The Federal Trade Commission is upset that the Whosis Data Base lock-outs for only $9.00 per year when websites renew their domain names is hurting their ability to track down criminals. The Federal Trade Commission claims it has used the Whois database to catch, convict and stop spammers, phishers and spyware culprits.
Unfortunately the Federal Trade Commission has also doctored up sworn declarations, lied in their own declarations under oath and filed these bogus cases with malice and misrepresentation in Federal Courts. (We have legal proof of that statement).
Nevertheless, the Federal Trade Commission contends that it needs this information to protect consumers? Although some say that the FTC has never protected consumers only put out public relations pieces that it has. In fact spam has went up since the FTC started going after spammers.
Recently in Federal Trade Commission stated in a ICANN conference in Morocco [yah, must be nice traveling on the taxpayers money!] that if they did not have use of the database they would not be able to catch spammers of Internet Fraudsters. Some people so distrust the Federal Trade Commission they actually have said that the FTC is the fraudulent group and the reason for the Spammers. Consider all this in 2006.
We all have data bases, some larger than others, the key to having a data base is utilizing it to it’s entire potential. This is where things start to get fuzzy. We have this massive amount of customer data and we tend to park it on our computer and from time to time we peak into the vast wealth of knowledge in our data base’s possession. We are all guilty of taking this massive amount of information for granted, we underestimate the power we hold in our possession. It’s amazing to sit back and watch the power unleashed, we are connected to so many people in so many ways, it’s hard to realize the full impact an e-mail, postcard, or even a post on our Facebook site has.
This past weekend, we participated in a local fundraiser, that was hosted by the owner of a local strip mall. The manager was trying to create a buzz for his property, he has two vacant stores and was looking to create some excitement. The brilliance behind his idea was, not only did he connect it to a charity, but, he then turned it into a chowder contest and recruited local restaurants to participate. The winner of the chowder contest was awarded a five hundred dollar cash prize, and the winner of the people’s choice award was given a check for one hundred dollars. When you entered the contest, you were instructed to pick a charity that you would donate half of your winnings to. The brilliance here was, there was a major charity represented, and the money from the sponsors and the entrance fee would be given to this charity, then each restaurant could pick their favorite charity and get the entire region involved. Once you picked your charity, the event planner sent them a notification that you were planning on donating half your winnings to them. They were given posters to put up in their organization and encouraged to have their staff and members come support their restaurant.
We’re a local Chowder House and of course we entered. We met with our management team and all agreed this was our contest to win. We are famous for our chowder, and it was up to us to go out and execute. It wasn’t enough to just win, we wanted to win the people’s choice award. Let’s face it, you never know how a judge is going to vote. To me, the people’s choice award was the one that really counted. We picked the local Senior Center to donate our winnings to, if we won. I called the head of the Senior Center and let her know what we were up to, she informed me that the event planner had already beat me to the punch. Posters and tickets to sell had already arrived. I explained that we wanted to make a statement and that I needed all the members of the Senior Center to come out and support our efforts. We needed fans there to cheer for us if we won. The next thing we did was to send out an e-mail to our ten thousand e-mail addresses and tell them about the contest, who we were supporting and to ask them for their help in supporting our efforts.
Don’t ever underestimate the power of the data base, we not only won first prize and the five hundred dollars, we won the people’s choice award, and to quote one of the judges, ” There really wasn’t even a second place, your restaurant received almost every vote there was.” The best part, we were able to take pictures with all the staff at the Senior Center with our winnings, they all showed up to support us. It felt like we were in the Super Bowl and we were playing in our own stadium. Don’t ever underestimate the power of your data base, your restaurant’s destiny is in your own hands. Unleash the power and be prepared to be awed.
One more quick note, we donated all the prize money to charity and were on the local news as well. These opportunities are available to all of us, if they’re not, create one of your own and enjoy the opportunity.
This article discusses the top trends which are affecting the use and building of family office data base resources. The space is evolving quickly as more competitors are fighting for the attention of FOs to gain access to their large pools of concentrated wealth.
The top trends we are seeing within this space include:
More fund managers and investment banks are buying ongoing updates to their data base resources in order to have the most updated information possible.
Some hedge funds are making the mistake of spamming or mass emailing ultra high net worth wealth management firms, this lowers their response rate and their reputation in the industry.
