ITB Partners – Management Consultants
Our Business is Your Success
“The No Excuses Guide to Selling Yourself & Achieving your Goals.”
Tue, September 10, 2019
7:30 AM – 9:30 AM EDT
Refunds up to 1 day before the event
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It was my kind of week! I was busy, but I enjoyed a lot of variety and entertainment. I had a productive meeting with one of my consultants, Paul, over cigars and brews; a conference call with my Latin America Managing Director; coffee meetings with two prospective new consultants; and a luncheon meeting with a potential client. I even had time to complete a few administrative tasks and worked on strategic issues. My visit with Paul took an unexpected turn (it became even better) when Jeff, an alumni buddy joined us at the bar. What a lucky break! I couldn’t have been happier to see him. Jeff is a master licensee developing a non-food franchise concept in the state of Florida. He is an excellent connection for Paul, given that Paul is selling an integrated project management software package for franchisers. It was great to catch up with Jeff, and even better because Paul was able to make an excellent new connection. Connecting great people is my favorite part of work.
The highlight of the week was meeting with my turnaround client to discuss the next phase of our work. The first item of discussion was her update on the remaining contract in Florida. She told me she had successfully ended that contract and helped her employees land jobs with the new contractor. She said that she secured the equipment and supplies at a Lakeland, Florida-based storage facility. She went on to say that she plans to move this equipment to Atlanta when she finds an appropriate local storage facility. This last point gave us an excellent opportunity to talk about coordinating Strategy with operations. I reminded her that the equipment left in Florida was purchased to support her employees. And, she has no further need for that equipment as she will be using subcontractors going forward. I applauded her for successfully extricating herself from her expiring contract. However, I advised her not to spend anything further on that equipment except as required for its sale. She took my recommendation to heart and will work with her attorney to ensure compliance with the bankruptcy court to dispose of that equipment. Resolving that issue, we moved on.
The first phase of this assignment resulted in clarification around my client’s business strategy going forward. Now, the client will use subcontractors to execute her contracts, to minimize her reliance on full-time equivalents. Making this change will increase margins, reduce risk, and result in the more effective use of her time. The client also agreed to move away from the public sector (State and Local Government Accounts) to focus on the private sector, both business-to-business and the consumer market. The next phase of my work is to rebuild the client’s business development function. This change in strategy requires an updated positioning statement and value proposition, key tools for generating new business. My responsibility is to help her grow the business through new channels, promoting existing products and services.
During our meeting, we discussed the importance of leveraging our efforts to ensure that we are generating the maximum benefit for the time allotted to that effort. We discussed following the Pareto Principle to guide our work. In other words, to concentrate on the 20% of the activity that generates 80% of the output. To transition out of Chapter 11, one cannot waste their time. My client must ensure that she is getting the maximum payback from her work.
One of the most significant benefits provided by outside consultants is to use us as sounding boards to work through issues big and small. As we have vast experience in various situations, we help our clients make sound decisions in real-time. For questions requiring further consideration, we understand the analysis needed to find the answers. The most important benefit we pass along may be our knowledge of the fundamental principles for setting priorities and managing time.
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ITB PARTNERS
If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.
Yes, the number of franchises in quick-service restaurants continues to grow, but these are by far not the only successful option. According to FRANdata, an independent research company for the franchising sector, there are more than 230 different industries represented in franchising; and, additionally, 200 new brands enter the market each year.
You may think most of these businesses are run by small independent owners or large corporations. Not true. Let’s take a closer look at 10 out-of-the-box categories crushing it in franchising.
1. Coworking Spaces
Responding to the increasing trends toward shared services, remote working, and short-term fractional work, more small businesses, and larger companies are opting for co-working environments over traditional brick and mortar leases. Can you say, “recurring revenue?”
2. Yoga and Dance
The boutique fitness industry is exploding and now yoga and fitness dance concepts are making their mark. Drivers include the demand for fun fitness activities in a community setting coupled with the high costs of healthcare.
3. IT Services
From cyber-security to strategic growth initiatives, managing your company’s IT services can be a huge headache. Outsourcing overseas often provides lackluster service. Businesses want trusted, local expertise they can count on for the long-term.
4. Drug Testing
It’s hard to imagine a private or public-sector employer without a substance abuse policy. The demand for reliable, fast, accessible testing options is intensifying.
