Digital Trust
Innovation Alphabet
Digital Trust
In a nutshell
Every relationship is based on trust, including that with digital. Digital trust is an absolute necessity in a global economy that increasingly relies on connectivity, data use and innovative technologies. To win our trust, technology must provide security, confidentiality and legal certainty for digital transactions.
Application Fields
• Internet of Things: Improving Digital Trust in a world like the IoT – which operates on the boundary between real and virtual universes, often giving very little priority to security – can bring a number of benefits. For example, start-ups could expect greater access to funding options. The Internet of Things requires Digital Trust solutions that aim to establish with certainty the identity of the actors involved. But also the pattern of responsibilities regarding each transaction.
• Machine Learning: Designing interfaces that are increasingly realistic and similar to the human way of thinking is a key piece in giving virtual agents the right amount of empathy for users. Still, there is the need to ensure that the data on which the advice or opinions dispensed are not compromised. The integration of Machine Learning with Digital Trust is thus the missing link to close the line of trust and certainty. The relevance of this scenario is confirmed by a major European project called PRESENT.
• Wearable Digital Trust: Trusted solutions are also being applied within wearable devices. Those are electronic devices that are worn and become notifiers when connected to a smartphone or computer. Without digital trust, there would not be the legal strength and security of a digital certificate. This ensures that the wearable device can perform certain functions, such as opening a front door of a home.
Industries
• Digital Trust in the healthcare industry
Epilepsy Care Alliance is a British consortium dedicated to improving the treatment and quality of life of people with epilepsy. And it does so through integrated solutions and wearable devices. The nonprofit organization has devised an innovative system called MyCareCentric, which allows physicians and researchers to obtain data gained through wearable devices. In this way, physicians can provide more effective care and research will help provide more affordable and sustainable treatment. Obviously, even within healthcare research and development, DT plays a crucial role in ensuring security, privacy, and maximum legal value.
• Digital Trust in the service industry
Iliad, a French telecommunications company, has applied video identification to verify the user’s identity when entering into a contract with the company. The solution consists of uploading an ID and recording a video. This process can take place inside a company store or by going to an Iliad Corner. It allows the user to be able to conclude a phone contract and pick up their SIM card without the need for a physical person to do the identification.
• Digital Trust in the energy industry
ASM Bressanone S.p.A., an Italian company specializing in energy and water supply, is one of the few private entities that has currently joined SPID, (the Public Digital Identity System). It allows users to access the company’s service through their digital identity. Customers in the energy industry, as long as they do not have to use physical or telephone customer service, put their faith in digital.
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Business Functions
• Digital Trust in support of HR
KPMG Belgium, a company specialized in providing professional services to businesses, is trying to improve employee onboarding. Using an onboarding software, new employees receive all the practical information they need to know for their first day at work. An integrated and secure solution that has enabled the company to streamline the indoctrination process for newcomers so that the waiting period between contract signing and the first day in the office is considerably reduced.
• Digital Trust in support of management
Westlake Financial Services, a U.S. company dedicated to the acquisition and maintenance of automotive retail installment contracts, implemented a set of DT solutions within its facility that enabled them to manage all digital transactions. The platform created a fully computerized and legally sound process. It allows independent and franchised dealers to sign contracts electronically, upload supporting documentation, and send loan information instantly.
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Check out more of the Innovation Alphabet:
Gamification
Gamification
Gamification is actually adding a game-like element to make more fun and engaging something that’s not necessarily a game. It’s all about turning a task that might be boring or difficult into a more enjoyable and motivating activity. You can also earn points, badges, and rewards for completing certain actions or challenges. Are you ready to play?
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Business Intelligence
Business Intelligence
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Making data-driven decision-making and management processes leads to competitive advantage, reduces inefficiencies, and improves productivity and service at all levels.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Subscription Model
Subscription Model
A subscription model is a business tool that generates revenue by charging customers a fee at regular intervals. The company provides products or services to subscribers on a subscription basis, usually monthly or annually. In this way, loyalty has become more important than acquiring new users.
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Holacracy & Flat Organization
Holacracy & Flat Organization
A “flat organization” breaks down the traditional hierarchy and removes its negative connotation, while “holacracy” is the business tool that facilitates its formation. Flat organizations place more emphasis on communication and collaboration, aspiring to a distributed decision-making process that gives each employee a voice. But this is a model that is difficult to implement.
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Mass Customization
Mass Customization
Mass customization is an initiative adopted by companies to embrace the increasingly diversified needs of customers. By offering customizable products and services, consumers feel engaged and can bring their creativity into play. Brands gain from this a boost in perceived value and the opportunity to fuel a positive word-of-mouth marketing.
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Coopetition
Coopetition
If you can’t beat them, join them. Coopetition is a business strategy that defines cooperative and competitive relationships between competing companies in the same young or high-growth market. The goal is to travel a stretch of road together to lower initial research and development costs. Once the desired results are achieved, the companies will return to being enemies as before.
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MVP
MVP
To the disappointment of all sports fans, this is not an article about Michael Jordan. In the language of business, MVP stands for Minimum Viable Product and indicates the version of a new product that has enough features to attract customers. In this way, a team can gather the most feedback with the least effort, improve the prototype, and validate its sale.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Bounded Rationality
Bounded Rationality
The best solutions always come to mind when it is too late. This is because human beings tend to make decisions on the basis of satisfaction rather than optimization. Bounded Rationality means that we are unable to think clearly and linearly, we proceed by trial and error and forget all the possible variables that affect the process. But we are also flawed.
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