Third party verification is essential for organizations that sell products through the means of phone or the internet. Not doing so not just exposes them to inaccuracies, but they can also fall prey to legal ramifications. Obtaining authorisations, either written or audio recorded, are required for organizations that ask their customers to pay through electronic check payments.
Sometimes, circumstances arise when a customer is not able to produce or present a signed and verified copy of the information. It normally happens when a person is located at a distance. In cases where emergency permission is required to authenticate a request – for example, in conditions where a military personnel is based overseas or where the involved persons are the next of kin who don’t live in the same city/town – organizations need to deploy third party verification services to carry out the needful. Third party verification has found its use in a number of sectors, and several companies use it to conduct their businesses; educational institutions, internet service providers, and hospitals and healthcare providing institutions are examples of such.
Third party verification finds its use in several types of data. However, when it comes to customer data, like one’s contact information (phone numbers, addresses, email addresses etc.), organising them efficiently becomes an arduous job. The information is almost always subjected to an update or change. With someone either passing away, getting married or relocating to a new address, maintaining accuracy and consistency in the information is a difficult task.
Third party verification is also a checkmark that confirms an organization has complied with the regulations included in the Global Investment Performance Standards.
To overcome the drawbacks of the above stated method, organizations commonly deploy the practice of verifying the data against the original copy of the documentation. Although the checker becomes free from entering each set of information twice, following this practice – continuously oscillating from the hard copy of the document to the computer screen – can be painstakingly tiresome and thereby lead to undesirable mistakes.
Data verification is most useful for business developers, recruiters and market researchers. Inaccurate data can result in lowered customer satisfaction, which delineates customer retention and therefore negatively affects the business revenue generation.