[email protected] AND Business Model Innovation
Developing a Blockchain Prototype To Support Business Strategy
An industrial manufacturing company that had been in operation for decades needed to upgrade legacy technologies to scale with future strategic growth plans. Anticipating future M&A growth and looking for a differentiated sales and product strategy, the company needed more transparency in its supply chain inventory, better customer and service technician experience, and enhanced automation for replacing parts and reduce repair times for critical components. The company reached out to ISG to explore the possibility of a blockchain-based solution that would be the basis for a new business model.
When planned carefully, emerging technologies and blockchain capabilities can support a market-differentiating sales and product strategy. For the manufacturer, it meant increasing visibility into part installation and supply chain inventory movements, creating a better customer and service technician experience by making it easier to install and service component parts, reducing critical component repair and replacement timelines and automatically sourcing replacement components.
Developing the optimal solution required close collaboration with the company’s strategy, products, engineering, manufacturing shop floor and technology departments. ISG facilitated interactive workshops, design-thinking sessions and enablement exercises to:
- Better understand the company’s business operating models and opportunities for improvement
- Identify business model improvement opportunities with priority on design thinking first and technology second
- Design a blockchain software application solution stack
- Create a proof-of-concept software solution to enable business operating model improvements
- Develop a product roadmap to further develop the proof-of concept with requirements collected from business stakeholders
The blockchain implementation allowed immediate differentiation of the business, improved operations, increased customer satisfaction, streamlined communications and transparency, and aligned the client’s corporate strategy agenda to their technology direction. Its work with ISG demonstrated to the company how blockchain and other emerging technology solutions can leapfrog and upgrade an enterprise’ current technology landscape.