Using Slack in the internal audit department

I love the idea of Slack. If you haven’t heard of it before, it’s collaboration software for teams that replaces a lot of what we’re currently using email to do. It’s main features as far as I can tell are persistent chat rooms (channels), direct messaging, and file sharing with cloud integration.

It would be so great if audit software did something like this, along with the audit specific features we need like work paper approval and sign-off, issue tracking, and report generation. All the audit software I’ve seen and used is just so clunky and poorly designed. I guess it’s too much of a niche market to get really well designed software that is polished and complete.

With Slack, you could set up a specific channel for each audit, or even sections within an audit (e.g. procurement), or phases of the audit (e.g. planning). Invite only those team members that are involved in that area of the audit to the channel, and add people later as needed. They’ll be able to read back and catch up on what’s happened before they joined.

So much of email is sending files back and forth, which would be eliminated with Slack. You wouldn’t even need to let someone know via email that a file’s been updated and is ready for review by the team or manager, since that communication would be within Slack too.

Are there any internal audit teams out there using Slack to reduce email volume and work collaboratively?

Bitcoin and the blockchain

You’ve probably heard of bitcoin, the most recognized online cryptocurrency, but like me, you may not know very much about it. The concept of a peer-to-peer (P2P) currency which requires no intermediaries to facilitate transactions is exciting to me, because of its potential to make transactions more efficient. Nobody likes middlemen.

The concept behind bitcoin, and other similar currencies, is the blockchain. Blockchain is a distributed ledger of transactions, replicated across the network by members or users of the chain in sequence. Each new entry is timestamped and follows the previous valid transaction. A transaction, once validated, cannot be reversed. The strength of the process is rooted in the distributed nature of the blockchain. It’s basically a constantly updating database that everyone has a copy of, or at least part of a copy of it.

Deloitte held a Dbriefs webinar on blockchain on January 14. It was an introduction to all of us (it seemed) to the confusing concept of blockchain, and how it will be used in the future by businesses to conduct transactions. The Big Four are really starting to explore the potential of blockchain in this area.

In case I haven’t made it clear (and that’s a real possibility), the picture in this WSJ blog post is worth a thousand words, and at least several thousand of my words.

In talking to a friend of mine the other day about blockchain, he noted that the primary risk is on how distributed the blockchain is, or whether any single entity controls a significant part of it. This makes sense, because if any one entity controls a significant part of the chain, it can effect fraudulent transactions, and replicate them across the chain.

A second criticism of blockchain is whether there is anything original about it if there is no cryptocurrency involved. For bitcoin, it only exists in its blockchain. For transactions involving non-cryptocurrencies, is blockchain any different from a database with a distributed version of multiversion concurrency control?

I’m pretty interested to see where this technology takes us. How do you think bitcoin, and the blockchain, will be used in the future?

Canada’s government announces Start-Up Visa Program

Canada’s federal government recently announced a Start-Up Visa Program aimed at attracting international entrepreneurs to the country.

Overall it is sending the right message to global entrepreneurs, that Canada welcomes them and their ideas in the hopes of creating jobs in here in an area of growth.

I hope it won’t create an uneven playing field against homegrown entrepreneurs, but my contacts in the industry think it’ll be a net positive. Deal flow will increase in Canada, which will benefit existing start-ups and innovators. The rising tide of more money sloshing around this part of the economy will lift all the boats, as it were.

Existing companies stand to benefit from at least one of the explicit goals of the Program, which is to bring in motivated individuals from around the world, deepening the talent pool for all companies.

What do you think?

Dropbox increases maximum free storage via referrals

Dropbox announced yesterday they are increasing the amount of free storage one can earn by referring people to the service!

I wrote a blog post about the service almost three years ago, claiming they made USB drives obsolete. Dropbox offers 2GB of free cloud storage that integrates seemlessly into Windows, Mac and Linux, and more storage (50GB or 100GB) for a monthly or annual fee. They also introduced a service for teams, which I could see being very useful for small businesses with remote workers in particular.

The old blog post was very successful for me, as seven people signed up for Dropbox using my referral link, netting me an extra 500MB each time!

If you haven’t yet tried it, give it a shot. The way it integrates with the operating system makes it so easy to use, and the web interface is great for those times when you don’t have administrator access to your computer but still need to get those files!

Integrate social media efforts across marketing and customer service

Most organizations likely place social media responsibilities primarily (or solely) with marketing, but a recent interview with Cisco’s Marketing Director on WebWorkerDaily, now part of GigaOM provides some insightful tips and makes the case for spreading it throughout the company, especially to customer service:

The heads of both your marketing and customer service departments should meet regularly. Marketing plans should be shared with — and can even be enhanced by — customer service. Each side should know how to use social media to not only fulfill their own goals but to help one another to get closer to reaching overall company goals.

Ensuring the alignment with the overall strategic plan is the key point, and in many cases KPIs for both groups will be similar. Hopefully customer service is already involved in other marketing efforts, but it’s especially important in the interactive space of social media. Customer service is better positioned to turn feedback into improvements to operations where identified.

Measure results together. As expectations are high for tangible returns on social media marketing investments, bring customer service in to help measure, analyze and tell the story of how social media is effective for the company.

Mine social media for more than sentiment. Instead of just looking for the positive, negative and neutral of what customers are saying about a company’s product or service, look for clues to how the public perceives the company as a whole.

Demonstrating a return on social media investments is a challenge for many companies, but collaboration across functions will help. As well, the social media team should build relationships with others subject matter experts within the company, so that customer feedback can be informed or addressed by the people best able to do so accurately. Tech companies, such as Google with their official blog, tend to do really well with this.

Building social media competence across the organization should also have the side effect of nurturing responsible personal use, which is still a risk, although one which I believe often unnecessarily overshadows the potential for beneficial use of social media to a company.

How are social media responsibilities organized in your company?