There is a big difference between information and actionable intelligence.
Companies are drowning in information. But they often lack the actionable intelligence they need to make decisions regarding which employees to hire, for example.
Unfortunately, many companies don’t have the systems they need to organise, integrate, and subsequently analyse their own information, never mind data from third parties. To complicate matters further, separate streams of data rarely conform to the same format. Typically, third party data in its raw form requires sorting, and manipulation before it can provide value.
How does a company convert information into actionable intelligence?
Implementing a technology platform that assimilates third party data in a user-friendly format helps generate tremendous operational efficiencies, but that’s just the beginning…
Consider a scenario where a company wishes to conduct background checks on prospective employees. Instead of providing the candidate with a paper form, the company directs them to a website where they complete an electronic application.
The data that the candidate provides feeds directly into the company’s pre-employment screening platform which houses data from multiple third party sources that the company uses to complete a background check.
With access to all of the data that the company needs to conduct pre-employment screening available in one platform, the company can automatically verify identity and address, and run credit account checks, as well as confirm the validity of the candidate’s passport and driver’s license, etc. Calculating a risk score is easy to do as well. The risk score weighs each element of the data uncovered during the pre-employment check, which in turn allows the company to make consistent decisions regarding prospective candidates.
Prior to using an integrated data platform, the company would access multiple systems, which proved time consuming, and often resulted in error. By outsourcing the input of data to the candidate, the company avoids manually inputting data into multiple systems. As a result, the company screens each employee in a highly efficient manner. In addition to the efficiencies gained by using one platform to assimilate and automate the employee background check, the company also ensures consistency in the pre-employment selection process by applying a risk score.
One platform. Many applications
Obviously, the efficiencies gained by integrating third party data in a single platform don’t just apply to pre-employment screening. The concept is transferable to any situation where a company needs to conduct due diligence on a potential customer, business partner, or ensure compliance with anti-money laundering laws.
Interested in converting third party data to actionable intelligence? Hint: More than one technology platform is too many.