Technology has amalgamated various geographical realms into one global village. Today, numerous multinational organizations are establishing their subsidiaries in other part of the globe so as to serve both customers and clients.Businesses are outsourcing their key processes to business process outsourcing service providers to major outsourcing countries. This business model boosts the annual growth and ROI of companies significantly. However, this business model faces a few security threats, and the chief one is data or information security of customers, employees, and business partners.Security or data breach led many companies to recruit fake candidates, serve iniquitous customers, and associate with deceptive business partners. To avoid being associated with such stake holders, it is indispensable for businesses to verify and authenticate the data of employees, customers, and partners with the help of third party verification service providers.
With increasing competition in every ambit of industry, it has become extremely difficult for many candidates to get into any desirable job profile and businesses to partner with genuine service providers. Not to mention, candidates vie for getting into multinational companies.After all, who doesn’t wish to work with a reputed organization and aspire to grow in their career graph. However, some opt for right alleyway to succeed in life and others choose the wrong pathways. Thus, to avoid unintended repercussions, businesses are availing third party verification services from a third party to check authenticity and accuracy of data. Businesses have become vigilant enough before hiring any candidate, serving customer, and collaborating with business partner. Carrying out verification has become utmost important to get rid of fraudulent problems. To make hiring process more simplified, businesses need to seek professional assistance of service providers.
Let’s have a quick look at services offered by third party verification services providers:
- Background check: This service provision helps in authenticating academic details like qualifications and relevant degrees/ diplomas and certificates furnished by candidates, previous employment tenure, designation and reason held for leaving the job.The professionals of data verification service providers validate and verify criminal record or history of the employee and business partner before getting associating with them.
- Check accuracy of vendor due diligence: Detailed background check of vendors, accuracy of business documents and licenses, financial checks, public domain due diligence and reference. Proper verification and accuracy is must before collaborating with business partners. There are a plethora of organizations seeking world class third party verification services.
Here are some key benefits that businesses leverage by outsourcing business functions to third party verification services:
- Convenient: Businesses do not need to employ their premium employees in screening processes. By outsourcing to service providers, businesses just need to outsource all non-core business functions to appropriate third party verification services providers which help in reducing operational expenses of the companies. The service providers have teams of qualified data verifiers who have in-depth domain experience and verify information furnished by candidates, business partners, and customers. The HR department of the organization does not need to juggle with verification processes thereby deploying them to focus on core functions of the organization.
- Cost effective:Outsourcing verification process to third party minimizes operational expenses incurred in hiring proficient and diligent professionals, renting an office space and purchasing equipment for verification.
- Improves work productivity: Hiring of right candidate helps in enhancing the productivity of work. Employees streamline the business graph and play a vital role in improving the ROI of the organization. Thus it is indispensable to hire right and proficient professional.
- Sense of reliability: By verifying the information furnished by candidate with the help of a third party verification service provider, businesses create a sense of reliability among all existing employees. This helpsin building more trust in among the staff. This process thrust trust and confidence among the employees thereby allowing organizations to expand their business in a right manner.
In short, it is critical for businesses to verify and validate information extended by employees, customers and business partners before associating with them. Data verification services hold paramount significance in the growth of businesses.