In the digital age, we at Global Data understand that businesses are constantly seeking innovative ways to gain a competitive edge. One such way is through the use of alternative data sources. As a leading provider of consumer data in Australia, we offer a comprehensive and holistic view of consumers across the country. This article explores how you can leverage Global Data, and specifically our Caspar platform, to reinforce your data strategies, drive informed decision-making and create business growth.
A Wealth of Consumer Data
What are we known for? We are known for our extensive array of consumer data touch points, ranging from basic personal information to more specific details such as real estate sale and rental data, court judgements, consumer insights, contact channels, demographics, KYC fraud indicators and social media profiles. This wealth of data allows businesses to gain a deeper understanding of their customers, fuelling informed decisions and strategies. We are at the forefront of Synthetic Fraud Prevention efforts throughout Australia.
What is Alternative Data?
Alternative data refers to data obtained from non-traditional sources, such as, but not limited to the following;
- Social Media Data: Information from social media platforms like Twitter, Facebook, Instagram, etc. This can include user posts, likes, shares, and other interactions, or simply profile authenticity.
- Satellite Data: Images and other data from satellites can provide information on a wide range of topics, from weather patterns to traffic levels.
- Transactional Data: Information about transactions, often gathered from e-commerce sites, credit card processors, etc.
- Geolocation Data: Information about the physical location of devices or users, often gathered from smartphones or other GPS-enabled devices.
- Publicly Available Databases: There are many databases available to the public that can provide valuable data, from patent databases to databases of consumer research.
When analysed together, they can provide insights that traditional data sources may not offer. By integrating our alternative data into your strategies, you can uncover hidden patterns, detect market trends, and gain a competitive edge. With access to almost 1 billion consumer records, both current and historical, our Caspar platform offers the most comprehensive coverage of Australian consumers in the market. It allows businesses to refine their searching capabilities and find the information they need quickly and easily. Whether you need to locate someone, conduct a background check, or assess the risk associated with a particular individual or business, Caspar is the perfect solution.
Reinforcing Your Data Strategy
Ingesting alternative data sources into your data strategy can provide a more comprehensive understanding of your target market, enhance risk assessment, improve customer segmentation, and drive personalised marketing campaigns. With Caspar, our alternative data sources will assist with;
- Death Checks. Verification of a person’s death status.
- Social Media details. Verification of a person’s Social Media presence.
- Criminal & Civil Court Check. Ascertain active and past court activity for KYC, whether for background or employment screening.
- Employment Details. Verification of past or current employment information.
- Real Estate data on all current and historical occupants of specific addresses across Australia, including information dating back over 20 years.
- Consumer Profiles on over 20+ Million consumers across Australia, updated daily.
Powering Your Business with Global Data’s API
Our API has been instrumental in driving business transformation across various industries. By providing seamless access to our extensive Australian Consumer Data Universe, our API has enabled businesses to automate their data processes, improve efficiency, and gain access to new data sources. For example, our charity clients are able to streamline their marketing data efforts and mail-house processes, by saving significant time and resources on dealing with out-dated data. They enrich their in-house data files through our enhance record API feature and keep their donor lists active.
Recoveries and Collection Agencies find that our API solutions are instrumental in streamlining activity on their debtor files, skiptracing workflows and improves the overall efficiency of their operations.
Our API has also been significant support for Identity Verification companies across the globe. These clients use our data for their Software as a Service (SaaS) and API platforms, enabling them to expand their operations into Australia. The API’s comprehensive data sources and wide range of query options make it a valuable asset for companies, providing them with a wealth of data points to verify consumers across Australia.
Benefiting Various Industries
Our services are beneficial to a wide range of industries. Banks and financial institutions continually leverage our data to understand their clients better, aiding decisions about lending, investing, and risk management. Insurers use our data for pattern identification, risk evaluation, and personalised product development. Identity service providers use our accurate, up-to-date data for efficient identity checks. Fintech’s can gain real-time consumer behaviour insights for better risk assessment, fraud detection, and data-driven decision-making. For more specific industry applications, you can explore Industries we assist on our website.
