Budgeting for Your Data Services in 2021
A private investigator needs the right data tools
As a private or legal investigator, data services can be critical for your business. When trying to collect or examine data on individuals, the right service can make the difference. You know this better than anyone does! However, data services aren’t free and can be one of your larger expenses on a yearly basis. As you are working on your 2021 budget, you will want to make sure that it includes room for your data services.
Pick the right data service provider
When choosing a data service provider, to make the most of your budget you should consider one that maximizes the amount of data you get relative to the cost. To determine if your current provider meets this need or if you need to consider other providers, ask these questions:
- Throughout 2020, what were some of the data services that were most effective for you while investigating? When trying to identify people, businesses or assets like vehicles or properties, does your current data service provide a comprehensive report on all these elements?
- Looking at your budget, does the data report encompass every area you wanted to investigate? Or, did it leave out critical pieces of information that could have helped you solve or break a case sooner?
Finding the right data service provider means knowing your clientele and your jobs, so you know the right types of data that may help solve your cases while staying within your budget. As you’re building your data services budget, also consider your typical rate or payout per investigation. This will help determine a target budget for your data services.
Additionally, you need to consider whether you are getting for what you pay for. If your current provider seems to be lacking the information you need, it may be time to consider a data service provider that provides more comprehensive data.
Once you’ve determined your budget and main source for data services, evaluate whether you have any margin to add additional sources. Only add additional data service providers once if budget and data needs call for it.
There are many different providers, and each offers specific packages. They may not give the same amount of data for the same price. To maximize your budget, you should select the provider that provides the greatest value with regard to data versus costs, based on your needs, and then supplement additional resources as needed.
At TransUnion, we offer a premium data service for bail agents, private investigators, repossession agents and process servers. Our package offers an extensive amount of data you can use in investigations. Data packages include locating assets, vehicles and people. Using an SSN or DOB, you can build data profiles on almost anyone. With TransUnion, you get a comprehensive data package to help solve your cases faster and more effectively while maximizing your budget. Learn more here.