Blockchain: Transformative power for business operations
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Blockchain technology offers a transformative solution to improve efficiency and trust in business operations by enabling secure data sharing among companies. It overcomes traditional database limitations, streamlines processes, and allows for intelligent automation across the value chain, especially in industries such as oil and gas. Implementing blockchain can lead to reduced costs, enhanced productivity, and minimized risks in procurement and other key operational areas.
Blockchain: Transformative power for business operations
- 2. THERE’S A TON OF VALUE When companies exchange information with others in a value chain, complex, time-consuming processes are needed to reconcile that exchange. Such processes are extremely inefficient and trap significant value. Trapped in the processes companies use to do business together
- 3. BLOCKCHAIN IS A POWERFUL TOOL For restructuring how companies work together to unlock that value It’s a distributed, decentralized digital network that enables the exchange of value or the ability to confidently share data –including financial assets and contracts – in a secure environment. With blockchain, traditional independent players can work together to streamline and integrate processes, all with controlled access to sensitive data, rather than relying on redundant, siloed systems.
- 4. RECONCILE MESSAGING RECONCILE RECONCILE RECONCILE MESSAGING MESSAGING MESSAGING BLOCKCHAIN TRADITIONAL DATABASES Overcomes the limitations of traditional database models
- 6. Blockchain builds trust into every transaction via attributes not available in standard database models. So all parties having controlled access to a single, shared copy. THE RESULTS Increased security, greater cost efficiency, and optimized reconciliation processes. BLOCKCHAIN Overcomes the limitations of traditional database models
- 7. Blockchain eliminates process and data siloes – freeing Intelligent Automation to expand and flourish across the entire value chain to transform business operations and communication among multiple companies. Applied Intelligence has been mainly applied to traditional, repetitive processes within the four walls of a company. Process and data siloes within companies have limited its use and impact outside the organization. …and generate even greater efficiencies BLOCKCHAIN CAN SUPERCHARGE INTELLIGENT AUTOMATION
- 8. BLOCKCHAIN Enables companies to reinvent processes Blockchain will enable an overhaul of the capabilities that support how companies interact with and act on shared data.
- 9. BLOCKCHAIN Improves productivity and quality By working from a mutualized data source via blockchain, companies can trust or eliminate one-off data updates, exceptions, and reconciliations.
- 10. BLOCKCHAIN Provides increased transparency among parties By connecting data across the value chain, blockchain will provide transparency and real-time sharing, thus boosting trust and minimizing risk.
- 11. Improved efficiency and working capital in finance and accounting Greater transparency across the supply chain Less vendor risk in sourcing and category management THREE OPERATIONAL AREAS ARE PRIME CANDIDATES FOR BLOCKCHAIN Blockchain’s impact on specific business operations and the broader value chain
- 12. Could transform procurement in the oil and gas industry BLOCKCHAIN PROTOTYPE PLATFORM AN ACCENTURE
- 13. It digitizes the process oil companies use to buy maintenance, services, and materials for their well sites – a process that’s still largely manual, time-consuming, and inefficient. Widespread adoption of such a platform by the industry could help oil and gas players reduce their cost structure to remain competitive in an era of low oil prices.
- 14. CREATE WORK ORDER PERMIT PROCESS ACCEPT WORK ORDER REVIEW WORK COMPLETE WORK RECONCILE PAPERWORK PAY BLOCK #1001 Equipment ID Service Details BLOCK #1002 Equipment ID Service Details BLOCK #1003 Equipment ID Service Details BLOCK #1004 Equipment ID Service Details BLOCK #1005 Equipment ID Service Details BLOCK #1006 Equipment ID Service Details BLOCK #1007 Equipment ID Service Details MOBILE APP helps the field supervisor WEB APP helps the vendor and the oil field’s back office SERVICES TIER helps vendors integrate BLOCKCHAIN gives each equipment a service history record
- 15. 01Potential use cases, impacts, and benefits BEGIN PLANNING FOR BLOCKCHAIN NOW A formal framework can help you identify
- 16. 02How to approach BLOCKCHAIN BEGIN PLANNING FOR BLOCKCHAIN NOW A formal framework can help you identify
- 17. 03What you want to accomplish BEGIN PLANNING FOR BLOCKCHAIN NOW A formal framework can help you identify
- 18. 04Whom you should collaborate with BEGIN PLANNING FOR BLOCKCHAIN NOW A formal framework can help you identify
- 19. How can BLOCKCHAIN help you unlock trapped value in your key operational processes?
- 20. THANK YOUwww.accenture.com/BlockchainBusinessOperations www.twitter.com /AccentureOps www.linkedin.com/company/ Accenture-Operations www.youtube.com/c/ AccentureOperations www.instagram.com/ AccentureOperations www.slideshare.net/ AccentureOperations Copyright © 2017 Accenture. All rights reserved. 20