Streamline Your Crypto Business With Reporting Software

by Nick Throlson | Jul 1, 2021 | Crypto Currency

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Business management reporting software is a necessity for any crypto business that is to achieve optimal levels of efficiency in the current day and age. It gives you the platform to streamline your crypto business; ensuring data is collected, managed, and presented in an accurate and timely manner. Continue reading to discover everything you need to know.

A crypto business dashboard reduces workload and enhances efficiency by a considerable degree. It is a collaborative platform, offering full transparency, and you can incorporate other features like an FX calculator. All departments will have the ability to enter data into the system. They can then use the KPI dashboard to measure this data against their KPIs to get a full picture regarding business performance. This enables all departments to keep track of their financials with ease. Nevertheless, various departments will need to work together in certain instances as well.

Without such crypto software, a considerable amount of time would have been spent collating the necessary data and presenting it in the correct manner. However, this is something you no longer need to worry about once you have a dashboard implemented, as the data will easily be accessible. You can collect the data required in a matter of seconds and then you can choose from a variety of visualization options in terms of displaying the data.

Not only does this improve efficiency, but it reduces the margin for error as well. It also means that your employees are going to be free to focus on the core of your crypto business, i.e. what makes you money.

Dashboard Implementation Errors To Avoid

A crypto business performance dashboard is an extremely powerful tool that will provide you with a quick insight into the performance of your crypto business. But, this will only be the case if you implement your dashboard correctly. Read on to discover some of the most common mistakes you need to avoid.

One of the biggest mistakes crypto business owners make is defining too many Key Performance Indicators (KPI) for their KPI dashboard. It can be easy to get carried away and end up defining a huge number of KPIs. However, this will only make your dashboard more difficult to understand, as you will need to extract data from an extensive number of sources. Ultimately, this will make development slower. If your list of KPIs is too long, whittle it down. For instance, if you have four KPIs for four different products, try to consolidate these into one indicator that features ‘Product’ as a dimension.

Another blunder a lot of crypto businesses make is implementing their business dashboard before they have fully contemplated their metrics – the structure and the behavior of them. You need to consider your KPI requirements before choosing reporting software; otherwise, you could end up with a solution that does not support your metrics. Last but not least, don’t make the error of failing to get all business stakeholders involved. You need full transparency and everyone working towards the same goal for your crypto dashboard to be truly effective.

Key Cryptocurrency Terms To Get To Grips With!

by Nick Throlson | Apr 22, 2021 | Crypto Currency

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As far as investments go, cryptocurrency is still relatively new. Indeed, people have been trading stocks and shares and investing in real estate for decades. By contrast, crypto is only 20 or so years old – at most! As a consequence, there are lots of terms and things that people don't understand. The fact that cryptocurrency is a digital asset only confuses things – you get so many different technical terms.

We can't run through every single term in the industry, but we can pick out some of the key terms that you need to get to grips with…

Blockchain

We'll begin with a term that confuses many people. Blockchain is a technology that's used to help organize data and keep records safe. The data in these records can't be altered after it is recorded, and lots of information is stored in blocks. Blocks are basically where many cryptocurrency transactions take place and are combined together. The blocks then make up a chain of verified transactions, which is what a blockchain is.

Mining

Mining is a term you will hear a lot in the cryptocurrency space, but it's not something that the average investor will need to worry about. Effectively, when people mine Bitcoin – or any other cryptocurrency – it means that new ‘coins' are entering the circulation. This is done by using very complicated computer software that solves different problems to create the cryptocurrency. It sounds confusing, and that's because it is. Nowadays, you have organizations like My Blockchain Life that deal with mining for you. So, you don't ever have to worry about manually doing this yourself – unless you're bored and want to find out how.

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Smart contract

This is one of the newer terms in the industry, and it refers to a digital contract of sorts that's written into the coding of a blockchain. The terms and conditions are part of the coding, and it works like a normal contract. The whole idea is that a smart contract removes the need for any middlemen, so transactions can be completed faster and more cheaply.

Fiat currency

You see this thrown around a lot, and it has nothing to do with the Italian car manufacturer. Instead, fiat currency refers to all the traditional forms of currency seen throughout the world. USD, for example, is a fiat currency. This means it is controlled and distributed by the government, making them completely different from cryptocurrencies.

Moon/mooning

No, it's not what you think it means! In the cryptocurrency world, mooning is a way of describing something that's growing in value. It's a term that was coined online, and many people now talk about sending things ‘to the moon.' If you ever see someone talk about a cryptocurrency that's mooning, you should pay attention as it means it is on the way up.

For those of you that are serious about crypto investments, the best advice is to read up on all the different terms. Think of these ones as your starting point, then go out and find other ones. When you understand what people are talking about or referring to, it makes your whole life so much easier.