An improved technological approach to background screening and record checking could be saving you significant time and money.
Data is both an asset and a challenge to any organisation. The ease with which we are able to affordably access and search critical information in the digital-era has vastly improved the accuracy and efficiency of, amongst others, the finance sector, human resources departments and the real estate industry.
But the sheer volume and complexity of these large datasets and the advanced technology required to manage the information harvested from them properly can present a significant issue for busy organisations struggling to optimise their systems and processes to align with their particular workflow needs. Done without careful design consideration, these data transactions can squander productivity and end up costing a professional services firm far more than it ought to.
Whether it be for the purposes of hiring top talent, processing property transactions, or ensuring regulatory compliance, organizations must also navigate an increasingly complex landscape of risk and due diligence.
One innovative solution to this challenge from South Africa’s leading legal resource firm, LexisNexis, is the availability of batch transactions, applicable to:
- LexisNexis WinDeed (an online search platform that synthesises data from sources that include the Deeds Office, Companies and Intellectual Property Commission (CIPC), and credit bureaus; a valuable tool for risk assessment and decision-making for mainly property professionals);
- LexisNexis RefCheck (a verification service used by employers and businesses to authenticate the credentials and personal information of job candidates and business associates); and,
- LexisNexis KYC (a compliance and risk management solution that helps businesses verify the identities of clients and assess potential risks related to fraud, money laundering, and financial crime) products.
What commercial value is there in the functionality of batch transactions?
Batching dataset enquiries empowers a business to conduct multiple searches simultaneously, eradicating the old practice of doing this work manually.
This capability is particularly beneficial for organisations that require frequent access to Deeds Office records, credit reports, or company information. By integrating bulk transactions into workflows, businesses can also unlock efficiencies, improve risk management, and scale their operations more effectively.
What are the longer-term benefits of electing to do batch transactions?
- For those firms and departments that historically process a large number of enquiries, there will ordinarily be a high cumulative cost to using a traditional pay-per-search approach. Batch transaction packages offer a cost-effective alternative to this norm, reducing the overall unit cost per search and giving companies the ability to better manage their monthly budgets.
- Manual searches tend to also capture a lot of employee time, which could be better spent on more valuable tasks for the organisation. Automation of enquiries is a business process optimisation innovation that also has the effect of fast-tracking decision-making and reducing administrative risk.
- Proactive risk assessment is key for firms operating in highly-regulated categories. Bulk searches enable organizations to quickly verify applications and identify red flags—such as insolvencies, pending legal disputes, or ownership discrepancies—before proceeding with transactions.
- Batch transactional search services can be integrated with existing customer relationship management (CRM) and risk assessment instruments that enable seamless information retrieval and the solving of problems related to manual data input errors.
- Batch processing means that as a firm scales up the volume of their workflows, they are not obliged to take on any additional administrative overhead to process the additional enquiries. And delivering results faster than your competitors means that clients are pleased with fast turnaround times and swift deal closures.
For organisations that are dependent on fast, accurate data, but also value the opportunity to reduce the risk of reputational damage, save on operational costs and the time of their staff - integrated batch transactions can make a significant difference to their growth aspirations.
Get in touch now with one of our professional consultants to discuss which LexisNexis solution is right for you.
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