The Increasing Demand for Background Checks and Data Intelligence
Across industries, technology continues to empower and revolutionize various business aspects. More and more businesses are demanding background checks as due diligence increases. To meet rising demand and capitalize on untapped resources, background verification companies like CheckPeople are offering innovative approaches to the ways, in which we handle and process background data.
Data intelligence has changed the pace, at which business is conducted. For background checks, this means doing away with convention and achieving reliable results more quickly through new and improved methods.
Background Checks: Here to stay
By 2023, the international background check market is expected to reach $4.9 billion, with the 2017-2022 CAGR projected at 7.5%. This will lead to escalating demand for experts in this area. Today, background check companies are capable of verifying employment records and identity and screening for criminal records in mere seconds. As more and more businesses, educational institutions, and state organizations move toward database digitization, the impact of technology in this field will only become more forceful.
Technology is having an especially pronounced impact in some key areas of the background check industry, such as criminal background, back-end operations, and employment verification, among others.
Criminal Background
Companies have developed cutting-edge, AI-powered search algorithms enabling access to hundreds of millions of court records nationwide, both criminal and civil. Technology propelled by machine learning can yield 100% accurate results with high precision, searching for any criminal history of an applicant in milliseconds.
Back-end Operations
Background check services have developed platforms automating this sector. These operations are now akin to an assembly line, where one authenticates various applicant credentials and maps them on the platform in parallel to generate a report. This enables reliable business intelligence data analysis and easy tracking, helps avoid manual errors, and above all saves time. Moreover, no single entity controls candidate data, so there’s no risk of data misuse.
Employment Verification
Among the most recent technological developments is a solution automating employers’ verification process for former employees. Thanks to this and other similar solutions, companies no longer need to reply to verification requests manually. This data is sent automatically, saving time and other resources.
More Secure Data
Enhanced access control and firewall technology makes it easier to manage, process, and store data, allowing the establishment of reliable privacy and security regulations. Technology-enabled platform APIs make it possible to send screening requests, track the progress of background screening for each applicant, submit relevant documents, and enroll the individuals selected in payroll and other pertinent systems.
Reduced Risk
In the past, organizations faced great financial losses and damage to their reputation due to employee misbehavior or fraud. Even senior position candidates (perhaps especially) aren’t immune to the temptation to provide inaccurate credentials. Reliable credential verification prevents loss and liability.
Future Developments
Technology has the potential to eradicate the risk of any such damage. With state of the art tools, proprietary databases, and delivery platforms, companies are developing an infrastructure that helps them operate in an environment of trust and communicate with applicants confidently.
Technology will keep facilitating background checks and data intelligence in the future, helping recruiters filter out high-risk candidates. The risk of hiring someone who may prove inefficient, disloyal, or risky due to a propensity to indulge in harassment or racism will be minimized.
The Growth Potential is Staggering
The growth potential of background screening and data intelligence is nothing short of staggering. There will be more and more opportunities in data analytics and research, marketing, operations, engineering, sales, business intelligence, human resources, and other industries. Early adopters are conducting proper training to ensure success in this niche.
Technology is playing a major role in these industries thanks to nationwide efforts and especially considering the changing facets of private and public data. In the future, the majority of data intelligence services will adopt cutting-edge platforms combining machine learning, AI, and deep search tools to find and compile data that’s currently dispersed among many different databases. We can all expect fast, efficient, and reliable outcomes as a result.
