Leveraging Alternative Data Sources for Litigation and Asset Identification
We live in a digital era where data has taken center stage, driving critical decisions and shaping industries. As societies become increasingly mobile, remote work becomes commonplace, and technology continually progresses, we find ourselves in the midst of a veritable data revolution. This transformation is pushing the boundaries of data collection and analysis, introducing unconventional streams of data that shatter traditional norms and present a plethora of unique opportunities.
This blog takes you on a journey through this exciting landscape, showcasing how DRN Data navigates and leverages these unconventional data channels. We’ll explore license plate recognition, public information overlay, and other innovative data sources. We’ll also look at the challenges and triumphs that come with turning this raw data into actionable insights. Join us as we uncover the transformative role of DRN Data in reshaping the way we understand and use data in today’s fast-paced world.
Leveraging license plate recognition (LPR)
One of the most exciting innovations from the 1970s is still in use today: license plate recognition systems. What was once a tool for vehicle monitoring and repossession has now been augmented into a rich source of data that can shed light on consumer location, behavior and patterns for use across multiple industries. Only today, we have far more advanced cameras and hardware for data capture and far more sophisticated technologies for data compilation and analysis than ever before.
At DRN Data, we work with the understanding that individuals are rarely more than 1,500 feet from their vehicles. This insight, paired with public record data, can help pinpoint a person’s location—be it their place of employment or residence.
The value of license plate scanning goes beyond simply supplementing traditional public records—it significantly enhances them. By comparing addresses from public sources with locations gathered from license plate scans, analysts can confirm or refute the validity of data, reducing errors and improving the overall quality of the data collected. This novel approach has proven to be a powerful tool for data verification and enhancing the accuracy of our insights.
Incorporating data into systems of record
Obtaining data is only part of the equation. The real challenge lies in making this data actionable, in transforming raw data into meaningful insights that can be incorporated into your system of record. This hurdle is not unique to license plate data—it applies to all new data sets, including information obtained from social media, financial transactions, and other alternative data channels.
These alternative data channels are an untapped goldmine of consumer insights. From driver’s license data and consumer transaction data to social media automation and satellite imagery, the possibilities are endless. The key challenge lies in finding efficient ways to mine, analyze, and operationalize this data in a manner that yields meaningful results.
Navigating challenges and opportunities
This seismic shift in data collection and analysis, catalyzed by significant global events like the covid-19 pandemic, has introduced new operational challenges. However, these challenges also present exciting opportunities. Exploring new methods of data gathering and analysis is not just a necessity—it’s an opportunity to gain a competitive edge. Understanding the patterns in the mountains of data is the difference between being able to serve a collections lawsuit and having to continually chase an account. Finding consumers faster and more accurately has a direct impact on a creditor or their attorney to file a lawsuit and recover past due funds.
A crucial aspect to consider in this new landscape is the timing of data usage. When is the data valid and actionable, and how often does it change? These questions require applied analytics to determine the actionability of data through a combination of tools, technologies, and hands-on review. This requirement was previously uncommon but is now essential in this new era of data analysis.
Harnessing the power of data mining
You can leverage advanced technologies like AI and machine learning to efficiently mine data. These technologies can help prioritize and identify the most collectible data, helping you create an effective recovery model. The application of context filters, scoring and segmentation, and scientific method testing are all crucial components of this process.
As society becomes increasingly mobile, it’s critical to use data sets intelligently to determine collectability and locatability. Scoring and segmentation play a pivotal role in this process, not just at the onset of a purchase, but also when building placement files and queues for collectors. This strategic approach to data analysis allows us to maximize the utility of the data we collect, resulting in better decision-making and more successful collections.
Transforming data analysis with DRNsights
By leveraging alternative data sources and developing innovative technologies, DRN Data is changing the face of data collection and analysis. Our DRN Insights for Collections (DRNsights) offers an innovative solution for predicting debt collectability, accelerating contact with debtors, and locating hard-to-find individuals.
Our services have been employed by over 1,000 customers, leading to the recovery of more than $25 billion in assets. Moreover, our vehicle sightings span 350 U.S. markets, further widening our scope and reach.
DRN Data is not just adapting to the changing landscape of data collection; we are leading the charge. Our revolutionary approach to data mining, backed by powerful analytics and a drive for innovation, has positioned us at the forefront of the industry.
Get in touch with DRN Data today and discover how you can harness the power of more informed data sets and make it work for you.
About DRN Data
Digital Recognition Network (DRN) provides vehicle location data and analytics for Financial Services, Insurance, and Auto Recovery clients to help optimize their portfolios, reduce losses, detect fraud, and manage risk. Our vehicle location data and analytics are new alternative data and insights that clients can’t get anywhere else. Over 1,000 clients rely on DRN data and technology to find vehicles faster, drive decisions, lower risk and increase revenue.