The Global Data Advantage
Choosing Global Data as an alternative data source offers several key advantages. We provide a comprehensive and holistic view of consumers, offering insights that traditional data sources may not provide. Moreover, our commitment to data accuracy, quality, and volume aggregation, ensures that businesses have access to reliable and up-to-date information.
For more information on how to implement a Single Customer View (SCV) for customer identity verification, you can read our article Implementing A SCV for Customer Identity Verification on our website, which shows how our data can assist in further KYC depth.
In the modern digital world, it is increasingly important to have a secure and reliable method of verifying a customer identity. Implementing a Single Customer View (SCV) for customer identity verification is a great way to ensure that businesses are well-protected from fraudsters. SCV’s provide businesses with a unified view of their customer data across multiple channels and systems, allowing businesses to accurately verify their identities before any online transactions can be completed. In this article we will explore the implementation of single customer views for identity verification purposes.
Implementing a SCV for Customer Identity Verification
Implementing Single Customer View (SCV) tools for customer identity verification is becoming increasingly important in today’s digital landscape. With the proliferation of online services and e-commerce platforms, it has become easier than ever before for fraudsters to impersonate customers and carry out fraudulent activities. This is where SCV comes in – it provides a comprehensive view of customer data across multiple touchpoints.
SCV can be used in conjunction with other identity verification measures such as Customer Due Diligence (CDD), Know Your Customer (KYC) platforms, and Anti-Money Laundering (AML) checks to create a robust system for verifying customer identities. By combining these tools, businesses can not only verify the identities of their customers but also detect and prevent fraudulent activities.
Tools for Implementing A SCV
Customer identity verification has become a crucial aspect of online businesses. With the increasing number of frauds and scams, implementing an SCV or a Single Customer View system can help organisations verify their customers’ identities more efficiently. However, implementing an SCV requires certain tools and platforms that can help you centralise data from disparate sources.
One such tool is a Customer Data Platform (CDP), which integrates with various platforms and services to provide complete customer data in one place. A CDP simplifies integrating multiple data sources into the SCV by collecting data from various touchpoints and unifying it into one record for each customer. Other tools like API Integration Platforms enable seamless integration between your CRM systems and other third-party applications to further streamline the process.
How to Resolve Customer Identities with a CDP
A SCV is a powerful tool that helps resolve customer identities with a Customer Data Platform (CDP). CDPs enable businesses to unify all customer data in one place, including demographic information, court listing history, social media interactions, and more. By leveraging this data within an SCV system, businesses can gain a comprehensive view of each customer’s behaviour and preferences.
However, implementing SCV for customer identity verification requires careful planning and execution. The first step is to ensure that there is a clear understanding of the business requirements and goals for the system. The right system will also have a solid foundation in data governance and security, and industry standards.
Automated identity verification software
Automated identity verification software is becoming an essential tool for businesses to verify their customers’ identities quickly and accurately. With the rise of digital transactions, it has become more challenging to ensure that clients are who they claim to be. The implementation of SCV, has emerged as a reliable solution for companies looking to enhance their security measures.
SCV uses automated software designed to detect fraudulent activities during the onboarding process by inspecting government-issued identification documents and other forms of personal information.
This helps businesses prevent identity theft and other types of fraudulent activities while ensuring compliance with regulations such as Anti-Money Laundering (AML) requirements.
By investing in this technology, companies can reduce operational costs associated with manual customer identity verification processes while enhancing their brand’s reputation.
Implementing SCV can be done through various channels, including mobile applications or web-based platforms. To learn more about how SCV solutions can help your business, contact us today.
KYC platforms
The need for secure customer identification has never been greater, especially with the rise of online banking and e-commerce. KYC platforms have become the go-to solution for companies to verify customers’ identities. However, these platforms are not foolproof and can still be vulnerable to fraudsters. One solution that is gaining popularity in recent years is implementing a secure customer verification (SCV) process.
SCV involves implementing additional layers of security measures to ensure that customers are who they claim to be. This process can include verifying their PII, biometric authentication, document scanning, and even facial recognition technology. By adding these extra steps in the verification process, companies can significantly reduce their risk of identity theft and fraudulent activity.
