In today’s world, businesses are more aware than ever about the importance of location data. Information gathered from location intelligence is vital to regulatory compliance, risk management, pricing and strategic planning.
One of the most effective ways to make use of location intelligence is through geocoding, which is the process of mapping geographic coordinates. Whether you need the exact location of a business or individual, this is a great way to make it more accessible.
Insurance providers and others who work closely with the insurance industry can use geocoded data to help them accurately assess a client’s exposure. This includes determining their coverage levels and helping them choose the right policy.
Retailers and brands can also use geocoded address data to better manage their logistics and reduce shipping costs by ensuring they’re sending items to the correct place at the right time. This can help them avoid costly – in both monetary and customer experience terms – ‘return to sender’ scenarios.
Government agencies can also use geocoding to determine the best locations for new public buildings and infrastructure such as schools and parks. This helps them track population growth and predict demand for such spaces in the future.
This can be applied to many different industries, from manufacturing to healthcare and more. The benefits of this kind of data analysis include acquiring valuable market data, planning sales territories and delivery routes, and improving supply chain visibility.
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