Embracing Data Digitization with Blockchain Technology 

In today’s digital age, businesses must focus on data management and visibility to gain a competitive edge. For too long, organizations have relied on spreadsheets as their primary tool for data organization and analysis. However, the limitation of spreadsheets has become increasingly apparent, halting development, and hindering growth. Companies need to abandon spreadsheets and embrace the power of digitalization if they are to succeed in the digital era. 

Spreadsheets have long been a staple in the business world, but as companies grow and complexity increases, they fall short of delivering the level of visibility and control required to make informed decisions. According to a survey of 305 executives done by Deloitte, 48% expect well-curated data to improve visibility into assets and goods over the next few years. Knowing this information and the need to increase efficiency, adopting data digitization, and breaking free from the limitation of spreadsheets is imperative.  

One innovation, blockchain technology, has emerged as a tool for securing digital data and improving visibility along the supply chain for companies. Due to blockchain having a decentralized and immutable ledger, it can transform the way data is recorded and shared. Maverix®, a groundbreaking software platform powered by blockchain, can assist in the effort of breaking free from the spreadsheet. The Maverix platform is transforming how companies can consolidate, understand, and use their data. With Maverix, companies can unlock the following benefits: 

  1. Improved Visibility into Assets and Goods: With real-time visibility to inventory and location of products along the supply chain, Maverix enables companies to gather information quickly, resulting in improved supply chain operations and enhanced inventory planning. 
  1. Improved Automation: with built-in smart contracts and AI analyzing historical data to detect patterns and generate predictions, organizations can automate decision making related to order processing & tracking, inventory management and predictive maintenance.  
  1. Streamlined Workforce Optimization: Maverix provides businesses with the tools to streamline workforce management, enabling employees to focus on more strategic actions.  

Once Maverix is implemented into an organization’s supply chain, it helps further the success of its business. It does away with manual data entry and makes sure that data is acquired in real-time, with accuracy. Also, its capabilities give companies insightful information from the data collected on the blockchain, allowing them to make data-driven decisions. Data silos are eliminated due to its platforms’ integration with a company’s current systems. As a cloud-based system, data is therefore accessible from anywhere. 

Companies must embrace data digitization to gain a competitive edge and thrive in the digital age. By optimizing their digital data, companies can achieve improved visibility, streamline resources, and increase efficiency. As megaretailers and hyperscalers, such as Amazon, continue to grow, combined with the long-lasting impact of the pandemic, today’s supply chain is fragile and has accelerated the need to rethink how to do business. Maverix enables companies to utilize the power of data without being constrained by spreadsheets. Don’t let spreadsheets hold your business back, embrace data digitization and let your data start working for you. 

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