Dive into the wondrous world of crypto, NFTs and smart contracting

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The economic world is on edge with several crises sweeping over the Netherlands. The economic downturn this may lead to can have a major impact on companies. They are therefore tempted to apply the financial brakes, as the future seems uncertain. But this is precisely the time to optimise, automate and innovate. Because there are still plenty of innovations that can take the business world to the next level. Take, for instance, Web3 innovations. These new technologies are still in their infancy, but developments are moving fast. Moreover, major players such as Starbucks and Adidas are experimenting with them. Yet there is still some trepidation. For instance, our research shows that finance professionals are mainly concerned about the unstable value of crypto currencies, insufficient supervision and the ‘cowboys’ on the crypto market. But there are also huge opportunities. It is then important for finance professionals to start looking into what Web3 innovations could mean for their business.

The first steps

To introduce such technologies in a company, you have to dare to take the first steps. And that requires courage, because it is still uncharted territory. To take a step into this world, you need to be, above all, curious. Go exploring, ask lots of questions, collect information and just get started. In the end, learning by doing is the best teacher. However, delving into Web3 technologies is currently not done much. In fact, over half (51%) of finance professionals say they lack knowledge to even introduce cryptocurrencies within their organisation, for instance. It may also help you to look for people in the organisation who naturally have a keen interest in Web3 innovations outside of work. Crypto and NFTs are already more widely used in the private sphere: 23% use NFTs privately and almost half (47%) of finance professionals are active with crypto. However, it is important that if you get started with these new technologies, you develop a strategic policy. Ask the question: how can these new technologies solve the challenges I am currently experiencing?

Pulling the cart

Whose role is it ultimately to introduce these new developments within an organisation? Almost half (49%) of finance professionals feel that the ultimate responsibility does not lie with the CFO. The big question then of course is: who does? The answer to this question is twofold. Firstly, as mentioned earlier, a pioneering role lies with the person with the most open mindset and passion for these new technologies. Secondly, this role can also be played by those who benefit most from the new technologies. Currently, you see this role being taken up within the marketing team in many cases. Because consumer behaviour is changing and these new technologies are helping to get customer contact in a playful way. Since these innovations are about collaboration, it is also important to keep having conversations with partners and possibly even competitors. This creates endless opportunities to experiment.

Rocky corporate culture

New innovations also require the right innovative culture. These technologies naturally bring with them a new way of working, and you need to land these within the organisation. A changing corporate culture is then inevitable. Finance, business and IT must work together even more and truly form a trinity. There is still plenty of work to be done to achieve this: only one in five (19%) thinks that working with Web3 innovations fits within their corporate identity.

A head start towards curiosity

Web 3 innovations are in full development and curiosity is also growing in the business world. To stay one step ahead of competitors, it is important for organisations to delve into the new technologies. For that, you need to be curious and see if these technologies can add value to your organisation. If they do, you can get started. Because today, this is where companies can differentiate themselves from others. Moreover, the new generation is on the doorstep with their very own view of the economic market, and to serve them now and in the future, you have to dare to dive into the deep end.

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