How Geocoding Can Help a Business
The ability to pinpoint addresses and keep a detailed address management system in place for your current and prospective customers is a definite benefit for many businesses. Targeted mailings and accurate deliveries help to save money and boost the customer service element of a business. Satisfied customers and prospective customers who want to receive the marketing messages you are sending will increase revenues and grow your business.
Sometimes, it’s necessary to dig a little deeper than just getting the address. Geocoding is a process that enables you to narrow down more precise geographic data, in the form of latitude and longitude. Geocoding usually starts with a street address or postal code map and extracts the geographic coordinates with the help of geocoding software, known as a geocoder. Once the coordinates are obtained, all of the information can be entered into an overall GIS, or geographic information system. If you start off with the latitude and longitude and seek out the physical address, it is known as reverse geocoding.
Businesses from a multitude of industries are able to benefit using geocoding software to come up with exact location data. Shipping companies are able to cut down on errors and direct their drivers accurately toward the end of a delivery, which creates a handful of different benefits. Less time driving around looking for the proper destination saves on gas, which adds up to big dollars if a company has a large fleet of vehicles. Maintenance costs will also be lower, and fewer customer complaints will lead to repeat business.
In the insurance industry, geocoding software and address management enables an insurer to make risk assessments accurately, such as the threat of earthquake, hurricanes or floods. A geocoder helps manage the exposure to risk that requires exact location information to make an accurate analysis. The results of such analysis help with data management so an insurance company can price its coverage appropriately.
Geocoder use is quite valuable for credit card companies and banks that use customer information on cards. The ability to pinpoint where purchases are being made can give signals as to whether the card has been stolen, or some type of fraud is taking place. Transactions made from unusual places for specific customers, enable the company to shut down the card and investigate, before any further damage is done. Deliveries made to many different locations or inconsistent billing locations are other elements covered with geocoding software that may also raise suspicions.
Geocoding software enables retailers to get right into neighbourhoods to reach their customer base with more relevant messages. It also helps to attract new customers, change product offerings and plan new locations for storefronts or distribution centers. In the telecommunications industry, a geocoder helps identify growing and expanding customer bases and networks, which gives a company the information it needs to create new infrastructure, like a cell phone tower. Installing and using geocoding software is a new age way to predict the validity of markets and processes before actually incurring the expense of creating them.