From environmental impact, to personalized customer experience, to helping with supply chains, address data plays a crucial role in business and technology.
Like all tech used for business, location intelligence is ever evolving. From tracing disease outbreaks in the 1800s to analyzing underprivileged households in need of smoke detectors, location data has become more applicable to modern life along with the technology that analyzes it. Let’s talk about some of the ways to obtain actionable insights from location intelligence, is advancing business and how it can be used to further the goals of your organization.
Environmental Impact
More and more companies in every industry are publicly announcing their green initiatives. Location intelligence can help with these environment-saving strategies. According to a study published in Science Direct, urban planners and other local authorities can build sustainable practices in their designs by using system-based mapping. Cities can utilize smart location intelligence to minimize overall energy consumption.
Another way that location intelligence can help reduce carbon footprints is by ensuring correct location data for delivery drivers, real estate professionals, and construction companies. If drivers can avoid faulty address data and the resultant extra driving required to find their destination, they produce less pollution. In both real estate and construction, professionals can arrive at the exact site, instead of looking for an address that hasn’t been programmed into their GPS yet. Sometimes new developments take time to show up in programs like Google Maps, creating wasted time and emissions, but location intelligence can help solve this issue with precise, up-to-date information.
Personalized Customer Experiences
Location intelligence and address verification allow businesses to provide a customized experience for their audience by recommending the closest product or service offerings. For restaurants, this personalization is especially helpful since menu options can be easily adapted. Marketing efforts like mailers or digital ads can also be customized using location data. Retailers can use location intelligence to monitor trends and glean other valuable data from the customer journey and use that information to entice shoppers to return. From there, location intelligence can be used to show customers trending local items, find out-of-stock products, or track packages that are scheduled for delivery.
Supply Chain Adjustments
Location data can also be used to streamline the supply chain, making it more efficient and saving companies money. Location data is crucial to effectively manage all company logistics. For example, data can be used to precisely track trucks transporting raw materials or other supplies to the next step of the chain. Accurate information with the planned route, speed and product on board can all be provided with real-time location information. This system can also help with delivery and logistics, as well as manage any necessary returns. The data helps ensure on time delivery and helps provide a more accurate prediction for arrival, quickly adjusting for delays and rescheduling, while limiting issues caused from incorrect route information or other gaps in location communication.
Additionally, up-to-date and accurate location intelligence can help streamline warehouse locations, save time and, ultimately, money. Business systems are available that pinpoint warehouse location data. This data allows for detailed inventory while also improving the shipping process. When you have shelf-specific location data, workers know exactly where to find merchandise and supplies, rather than having to scour a general area for what is needed.
Preventing Fraud
Address verification is helpful in preventing fraud by use of USPS address verification and credit card location tracking. The first step of protection is the address verification system. According to the geocoding and location data experts at Smarty, the Address Verification System, or AVS, works with a computer’s IP address to verify that the location is a real address. This verification is especially helpful for online orders.
Mobile banking apps also use address verification to prevent fraud. Most banking apps require the location of the card being used to correspond with the physical location of the phone/app. This location tracking helps determine if the person using the card is the same person or a different person than usually uses it. Basic AI, enabled with address verification, helps combat fraud while resolving transactions quickly.
Conclusion
Location intelligence is one of the greatest developments for businesses and individuals in modern history. Having access to location data allows businesses to advance their goals more quickly and create a better customer experience. For individuals who take advantage of the technology, location intelligence helps them to have better, more streamlined interactions with stores and delivery services, while also keeping their personal information safe.
