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Mismanagement of change is the enemy of blockchain adoption

According to forecasts by the World Economic Forum, 10% of the world’s gross domestic product is to be stored in chains by 2027. Blockchain technology catalyzes instant changes, and if more value is achieved, there will certainly be more acceptance.

For many industries, however, the introduction of blockchain is likely to be a challenge and not necessarily from a technological perspective. Mismanagement for the transition to a more digital world could be the main reason why many players lag behind in this new industrial career.

So it is important that The change in strategies to successfully manage the implementation of blockchain in their management processes is accompanied by a plan that is perfectly tailored to the needs Regardless of the size of your business, for those who have the difficult task of managing the changes required to grow their business.

Mismanagement of change is the enemy of blockchain adoption
Mismanagement of change is the enemy of blockchain adoption

We have commented similarly on other possibilities that have arisen with the Internet. Many companies lagged behind when they were implemented as the core of their business strategies, not even the shadow of which remains twenty years later. The same could be predicted for the main players in the various productive areas of society if they cannot successfully cope with the technological change to which the world is currently exposed with the so-called industrial revolution 4.0.

Those who are ready to accept change will benefit from being on the move first.as in a note in Supply chain. To achieve this, some keys are listed that must be followed for successful change management.

  1. Cultivate urgencyMake sure you clearly convey the opportunity through a detailed use case app that allows you to connect with the logic of why the near future is the best time to change so you don’t fall behind.
  2. Rely on believers. A collaborative and coordinated effort by team members once they have accepted the change, especially by key executives who believe the need to implement it.
  3. Connection to the vision. The execution of the work must be strategically aligned with the company’s broader vision. Businesses can benefit from the momentum by mapping future changes and defining the concrete steps required to achieve results.
  4. Remove barriers. Basically, when implementing blockchain at company level, the obstacles are determined by workflows and data silos, a lack of integrated technology and general interoperability problems.
  5. See short-term progress. The first positive results should be used to generate more positive energy among the participants, first indoors and finally for the whole industry.
  6. Improve structured processes. A fundamental aspect to consider is that blockchain doesn’t fix bad processes, it just speeds up the results. Once some early wins have been achieved during your implementation, you should use the push to make the necessary changes that will characterize the future success of the project.
  7. Keep the change. One of the major obstacles to the success of implementing new technologies in general in companies is the resistance of some key people and actors to changes that ultimately hinder operations and endanger companies.

The change in technology requires a change in the attitude and individual behavior of the organizational structure and talent. Show the connection between blockchain and its benefits by communicating the ROI and creating a plan that will follow the company’s procedures.

According to a study published in Forbes The failure of 70% of the change efforts can be directly attributed to the resistance to it.

With a technology that is still in the early implementation phase, IT managers and executives need to find out how to deal with the dynamics, personalities and responsibilities of the workplace in order to effectively achieve the acceptance of the stakeholders for the adaptation of blockchain technology.

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