5. Swim Lessons
When I was a kid, my parents taught me how to swim by tossing me in the neighborhood pool. Times have changed and parents are demanding more effective and healthier methods. Not just about learning to swim, the franchises in this category are addressing a safety need in underserved communities.
6. Nail Salons
Perhaps the best example of an industry once dominated by small, independent shops is nail care. The demand for more sophisticated, experienced-based nail care is driving growth. Franchising has nailed this industry with clinically clean, semi-absentee, multi-unit opportunities.
7. Retail Resale
We’re not talking consignment shops. Franchising is transforming the resale market by offering gently used specialty items at affordable prices. The sweet spot of this niche lies between expensive retail stores and low-quality, second-hand thrift.
8. Music Instruction/Enrichment
Music is more accessible than ever; yet, traditional schools are still reducing fine arts programs, thus, driving the demand for quality music instruction and enrichment. Gone are the days of the old-lady, piano teacher. Franchising has turned up the volume on music instruction, making it fun and cool to learn.
9. Tree Removal and Care
In my neck of the woods, trees are everywhere. Care and removal of trees is no longer a business for “Chuck in a Truck” (with a chainsaw) in this $17-billion industry. This is a classic example of franchising bringing professionalism and systematization to a fragmented, high-demand service…and reaping the rewards.
10. Digital Marketing Consulting
The majority of businesses in America are small businesses with a small marketing staff and even smaller marketing budgets. It’s no wonder B2B franchise models exist across the globe to assist businesses with their online marketing strategy and execution.
Because there is such an abundance of profitable franchise ownership opportunities that exist outside of fast food, me and 14 of my friends got together to dispel that myth in the Amazon bestselling book, More Than Just French Fries.
You too can grow a profitable business through the franchise model and it doesn’t have to cost a fortune or take up all your time. Semi-passive business ownership is accelerating as families look to side-gig options for a more secure future. I recommend that anyone exploring franchise ownership keep an open mind and consider a variety of different businesses in different industries, even the ones that surprise you.
Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process.
Connect with Leslie online or call 770-579.3726 to start the conversation today.
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ITB PARTNERS
We have advisors and coaches in all facets of life. But in this most important area for our future, for our family and for our retirement, most business owners are pretty much just “winging it”. Oh, they may have an accountant but not much more of a team to focus on exit planning in all its complexities. An advisory team is critical for successful succession planning.
Business owners start their companies to create their future. But they often lose sight of the key to making that future happen – building value. They get caught up in the day-to-day and don’t get to implementing the sustainable, positive change that allows them to transition on their own terms.
Consider: “…78 percent of small-business-owner clients plan to sell their businesses to fund their retirement. The proceeds are needed to fund 60 percent to 100 percent of their retirement needs. Yet, less than 30 percent of clients actually have a written succession plan…”
http://www.cnbc.com/2015/04/13/ew-small-biz-have-an-exit-plan.html [I would suggest that 30% is generous, and even if accurate, that those plans are not very effective, for growth or for exit planning.]
When I speak on exit planning/succession planning/transition planning, I outline a proven 7-step process. Forming your advisory team is one of those steps.
Build a Team of Advisors.
Nobody knows everything. Many of my clients are in creative industries, designing, creating, building. You don’t want me in that role. But I have worked with many organizations and have a different experience and skill set than my clients. I bring ideas and experience from many industries and many client engagements. The other critical exit planning team members bring their own expertise to the table. These should include:
When I work with a client, we build this team. The players may already be in place. Or, we may bring in advisors where there is a gap. Either way, we need this core team working with the owner. A business is complex. A marketing action impacts finance, HR, and more. Big decisions need to take into account the effect on the whole organization and should support clear goals focused on building value.
The client receives much better advice and guidance with this approach.
This does not mean that you are going to start hiring all of these people and employing them full-time as you work toward your transition…especially if you have a few years to go. But, you should use them strategically as you build your business/succession plan. For major decisions on growth, expenditures, hiring, exit-readiness, business value, deal structure…engage their expertise!
The Bottom Line
Find advisors who understand what you are all about, your growth and exit planning objectives. More importantly, find advisors with whom you feel comfortable. Make sure that they can work together and collaborate on your behalf.
