Being transparent and secure are two essential requirements for businesses for different reasons. Various internal and external stakeholders of a business enterprise expect and seek transparency in their concerned areas of business operations of a company. But there are several necessities associated with being both transparent and secure at the same time. For example, if a cab-hailing app is not transparent about its offered fare rates and its actual implementation, it is likely to attract customer dissatisfaction. But the same app must also be equipped with sufficient technology and security to ensure that the ride statistics are correctly measured and that the fare calculations could not be manipulated so that the ride is successfully completed as agreed at the time of booking. Thus, being transparent and secure is equally important for businesses.
In this article, we’ll try to assess how Obizcoin’s Smart Process BOT (currently in development stage) could prove to be helpful for businesses in being transparent and secure.
Importance of being transparent and secure for businesses
Firstly, transparency in the business operations is a very crucial consideration especially for external stakeholders of a business enterprise/company. For example, potential investors might be interested in knowing about the health of a company on various parameters like operational, financial, technological etc to assess the prospects of investment in the company. Business consultants associated with a company might need to know how the company is performing in the supervised areas. Customers of a company might need to check the status of their orders, grievances, payments/refunds etc. Internal stakeholders like the employees, managers, and owners also need the necessary functional and cross-functional transparency to monitor the progress of the business operations and business processes to ensure the steady flow of operations and adherence to the SOPs.
It is the responsibility of a business enterprise/company to make the necessary and relevant information easily available to its authentic internal and external stakeholders.
Secondly, business data pertaining to its clients, customers, vendors, suppliers, investors, financial transactions, supply chain activities etc are crucial for a business enterprise. No business enterprise can afford to compromise on the security and confidentiality of such business data.
While digital storage and digital exchange of business data are becoming increasingly common nowadays for the execution of business processes/operations there’s also a growing need for enhanced digital security of the business data.
How Obizcoin’s Smart Process BOT fits in
Blockchain Technology and BOT Smart Contracts
Various business processes of a company involve work agreements, contracts etc with different internal and external stakeholders of the company. Various business processes shall be automated through Obizcoin’s Smart Process BOT and the agreements (within the organization between employees and employers as well as external agencies) will be executed through smart contracts.
The BOT will be capable of preparing and executing smart contracts that will enable organizations to automate repetitive and definite tasks with predefined/agreed conditions and outcomes.
For example, with the help of ethereum smart contract technology, employee rating and rewarding (payroll, incentives etc) shall be automated depending on the predefined conditions. There’ll be complete transparency in expected performance, employee rating and rewarding.
Obizcoin’s decentralized platform and use of smart contracts is expected to bring more transparency within the organization as well as in the relations between stakeholders. The decentralized blockchain platform shall also be used to store business data.
The very nature of blockchain technology lends it a sharp edge when it comes to data security.
Operational Risk Score Analysis
One of the key services of Obizcoin BOT is its Operational Risk Score Analysis which is a comprehensive score of businesses and is obtained by unique risk score algorithm.
The Operational Risk Score Analysis shall be helpful for SMEs, startups, and investors to determine the degree of process implementation within the organization, measure team performance across the organization, evaluate the strengths and weaknesses of an organization and suggest solutions/strategies for improvisations.
With the Operational Risk Score Analysis, the authentic and concerned stakeholders of an organization can get to know the real-time status of the business operations not just for review or analysis but also for monitoring and improvisation towards achieving Business Process Excellence.
While Artificial Intelligence continues to garner interest and find a strong foothold in the field of business and technology, Blockchain Technology is slated to be the next big thing after the internet and there are good reasons for that.
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