Small Business in West Palm Beach runs well based on functioning contracts with suppliers. Any Small Business that depends on repeat sales is dependent on a contractual relationship of some kind to make record keeping accurate.
A December 2017 poll of purchasing managers from Fortune 1000 companies shows that 80 percent of all business to business transactions are governed and managed by some type of contract. The same is true of Small Business although the scale is smaller.
Contract management has become a part of technology and cybersecurity consulting in West Palm Beach. Even a very Small Business stores data that has the potential to devastate their business and the companies that they have contractual relationships with.
Small Business has increasingly moved to technology for contract management. Technology can allow a Small Business to get the most value out of the life cycle of a contract, minimize the legal and compliance risks of contractual relationships, and manage the increasing complexity of contracts. Machines free up humans from manual input and the inherent errors that are an unfortunate necessity of this outdated function.
Contracts have become smart. The reality of the concept is that the code that controls the contract is sophisticated enough to make decisions that were once made by humans. A smart contract does not simply know when it is time to do a certain function. A smart contract can evaluate a set of options and elect the best choice as dictated by the Small Business owner. The idea is control without unneeded work.
The most revolutionary technological innovation for contract management is the same programming that gave rise to the cryptocurrency success. The technology is called blockchain and saw its first true success in 2009.
The basic concept of blockchain is to separate the location of the contract transactions from physical space. The system provides a back up in cloud computing that guarantees that no transaction can be lost. The ability to switch from a store location to a cloud location can allow a Small Business to continue to function in the event of a system failure or cyberattack.
Blockchain is not perfect. Japan’s cryptocurrency system was hacked in January of 2018. This incident alone shows the need for the involvement of cybersecurity consulting in West Palm Beach in each step of the transition process for Small Business.
One concept that many business owners do not grasp is that each transaction their business makes is a simple contract. The reputation of the Small Business depends on fulfillment of the terms of the contract. The things that you say you will do on your web site and social media pages are taken as a contractual agreement in your customer’s point of view.
The good news is that blockchain technology and smart contracts will have the capacity to automate all transactions in two years. This means fewer errors if any. You have happier customers who sell for you on social media. The cost of the new tech wil pay for itself in more sales.