Key Learning Outcomes & Case Studies Include
On completion of this course, delegates will:
- Understand some of the key challenges of digitalisation such as insufficient infrastructure, the need to manage data and the impact of developing markets, as well as some of the financial implications such as poor working capital management
- Become familiar with some of the key elements and characteristics of Blockchain and distributed ledger technology and how these are not quite the same thing.
- Grasp the important essentials of smart contracts and know how to plan them through efficient management of important interfaces
- Have awareness of how digitalisation represents a new frontier in the corporate search for a sustainable competitive advantage in the business world of today
- Grasp the key aspects of formulating a ‘Disruptive Strategy’ that harnesses emergence to drive innovation in a digital environment
- Be able to create and harness truly efficient stakeholder engagement strategies – a critical driver for success.
About the Course
The world is changing-rapidly. Technological acceleration continues to reshape and redefine the competitive landscape. Competitive advantage, once thought to be robust is now, at best fleeting. The advent of digitalisation has rewritten the rule book. Traditional ‘paper’ documentation such as the commercial contract is evolving.
The advent of smart contracts, powered by Blockchain carries the promise of significantly altering the corporate environment permanently- but there are a plethora of considerations and challenges that lay ahead and must still be met.
The quest for sustainability in competitive advantage and the impact of disruptive technology are key drivers for the necessity of continued innovation. This innovation in itself is the key for the creation of a sustainable competitive advantage within an increasingly ‘digital’ world.
This course has been specifically designed to delve into the key aspects of smart contracts, and at the same time provide a wider; strategic framework for the organisation hoping to capitalise and understand this digital revolution.
The course is an immersive experience, with emphasis on open dialogue and examination of key issues relative to corporate success.
Who Will Benefit
- Strategic decision makers
- Senior Management
- Legal/paralegal personnel wishing to gain an understanding of digital con-tracting
- Procurement and supply chain personnel
- Anyone else interested in smart contracts
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KEY CHALLENGES TO EFFECTIVE DIGITALISATION:
- Collaboration and information sharing – lack of efficiency
- Insufficient/developing infrastructure
- Rapidly expanding/growing global market in scale and scope
- Undefined strategy/poor tactical implementation and planning
- Slow decision making – negative impact on working capital management
- Poor data handling/streamlining
- The Total Cost of Ownership
- Wide range of terms utilized in payments and receivables
- Varying levels of institutional creditworthiness
- Oligopolistic market controlled by banks and financial institutions with specialist knowledge
- Impact of developing markets
- Impact of domestic markets (reducing cross-border transaction volumes (trade flows))
- What is ‘Blockchain?’
- Some key issues with digital assets – proof or authenticity and the ‘double-spend’(cryptocurrency)
- Key features of Blockchain
- Permissioned Blockchain applications – Consortium blockchains and fully private blockchains
- Case study – the ‘TradeLens’ platform
- What is a ‘Smart Contract?’
- Key differences between a ‘smart’ contract and a ‘normal’ contract
- The ‘Self-Executing’ protocol
- Creating Mr. X – The Trusted 3rd Party who doesn’t actually exist
- Could Mr. X be the ultimate mediator?
- The mechanics of Smart Contracts- immutability; distribution; transparency
- Smart contract planning – creating and managing the interface – clarity and ease of use key issues
- ‘Alignment and Capture’ – two necessities to make it all work
- Advantages of Smart Contracts – streamlining – removal of ‘data silo’s;’ enhanced security protocols (less exposure to loss and fraud; backup copies); removal of intermediaries; automatic enforcement of contract terms; precision (less human interaction – less scope for mistakes)
- Disadvantages – hacking; changes in the ‘real world’ (i.e. a material event that would void a traditional transaction); regulation issues
- Negotiating smart contracts – a new horizon?
- The question of anonymity
- Jurisdictional challenges
DIGITALISATION AND COMPETITIVE ADVANTAGE
- Operating within the digital environment
- Assessing the organisation’s capabilities
- Class exercise
- Removing fragmentation from the SC
- Streamlining and optimisation strategies
- The role of negative feedback loops
- The role of positive, self-amplifying feedback loops
- Model: Creating a Sustainable Competitive Advantage.
DISRUPTIVE STRATEGY: CREATING THE ‘TOMORROW ORGANISATION’
- Harnessing Emergence- identification; quantification; adoption
- The potential problem of implementation and integration
- Innovation – the key driver for managing disruptive technology
- Information distribution – the key enabler
- Innovation and operating on the ‘Edge of Criticality’
- The issue of standardisation – what will this mean for interoperability?
- Level of ‘tech integration’ (reluctance to change)
- The fundamental problem of the rate of change
- Model: The Competitive Cycle
- Class exercise
STAKEHOLDER ENGAGEMENT IN A DIGITAL WORLD
- Ghost in the Machine – ‘Spectral’ stakeholders in the digital medium
- What do stakeholders want?
- The Stakeholder Trilogy – Power; Influence and Impact
- Stakeholder Power – interventionalist; opportunistic; developed/developing; inherent or random
- Stakeholder operational considerations within the digital medium
- Class Exercise
- 3 key strategies for stakeholder engagement
- Model: The Stakeholder Assessment System
- Best practices in stakeholder analysis
- Model: The Stakeholder Hexagon Analysis
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