Understanding the significance of location That’s the whole point of geocoding
Business operations in industries as diverse as insurance, financial services, and telecommunications are more reliant than ever on Location Intelligence.
Location Intelligence is the art and science of analyzing the connections between geospatial locations (latitude and longitude coordinates) and what exists or occurs in these locations (customers, businesses, crimes, weather events, traffic, etc.). But before you can analyze the connections, you need to define them, associating each location-based record with accurate geospatial coordinates. That’s geocoding.
Location is at the heart of key business questions:
- How can we sell to more homes within our service area?
- Is the insured property in an area with increased risk of natural or manmade hazards?
- Is our home loan portfolio overexposed in a high-risk market?
What to look for in a geocoder
- Matching : The interpretation of an input address and matching it to reference data
- Positional Accuracy : How close the geocode is to the specific addressable location you are targeting.
- Throughput : How many records per unit of time the geocoder can process. It’s an essential business consideration
- Metadata : The data you have about your geocoding results, which enables operational automation and insights
- Deployment Options : Where will the geocoder reside? On what platform will it run? How will it integrate?
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