Implementing SCV may require some investment on the company’s part but it will ultimately pay off in increased trust from customers and a decrease in fraudulent activity.
Understanding a SCV
The single customer view (SCV) enables financial institutions to improve their operational efficiency, reduce inaccuracies in customer data. However, data decay and duplication present significant challenges to obtaining and maintaining a SCV. To overcome these challenges, financial institutions should utilise data cleaning technology and tools such as address autocomplete or lookup, advanced fuzzy matching, and semantic technology. SaaS platforms for data cleaning such as Insiight are available to provide real-time cleansing, standardization, validation, and enrichment of contact information. Ultimately, obtaining a SCV can help financial institutions gain a competitive advantage, reduce operational costs, and mitigate the risk of fraud.
Components of SCV
To achieve an SCV, businesses need to integrate data from various sources to create a holistic view of their customers.
The components of an SCV consist of several elements that are crucial for creating a complete picture of the customer.
Gathering Customer Data
Gathering customer data not only helps businesses personalize their marketing efforts but also plays a crucial role in preventing fraud and reducing the risks of cyber attacks. By having a complete and accurate view of each customer, businesses can better detect and prevent fraudulent activities, such as identity theft, account takeover, and payment fraud. They can also identify potential security threats and vulnerabilities in their systems and take proactive measures to address them. However, to achieve these benefits, businesses must ensure that their SCV implementation follows strict security protocols and complies with industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS) and ISO 27001.
They must also invest in security technologies, such as firewalls, intrusion detection systems, and encryption, to protect their data from cyber threats.
In addition, businesses must educate their employees and customers about the importance of cybersecurity and the risks of fraud and provide them with the necessary tools and resources to protect themselves. By prioritizing security in their SCV strategy, businesses can not only improve their customer experience but also safeguard their reputation and financial stability.
Selecting Customer Data
Selecting customer data is a crucial component for ensuring accuracy and completeness of the SCV. Customer data can come from a variety of sources, such as transactional data, demographic data, and behavioral data. It is important to select data that is relevant to the business goals of the SCV and ensure that the data is accurate and up-to-date. This can involve performing data cleansing and matching to eliminate duplicates and inconsistencies.
Additionally, data privacy regulations and ethical considerations should be taken into account when selecting and handling customer data. By carefully selecting customer data for the SCV, businesses can gain a more comprehensive understanding of their customers and improve their overall customer experience.
Cleaning Customer Data
One of the key components of implementing a single customer view is cleaning customer data. Customer data can often be scattered across different departments, databases, and channels, leading to duplicates, inconsistencies, and inaccuracies. Cleaning customer data involves identifying and removing or merging duplicate records, standardizing formats, and updating outdated or incorrect information.
This process helps to ensure that customer data is accurate, complete, and up-to-date, which in turn improves the effectiveness of marketing campaigns, customer service, and overall business operations. By implementing automated tools and processes for cleaning customer data, organisations can save time, reduce errors, and improve the quality of their customer data, ultimately leading to better customer experiences and business outcomes.
Structuring Customer Data
One of the key components of a Single Customer View is structuring customer data, which involves organizing and formatting customer information in a consistent and standardized way. Structuring customer data is crucial for efficient and accurate data management, as it enables the identification of unique customers across multiple channels and touchpoints. This process typically involves mapping out data fields, creating a master customer record, and cleansing and validating customer information.
Effective structuring of customer data ensures that businesses have a comprehensive view of their customers, enabling them to make data-driven decisions, improve customer experience, and increase customer loyalty. Therefore, it is important for businesses to invest in robust data management and governance practices to achieve a reliable Single Customer View.
Verifying Customer Data
Verifying customer data is a crucial component of implementing a single customer view, as it ensures that the data collected about a customer is accurate and up-to-date. This involves the process of cross-checking the information gathered from various sources, such as transactional data, customer interactions, and third-party data, to ensure that it is consistent and reliable.
By validating the accuracy of customer data, organisations can avoid the risks associated with incomplete or incorrect information, such as inaccurate marketing campaigns, ineffective customer service, fraud and regulatory compliance issues.