********************************************************************
David Shavzin, CMC
770-329-5224
david@GetOnTheValueTrack.com
The Value Track
Succession Planning / Exit Planning, Building Transferable Value for Sale
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ITB PARTNERS
Jim Weber, Managing Partner ITB Partners, founder of New Century Dynamics Executive Search and the author of “Fighting Alligators: Job Search Strategy For The New Normal” will be joining our BENG Atlanta Chapter in August. Jim will be presenting: “The Three Pillars For Success”
This discussion is meant to career-minded professionals who are gainfully employed, or between situations, and independent business owners looking to become more successful.
Tue, August 13, 2019
7:30 AM – 9:30 AM EDT
The Atlanta chapter of the Business Executives Networking Group (BENG) is a multidiscipline, independent group of job seekers, those currently employed and business networkers, who are willing to help others. Current membership includes mid to senior-level executives with over ten (10) years of business experience. Past attendees have come from the financial management, information technology, legal, manufacturing, engineering, transportation, logistics, distribution, and general management industries. We actively seek new members from all disciplines.
Monthly meetings are structured to help each member get the maximum benefit.
BENG Networking Meetings:
Networking meetings provide members with an opportunity to sharpen their networking skills, meet peers from various disciplines and share business opportunities and job leads.
While engaged in recent networking activities I became acquainted with a Senior Consultant assigned to the Atlanta office for a National Outplacement Company. He had heard about ITB Partners and wanted to learn more about our program. During our discussion, I asked about their activity level, given that the economy has improved, and unemployment had reached a historic low. I was somewhat surprised to learn that their business was still strong. He said that, notwithstanding the strength of the economy, many companies are reorganizing their workforces to better serve their customers and achieve a competitive advantage. I found this interesting and made a mental note to explore the issue further as I thought it would be a good topic for an article. Two weeks ago, my health-care-consultant-friend and colleague, Faith told me that she had just finished an engagement to help a client through a major reorganization. That triggered the memory of my conversation with the Outplacement Consultant so I asked her if she would like to collaborate on a blog post. I find it interesting to learn how large companies endeavor to maintain a competitive advantage as we transition further into the Digital Age.
Executing a restructuring program is a complex endeavor that includes the risk of lawsuits and unintended consequences. The risk profile increases with the scope of the program and the number of employees affected. To minimize risk, major companies create a comprehensive plan that justifies the business case for the reorganization; evaluates alternatives to achieve their goals; and establishes criteria for employee termination or reassignment. The Corporate General Counsel is a key player to ensure compliance with Federal and State Laws. Additionally, the plan will include an analytical process to ensure that the impact of the reorganization doesn’t disproportionately affect protected classes of employees. A labor economist can perform this role. The written plan and documentation of the reorganization is necessary if required to defend a lawsuit.
Experts in the field of Corporate Reorganization advise their clients to think creatively when considering a reduction in force. This intrigued me as I’ve witnessed the failure of many reorganizations. Often, projected benefits were never realized as they were offset by lost productivity and poor customer service, ultimately dampening brand value. From my perspective, lost institutional knowledge wasn’t adequately considered which led to subsequent re-staffing, including a certain number of rehires.
Talking this over with Faith, she told me that her client had set an objective for a 10% reduction in workforce (RIF) and process improvement realignment (PIR) effective January 1, 2020. The median years of service for their Care Advocates are eight years. During those years they’d learned how to navigate internal systems and politics, providing maximum value to the company and its clients. In response to the directive, the client wants to ensure that their Care Advocates are happy and fulfilled in their current position. Furthermore, they want to retain their institutional knowledge to the extent possible.
It is essential that their employees are engaged and thriving as that brings about the best patient outcomes. People thrive when they can contribute and receive value. The most significant contributors are those who feel appreciated and part of a greater good. They identify with the organization and what it’s trying to accomplish. It means the organization functions efficiently, with higher productivity and lower cost. So, it’s imperative that employees are in the right position and feel appreciated for the effective use of their talents.
Faith said the RIF/PIR process began by offering all employees an opportunity to take personality profiling diagnostics to unlock suppressed interests. This information helps dedicated Senior Recruiters direct them to opportunities in other departments. These Recruiters will connect them with other hiring managers and inform them of relevant postings on internal job boards. A structured communication strategy was designed to keep the Care Advocates informed of the status of the plan. Finally, Care Advocates receive assistance if they want a severance package to seek opportunities outside the organization.
To summarize, Faith said that corporate realignments can be challenging.
Management is well advised to minimize risk by retaining as much institutional knowledge as possible. Employees should ensure they are contributing to their position and to the overall mission, vision, and values of the organization. If they lack a personal sense of fulfillment, they should consider looking for other positions inside or outside the organization. The Health care sector embraces change. Motivated employees should do the same.
For further reading on Restructuring and Reduction in Force, check out these articles.
https://stephanierthomas.blogspot.com/2010/02/planning-and-executing-reduction-in.html
http://www.klgates.com/files/upload/Presentation_RIF.pdf
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Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
ITB PARTNERS
Some things people do really irritate me. Wasting my time is at the top of the list. Insulting my intelligence is right up there, as is taking too long to get to the point. People who are condescending, and those who like to grandstand round out my top five. It is particularly annoying when one incorporates all these irritants into one act, like asking a question. I have witnessed people take a simple, but important question, and turn it into a three-act play. These questions begin with a prelude which is meant to put the question in context, act one. The actual question is act two. Act three is an admonition of consequences if the inquisitor isn’t satisfied with the answer. Often, these questions are somewhat insulting, designed to make the subject uncomfortable or defensive. This type of question, asked during a business meeting, is counterproductive.
If you’ve ever watched a press conference, you know what I mean. This behavior is on display during the daily briefing of The White House press corps. It seems to be less about asking a thoughtful question to solicit information than about drawing attention to the inquisitor. You will also see this style on display during question-and-answer periods after someone has delivered a speech. It is particularly amusing to watch college students attempt to demonstrate their brilliance and trip up the speaker. It happens during shareholder’s meetings too. Sometimes, if the inquisitor is sympathetic to the subject, a leading question will be asked to guide the answer to a welcoming place. These are known as “puffball” questions. I suppose I’m like most people; depending on our backgrounds, we take a lot of things for granted. I have assumed that professionals have been trained to ask effective questions. That is a bad assumption.
Questions are a powerful tool. Asking the right question in the right way can open a dialog leading to greater insight and a significant breakthrough. The ability to ask questions that result in an exchange of useful information is fundamental to effective leadership. It is a skill that is necessary for employee recruiting and selection as well as choosing new vendors. Skillful managers ask questions that inspire and empower their team. The ability to ask the right questions is required to define a problem and find its solution. And yes, questions are required to hold our politicians accountable. There is a direct correlation for success in one’s profession and the ability to ask good questions.
So, what are the attributes of a good question? Whereas the specific question will depend on the situation we can agree on some fundamentals. First, you must be clear as to the information you seek. What do you want to learn? A good question is positive, non-threatening, and respectful to support an open, free flow of information. The likelihood of receiving useful information from someone you’ve insulted is not great. The question should be carefully worded, using a common language to ensure its meaning is clear and understood. For most situations, open-ended questions will yield the best result. Although, closed-ended, direct questions may be more effective for problem-solving situations.
Having been trained to conduct interviews, and for problem-solving in general, I’m confident in my ability to ask questions that generate useful information. This skill was honed during my corporate career and twenty years interviewing people as an Executive Recruiter. While executing my coaching and leadership responsibilities I’ve learned that what may appear to be the seminal issue at the beginning of a conversation is often a symptom of the actual problem. One can only get to the root problem by asking follow-up questions. In this case, asking ‘why’ questions may be most effective. My friend Faith calls it peeling off the layers of an onion.
The flip side of asking good questions is to be a good listener. Silence on the inquisitors’ part can draw out a more comprehensive response. Body language can be helpful as well. You may have seen an interviewer thoughtfully nodding during their subject’s response. This demonstrates acceptance, encouraging the subject to continue.
If you want to improve your overall professional skill set, learning how to ask effective questions is a great place to start. If you want to be viewed as a serious person and a good team member avoid questions that resemble a three-act play. Respect your subject and your team by asking questions that elevate the conversation.
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
ITB PARTNERS
Jim Weber has completed the first phase of a Turnaround Management Engagement for a client in Chapter 11 Reorganization.
