The wekosystem tries to solve the basic problem of bringing transparency to business affairs. While there are many more things and many aspects today I would like to open it for debate from just one perspective, transparency in Accounting methods.
Let’s talk about transparency first in either our public institutions as well as private Institutions. If we look at the data that either public institutions or private institutions put up to show accountability is minimal at the best. Its not just that, I have seen institutions/companies who have floated equity and there is quite a good amount of public holding in their companies and they do not send their AGM’s notices to some specific individuals/shareholders because these people study the public accounts very diligently and then ask some uncomfortable questions in the AGM.
If one also looks at the number of Political and Corporate financial as well as Accounting scandals such as the Watergate or Enron as well as Forbes list of Corporate Scandals one sees that scandals have become more and more common in today’s world then ever before.
What these number of scandals did was give a bad name to Corporates and businesses all over.Also the legislation which happens or happened as an after-thought has raised cost of business for everybody concerned. So is there a way out?
Wikipedia shows a glimpse of the way ahead. Wikipedia has an annual fundraising thing and they submit their financial reports every year. Not just that they also put up expected expenses for the number of projects and things they are doing. (Budget) While this is good but we feel this is not enough. The only way for businesses going forward is to put their business/their accounts in real-time.
This idea, this understanding of putting accounts on-line could not have borne say even 5 years back. Why? for the simple reason the technology was not available then. Whether its web applications, Web Server or bandwidth all of these were either in short supply or not mature enough for the idea to be conceivable. If one looks at a transaction in any business and however big or number of transactions there may be they couldn’t possibly overtake the millions of transactions done for millions of passengers who fly to number of destinations worldwide. So technologically speaking, this is possible today. While Wikiocean, a company I work with hopes to be the first in introducing this technology, it might be you. The idea, the tools are all there it just needs some integration and it will be there.
I believe this would happen, sooner rather than later. And once there is something to show as in live data, I believe many businesses specifically charities, Trusts, NGO’s, enlightened businesses would move in that space.
While this is just one aspect of the wekosystem its interesting in its own right, wouldn’t you say. Comments, suggestions are all welcome 🙂