To achieve an accurate and comprehensive single customer view, it is essential to implement effective data verification processes that enable continuous data cleansing and updating, to ensure that the data remains accurate and relevant over time.
Implementing SCV in Businesses
Implementing SCV (Single Customer View) in businesses has become a crucial aspect of customer data management. The process involves combining multiple sources of customer data to create a single, accurate and complete profile for each customer. This is done by collating all available information about the customer from different databases.
When implementing SCV in businesses, it is important to ensure that the right technology and processes are in place. The first step is to identify all sources of customer data that need to be integrated into the SCV system. These could include transactional data, demographic information, social media behaviour and other relevant metrics. Once identified, the next step is to develop a strategy for integrating this data into a centralised platform.
Benefits of Creating a SCV
Businesses can gain numerous benefits from creating SCVs, such as identity verification, fraud prevention, and compliance with data regulations. An SCV enables businesses to verify who their customers are by combining information from different sources like social media accounts, email addresses, and phone numbers. This makes it easier for organisations to identify customers accurately and prevent fraud.
In addition to security measures, creating an SCV can also result in cost savings for businesses. By consolidating customer data into one database, companies save time and resources spent on managing multiple databases with redundant or conflicting information. With fewer duplicate records and less manual work involved in updating customer details across various platforms, companies can improve operational efficiency and achieve significant cost savings.
SCV for Identity Verification
Single customer views (SCV) are becoming increasingly important in the world of identity verification. An SCV is a way to create a complete and accurate picture of an individual’s identity by consolidating data from all sources into one central location. This can include information such as name, address, email, phone number, date of birth and more.
Security and Fraud Prevention
Creating a single customer view (SCV) is an essential step for businesses that want to improve their security and prevent fraud. An SCV allows companies to consolidate all customer data into one location, so they can easily identify patterns of behaviour and anomalies. This helps reduce the risk of fraudulent activity since suspicious transactions or behaviours can be detected quickly.
Additionally, an SCV provides a secure storage location for sensitive customer information. By having all customer data in one place, organisations can more effectively manage access permissions and reduce the risk of unauthorized access. This is especially critical given the increasing number of data breaches occurring across industries.
Moreover, creating an SCV enables businesses to implement robust authentication measures such as multi-factor authentication (MFA). MFA provides an extra layer of protection against unauthorized logins by requiring customers to provide additional verification beyond a password.
Compliance with AML Regulations
Creating a single customer view can be incredibly beneficial for businesses, particularly when it comes to compliance with AML (Anti-Money Laundering) regulations. By creating a complete profile of each customer, businesses can more easily identify suspicious activity and monitor transactions that may seem out of place. This not only helps businesses stay in compliance with AML regulations but also protects them from potential financial losses.
Data Security Considerations
As businesses continue to collect and use customer data, data security has become a crucial consideration. One of the most important aspects of data security is creating and maintaining a single customer view (SCV) that integrates all available customer data into one centralized location. While SCVs can be incredibly valuable tools for businesses, they also come with unique data security considerations.
One of the primary considerations for SCV data security is ensuring that customer data is kept safe from unauthorized access. This means implementing strong authentication measures, such as two-factor authentication or biometric verification, to ensure that only authorized personnel have access to sensitive information. Additionally, it’s important to monitor who has access to this information and limit permissions accordingly.
Another key consideration when it comes to SCV data security is protecting against potential breaches or cyber-attacks.
Identifying Fraud Using SCV
Identifying fraud has become a top priority for most businesses in recent times. With the rise of digital transactions and the increasing amount of data breaches, it has become essential to have a robust system in place that can identify fraudulent activities quickly. One such system that is gaining popularity among businesses is using a single customer view to identify fraud.
By having this consolidated view of a customer’s data and activity, businesses can easily identify any customer data discrepancies or suspicious activity that may indicate fraudulent behaviour.
Using a single customer view to identify fraud provides several benefits for businesses.
First, it allows them to detect fraudulent activities faster than traditional methods since they have access to complete customer information in one place.
Second, it helps businesses create a more positive experience for customers by eliminating the need to have them repeat information from one department to another.
Finally, businesses can reduce the amount of time spent on resolving customer-related issues by having a single view of customer activity.
Conclusion
In conclusion, implementing a SCV for customer identity verification can be beneficial to businesses. By using this technology, businesses can gain greater insight into customer identity and onboard new customers quickly and securely. Furthermore, SCV provides an extra layer of security which prevents potential fraud or data theft. This technology also helps ensure that customer data is kept safe and secure.
Are you looking for ways to improve your marketing strategy? Do you want to take advantage of the power of data-driven insights? If so, then this blog post is for you! We’ll show you how to use data to supercharge your marketing efforts and get the most out of every campaign.
Understanding the Power of Data-Driven Marketing
Data-driven marketing is an effective way to better understand customer needs and preferences. By leveraging data to gain insights, you can tailor your marketing strategies to target specific audiences and create more effective campaigns.
Data-driven marketing can help you understand customer behaviour, identify trends, anticipate customer needs, and develop more effective messages. Additionally, it can help you identify target markets, adjust your campaigns according to customer feedback, and generate higher ROI from your campaigns.
The data available today provides invaluable insights that can help you create better messaging that resonates with potential customers, expand your reach, and increase conversions.
Gathering Data to Identify Opportunities
Data analysis is key to understanding consumers and what drives them. By collecting data from multiple sources, such as Quester, surveys, focus groups, market research, and analytics, businesses can identify opportunities and develop more effective marketing strategies.
For example, by gathering data about customers’ interests, needs, and preferences, businesses can create targeted campaigns to address those needs. Using predictive analytics, businesses can also identify potential target markets and analyse the effectiveness of their campaigns.
This data helps companies refine their marketing plans to gain a competitive edge. With the right data-driven insights, businesses can create more effective campaigns and identify new opportunities for growth.
Understand the Types of Data Available
Data is the lifeblood of any successful marketing strategy. It provides insights into how customers interact with your brand, what their preferences are, and what kind of messages will be effective. By understanding the types of data available, you can develop a comprehensive strategy that meets customer needs, identifies target markets, and mitigates risk.
There are several types of data that can be used to fuel your marketing strategy. This can include customer demographics, purchase histories, and market research. Demographics are important for understanding who your customers are and where they are located. Purchase histories provide insights into what kind of products or services they have purchased in the past, which can help you tailor your messages accordingly.
Market research is essential for gaining insights into customer opinions and for identifying new opportunities in the marketplace. Additionally, you can use consumer data to understand risk and to evaluate and mitigate it. By leveraging all these different sources of data, you can gain a comprehensive understanding of who your customers are and what they want.
Select the Right Data Sources
When it comes to selecting the right data sources, it’s important to ensure that you’re accessing reliable, authentic data that is up to date. This means researching data sources and understanding what types of data they offer. It could be consumer data, customer feedback, market research, or any other type of relevant data. Once you know what type of data you need, you can begin to identify the best sources for this information.
These can include Quester, surveys, polls, focus groups, and more. Additionally, you should consider leveraging external sources such as the latest industry trends and reports to gain further insights.
By combining both external and internal intent data sources, sales and marketing teams can supercharge their lead generation strategy and gain an edge over the competition.
Using data to pinpoint target markets
Data-driven marketing is a powerful tool that can help you better understand your customers and target markets. By leveraging data, you can identify and segment potential customers, pinpoint their preferences, and create more personalized experiences.
This helps you build stronger relationships with your target markets and maximize the effectiveness of your marketing campaigns. Data-driven marketing can help you meet your goals and objectives by providing the insight needed to make smart decisions.
Leveraging Consumer Data to Understand Risk
When it comes to understanding risk, leveraging consumer data is essential. By collecting data signals from various sources, including driving, purchase history, and behavioural data, you can gain a full 360-degree view of your customers.
This can help you identify upsell and cross-sell opportunities, tailor messages to your prospects based on their interests, and understand their risk profile.
Having this information at your fingertips can help you make informed decisions on which markets you should target, what kind of messaging will resonate with them, and what the potential risks are in any given situation.