His work revealed a clear path for a successful exit from Chapter 11 and a strategy to generate sustainable growth for the client. The next phase will include a detailed plan and the introduction of performance metrics.
For more information about ITB Partners and what we can do for you, contact Jim Weber at; Jim.Weber@itbpartners.com
Recently, a number of info-graphics comparing the habits of successful people to those that aren’t, landed on my Pinterest feed. A few of their points spoke to reading as opposed to watching television and a zest for continual learning as significant differentiating factors. Although I couldn’t disagree, I didn’t pay it much attention until a recent conversation with my friend, Faith. She was excited to tell me that she had just received a tuition reimbursement check from her employer. As she is working to complete a college degree, she is making good use of her company’s education assistance program.
She continued, saying that she valued that benefit and planned to take full advantage of the program. I agreed with her thinking and complimented her employer for offering the benefit. However, I lamented that too many employers have scaled back on their training programs and lack cultures that reinforce the benefits of life-long learning. Naturally, we agreed that it was a topic I needed to explore further.
A few days later, Dennis, an alumni buddy, and I were enjoying our cigars and adult beverages, talking about cars. He told me how another friend, John, got him interested in doing his own car repairs. John showed Dennis how to research the issue, find the right parts, and make the repairs. Over time, he gained confidence as he accumulated experience. He has resolved many maintenance issues, like replacing brake pads and rotors, saving a lot of money. This is a skill set he developed with a little encouragement from a friend. I know that he takes pride in this ability which gives him great satisfaction.
On the other hand, I am reminded of a colleague who had no interest in learning how to use a Personal Computer. It was a time when PCs were moving rapidly into the workplace but before the introduction of laptops. He told me, “why should I know how to use a PC, that’s why I have an assistant.” The irony is that the PC replaced the administrative assistant, except for the more senior level staff. I often wonder how long it took him to catch up to his peers?
Much has been learned about the brain that supports the value of lifelong learning. A healthy body and sound mind is the key to a long and happy life. The brain is like a muscle, either use it or lose it! Learning is like any other skill that requires practice. With practice one masters the subject. Lifelong learning or continual learning is an attitude, a mindset. If one believes in the importance of learning new information, or skills they will make the effort to pursue that course. If not, stagnation may develop, putting one’s career in jeopardy. As a commercial enterprise is a collection of people, an organization, it follows that it would benefit from continual learning. Building a learning culture is a viable strategy to keep employees interested and engaged, supporting innovation and productivity improvements. A learning culture creates competitive advantage.
I am a big fan of YouTube. The variety of their videos seems to be endless. Among others, I have viewed programs to improve my efficiency with Office 365, manage my websites, develop landing pages to build my contact database, and facilitate greater exposure for my brand. My time on YouTube has increased my productivity in so many areas that I’ve become an addict. The point is, YouTube is a free service. It’s a platform for brands to build customer loyalty by training to maximize the utility of their products. Tuning into YouTube seems to be a ‘no-brainer,’ for individual learners, and for employers.
It is all too easy for professionals to get into a rut, going on autopilot as it were, as the vicissitudes of daily life take president. Companies are no different. They develop successful business models and continue executing that formula, sometimes without noticing the changes happening around them. Brands that maintain long term relevance, do so by listening to their customers. They Learn. The best brands know that their employees are their customers too.
Creating a learning culture really isn’t difficult. One small change can spark a virtuous cycle of change. Providing education benefits to employees is a good step toward creating a continuous learning culture. At the end of the day, however, it’s the responsibility of leadership to build a culture for success.
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
ITB PARTNERS
By Antony Francis antony.francis@lakehillpartners.com
April 11, 2109
About 20 years ago, I produced a diagram showing that there are 3 interconnected supply chains: The Physical, the Informational and the Financial. All three, of course, interconnected and feeding off each other.
This interconnection is important. The quicker you get information into the transaction set from physical activities, the quicker you get an ASN and the quicker you get a POD and can invoice your customer. Time is money.
There was also much talk about Global Inventory Visibility. We dreamt of the ability to know what was inside each box on a pallet, but the private batch processed networks and lack of internet-driven transactions made this a pipe dream. I remember discussing with a client in the late ’90s whether we could know within seconds at the UK HQ whether an item had been sold in a store in Tokyo and immediately pulse out a replenishment shipment that same day. Of course, today we would say: “no brainer, we can!”; back then, the lack of inter-connected systems and batch processing of file exchanges made this a dream scenario.
