Success in every kind of endeavor — including debt collection, locating an individual, or carrying out investigations — comes down to how quickly you can uncover the truth. This is why corporations and investigators rely on big data to detect fraud, verify identities, and link businesses with assets. It offers massive quantities of information that helps in better decision-making.
However, deciphering this amount of information is proving to be a nightmare for most enterprises. Most businesses lack the mechanism to efficiently consolidate from the numerous sources available in the market today. It is not enough to have big data; you can only fully utilize its humongous potential by finding the right kind. Below is an exclusive look at how you can fill in the gaps.
Define, Identify, and Create
To make sense of the massively expanding digital universe, you need to know how to separate good data from big data. Here are the steps you need to take during this process:
- Define the Problem — it starts with codifying a precise problem that needs solving
- Identify the type of data you need, its source, and the collection method
- Create the model to help you process the collected info
Unlike in the past when people relied on traditional sources, today’s technology offers you the use of the trended and alternative databases. Therefore, it is much easier to integrate and locate the good data you need. Corporations, individuals, and investigators can make informed decisions quickly, thus mitigating risks more efficiently and accurately.
Pick a Reliable Data Fusion Method
Data fusion is about overlaying and integrating information collected from multiple sources to improve the results. You get a higher return on investment, fewer false positives, and maximum operational capabilities. Therefore, it would help to pick out a suitable and reliable fusion method that can help you establish that 360-degree view you need.
As stated earlier, it is imperative to find the right data. Database software makes this possible by using advanced logarithms to filter large volumes of information. It makes it easier to wade through millions (if not billions) of proprietary and public records within a few seconds. With the right partner, you can also identify interrelationships and establish patterns between different data sets.
Don’t Forget About Mapping
It is not enough to identify the good data; you also need to start mapping to help eliminate the false positives. Look at it from the Yin and Yang perspective: big data and right data coexist within the same space and keep on shifting. There is never a point when there is zero flow of information, thus creating a balance between the two.
Therefore, the key is locating that optimal point that offers you as much actionable information as possible. You don’t want too little information that still leaves some gaps or too much information that gets you false positives. Remember, you can only sustain growth and drive better business decisions when you have all the user information you need.
Aim for Good Data — Not Big Data
Regardless of the problem that needs solving, always look to find the ‘right data’ first. For example, good information in collection agencies can help increase revenue, shorten collection cycles, and improve hit rates. It could also mean designing more effective ways of detecting and preventing fraud for corporations.
Look towards partnering with an expert provider to get fresh and actionable information. At Enformion, we can help you fill in any gaps and smooth out any procedural bumps in your company’s infrastructure. Contact us today to gain access to big data tools and the expertise of Enformion.