With the right data in place, you can make informed decisions that will help take your marketing strategy to the next level.
Exploring the Benefits of Leveraging Consumer Data
The power of data-driven marketing is undeniable, and it’s becoming increasingly important for brands to leverage consumer data to better understand their customers and maximize their marketing efforts. But understanding the benefits of leveraging consumer data can be daunting.
Luckily, there are several key benefits to leveraging consumer data that can help you gain a competitive edge. By leveraging data, you can identify customer needs and target markets with greater accuracy, better understand risk and tailor your messages to the right people.
You can also clean, organize, and manage your data in order to maximize efficiency and gain real-time insights. Ultimately, leveraging consumer data can lead to more informed decisions, more successful campaigns, and increased profitability.
Using Data to Evaluate and Mitigate Risk
Using data to evaluate and mitigate risk is a key component of any marketing strategy. By collecting and analysing data, marketers can accurately assess potential risks and take steps to minimize them.
Additionally, with the right data in hand, marketers can evaluate risk and develop campaigns that maximize ROI while minimizing those potential risks.
Collecting and Analysing Data to Tailor Messages
Once you’ve identified the data sources to use for your marketing strategy, it’s time to start collecting and analysing that data. This is where analytics come in. Analytics helps you understand the behaviour of your target audience and how they interact with your brand. It can also provide insights into customer preferences, trends, and interests so you can tailor your messages accordingly.
With analytics, you can develop a deep understanding of your audience and create more effective campaigns. You can also use analytics to measure the success of each campaign, allowing you to optimize it for maximum impact.
Understand the data you have
Once you have identified the data sources you want to use, it’s time to understand what data you have and how to best utilise it. Collecting and analysing data is time consuming, so it’s important to make sure you are gathering the right information that will help you reach your goals.
Analysing data can give you a wealth of insights into your customers, their needs, and how they interact with your brand. You can use this information to tailor your messages and create campaigns that will resonate with them.
Once you have the data, clean and organize it so that it can be used efficiently. This will help ensure that all your customer interactions are tailored to their individual interests and needs.
Create Targeted Messages Based on Data Insights
The power of data is in its ability to provide insights into customer behaviour. Analysing this data can help you create targeted messages that will have a greater impact on your audience. With the right kind of data, you can get an understanding of how customers think and act so that you can craft messages that are personalized and relevant to them.
By leveraging the power of data, businesses can unlock valuable insights about their target audiences, allowing them to create tailored messaging strategies that speak directly to their customers’ needs and interests.
Businesses use these kinds of messages to increase visibility, grow relationships with customers, and influence purchase decisions. With the right kind of data analysis, businesses can put together powerful campaigns that deliver results for their business goals.
How to Clean, Organize, and Manage Your Data
As important as it is to collect and analyses data, it’s equally important to make sure that the data you have is clean and organized. This is known as data washing. Data washing can help you identify any areas where the data may be incomplete or inaccurate, as well as any areas that need further analysis.
Once you have identified these areas, you can begin to organize your data for maximum efficiency. This could include grouping data into categories, creating a system for classifying data, or creating a searchable database like Caspar and Quester.
Organizing your data will not only help you gain insights from it faster and more accurately, but it will also make it easier to manage your data in real-time.
The importance of Data washing
Data washing is a vital step in data management and is the key to ensuring that your data is clean, accurate, and up to date. It involves verifying, cleaning, and updating records to remove any obsolete or inaccurate information. Data washing can be done in a variety of ways, such as deleting old records or using data profiling to generate scoring models.
By embracing data washing, you can be proactive and ensure that the data that flows into your systems of records are accurate, reliable, and comprehensive. This process helps to improve the quality of your data which can lead to better insights into customer behaviour and better decision making.
Clean customer data also improves almost every aspect of your business, from being able to send targeted marketing emails or ads to tracking and managing non-marketing contacts. Therefore, it is essential to set up a data cleansing process to fix any data issues and keep your database lean and accessible.
