Finance News & Insights

2 must-make moves to prepare for blockchain technology

Most CFOs know bockchain technology will be a reality for Finance in the near future, but does the rest of your company?

When it comes to blockchain technology, make sure everyone at your company understands it’s a matter of when, not if.

The distributed digital ledger with security built-in will transform the way business is done, reporting is handled and data is stored.

Estimates put widespread adoption at the year 2023, though most experts say it will be sooner.

But that doesn’t mean there aren’t steps you should be taking now to lay the groundwork in your own finance departments so that when that “when” arrives, you’re ready.

2 must-make moves

So what should you being doing now to prepare your department and your company as a whole? These suggestions come courtesy of the folks at Blackline magazine:

  1. Figure out the ways blockchain will be able to help your business and department. Granted, there’s a lot of hype out there. Blackline encourages you to look at case studies to see how blockchain is playing out in the real world. (Companies did spend $1.4 billion on blockchain already last year, so there’s stuff out there.)
  2. ID the current gaps in your process. Blockchain isn’t going to transform your finance department if it’s still mired in spreadsheets and manual processes. So taking this time to plug those holes, streamline and ensure you’re running as efficiently as possible with little room for human error will set you up when the time’s right to tap the technology.

Adapted in part from “Why You Need to Care About Blockchain Now – Not Later,” by Shannon Arnold at blackline.com/blog/rpa/why-care-about-blockchain-now

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