Enterprise Blockchain Consultants

How is Blockchain Accelerating Digital Transformation: Part 1

Technology is steering the change from tradition to modernity in almost every aspect of life. Emergences and advancements in technologies powered by innovations have been reinventing the world for businesses and customers.

A survey by Computerweekly shows that COVID-19 has accelerated digital transformations. At such a crucial phase, it is indispensable for the heads of innovation, CTOs, CIOs, and more to leverage enterprise digital strategy advisory and recognize the most effective use-cases and exploit technologies to the maximum potential.

Blockchain remains the talk of the town, dominating conversations about digital transformation. The points below explain the potential of blockchain to steer digital transformation.

  1. Blockchain as an archetype for digitized transactions

The technology powering the incorruptible digital ledger of financial transactions, along with cryptocurrency, can potentially bring a high level of trust to peer-to-peer transactional frameworks. This also eliminates the need for a centralized authority to drive transactions.

As blockchain provides a simpler framework equipped with a high level of trust and security, it becomes an ideal choice for businesses that need to improve their transactional processes.

By leveraging the services of enterprise Blockchain consultants, businesses can successfully integrate blockchain into their operations.

  1. Blockchain as a fillip of business procedures

Speed sets you apart. With the help of digital transformation powered by the most dependable technologies such as blockchain, businesses can ensure speed in their processes.

Blockchain doesn’t just expedite the processes but also makes them more efficient. Therefore, it is a perfect stimulant for processes.

Businesses can embrace blockchain to set up a digital environment consisting of perfectly optimized processes.

Takeaway

The above-mentioned are the two advantages that businesses can benefit from, by integrating blockchain. We’ll talk about some more benefits in the next part of the blog.

Leverage Blockchain and digital transformation advisory service by Millennial Partners

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

VAT specialist advice

How should businesses prepare for VAT implementation in Oman?

In our previous blog, we studied in brief about the Oman VAT implementation that is scheduled for early 2022. Imran Mushtaq, the indirect Tax Director, VAT lead for PwC in Oman recommended businesses to plan and budget for VAT, assuming the treatments in other implemented states as an indicator for possible execution conduct in Oman.

Here are some of the ideal steps that businesses must be headed toward:

  • Scoop out a VAT working team from the individuals working for your organization

Other than hiring a professional group of consultants for VAT specialist advice, businesses should appoint an internal VAT team to scrutinize VAT developments and confirm the inclusion of VAT in future budget and other execution plans.

  • Spread VAT awareness

Businesses must ensure that appropriate steps are undertaken to educate employees about the potential scope, technicalities, and terminologies related to the upcoming VAT taxation.

  • Record transactional course comprehensively

Being a transaction tax, the new taxation regime is going to have an undeniable impact on transactional businesses. As each transaction would prompt a VAT-related outcome, a comprehensive business environment should be planned accordingly to address the upcoming changes. Maintaining a transaction chronicle diligently in advance may be one of the good practices to help prepare for possible VAT treatments.

  • Contractual revisions & contract reviews

Contractual terms must be revised and previous contracts must be reviewed to ensure that they comply with the probable VAT conduct.

  • Check IT infrastructure for compliance

The VAT implementation schedule coincides with a widespread trend for greater adoption of advanced technologies and digitized processes. Businesses leveraging digital transformation advisory service to devise their digitization strategy should now coordinate their plans for VAT implementation too. While IT systems are being evaluated for advanced digitization capabilities, they should also be assessed to see whether they can prepare and issue VAT compliant invoices and returns.

  • Recognize the right resources for better preparation & implementation

Businesses must partner with seasoned industry consultants having an impressive history of working with GCC clients for VAT implementation. They must be all set to design VAT implementation roadmaps in advance by coordinating with VAT advisory specialists.

Contact us today for free VAT consultation

We, at Millennial Partners, have served thousands of GCC clients and are already working with many for preparations for VAT implementation in Oman.

Millennial Partners (millennial.ae)prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

digital transformation strategy

3 Key Performance Indicators (KPIs) to Measure the Success of a Digital Bank in 2020

The global online banking market size is anticipated to reach $29,976 million in 2023 from $7,305 million in 2016, presenting a CAGR of 22.6% between 2017 and 2023.

Today, most banks are adopting digital twin models to extend their services and better cater to their customers.

It is opined that a well-devised digital transformation strategy can bring profound benefits to online banking in terms of reduced costs and amplified profitability for banks. By calculating the ROI generated from online banking, banks can identify the limitations of their business models and further optimize them for better growth.

3 KPIs to Measure the Success of Digital Banks

  1. Digital Traction Metric

Banks offering online services can daily, weekly, and/or monthly track the number of existing users or new sign-ups on/via internet and mobile banking. By estimating the growth and evaluating the most popular channels among users, they can devise appropriate plans to improve the numbers.

More detailed metrics that can help banks deliver better services to customers would be average time spent on transactions, count of transactions left uncompleted, count of active users, frequency of failed transactions, etc.

  1. Cost to Acquire Customer (CAC) on Online Banking

Providing online banking services adds a lot to the expenditures of banking organizations. The outlay can incorporate development, sales, and marketing costs. Digital banks can calculate the worth of those costs by dividing the sum of all these costs to the count of new customers added.

CAC = (Development + Marketing + Sales Costs) / Number of New Customers

  1. Lifetime Value of Customer (LTV) to Digital Banks

Banking verticals generally have a long-term relationship with their customers. Digital banks can calculate the value that a customer is going to add to banks during their expected relationship span. The decision on how much a bank should ideally invest in customer acquisition and further services can be taken more intelligently based on that number.

Once digital banks start to measure the profitability based on the above-mentioned KPIs, they can increase their revenues by leveraging the best strategies. Banks can leverage digital transformation advisory service to explore additional KPIs and decide upon the best strategies for each KPI.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Digital transformation advisory service

Unlock the Benefits of Digitalizing the Construction Industry

The so-called “brick-and-mortar” construction industry is moving forward and entering the digital era. Although the transition was slow initially, it has now accelerated in speed. The big market players are redefining their processes to keep pace with the new wave of digital business.

The following three Ps play a crucial role to chart a path for digitalization of construction industry:

  • Prepare for it

The construction industry has lagged in the race of digitalization mainly because of the psychology of people working in the industry – human processes were deemed better than the machines. However, as the industry has evolved, so has its outlook on digitalization. It is important for those driving the construction industry to identify the areas ripe for digitalization and prepare themselves for the change.

  • Pilot it

For successful digitalization of construction industry, the key is to start small. Ideally, enterprises should pilot it among a small portion of their business or a single project and give time for their team members to understand the technology and get used to the change. Long-lasting, sustainable changes happen gradually, so go slow.

  • Process it

To create and amplify impact across the entire enterprise, there is a need to process it. Businesses should capture changes, comprehend how the results were achieved and repeat the same process. Additionally, enterprises should review existing processes to identify more areas for digital transformation to maximize their benefits and revenue.

Take away

Digitalization in construction industry is in its infancy; however, it is poised to reinvent the industry, leading to efficient business processes, reduced operational costs, and improved productivity. Embracing digitalization is no longer an option – it is a necessity.

At Millennial Partners, we offer business-oriented digital transformation advisory service to help enterprises across various industries integrate blockchain into their operations. We offer comprehensive solutions – from use-case identification to solution implementation to deployment – to help businesses accomplish their goals.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae