'Knowledge is power'
- so said Sir Francis Bacon (1561 - 1626). Had
Sir Bacon lived long enough to see information
explosion over Internet - he would no doubt have
replaced 'knowledge' with 'information'.
Indeed, superior information is key to success.
More so in business where prior information on
a product, service, person or business puts the
negotiator in far better place and almost always
help in getting a better deal.
We all do this everyday - employer checks background
of employee, employee checks financial standing
of employer, shopper compares prices from various
shops, parents check background of would be son-in-law
- the list is endless.
Essence of Any Background Check
In all these checks there are two elements that
significantly decide quality of investigation
- information source and skill of the investigator.
Information stored in paper is difficult to access
physically. Moreover, manually scanning hundreds
of pages is uphill task for any investigator.
So, it was difficult, if not downright impossible,
to conduct high quality check on a prospect. And
it always carried a high price tag.
Why Background Check is Easier Now
Two events have radically changed the scenario
- public disclosure or right to information act
and advent of Internet.
Citizens demand for right to information has
led many democratic countries to enact legislation
that compels their civic authorities to place
huge amount of information for public access.
Advent of Internet has made this information accessible
from any corner of the globe. Moreover, improved
search technology has enabled even novice investigators
to locate hard to find information at no time.
As a result - you can now conduct in-depth background
check on any prospect from cool comfort of your
room.
Even if you decide to delegate the job to an
experienced investigator - you will be amazed
to find how the prices have crashed.
Why background check is important for my business
Selling in international market is never simple.
Diverse language, geographical distance, cultural
difference and lack of market knowledge can pose
formidable challenge to any manufacturer/exporter.
This is more so when buyer and seller interact
through as anonymous a medium as Internet.
In many e-commerce transactions, buyer and seller
may be completely unknown to each other. Background
information of other party in such situation not
only reduces risk but also helps in securing better
deal in a negotiation.
Can I Do it Myself ?
Yes, by all means. Anyone can conduct background
checks on competitor, business partner, buyer,
seller, broker, would be son-in-law, boss, neighbour
or anyone else for that matter. All it takes is
the knowledge of where to look for information
and some basic skill.
We shall discuss what it takes to be a skilled
on-line investigator in future issues
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