How to maintain multi-party operations with COVID-sparked work settings
Legacy process management techniques are still relevant in today’s office environment. How can we maintain processes when stakeholders are spread around the world, or just show up to check on progress? Hub-and-spoke can lead to delays and extra costs, as it is difficult to track accountability across teams or get operational insight on time without in-person supervision.
Problem number one is the difficulty in obtaining relevant data from stakeholders involved in multi-phase and multi-party processes. It is already a difficult territory. Now, the virtual office presents new challenges that can be applied to existing processes.
The biggest challenge is to keep operational costs low. How can transparency be maintained while still staying within IT budgets? SMBs recognize the importance of collaboration technology for their businesses, but it is not their main focus. Companies of any caliber require dedicated tech that can enable them to be productive, compliant with security protocols, and allows them to shift to a new operational paradigm.
Hybrid collaboration: Solving the reliability vs. OpEx dilemma
Distributed ledger technology holds great promise for multi-party collaboration, including remote work, hub and spoke, and other hybrid models. It allows you to sign-off milestones using any communication channel that your team uses, from legacy systems to SMS texting. It provides transparent and reliable data auditing, consistent recording, and reporting.
1. Operational complexity and OpEx reduced
Integrating any disruptive technology into existing systems is crucial.
“We found that the most common problems in remote and hub-and spoke processes are not due to a lack or tools, but rather an over engineered enterprise system that forces people into changing their communication habits. Our solution allows everyone to track processes without having to leave their preferred tools, such as email, Slack or SMS’. Steven Pu, founder and CEO of Taraxa.
Blockchain can streamline any type of operational transaction, large or small, formal or handshake, within and outside your company. Blockchain can be used to cut down on time and material spent dealing with expensive auditing firms and risk management companies.
2. Stakeholder accountability and transparency are guaranteed
DLT allows OpsData to be easily accessible and trusted regardless of distance. It allows for operational transactions to be retained from stakeholder communication and anchors them to the blockchain to ensure transparency and immutability. Multi-party collaboration is possible with a dedicated solution that allows you to zoom in on stakeholder involvement and view additional information such as time spent and resource usage.
3. Visible and auditable processes
The DLT ledger technology makes it highly reliable and secure. It is as simple as a physical meeting to collect sign-offs or rejects for project milestones. All facts and deeds are stored in an audit log that is reliable and easily traceable. Third parties and regulators can access them and audit them.
4. There are fewer disputes and fewer overheads.
DLT also offers a strong chain-of custody that connects to your operations’ backbone. It spans all business units and customer/partner interactions. It is completely secure and unalterable thanks to audit logs on the blockchain. This helps to reduce operational risks. You can zoom in to see every business interaction, from start to end. This allows you to investigate and check the areas of accountability. You can go back to the event log and review it again to respond before negligence becomes a problem.
5. Faster innovation in digital transformation.
Innovation is slowed down by inability to identify non-value-adding activities. You can quickly experiment and create prototypes with confidence through process management. Business reinvention can also be facilitated by real-time data. Advanced analytics and strategic use of it are two examples.