GeoEnrichment data is preprocessed using Pitney Bowes best-in-class location intelligence software and data, meaning there is no need to perform spatial processing to get geographic insight. This means there is no need to use complex geospatial software to get important information. Instead, this information can be pulled from BI tools you already use. Putting GeoEnrichment data into Cognos integrates location and business intelligence practices to provide the essential answers all in one place, saving valuable time and resources.
GeoEnrichment could be implemented within various business workflows across industries, such as financial services for monitoring compliance, ad tech marketing, and insurance claims processing.
The real estate industry can utilize GeoEnrichment data for a variety of purposes. Real estate developers need to understand their properties inside and out. That means understanding the building itself as well as the area it is located in. This is especially true when trying to decide on new properties to invest in.
Using GeoEnrichment data in Cognos, we can pull in multifamily dwelling units and thematically map them according to crime risk. We do this by using our previously geo-enriched datasets for Property Attributes and Crime. Each dataset has over 183 million addressable locations that are scored for crime and property construction information. Each addressable location has a pbKey, the unique and persistent identifier that we use to access spatial information such as crime and property attributes. Visualizing this on a map allows us to notice patterns in the data, and helps us understand the geographic distribution of crime in the area.
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With Cognos’ BI tools we can see that most of our current properties are in Cleveland and Stow, as well as some statistics on these buildings to get an overall picture of real estate in the area. Having these two views of the data side-by-side gives us a unique perspective when making important business decisions. Using a list of addresses for available properties, we have decided to narrow down the location we want to invest in. When we zoom in, we can see the area more clearly and pull in some more attributes to understand it better.
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By pulling in population data for this area, we can see our current properties, as well as if people are moving into or out of the neighborhood. This will affect our decision to invest in a new apartment community here.
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We can also understand the economic vitality by overlaying the average value of households in this area.
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Utilizing Pitney Bowes’ GeoEnrichment data in conjunction with Cognos allows us to visualize multiple layers at once, while quickly getting essential information from a simple lookup of an address. Preprocessed data enables us to glean insights without performing complex workflows, saving time and resources in the fast-paced real estate industry.