What does siloed data even mean? It means that when searching public data, there is no unified system that connects all of the data. The data providers are required to make that data available to the public, however they don’t have a mandate specifying that the data has to be easily accessible. The current system requires one to search each court, then search each secretary of state, then search any of the other data sources needed in order to get a comprehensive view.
If the data were integrated, it would be much easier to get a more complete picture of an individual and their businesses. Not only just integrated, but with the additional capability of highlighting the connections and relationships between businesses, their officers and directors and civil litigation records.
Why is this important? Because the costs of doing business with the wrong person or company can put you out of business. Whether you are a bank doing KYC and due diligence on customers, or a venture capital professional looking for the right CEO to head one of your portfolio companies, understanding their complete business and litigation history is paramount.