More media companies and individuals are offering directories of FOs than ever before, because of this you have to do more due diligence before getting one
The most sophisticated of hedge fund and private equity fund managers are using databases of FO contact details in order to use multi-modality marketing to raise more capital. To implement this they are sending out mailings, emails, and phone calls all sequenced strategically to maximize the response rate over time. This is a trend that I see really growing further over the next few years.
While some groups are offering databases for under $1,000 many are raising their prices as these resources cost a lot to maintain over time. The result is that many resources now cost $2,000-$5,000
By paying attention to these trends and changes to this part of the investment industry you can use family office data base resources much more effectively.
Other quality management systems were unable to achieve the same level of success because instead of using a data-based approach, they relied on conventional methods of decision-making, namely ‘intuitive’ and ‘authoritative’. These methods may have worked well at the beginning of the industrial revolution, but due to the increasing complexity of business processes, these methods failed to achieve the desired results.
In comparison, Six Sigma’s insistence on following a data-based approach enabled it to undertake quality improvements even in the most complex business processes that exist in today’s globalized world.
How the Data-Based Approach Helps
Compared to earlier times, business processes have now become increasingly complex, making it quite impossible to predict the outcome of a quality improvement initiative undertaken by an organization. It may seem all good on paper, but when it comes to actual implementations, it is very difficult to determine whether the selected improvement initiative will give the desired results or not.
Decisions based on gut feelings and personal opinions may work wonders sometimes, but since these decisions are unverifiable, it does not make sense to implement such decisions, especially in high-stakes Six Sigma implementation projects. In comparison, following a data-based approach helps because it is based on time-tested scientific theories that can be verified using specialized tools and techniques.
When decisions are made using accurate data collected through automated Information Technology (IT) systems, the probability of an improvement initiative going wrong is reduced automatically.
This is why businesses nowadays rely more on the collected data for taking vital decisions during Six Sigma implementation projects.
Overcoming Barriers to the Data-Based Approach
Following a data-based approach is no doubt beneficial, but just like any other system, it has its own set of flaws that need to be taken care of before initializing the implementation process. For example, if there is an error in the collected data, it would create more problems rather than solving them.
No doubt, the probability of errors is minimal when advanced IT systems are used, but since there is always a chance for errors, it makes sense to deploy counter-verification systems for ensuring the accuracy of the collected data. This may entail some additional costs for the organization, but when the success of the entire project is at stake, additional costs should not be a cause for concern for an organization. Additionally, since at present there is no other system that can guarantee better results than the data-based approach, it makes sense to opt for the same.
Over the years, the data-based approach has enabled many businesses to make phenomenal improvements in the quality of goods and services, minimize operational costs, and reduce waste. In other words, these businesses have been able to realize the full potential of Six Sigma by following the prescribed data-based decision making process.
There is no reason why businesses should not induct the highly effective data-based approach as a part of their overall management system rather than using it just for Six Sigma implementations.
There are many web sites on the Internet that offer instant information searches. Most commonly are the reverse phone number search, reverse email search, locates and criminal records searches. Many times these services will initially present themselves as being free instant searches but after the first few steps they will charge a fee.
Have you ever asked yourself how these services can return such miraculous results instantly while it may take the police or a private investigator hours or even days and week to locate accurate information?
The answer is as simple as it is obvious. They simply can’t. They can only access data bases to return previously recorded data and that information is usually old, stale and inaccurate.
It has been widely reported that the information available in the police criminal records data bases are up to 25% inaccurate. This is due to many reasons. Data entry mistakes, inverted dates, ages, misspelled names, incorrectly reported names and addresses. This list could go on an on. This is common knowledge in law enforcement and private investigation circles but you will not find it advertised on these “free” instant data base search sites.
It’s a great business model to buy a data abase and sell searches for a few bucks a search. All you really need is a database a web site and a computer and it’s all set to practically run itself. But it’s far more difficult to deliver accurate results. You have develop and cultivate reliable sources and do on site court records searches.
You need a real live investigator that can take a look at the raw data and use good old fashioned common sense to interpret that raw data and use it to find an actual physical location of a person. Even then that person can take off and skip to the next location but at least now you have a hot trail. You’re not relying on some stale of data base information that could be years old.
If you need reliable accurate information you can’t rely on deceptive web sites that initially promise free searches only to ask for a fee and then only return data base information. Beware of instant information that will only cost you more time and money in the long run.