Enormous data needs advanced technological solutions to analyze it with precision.
FREMONT, CA: Global digitization has revolutionized our way of living. Technological advancements have brought everything a click away. It has also given the same liberty to criminals, who take great advantage of technology while committing a crime. Monitoring frauds and keeping track of all data takes huge time and effort. Forensic experts face this challenge while dealing with an enormous data pool during their investigation process.
Forensic teams worldwide have started implementing data analytics solutions to detect potential fraud and conclude criminal findings. Let us understand the shortcomings in tracking crime information.
Vast amounts of data: Unlike the conventional process of gathering data, new generation forensic teams can acquire vast information electronically, store data, and process it through various mediums of data analysis. As people have several interconnected smart devices, the volume of information derived through them is also enormous and diversified.
Inadequate capture and storage: Traditional methods of data collection were limited to relevant information required for the purpose, and the data available was insufficient for analysis. For instance, fingerprints are available during transactions, and the name of the person who made transactions is not captured.
Limited data accessibility: It is difficult for organizations to access international data without a proper solution to combine data from different localities, regions, and nations.
Inadequate skillsets to process and analyze big data: Basic analytical abilities and spreadsheet solutions are sufficient to deal with a small quantity of data for early analysis of complex information and unstructured databases like emails and text messages. But, a large volume of data analysis can get complicated, requiring technology, complex analytics, and forensic expertise that aren't always readily available within many companies.
Static reporting designed for business as usual: It becomes difficult for legal and compliance departments to access data from information technology, finance, procurement, sales, and marketing. Manual reports consist of basic information, which is insufficient for conducting large volume analysis. For example, In the case of purchasing, distinguishing details such as a supplier contact information, location, and phone number might not be included in a normal supplier report, limiting the ability to match vendor contact information to employee data to see if there is any overlap.
Lack of diverse data to correlate findings: Additional information sources, such as third-party monitoring systems and social networking sites, may not be sufficiently explored by enterprises to gain a complete insight into the security risk posed by a company's supply chain, sales channel, and personnel.
These challenges create an obstacle for legal and compliance teams to process information. It gives rise to the need for implementing innovative technologies like AI, machine learning, and big data analytics.
