It’s time to embrace blockchain technology, research says

You and your finance department have heard the hype about blockchain technology.

Maybe it’s piqued your interest and you’ve spent time looking into it. Perhaps you’ve even started implementing it in your company’s finance operations, purchasing workflow or other key processes.

But if your company hasn’t yet given blockchain the time of day, now’s the time to do so, says the recent Global Blockchain Survey from Deloitte.

Needed for competitive edge

First and foremost, the survey found more companies are moving from thinking about this new tech to actually implementing it: Over a third (39%) of companies have incorporated blockchain technology this year, versus less than a quarter (23%) last year.

This suggests companies’ earlier skepticism and doubts are declining steadily. And that could be due in part to the fact that there’s now more concrete evidence of how organizations are actually using blockchain. With real-life examples and data, companies can see this tech’s success in action.

What’s more, 89% of companies said digital assets like blockchain will become somewhat or very important in the next three years. And 84% of companies said those who don’t adopt blockchain will lose their competitive edge.  

This indicates blockchain has shifted from a new, speculative technology to a real business strategy. Company leaders no longer see it as merely “interesting” or “promising.” They see it as integral to success and are confidently investing real money and resources into it.

Promoting awareness, innovation

For CFOs, it’s critical to think about how this technology could benefit your company overall and optimize individual functions. To gather more insight and perspective, it’s a good idea to get other company leaders involved in the conversation.

Plus, since there’s more data and real-life evidence available now, use that to help fuel your decisions, too: Peruse studies, talk with your finance peers and similarly situated companies that use blockchain technology and read success stories.

You’ll also want to encourage each of your finance teams to do their own research. How could blockchain optimize A/R? What other benefits does it have for A/P? Could it streamline the whole Procure-to-Pay process? How would it speed up Payroll’s process?

Not only will this allow your finance teams to participate in a more strategic initiative, it’ll help you gain detailed insight from each function’s angle. As a result, you’ll be able to make smarter decisions about where blockchain technology best fits into your company’s operations.