Today’s topic is due diligence. One really important due diligence principle is to always compare multiple data sources.
So for example if I was checking out an e-commerce site and want to verify sales I would take a look at the sales in the shopping cart database software I would compare that to the merchant account where the credit card transactions are captured or the Paypal account. I would look at those individually comparing transaction for transaction, for some samples, and I would look at totals for a particular time period to make sure those two data sources matched.
If I had yet another data source like the bank accounts of the business I would check out the merchant account sales versus withdraws into the bank account.
If I had tax returns then I would look at the whole period for that tax return compare the totals to the merchant account to the shopping cart and any other data source that I might have.
So keep that one in mind whether you’re looking at traffic or financial data or customer interaction statistics, multiple data sources can be your savior to make sure that what you are seeing is accurate and legitimate.