by Misha Ghosh, VP Corporate Development/Big Data, ADP
Remember the TV commercial a few years back that described what happens when the world of chocolate and the world of peanut butter are suddenly blended together? That’s right! The iconic chocolate peanut butter cup was formed!
Okay, fast forward to the present – and the worlds of payroll and real estate. What if there was a way to use aggregated payroll income data to help create accurate insights for real estate decisions, property evaluations, and economic research?
The good news is there is – with ADP’s Real Income interactive mapping tool. Here’s why this new and exciting, easy-to-use, online, cloud-based solution is important.
Income data is big data
Income is a leading indicator that is used to make informed business decisions in financial services and commercial and residential real estate – and the leading source of income data comes from paychecks. ADP is the leading U.S. provider of payroll checks – processing the pay for more than 28 million workers. That’s a huge pool of factual data, aggregated and anonymized, to power the Real Income proprietary online platform. The solution provides decision makers with the ability to analyze – down to the neighborhood level – the relationship between real estate property values and where people live, where they make their money, the type of jobs they perform, the industries they work in, how much money they earn, and how their pay has changed over time.
With that kind of data and insights, the Real Income interactive mapping tool enables users to:
- Spot economic trends before they happen
- Receive an accurate picture of how income flows from employers to employees
- View industry-specific data to benchmark the economic value and competitive landscape right down to the neighborhood block level – the micro unit of measurement used by the U.S. Census Bureau
Fresh and factual data is the best actionable data
One key reason why users see great value in the ADP solution is that companies prefer to use the freshest and most accurate information available to make business decisions. With ADP’s aggregated data validated on a monthly basis and updated quarterly, it is far more current than IRS data, that is usually updated annually, or U.S. Census data, which is published every 10 years.
While businesses related to commercial and residential real estate are prime prospects for the Real Income tool, other organizations can derive huge benefits by engaging the solution, like those using economic research for portfolio monitoring, and packaged goods companies that focus on determining consumer market potential and targeting. There are so many creative uses to discover from the solution’s insights!
The new ADP data solution is currently being sold via annual subscription in four vertical markets: financial services, residential and commercial real estate, economic research, and retail/consumer packaged goods.
This overview blog post just begins to tell the ADP Real Income story. We’ll have more to say about the solution in future blog posts. So stay tuned. ADP is providing clients with a big new big data capability they’ve never had before. This is exciting stuff!
If you can’t wait and want to learn more now, click on https://realincome.adp.com/ for a taste of what’s to come.