Location intelligence gives enterprise the ability to gather, organize, and analyze complex processes through the use of geographic relationships. Location Intelligence has the capacity to improve business processes to boost profitability and gain a competitive edge. For instance, finance companies are now realizing that when data is managed and utilized efficiently, the result will be a significant improvement in their business operations.
Location intelligence, which emphasizes spatial location based business intelligence, can deliver new opportunities in all levels of finance companies. Spatial location intelligence solutions provide businesses with the tools they require to make their business more efficient. By amalgamating a geospatial database with top-of-the-line address recognition and geocoding technology, a finance company will be able to effectively resolve financial related business problems. For instance, businesses can effectively address risk management and fraud mitigation issues. By addressing risk and opportunity across all levels of the enterprise, the business will become more effective and business intelligent as it applies to optimizing data.
By using location intelligence solutions, a finance business can verify the existence of an address and leverage the actual context of an address to validate claims and verify residence and employment. In addition, they will have the ability to leverage real-time and reliable data updates giving the business the most current data to base their decisions. They can also visualize with extreme precision their complete accounting of their business to enable an accurate analysis of risk exposure. The result is better decision making that best benefits the business. As well, the business can locate at the address level where they should expand their business operations in key target markets.
When using location intelligence to improve the finance business, the business will benefit from operational savings. They can enforce data governance and cohesiveness of contrasting data across all levels of the company. They also have the ability to standardize addresses for reliable communication across the organization. By increasing address match rate and preciseness by 30%, financial companies can achieve a one percent reduction in claims costs, a one percent increase in retention rate, and a one percent increase in new targeted business. As a result of using location intelligence solutions, these adjustments can grow a business profits.
Location intelligence can help a finance business to use the information derived from location intelligence to manage, analyze and evaluate, plan, and problem solve. Bringing analyzed data from a central database gives finance businesses a complete view of all relevant data points. Providing a location based perspective to business intelligence that in the past was undetected, location intelligence solutions enables businesses to leverage location based data and web services so that they can make better business decisions regarding risk, enterprise development, and fraud. This leads to making better business decisions and being better able to determine how and where to offer services that achieves maximum value. Location intelligence utilizing spatial based data enables a finance business to leverage location to derive measurable business value. Spatial location based business intelligence is definitely a valuable asset to finance companies.
