Blog: Dive into the wonderful world of crypto, NFTs and smart contracts

The economic world is on edge because of the various crises that are blowing over the Netherlands. The economic downturn this can cause can have major consequences for companies. They are therefore inclined to step on the financial brakes, because the future seems uncertain. But now is the time to optimize, automate and innovate. Because there are still many innovations that can take business to the next level. Take the Web3 innovations for example. These new technologies are still in their infancy, but development is rapid. Also, big players such as Starbucks and Adidas are experimenting with it. However, there is still some apprehension. Research shows that financial professionals are mainly concerned about the unstable value of cryptocurrencies, insufficient supervision and ‘cowboys’ in the crypto market. But there are also many possibilities. It is therefore important for finance professionals to delve into what the Web3 innovations can mean for their business.

The first steps

To introduce such technologies in a company, one must dare to take the first steps. And it takes courage, because it is still unexplored territory. To take a step into this world, you must be curious. Do your research, ask lots of questions, gather information and above all: get started. because learn by doing is ultimately the best teacher. However, not much is being done in depth in Web3 technologies at the moment. More than half (51%) of finance professionals indicate that they lack the knowledge to, for example, introduce cryptocurrencies into their organization. It can also help you search for people in the organization who have a natural interest in Web3 innovations. Crypto and NFTs are already being used more often in the private sphere: 23 percent use NFTs privately, and nearly half (47%) of financial professionals are active with crypto. But it is important that when you start working with these new technologies, you develop a strategic policy. Ask the question: how can these new technologies solve the challenges I now face?

pulls the cart

Whose role is it ultimately to introduce these new developments into the organization? Almost half (49%) of financial professionals believe that the ultimate responsibility does not is with the finance director. The big question is of course: to whom? This question can be answered in two ways. As mentioned before, a pioneering role is primarily reserved for those with the most open mindset and passion for these new technologies. Second, this role can also be filled by those who benefit most from the new technologies. Currently, you see this role in many cases being absorbed into the marketing team. Because consumer behavior is changing and these new technologies are helping to get customer contact in a playful way. Because these innovations are about collaboration, it is also important to continue to have conversations with partners and possibly with competitors. This creates opportunities for experimentation.

Corporate culture in motion

New innovations also require the right innovation culture. Because these technologies naturally entail a new way of working. And you have to let this land within the organization. A changing corporate culture is therefore inevitable. Finance, business and IT must work even more together and truly form a trinity. And there is still plenty of work to be done to make this happen. Only one in five (19%) believe that working with Web3 innovations fits with the company’s identity.

A lead through curiosity

Web3 innovations are in full swing and curiosity is also growing in the business world. To stay one step ahead of the competition, it is important for organizations to immerse themselves in the new technologies. You have to be curious about that. And see if these technologies have an added value for your organization. And if so, you can get started. Because today, companies with this can still differentiate themselves from others. In addition, the new generation stands at the door with their very own view of the financial market. And to serve them now and in the future, you have to dare to dive into the deep end.

Author: Adriaan Kom, CEO at Visma | On guard

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