Blockchain is the new technology that has been adopted by many companies around the globe. With its consensus protocol security and automated data processing, it will not be wrong to say that it will rival or even replace some of the current management technologies.
Blockchain is a decentralized digital ledger which has a list of transactions that are verified by multiple members of the Blockchain network. This provides a sense of security, immutability, and data transparency among the members of the Blockchain.
Blockchain is a revolutionary technology and it can be implemented in almost every sector of the industry. Now the question arises whether it is better than some other technologies like HRM, CRM, and ERP. To answer that, we will need to look at some of the advantages of Blockchainover other platforms.
Blockchain over HRM software
The HR industry has been shaken by the new Blockchain technology. The hot topic around the globe is that Blockchain will change the landscape of HR technology in the near future. With its high-end security as well as flexibility in peer to peer processing, Blockchain can transform HRM software.
Let’s look at some of the improvements Blockchain can bring in the traditional HRM platforms:
· Faster recruitments
One of the advantages Blockchain is that every member has to prove their authenticity before they can join the Blockchain network. This leads to transparency, trust, and a faster recruitment process as all the members will already be verified.
Background checks and document verification can take lot of time and may lead to loss of a good candidate. With Blockchain technology, the time takenfor verification processes will be reduced to a minimum, which will ultimately lead to quicker and effective recruitments.
· Backup from data analytics
The data collected on the internet will help an employer to get a better insight into a candidate according to their qualification, retention rate in previous jobs, experience, etc. This will help the employer save a lot of money, resources, and time from a bad recruitment.
Data analytics can also be used to design better job ads from the data collected online. This way companies can make sure that they get a diverse pool of talent for their vacancies.
· Faster Payrolls for overseas employees
With everything automated on a Blockchain network, monthly salaries will be quick and as easy as clicking a button. Apart from this, the time taken for overseas payments will also be reduced as the transaction won’t have to go through the verification processes by third parties.
· Unbiased recruitment processes
As most of the recruitment processes in Blockchain are automated, it will not only save a lot of time but will also remove any personal bias during the hiring process as the candidates will be selected according to a specific data conditions like (qualification, experience, etc). This will lead to better recruitment’s and avoid any bad recruitment due to biased decisions.
· Removal of third-party verifications for freelancer and ISPs
For freelancers and ISPs, Blockchain can be a boon as they won’t have to go to a third party for their background, qualification, and experience verifications. This will help them to start providing their services as soon as they are verified by other Blockchain members.
Blockchain and CRM
Customer relations is one of the most important aspects of a firm. A good Customer Relationship Management (CRM) can make or break a company’s image. Here are some pointers on how Blockchain can make changes and improve current CRM platforms for better results:
· A better and secure database
It is an obvious fact that Blockchain offers better data security with consensus protocols, timestamps in its transactions, and much more. It will ensure that the customer’s data is in the right hands, thereby reducing any leakage of information via hacking.
Not only that, any transactions or transfer of information will go through a verification process by authentic members of the network. This prevents any illegal changes in the database and reduces the risk of frauds.
· Improved customer experience management
When it comes to CRM’s role in customer experience management, it works as a database for any customer information. Blockchain will not only improve the security levels of the database but will also help in improving customer loyalty program and customer reward management. Customers’queries will be solved rapidly and feedback will reach the right people quickly as customers won’t have to go through long procedures.
· A Better understanding of demand
Understanding the demands of the customers and where to deploy resources according to it is a crucial task. A good insight of both can save a company lot of money and resources. Data analytics in Blockchain can help to predict whether a product will be successful or not according to the real-time data gathered on the internet.
This will give a strategic advantage to the company over its competitors to figure out when to launch a new product line according to the ongoing customer’s demand.
Blockchain over ERP
We have discussed how Blockchain can improve both CRM and HRM software but let’s look at how it will impact ERP software.
ERP software centralizes the data and gives more power to businesses over internal operations and decisions. For a smooth workflow, the data is updated in real time and there is continuous communication among different departments of the company which avoids any errors.
Blockchain will take these features to a new level with its new technology. The data will be stored in a decentralized database so that everyone has a copy of it, and it can be used among different organizations. Apart from data, any transactions between companies will be more efficient and secured. Shipping business can utilize Blockchain technology to track down their cargo’s.
All in all, Blockchain will provide the flexibility in ERP software while retaining its security for a secure, faster and efficient business network.
Blockchain is the new technology for many business modules. It has a lot of potential in many sectors of the business industry. CRM, HRM, and ERP are traditional software that have been used for ages, it’s about time that companies upgrade their technology to move forward. In order to do so, a wise choice would be to adopt Blockchain technology in their management system to have a better and seamless workflow. But will Blockchain technology take over traditional software or not? Only time will tell.
TrustLogics is the next steps towards an improved hiring process. They are patent pending platform that aims to fill the gap between the jobseeker and employer. They offer peer to peer hiring model on a Blockchain network for a faster and efficient recruitment process. They have reputation building system that verifies a jobseeker’s education, experience, and other information so that an authentic jobseeker does not lose on any opportunity. Freelancers and ISPs can utilize TrustLogics service of online portfolio for reviews and rating. They can even get their background information verified to earn the trust of customers and attract more projects with their verified profiles.