Precisely has launched the latest addition to the Precisely Addresses product family. Property Graph is a solution that will enable customers to leverage data from the Precisely portfolio and beyond for property information. The initial solution connects five Precisely products. It enables customers to surface insights, relationships and information around buildings, parcels, property attributes, addresses, and points of interest.
The five Precisely products that users of Property Graph can initially connect to are:
- Address Fabric
- Buildings USA
- Parcel Boundaries
- Property Attributes
- World Points of Interest
It will give US customers the most comprehensive view of property information. They can also connect to other data sources using the tool, such as Spectrum and associated APIS. This enables organisations to create multi-layered views of properties that might include several addresses or businesses.
Property mapping is complex, in real estate, for example, the necessity to understand the different leases and sub-leases within a building, with different terms, areas and business types overlaps. Property Graph can pull all of the information relating to property together to provide deeper insights than ever before.
Dan Adams, Senior Vice President of Data Strategy & Operations at Precisely, commented: “We developed Property Graph in response to our customers’ need for a comprehensive view of properties – ensuring that it integrates seamlessly into business processes alongside our existing data enrichment products. Our deep spatial and data domain expertise enables us to understand the nuances between many data sources and create a product that is unparalleled in the market. Providing this level of context is essential for data integrity – it provides our customers with a solid foundation of trusted data for more confident decision-making.”
Looking to the future
Enterprise Times asked Andy Bell, Vice President – Global Data Product Management, Precisely some questions about Property Graph.
The initial version is limited to the US, though Precisely Addresses includes property information from Canada and other locations. ET asked Bell when it would be expanded to addresses in Canada. He answered:
“We do not currently have a target date on our roadmap to make Property Graph available in Canada, but it is in our expansion plans. We are currently assessing additional data sources and demand from our clients and partners to guide our decision.”
Bell also confirmed the intent to expand to Australia and the UK, but no timescales were given. This is the first version of Property Graph and Enterprise Times asked Bell about the roadmap, no answer was given. However, Precisely has said it will surface additional relationships between the five products through multi-tier spatial analysis.
Who will use Property Graph
Precisely is initially targeting four industry sectors where it believes Property Graph can help accelerate confident decision making, grow revenue and reduce business risk. There are several use cases highlighted in a recent blog for the new tool.
Enterprise Times asked Bell whether telecom providers could use the information to improve coverage. He replied: “Our telecom clients are absolutely linking Precisely Address, Parcel, and Building data to determine proximity and line of sight to cell tower locations.
“Precisely does not provide this type of information in the Property Graph, but unique and persistent feature IDs enable our clients to track cell coverage associated with property features. Additionally, our data is used to identify property access points and determine serviceable buildings as well as differentiate multi-tenant (business), multi-unit (residential), and mixed-use buildings.”
These features will help providers increase revenues and support connectivity initiatives like the Federal Communications Commission (FCC) Affordable Connectivity Program.
Public Sector, Insurance and Real Estate also benefit
For Public Sector organisations, both local and federal, it helps understand property attributes in underserved areas. This can help inform how to improve efficiency and expand services to those most in need. The data gathered can also help gain funding for new government initiatives.
Insurance companies thrive on more accurate data. The better it understands a property, its features, location and associated risks, the more accurate its pricing. This helps grow revenues and helps maintain more stable profitability. Enterprise Times asked Bell whether the recently acquired data on wildfires from Anchor Point is integrated into Property Graph.
Bell replied: “Although our Risk Data Products (including Wildfire Risk) are not currently included directly in Property Graph they are linked to our Address and Property data via the PreciselyID. The PreciselyID is the cornerstone of our Interoperability work and ensures we can provide linkage to Precisely Boundaries, Risk, and Demographics data to Property Graph.”
Real Estate companies can also leverage the knowledge of existing and neighbouring buildings; these can influence planning, development, resale, lease and other services they offer.
Information that matters
Enterprise Times had two further clarifying questions to ask Bell. How is the data within Property Graph kept up to date?
Bell said: “Property Graph connects five different products: Address Fabric, Parcel Boundaries, Buildings, Points of Interest, and Property Attributes. Precisely address and property products are updated on a quarterly or a monthly cadence, depending on the product. Property Graph relationships are updated on a quarterly schedule.”
How is Property Graph priced?
Bella replied: “We have multiple pricing options depending on how the data is deployed. Enterprise data subscriptions are our standard model. We also have cloud and data service options.”
Enterprise Times: What does this mean
Precisely is working on bringing its different components together. This is another example of delivering a platform for its different solutions, this time property addresses. It now has a comprehensive solution that will enable customers to leverage the comprehensive data sets without developing integration tools internally.
For Precisely, it will hope to prove that the value of Property Graph is greater than the sum of its five components. It will also add more data sets; these can help customers to create comprehensive views of property information. Potentially that will help deliver a competitive advantage to those customers that start using it.
