New Paradigms in Land and Asset Management

October 19, 2021
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This article brought to you by CoreLogic.

When the unexpected occurs and portions of the electrical grid go down leaving customers without service, utility companies rely on an abundance of data to triage their response. Determining the most effective way to get the largest numbers of customers back online as quickly as possible is priority number one.

Historically, service providers were forced to rely on in-person field assessments of their infrastructure in order to begin recovery efforts which is time consuming and, in some cases, unnecessarily dangerous to their crews. Today, the ability to leverage real-time data provides forward-thinking operators the ability to respond with similarly real-time solutions to the benefit of their customers and their crews. While this initial example speaks to electric utilities these practices are not limited to that industry alone. A variety of stakeholders such as oil & gas companies, communication service providers, government agencies and other entities that have a vested stake in infrastructure are beginning to leverage technology and data in new ways to improve their service to their customers or constituents.

The confluence of software and data – particularly location or mapping data – have been instrumental to location-based solution and remote asset planning and management for years. The scalability, security, and power now available in cloud computing environments makes what was previously limited by processing power become reality. Whether issues are urgent, such as emergency response to wildfires or floods, or important but non-urgent, such as planning preventative maintenance on systems, the ability to scale software and data allows for increases in efficiency.

Technology advancements also provide solutions to less vital but still important topics. Robust data analysis can inform marketing efforts to save time and money. For instance, instead of randomly choosing a neighborhood where homeowners might want to add a swimming pool, data analysis can identify homes that meet specific criteria such as the lack of a pool, a lot large enough to install one and homeowners with plenty of home equity.

Communication improvements

While leveraging location data for land and asset management isn’t new, the migration of data to the cloud has greatly accelerated in recent years, which means that information can be more easily shared and integrated with compatible systems. The cloud environment allows for seamless interaction, replacing disparate systems that couldn’t communicate with each other. Stakeholders can access the data they need quickly and from any location, customize it as needed and make informed decisions whether at their desks, their home, or in the field.

Data linking capabilities have been enhanced with the introduction of advanced linking keys across disparate datasets, such as the CoreLogic CLIP® ID to provide a persistent number to identify a property. Instead of relying on unreliable and changeable keys such as street address, legal description or property tax identification number, the CLIP ID allows for confident linking of a property which can then be instantly connected to a multiple listing service, an appraisal database, and loan information. Add to this granular location insights at the parcel, structure, or even unit level and you can then apply a library of environmental and natural hazard risk information. Insight is instantly accessible for deeper understanding of the dynamics that impact values and decisions that empower the user with insights to the questions they are asking and the problems they are trying to solve.

Geospatial technology for planning

Location Intelligence data can be used proactively to improve asset management, identify opportunities, and lessen risk. For example, granular property level location information allows government officials to identify individual properties and structure that are most at risk of flash flood events and work with those property owners on mitigation strategies to lower risk and exposure.

Data analysis can also be used to inform companies about the changing nature of the areas where their customers live, work, and play. For example, CoreLogic content can provide early indications of residential growth, such as the sale and subdivision of a large parcel of land to a developer, providing early insights into changing market dynamics. This type of insight is useful to an internet service provider that optimally would like to reduce costs and install fiberoptic infrastructure prior to the homes being built and the concrete being poured. Additionally, these same providers also care once the new residents move into their new homes, so they quickly know where to send their crews to turn on service to these new customers. Moreover, retailers can start planning for future customer traffic to their storefronts and government agencies can develop plans around transportation, police, and fire station support services for their new constituents.

As you can see, the continued advancement of both software technology and new and more robust data sources, inclusive of granular location-based datasets, has presented a wide variety of users with the opportunity to better serve their customers, differentiate themselves from their competition, and drive their businesses into the future.

CORELOGIC, the CoreLogic logo and CLIP are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

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