Blockchain case study  219

The following are some of the weaknesses of the IOSpeed as an

organisation:

⚬

⚬A negative impact on the brand image due to old leadership and

slowness in adoption of new technology

⚬

⚬Loss of knowledge and experience due to organisation restructuring

⚬

⚬High overheads due to physical only presence of Art exhibitions

⚬

⚬Lack of resiliency as proven during the pandemic. The organisa-

tion has only one value chain to carry out business, that is, physi-

cal brick and mortar

⚬

⚬Lack of capital allocation for innovation as well as spare budget

allocation for unpredictable risks

⚬

⚬High turnover of staff, artists, and also customers due to the lack

of liquidity and customer service.

• Opportunities: Post the restructure of the senior management,

IOSpeed has the potential to be more competitive and create value

addition for investors, customers, and staff.

The following are some of the opportunities the company has to

disrupt the market going forward:

⚬⚬Analyse the geographical markets globally to look out for financial

and regulatory assistance to innovate products and platforms for Art

⚬

⚬IOSpeed is registered in UK and can benefit from Government

assistance through Corporation tax cut and additional benefits/

subsidy for Fintech and Art/Media sectors

• Threats: Every business needs to assess the resiliency against external

threats due to macro-economic and natural disaster factors.

The following are some of the threats that have potential impact on

IOSpeed:

⚬

⚬IOSpeed has already been impacted by the COVID-19 pandemic

due to the lack of resiliency. The natural disasters can still impact

the business if there are not sufficient steps put into the strategy

going forward.

⚬

⚬IOSpeed can have an impact from global taxation rules if they go

global in future. This needs to be factored into the strategy and

has sufficient spare budget to accommodate for taxation changes.

⚬

⚬IOSpeed can also be impacted by the lack of artists in a specific

country or loss of artists to competitors.

⚬

⚬IOSpeed can also have an impact on minimum wages of employees

as the local employment rules need to be followed. This needs to

be factored into the strategy.

⚬

⚬They can hit with supply chain issues related to import/export of

the physical art pieces if the future strategy is to have digital as

well as physical art business (Figure 8.1).