Organising Your Data for Maximum Efficiency
Organising your data for maximum efficiency is essential in today’s digital world. To ensure that data is properly organised, it is important to remove any duplicates or irrelevant information.
As mentioned previously, this process is referred to as data washing and can help you make the most of your data and keep it up to date while ensuring its accuracy.
Data washing involves identifying and removing inaccuracies or redundant records. It also involves processing changes that have occurred since the last update such as address updates, name changes. We also recommend conducting an Australian death check on records if needed.
By doing this, you can avoid sending out mailers to deceased persons or incorrectly addressed mailings which could lead to potential legal issues for your business.
Conclusion
In conclusion, using data to inform your marketing strategy can transform your business. It helps you find the right customers, target them with relevant messages and adjust strategies based on results. Data-driven decision making can save you time and money while improving your overall ROI. By keeping an eye on the key performance indicators, you can anticipate
Some economists believe that data is becoming more valuable than some of our resources. Whether this is true or not, there is no doubting that data and AI (Artificial Intelligence) is certainly becoming very important for business sustainability and an organisation’s growth, no matter the type of data required.
Leveraging data is an effective way of improving business growth and efficiency. It allows businesses to access multitudes of different types of information and analytics. For those that do not aggregate, collect and store any data, leveraging is a terrific option. Exposing your business to alternate “Data” sources is as simple as forming Vendor relationships with the right types of data suppliers, that will improve your service outcomes. Data leveraging can avail your business to new opportunities and revenue streams.
It is being used by so many companies around the world and it has allowed for cross border or worldwide expansion. Identity Verification companies are a prime example. No reason why you cannot do the same, especially when many are leveraging from a Cloud environment.
Keeping data current, organised, compliant and safe is critical. Employing the right tools with data leveraging can alleviate many issues. Vendor data suppliers are subjected to stringent and stern processes, that are sometimes audited by external regulators and also by clients that request it in their contracts as part of the data service. When leveraging data, the onus is on the Vendor supplier to demonstrate data quality and compliance.
That being said, if you plan to store any leveraged data, conversely, you will need to ensure that you have the required security protocols and processes in place to prevent any data leakages / breaches. Many data suppliers will mandate reviewing your systems, prior to allowing any data leveraging and with good reason. The protection of their asset is one major concern, but more importantly, it is to do with their “Privacy Compliance processes.” Talk to the Vendor and ask for assistance if needed as they often have some Cloud and SaaS solutions at hand that will help you and your business with data control.
Be warned though, many large data suppliers will sell you on their name and compliance badges only, but when it comes to data quality and accuracy, little is to be desired! You need both. Test, test and test their quality again and again before committing to any long-term contracts. When the right choice is made, the rewards can be significant.
The kind of data metrics your business needs and how you will use it, is primarily what you should know before leveraging (look for the data with the answers you need). In my experience, I see many businesses leverage from multiple data suppliers to get added comprehensive outcomes and results. In my opinion, I think this is a good practice as it not only allows for a business to get better results, but also protects them from business workflow slow-downs, should an individual data supplier need to be detached or their data quality spirals downhill. The combination of multiple data streams generally yields added and more fruitful results as no single data source “has it all.” Like fuel in a car, less is not more, the more fuel you have, the greater the distance you can travel. Data is the same to a degree, if leveraged correctly, as a single source not necessarily, but in combination can be very powerful.
Is also great for your existing, collected and stored data. Access to “alternative sources” can improve or enhance its accuracy and insights. Leveraging alternate streams will provide for data enrichment and business value almost immediately. Having access to new quality data streams will significantly boost your existing data stocks and value.
Put simply, if your data is lacking in certain areas, such as consumer insights or is out-dated, then leveraging alternate sources can fix those issues quite quickly and make your data more actionable. If a data supplier has done all of the hard work in aggregating the desired information, it may be more convenient and cost effective to simply leverage it, rather than trying to yield and collect it yourself.
Speaking for our company Global Data, we saw a 60% increase in 2019, for data leveraging requests, from International companies that wanted to enter the Australian market. Don’t be afraid to leverage data, so many of our clients have grown significantly because of it and have designed new products to add to their business value…… Try before you buy!
