy across all channels. The four pillars of the omnichannel strategy are visibility, measurement, personalization, and optimization. This article will look at the four pillars of omnichannel marketing and how they will work together to help you maximize your marketing efforts.

Your omnichannel strategy must be effective at integrating different channels to maximize sales and customer satisfaction. While you may have an existing multi-channel strategy, you must determine the channels you want to reach. Ultimately, your goal is to increase your customers’ lifetime value and loyalty. To do this, you must know your customers’ needs and understand how they engage with you. For example, if a customer visits your website from their mobile phone, they should have the same level of service they’d get if they were to visit your store via desktop.


Fulfillment

A successful omni-channel strategy is built upon the premise that consumers are increasingly accustomed to various channels and ways to purchase products. For example, a recent study from the National Retail Federation (NRF) revealed that 83% of shoppers want to be able to purchase products wherever and whenever they want. An omni-channel strategy recognizes these changes in consumer behavior and puts the technology and operations in place to meet customers where they want to shop.

The successful omni-channel strategy includes the integration of various fulfillment channels. The first pillar is order orchestration, while the second is fulfillment. Both require efficient fulfillment operations. A successful fulfillment operation can boost revenue and delight customers. BigCommerce’s shipping and fulfillment solutions make the process seamless for all parties. Customers expect to receive their orders quickly and with minimum effort. Moreover, shipping and fulfillment are essential components of the customer experience.

Behavioral triggers

A successful omnichannel strategy is a multi-channel marketing process. A marketing automation tool can help you track user behavior in order to provide targeted content and services. The data generated by this tool can be used to segment the user base and optimize customer engagement strategies. You can also set up triggered campaigns across channels, including SMS and email. Personalized messages and alerts are sent to users at the moments when they expect them.

Managing various channels simultaneously is difficult and time-consuming, but the rewards are immense. Increasing revenues, customer loyalty, and brand recognition require an omnichannel approach. Moreover, omnichannel marketing requires a complete view of the online and offline customer journey. Behavioral triggers are just one of the four pillars of a successful omni-channel strategy.

5 Transformational Benefits of Consultancy Services to Your Business

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StrategyDriven Business Performance Assessment Article | 5 Transformational Benefits of Consultancy Services to Your BusinessAccording to recent studies, incorporating professional services into business management is one way to achieve your objectives fast. This is possible by choosing the right business consultancy services in your area. Besides understanding the ways to improve your operations and motivating your workforce, companies such as FTI Consulting can serve your business interests in other ways. This guide explains the transformational benefits.

Designing a Plan With Realistic Goals

Every entrepreneur has specific goals to achieve in a specific time frame. A plan is crucial in achieving these goals. By working with a consultancy service, you get an avenue to create a plan that will help in meeting your immediate and future goals. They work with you and ensure you understand how designing a plan is crucial in achieving realistic goals.

Focus on Core Business Capacities

It can be a challenge for a business to analyze and focus on its core operations and service delivery capacities. Working with a consultancy firm helps you know your capabilities as a business and how you can focus on getting the best from your efforts. Consultancy services allow you to work with specialists, instructors, and other professionals that ensure you focus on core business capacities to positively transform your venture.


Increases Cost Effectiveness

It might take you months of investing in your workforce to determine their capacities and ensure productivity. This, in the long run, means spending more than planned. The case is different for working with agencies like the professionals at FTI Consulting as they use their expertise to train your workforce and get the best from them within weeks. You also pay for the services rendered and avoid the extra costs of educating and training your employees.

Fills In Knowledge Gaps

While you expect your workforce to give out their best, the knowledge gap present can make it hard. Their strengths and weaknesses can conflict and create a knowledge and skills gap that needs filling. Working with a consultancy service helps you identify these gaps and provide guidance on ways to fill them. They also help identify experts you can hire to fill the knowledge gap and achieve your business objectives.

Catalyst for Change

A business can struggle to identify the changes it needs to make to achieve its objectives. A business consultant sees things from a different perspective. You need a different insight into the problems to come up with solutions. By hiring and working with a business consultant, you get a catalyst for change. They help you embrace the changes and ensure you transform your business for the better.

The decision to look for and work with a business consultancy firm is a step toward transforming your venture positively. By understanding the related benefits, choosing the right consultant is easy. The explained benefits should encourage you to look for and work with one today.