Beyond using data to determine buying trends and patterns, if we dig a little deeper, we can use raw data to create visualizations that help companies interpret datasets in a user-friendly way that is more efficient than a document full of figures.
An area that is potentially under-served in the data visualization field is that of location data. Very few businesses understand how they can harness the power of location intelligence when geospatial data is visualized and thus analyzed for business gain.
Esri says that geospatial analysis can enhance “understanding, insight, decision-making and prediction.” Instead of just seeing that a customer has bought an item at 11:01 am, we can start to understand the nuances of customer behavior by adding a layer of geospatial data to that event. This helps us determine factors such as where an event has taken place, and more importantly, provides deeper insight into why it is happening at that place and time.
With digital transformation on everyone’s minds, Esri continues to say that organizations are relying more and more on “geographic information system technology to create location intelligence.” In this article, I will explain the role verified address data plays in efficient data visualization.
The Key Benefits of Data Visualization
It is reported that more than 90% of business leaders believe that location intelligence is crucial to business and community success - this can be seen when pinpointing best-fit locations for retail store creation, mapping zones for healthcare locations, and more.
Looking at location data visually can allow you to see patterns that may have previously been hidden. It may also allow you to spot emerging trends before they take off, giving you that all-important competitive advantage, as well as letting you:
- Effectively analyze storylines in data reports
- Garner superior predictions and forecasting to empower sales and marketing teams
- Improve readability in visual charts and tables
- Connect data points to real-world boundaries to begin the process of determining new and emerging patterns and trends.
Yet, with all these positives come the counter-weight negatives resulting from a lack of verified, clean, and reliable data.
The Challenges of Achieving Location Data Clarity
With more than 130 different address formats around the world, written in a range of formats, characters, and orders, achieving location data clarity across the globe can be a monumental task.
Data quality and technology issues are a particular hindrance to the use of address data, with 50% of firms stating that poor quality location data is one of the biggest inhibitors to their ability to leverage location intelligence.
To serve international customers, you need to capture accurate customer data at the point of capture to enable you and your business to deliver the best possible user experience - and nothing less.
The damage unverified data can have on your company’s data visualization efforts can be seen in more impact sites than just one. Unverified data in your databases can lead to unverified analysis, leading to wasted time and incorrect forecasting. This can understandably impact multiple parts of your business, from misused marketing spend to lowered brand reputation.
Even if you collect verified data from the very beginning, your job has not finished yet, as consumer data degrades on average by 13% and business data by 37% - every year. Continual data cleansing is vital to ensure your records are up to date and any outdated or expired data is removed and prevented from entering your system.
You’re Only as Good as Your Data - The Importance of Golden Records
Unverified data can quickly lead to failed deliveries, poor communication with customers, and lack of data compliance, to name just a few examples. More than ever, it is vital that businesses start to assess the quality of their data from the outset.
To make the most of data visualizations and future analysis, records need to be verified at the source–before it is entered into any CRM or ERP database.
Verifying this initial capture is the start of a journey towards the golden record. The moment address data is entered, it can be verified, handled, and enhanced to ensure that whoever uses it will have the most accurate record possible.
How Loqate Can Help
The key is to validate consumer and address data at the point of entry, creating a single source of truth and a golden record for each and every customer in the master record. By integrating Loqate’s Verify solution, when customer address records are submitted, their address information is run securely through Loqate’s API for immediate parsing, matching, formatting, and verification.
With instant address validation using type-ahead technology, errors at point of entry are swiftly mitigated and will not be allowed entry to your database. With each record being assigned latitude and longitude coordinates, you can update and enhance the precision of your address data results, enabling you to make valuable data visualizations and analyses for your business.
Loqate’s Address Verification solutions are the key to creating a golden record, reducing input time, errors, duplication, and more, providing you and your business real-time address verification powered by the most comprehensive global location data on the market.
To find out how your business can benefit from Loqate’s solutions, please get in touch with our partner team.