A person’s address is a fundamental part of their identity, and accurate addresses are one of the most valuable pieces of customer data your organisation can obtain. For the effective delivery of all manner of services, it’s the first piece of information on the road to understanding your customers.
The address itself is important, but once it is accurately verified and tagged with more specific spatial information, it can serve as the gateway to much deeper analysis based on your customers’ spatial location. Greater understanding of the characteristics of people based upon the areas in which they live – average wealth of people in a region, health statistics or hazard risk, for example – has implications for many industries.
Unpacking the value of spatial information
Chances are when you meet a person for the first time, one of the first things you learn from them is where they live. It’s a useful conversational gambit, but beyond that it can offer up a tremendous amount of information about someone. Beyond the simple social aspects, organisations can derive significant value from customer addresses. Spatial information is becoming increasingly important for retail, healthcare and transport, for example.
Spatial information is becoming increasingly important to businesses in many industries.
Organisations can examine the risk of insuring properties within a certain geographical space, governments can adjust their policies in public transport, health and education – all based on accurate data on where people live. Retailers, meanwhile, can observe the spending behaviours in a given region, comparing spending patterns using information from other sources including credit card data. Should an organisation wish to expand the shopping options in said region – perhaps by refurbishing existing retail space or building a new mall – having accurate details on the socioeconomic status of local residents can be vital.
Address validation contributing to the public good
Other uses of location data can have a positive impact on society as a whole. Location data is used to understand indicators of social disadvantage, health, nutrition and education to inform government policy and the best investment of public resources.
Accurate consumer location information can inform health policy regarding the need for hospitals and other healthcare facilities, what kind of specialisation a region might require, preventative health initiatives and exercise programs. The addition of spatial data to patient records can indicate the incidence of health conditions, for example, so policymakers can make better decisions with regards to funding and infrastructure.
— Laura Janneck (@ljanneck) October 11, 2016
The addition of spatial information to customer data enables a much richer view of your audience – like developing a rough sketch right through to a lifelike portrait. Whether it’s for running a new marketing campaign or genuinely improving the future prospects of people in an area, the potential of good location data is vast.
How can Mastersoft help?
Optimising the value of address data is what Mastersoft does best. The Harmony Hosted solution can tag to all your addresses with accurate spatial details. By converting basic address information into a rich spatial resource, organisations that work with Mastersoft can access new levels of insight for a wide range of applications.
Speak to Mastersoft today about further ways spatial information can help develop greater understanding of your customers and markets.