Bringing Geolocation and Location Intelligence Data Together for a Winning Recipe
Geolocation data adds a layer of richness and complexity to technological capabilities. This type of data gives us a deep and nuanced view of populations, including where they live, work, and play. As a raw collection of data points, that’s a lot of information to absorb. When we begin to contextualize it, refine it and organize it, however, it provides valuable insights that can drive high value for organizations.
In this article, we’ll explore how companies can leverage and enhance geolocation and location intelligence data to better target their consumers.
Precise geolocation is of the utmost importance, and geocoding can provide this accuracy. So, let’s start off with geocoding. What’s geocoding and why is it important?
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Geocoding is real-time global postal address validation and geocoding.
Geocoding reduces the uncertainty in data collection by automating much of the key field population. This automation speeds up processes: it relieves administrative workloads and ensures that data delivered to downstream operations is accurate, complete, and consistent.
Incorrect addresses can increase risk, fraud, and the costs of failed and repeat deliveries. Managing worldwide address standards and geocode information is a challenge. High-volume address verification and standardization is a must-have to build comprehensive and trusted customer profiles and enable linkage and geo-enrichment.
Location intelligence is the method of deriving insights from location data to answer spatial questions.
Devices such as mobile phones, wearables, embedded sensors and connected cars are generating more valuable location data than ever before. Organizations are taking note, recognizing new and innovative ways to use data and location intelligence to deliver personalized services, identify business opportunities and quantify risk.
The biggest first step I tell clients is to have a clear objective before starting data projects.
Collecting increasing volumes of location data is a futile, and potentially costly, exercise unless the critical business challenge can be recognized. It’s critical that organizations determine what they want to accomplish from developing a greater understanding of the relationships among people, places and things.
Is the goal to identify emerging market trends in the global economy or is it to roll out new local services?
The clearer the data objective, the more likely it is that an organization will reap a return on its investment in data capture.
Next, have the right technology and platforms in place. This will ensure large volumes of data can be handled easily. You’ll want to develop sophisticated functionality linked to highly accurate data to get you what you need in a very short period of time.
Finally, once the data is collected, help to create a personalized, customer-centric experience for your customer or client. This is what consumers want!
From a retail perspective, to get a better sense of their audience, retailers must first understand how to bring together external data sources, such as demographics, location and market data, with internally held customer data, such as transaction histories and loyalty status. Once these sources have been identified—and the data has been checked for accuracy—retailers can begin creating a detailed understanding of their customers, ideally on the way to establishing a trusted single view.
This can be applied to other industries, too.
Organizations can gain valuable insights, improve profitability, develop stronger customer relationships, and set smarter performance targets with valued data. The opportunity for continued innovation around geolocation data and location intelligence is immense. Organizations that invest in understanding these capabilities will be equipped for success.
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