From banking to production to supply chain management, industries across the public sector are adjusting to the digitization of processes and transactions. Start-up firms and new technologies are challenging traditional business models to move more quickly, embrace change, and think beyond the conventional product development cycles. Organizations have the opportunity to embrace new solutions by enriching existing solutions/processes and improving their approach to managing data and interacting with suppliers and customers.
There is a fundamental principle that often hinders development: trust. How can an organization, for example, trust that a supplier located hundreds of kilometers away is who they say they are? Or as a person, how can I verify that the organization receiving my personal data is indeed who I believe them to be? From this perspective, the process of establishing a stakeholder’s legal identity digitally has become a foundational requirement; it enables the determination of ‘who’s who’ within a digital community. As more processes and interactions become digital, stakeholders must work harder than ever to mitigate doubt.