| | OCTOBER 20208CIOReviewCXO's role involves providing an impeccable experience for the customers, whether they are internal or external customers.Would Uber have been so successful if the company had not created an easy user interface backed by exceptional experience for the rider and the driver?On the face of it, it doesn't seem like a big deal, but when we look behind the veil, we will instantly see that user interface on the app is only one of the many aspects that need to be addressed to deliver an exceptional customer experience.For instance, how quickly and efficiently do you address grievances, not only from customers but also the drivers? How do you train and onboard drivers so that the user experience stays consistent across the rides no matter which part of the world you take the ride? How do you tackle emergencies, safety, trust, quality, and the list goes on.You get one thing wrong, and you fail the brand.At the heart of CXOs role is to understand the company's user base, not just the current demographics but also the changing ones.Tectonic shifts happen once every few decades, like the shift from the horse carts to the cars, industrial revolution, extinction of typewriters because of word processors. Innovations in the internet space that made email, Uber, Airbnb possible that went on to render certain industries extinct. We are at the crossroads of a similar technological shift in the form of blockchain technology. Millennials trust Bitcoin more than banksBlockchain technology is unique in that it was born with the primary objective of addressing the need of common men, a need that conventional systems were not able to fulfill, that need is trust. Since its inception in 2009, blockchain has sustained its penetration in the world of commerce. In fact, 82 percent of Fortune 100 companies have explored blockchain in some shape or form, and yet, many companies have not given serious thought to it.Here is where CXO's can make a mark. First, by educating themselves about the real and latent demand for this technology, and how it can change their operational model, what kind of impact will it have on the customers?Remember, millennials make up for the largest percentage of the workforce at the moment, and they trust Bitcoin more than banks. This has prompted Fidelity, a rather conservative financial institution, to offer Bitcoin as part of a retirement plan. These developments hint an underlying shift in the consumer base and their demands. Businesses that respond to those WHY CXO'S CANNOT IGNORE BLOCKCHAIN?By Jagruti Solanki, CPA, MBA, CGMA, and Assurance Partner, AprioIN MY OPINION
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