Achieving Business Excellence with Blockchain in Industry 4.0

Blockchain
Achieving-Business-Excellence-with-Blockchain-in-Industry-4.0

Blockchain is revolutionizing the work processes, and businesses that integrated it into their enterprise tech stack are scaling at an exponential level. 

Enterprises are embracing an innovation-first approach to ingrain resilience in their work processes to scale in industry 4.0. Businesses of all sizes, sectors, and industries are exploring new tech opportunities to gain visibility in end-to-end supply chains, offer operational excellence and scale their business. To scale in a highly competitive world, businesses need end-to-end excellence in every business aspect to increase the ROI.

A lot of industry veterans are exploring opportunities for Blockchain technology in their enterprise tech stack workflows to streamline the workflows and increase efficiency.

According to a recent report by Statista titled “Blockchain – Statistics & Facts,” global expenditure 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 expenditure on Blockchain tools in 2021 was nearly USD 6.5 billion. Here are a few ways Blockchain helps enterprises to achieve business excellence:

Also Read: Blockchain Adding to the Power of IoT for Enhanced Productivity

Adopting economies of scale

Industrial production teams are shifting their concentration from manufacturing products and parts in a massive amount to generate optimized outcomes. It is a result of the globe embracing the outcome economy in their workflows. Enterprises need to develop a strategic microscopic production framework to assist the complex and large-scale operations. Organizations that still leverage legacy tools to ensure business growth will have collaboration challenges, a lack of digitization, and slower workflows. All of it together will result in impaired progress with low scaling capabilities. IT decision-makers can evaluate their entire business workflows to determine the areas that can be improved by Blockchain adoption. Organizations that integrate Blockchain technology into their tech stack enable them to procure trustworthy and high-quality raw materials to ensure optimum product quality. Enterprises need to establish an efficient supply chain management system to ensure quality and an effective manufacturing process. This immutable ledger will store information about the entire product lifecycle to spot the weak links in the entire manufacturing process. Moreover, it adds an extra layer of verification that enables businesses to distinguish between original and counterfeit products.

Accelerating digital transformation

Manufacturers find it a long and challenging process to implement digital transformation. However, with the advent of industry 4.0, they can no longer ignore the fact that it increases business efficiency, productivity, and agility. Gathering information from devices and analyzing the results will help businesses get valuable insights to save a substantial amount of money. Integration of Blockchain technology into the enterprise tech stack will help businesses to accelerate digital transformation strategies.

Also Read: Blockchain – Applaud the Unsung Heroes Behind it Before Appreciating the Technology

Reimagine the enterprise operations with Blockchain technology

As the business landscape has gone through tremendous transformations, enterprises are restructuring their work processes. C-suite executives should consider the opportunities of this technology in the enterprise tech stack and its influence on transaction quality. This technology will enable businesses to excel in the areas where risks are lower and add an extra security layer to the workflows where this is a top priority. Enterprises can integrate Blockchain applications to certify products and increase transparency in the work processes. One of the most significant hindrances in the wide adoption of this technology is the lack of resources, money, and IT infrastructure. CIOs should consider involving everyone, right from employees to the 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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Nikhil S is a Tech Journalist with OnDot Media. He is a media professional with eclectic experience in communications for various technology media brands. He brings his eye for editorial detail and keen sense of language skills to every article he writes.