Blockchain case study  223

• IOSpeed were slow in adopting the new technological innovation and way

of working. It had a huge negative impact on its brand, loss of custom-

ers, artists and employees and made them less competitive in the market.

The new strategy must have strategic objectives to transform the whole

organisation adopting innovative technologies including blockchain.

• IOSpeed still have some loyal artists for creating ART and also loyal

customers. This can benefit them to grow and launch new value busi-

nesses and channels.

• IOSpeed only had a presence in UK. The new strategy needs to factor

in other external and internal challenges.

• IOSpeed lost time due to less effective leadership team and slow deci-

sion to adopt innovation as compared to their competitors. The new

strategy needs to factor in loss of opportunity cost and have addi-

tional budget allocation to innovate quickly and launching the busi-

ness in appropriate countries.

Articulate long-term objectives and goals

This is the right time to review the long-term goals and objectives for

IOSpeed as we have already done a deep dive on internal and external envi-

ronmental factors and IOSpeed position against its competitors. These will

be the factors contributing towards strategy formulation.

• Improve Brand image of the IOSpeed in United Kingdom post the

negative impact that caused loss of customers, artists and staff

• Integrate innovation in the core of the IOSpeed strategy

• Retain existing staff and hire new, aligned to new strategic objectives

• Establish a capability uplift programme to train all staff across the

organisation to deliver the strategic objectives effectively

• Transform existing business processes to make them more digital

whilst keeping the existing business process. This will provide benefit

of retaining existing business and also gain a competitive advantage

through launching new platforms/products in existing and new markets

• Create and launch ART marketplace using blockchain technology in

UK followed by other countries

Prospective solutions

As we have already gone through strategy in Chapter 6, we will focus this

section on launching a new platform for a digital ART marketplace for

IOSpeed.

The following are the prospective solutions to launch blockchain-based

solutions for the ART marketplace. The solution will depend on IOSpeed

position, such as the following: