There’s no question about the importance of address-matching software – it’s a critical component of location master data management. But it’s equally important to remember that these tools always come with a margin of possible error.
That’s why a unique identifier is key.
Just like a fingerprint removes ambiguity about a person’s identity, a unique identifier resolves questions about a location. It provides an accurate and consistent view of an address and facilitates linking that address across systems or joining new datasets.
The PreciselyID fits that bill. You’ll find it attached to our address datasets, and to business addresses within our geo addressing solutions.
What exactly does that mean in action? It means that alias address records aren’t counted as duplicates when address strings change; that when a street name or postal code changes, the PreciselyID remains consistent – leading to more accurate analytics.
The PreciselyID is also used in data enrichment to quickly obtain contextual information about an address.
Appended to millions of data points, it links an address to points of interest, property, demographic, and boundary datasets. Performing a quick and straightforward lookup of a PreciselyID returns a variety of rich information related to that specific geocoded record.
Precisely’s tools help you manage and organize business data to bring greater location context to your analysis.
For example, with geo addressing and enrichment capabilities you can quickly understand whether an address falls within a flood zone or an affluent area – no point-in-polygon operation required.
The unique and persistent nature of the PreciselyID facilitates seamless interoperability between datasets for data enrichment.
Joining different datasets together empowers you to analyze an address from multiple perspectives and eliminate time-consuming spatial processing.
To identify target markets, you start with location.
Geocoding a store’s address gives you an accurate point for understanding service areas and conducting drive time or distance analyses. For example, you can locate who lives nearby or frequently travels to the area to define your target market. This location intelligence can help you identify where you should focus your marketing efforts to keep those investments secure.
Data enrichment takes things a step further.
For advanced customer analytics, a valid address can be linked to detailed household, income, and dynamic demographic data. That gives you the confidence to not only locate a prospect, but to get a complete, accurate picture of their world.
These insights can help you build compelling marketing messaging, products, and services for your target markets.
Consumers expect companies to understand who they are and develop customized offers and messages – this becomes increasingly important as the digital landscape continues to shift and competition becomes more fierce.
Geo addressing customer data can help reveal patterns that inform these strategies. Knowing where someone is located can help you determine defining characteristics about them.
For example, locating a customer’s home address in a neighborhood of predominantly Spanish-speaking households might prompt you to send them a coupon in Spanish. Or, identifying that your customer’s daily commute passes by your store may lead you to send them special mobile offers.
A tailored experience is also essential to several of your other business needs.
More relevant address suggestions empower confidence in your decisions. You’ll be able to capture the correct address in real-time thanks to smart autocomplete features that return a suggested list of complete addresses, based on partial address keystrokes – useful for any local search, checkout, shipping, or billing experience on your website.
Determining a property’s proximity to hazards can help prevent under- or over-priced insurance policies.
Rooftop-level geocodes provide the most accurate way to measure property risk, enabling you to analyze the structure itself in relation to the hazard. By building models with accurate geo addressing and enriched datasets, you’ll also find that you’re winning back time to focus on high-value analytics – thanks to the reduction of time spent on data cleansing.
Accurate risk assessment is also vital to public safety and emergency response. When officials understand a community’s exposure to natural hazards, they can take on a more proactive approach to better plan for and mitigate catastrophes.
Enriching geocoded locations with information related to fires, floods, and earthquakes identifies where preventative measures should be taken, while measuring proximity to emergency services can indicate where resources should be allocated.
Analyzing risk through data enrichment is also increasingly important to potential home buyers.
Consumers want to do their due diligence and know everything they can about a given property. This process, after all, results in the most significant financial decision of their lives. Understanding the specific risk profile of a property is a powerful tool in making informed real estate and investment decisions.
Read the whitepaper “Why Hyper-accurate Location Data Can’t Be Overlooked in Risk Analytics” to explore how accurate location data represents opportunities to prevent losses and avoid unfavorable, underprices policies.