Large Enterprises are Inefficient. Here’s why.
Traditionally, businesses have been paper-based. The first commerical computers were introduced in the 1950s, when the J. Lyons and Co invested heavily into commercial computing in order to conduct weekly bakery valuations.
Decades later, although digitalisation in the workplace is more common, many large enterprises still rely on paper trails in order to conduct business.
Why haven’t businesses digitalised yet?
Using paper has been the norm for many enterprises and employees for centuries, it is a method to conduct business that is ingrained in modern day society.
With this in mind, enterprises may look at the cost-benefit relationship and believe that transitioning to a digitalised system of records may be time-consuming or difficult for the business.
Decisions to change processes of an enterprise are also conducted by executives, who tend to be to isolated from these processes to see the need to make the change.
How are businesses disadvantaged by avoiding digitalisation?
Physical documents are hard to track. Reams of paper can get lost, misfiled or destroyed without anyone noticing. It can also be difficult to monitor the access, printing and copying of sensitive files.
Paper trails are also costly and time consuming. On average it costs US businesses over USD $120 Billion a year to conduct business using paper and employees spend 30–40% of their time at work looking for the right documents, resulting in less productivity from employees themselves.
Although there have been a number of digital systems over the years put in place to remove the need for paper-based systems, an inherent issue with these systems have been the fact that they are centralised. In many cases, enterprises need to entrust private information to these third-parties, who could be affected in their own right, as well as players with malious intent.
Enterprise Blockchain Solutions:
With the advances in blockchain infrastructure over the past decade, more and more businesses are beginning to adopt Blockchain into different areas of their business, as digitalisation becomes more attractive combined with the decentralisation benefits of blockchain.
ParallelChain Private comes with a number of layer 2 applications that provide businesses with ways to have an immutable system of records. These tools reduce the time that an employee spends looking for certain documents, allows anyone to determine whether a record has been tampered with in any way, and provides security and at the same time anonymity to protect private company data.
ISBA 2022: https://isba.global/