So, where does Blockchain come into the picture? Firstly, it is important to define what we mean by Blockchain. There are two pieces to Blockchain when it relates to supply chains. One is the distributed on-line ledger that enables one to track the work-flow process from PO to an approved A/P transaction on the buy-side and a sales invoice into A/R on the sell side.
A recent article described Blockchain as an open, distributed ledger that can record transactions between two parties efficiently, securely and in a verifiable and permanent way.
Some of the key elements of Blockchain were explained by Iansiti and Lakhani in a recent Harvard Business Review piece:
So, let’s focus on the transactional work-flow process side initially, the Distributed Ledger. Transparency is becoming increasingly important for retailers; more and more people want to know how and where goods are made. This goes hand in hand with ethics and sustainability. For retailers to understand if they are operating in the most sustainable way, if the products they buy are made in the factory they believe it to be, they need to know information about the supply chain. Blockchain can help with this type of data tracking. When transactions occur along the supply chain, a digital record occurs at each step, thus providing a full audit trail.
Consider how business works today. Keeping ongoing records of transactions is a core and necessary function of any business. Those records track past actions and performance and guide planning for the future. They must, however, operate as an event manager and keep a fully detailed history of who made changes and when. Many organizations have no master ledger of all their activities; instead, records are distributed across internal units and functions. The problem is reconciling transactions across individual and private ledgers takes a lot of time and is prone to error.
In a blockchain system, the ledger is replicated in many identical databases, each hosted and maintained by an interested party. When changes are entered in one copy, all the other copies are simultaneously updated. So as transactions occur, records of the value and assets exchanged are permanently entered in all ledgers. There is no need for third-party intermediaries to verify or transfer ownership.
“Smart contracts” may be the most transformative blockchain application. These automate transaction approvals as negotiated conditions are met. For example, a smart contract might send a payment to a supplier as soon as a shipment is delivered, and the 3-way match is completed. If the product had a GPS beacon, it would automatically log a location update that, in turn, would trigger receiving data. Some IoT devices can even record if there was a change in temperature or shock damage.
When the Internet cloud emerged and started achieving widespread use, technologies like XML were predicted to replace EDI. Rumors of the death of EDI have been greatly exaggerated. The short answer is that EDI works. Companies have invested in it over many years. It may well have been moderately painful to get it up and running, but now it works. Even today, a certain set of core EDI messages (around the buy-sell-ship-pay transaction lifecycle) have and continue to enjoy widespread adoption and are almost universally required by major retailers and manufacturers. It is very prevalent in the Freight Forwarder community. The good news is that Blockchain feeds of all of these data sources.
Consider the situation today with B2B networks: Suppose a given supply chain process involves a buyer, seller, and third-party logistics provider. Today, information flows between these entities are typically one-way and point-to-point, either through EDI or XML-based messages or other mechanisms, such as API-based interactions. It is often the case that a buyer and seller might exchange certain messages, but an intermediary logistics service provider doesn’t see those messages. Or a seller and logistics provider might exchange certain messages not exchanged with the buyer. Events representing the exchange of B2B documents, for example, could be recorded on a blockchain and made visible to all participants in a supply chain process. In addition, blockchain could record supplemental events, such as those provided by IoT and smart devices, providing a more detailed synthesized record of all information flows. The actual exchange of B2B documents that occurs today can continue to operate as is, and a blockchain could simply provide a shared visibility “overlay.”
Such platforms will save the global shipping industry billions of dollars a year by replacing the current EDI and paper-based systems, which can leave containers in receiving yards for weeks. What if tariff codes, classification data, origin information, import and export certificates, customs values, clearance status, and all further required information about goods were available for all involved parties to access and complete through one unique ID, anywhere and anytime, and protected against manipulation thus delivering the same significance as certificates, seals, and signatures?
Permissioning inside blockchain gives you the confidence that you can control your information and grant access only to those you want to grant access to.
Lakehill Partners has a long history of systems integration and business process redesign. Let us help you manage the way forward.
For more information on this subject, please contact Antony Francis at antony.francis@lakehillpartners.com.
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ITB PARTNERS
