Are you making the most of your data?
I was working with an insurance company. They wanted to understand their escape of water claims.
One idea for reducing it was using a type of leak detection device.
They didn’t know.
The data they held on types of leaks and where they occurred was robust, and in decent shape, but I asked them to interrogate it further.
If we’re going to pilot something, let’s deploy it in the right place.
It took nearly a month before the result came in…
The company found that customers who had one leak had a much higher probability of having a second.
Just like that, they had two things; a good place to focus a pilot, and a better understanding of risk.
By exploring their data, they found a trend.
That’s obvious though – isn’t it?
Well, yes, it is. But I guarantee you there are valuable data trends in every business that are currently undiscovered.
Location data is the perfect lens for this – everything happens somewhere.
But not all of us are trained for such investigation; I hear you say?
We could be.
If the tool is intuitive, cost-effective and available on any computer, then why not? Technology is a driver for making things that were once complicated, more simple.
Once upon a time, the formulas of Excel were the reserve of the accounts team; now, they are ubiquitous.
If you apply that lesson to location, the more people are empowered to check data, the sooner a business can uncover those valuable trends.
I end this blog with two questions; what data trends are waiting for you to uncover in your business? How long can you afford to ignore them?
Mapcite are a software company based in Australia and the UK. We believe that everyone, every enterprise and organisation can benefit from better access and use of Location Data. Whether you are just exploring the possibilities of Location Data or have a solution level challenge, we can help.