Increase Business Success with Geocoding

The geocoding process involves converting address data to latitude and longitude coordinates so that records can be placed on a map, compared, calculated, and analyzed. With geocoding, businesses can easily access various locations that are vital to their operations. Here’s how geocoding increases business success:

Gain a competitive advantage

Companies should consider geocoded locations as valuable data assets because they help empower proximity analyses, target new opportunities, and eliminate low-quality leads. Accurate geographic information can apply to customers, stakeholders, and suppliers, allowing you to improve business relationships. Geocoded data brings insight to any business, increasing informed decision-making that enhances the customer experience. And when you understand your customers’ needs better, you gain a competitive edge. Geocoded data also allows companies to reach new customers and service existing customers more effectively.

Mitigate risk and unnecessary spending

Geocoding provides precise, plotted coordinates that help increase business intelligence. And when geocoded data is managed with an enterprise approach, companies can reduce operational risk while optimizing processes, such as data automation. With automation, organizations increase profitability and cost-effectiveness by avoiding manual processes that consume time and resources and are prone to human error.

Improve data quality

High-quality data is crucial to information-related processes and systems. When datasets involve locations, the quality of the data relies on the quality of the address information. Standard methods of identifying addresses are prone to ambiguities which expose data to the risk of errors and omissions. Relying solely on addresses that follow common systems becomes problematic when municipalities change descriptions, such as street names. And when your contact list is riddled with inaccurate addresses, you waste time and money on undeliverable packages. For logistics, geocoded data reduces costs by providing the fastest and most efficient routes.

Develop effective marketing strategies

Geocoded data enriches contact profiles and company information, increasing confidence when developing marketing strategies. By analyzing geocoded addresses, your marketing team can identify customer clusters that reside in a particular area. This optimizes list segmentation and targeting. Analyzed geocoded data helps identify patterns and trends, such as population growth, helping you implement marketing campaigns in places where you will likely gain relevant and valuable exposure.

Geocoding begins with input data, which is the list of addresses of your contacts. Therefore, having a clean list of addresses is essential to the geocoding process. Inconsistencies such as spelling mistakes, abbreviations, typing errors, and missing information can make it challenging to match existing data against a national address database.

To optimize geocoding processes, addresses should be correct, complete, and standardized. At RunnerEDQ, we use special address parsing and matching algorithms to correct spelling errors and complete addresses that may have missing or invalid components. With our geocoding solution, get real-time geocoding in over 40 countries.