Time never stops for you so, is the life. We all are in motion and life moves along with it. The bread which is served in your morning breakfast might have travelled miles to reach that location. Location and its dynamics are significant. A product needs to reach its right buyer on time and modern technology makes it faster.
Business entrepreneurs have always asked for ‘who’, ‘what’ and ‘when’ of the data analytics. In recent time, another factor is grabbing their consciousness. ‘Where’, which stands for location and talking spatially we call it ‘Geolocation’. ESRI has given it a title ‘The Science of Where’.
What we should know about location intelligence?
Location intelligence is also used to describe the incorporation of a geographic element into business intelligence processes and tools, also incorporating geographical database and geographical OLAP tools. It is a geospatial tool which can regulate our decision making in every aspect of life and help us solve the problems of the future. Location intelligence uses spatial information to facilitate understanding, smart decision making, meaningful insights and reliable predictions. Not just the Geo Code but its context about that geocode is more important.
These are some examples from the past which reveals its importance.
Benefits of Geolocation Intelligence
Every company wants a clear picture of their business analytics, how the supply chain looks like, the revenue graphs for previous and next several months. Business intelligence(BI) is playing a very important role in the growth of several companies. Incorporation of geolocation in business management and analytics make it more optimal.
The Rise of mapping
Geolocation was available a part of businesses in the form of GPS, but the design of the hardware kept it disconnected from other aspects of the service. Even if the tracking data was accessible but it could not be connected to the person or object attached to the receiver.
With smartphones equipped with GPS coming into existence and its wider market, every phone has become geolocation point. Now by connecting the dots we have huge data which is accessible and keeps the track of customers. With the incorporation of geospatial tools like GIS, it can be utilised in business management.
Future Potential of GI with BI
The magic of Geolocation is yet to be explored. No business plan is discussed without big data, the cloud and the Internet of Things. The Geocoded software and analytical systems effectively transform the data of an enterprise into actionable knowledge by finding and explaining patterns, trends and relationships in tabular business data. How Geolocation affects planning? Let us consider a product which has a huge demand in a particular region in the month of summer. Now the software will record this information into the system. This information can be utilized by enterprise management in further productions for the coming years. This was a simple example for a better understanding of the concept. Now we can consider this in a larger frame for various businesses like banks, where they can track the clients for new investments and suggest them locations for their businesses. Mortgage lenders may analyze the prospective client actions to assess what types of loans are to be offered. Both types of businesses will make the most of geolocation and analytics to perform better as enterprises.
Location intelligence is used by a wide range of industries to boost overall business efficiency.
Following are the commercial applications of GI
Communications and Telecommunications:
The Geocoded point data can be used in Network planning and design. Telecommunication industries are taking the help of geolocation in boundary identification and in recognizing new customer markets. This can be utilized in the media industry as well. For target market identification, subscriber demographics and media planning one can take the help of Geolocation intelligence and geospatial tools.
The finance market is integrating geolocation data to optimize branch locations and market analysis. These economic services need good real-time tracking to reach the targeted audience. To study share of wallet, cross-sell activities, industry sector analysis, risk management geospatial data and geolocation plays an important role. This enhances the quality of output.
Another industry using Geolocation intelligence is Transportation. It is valued for transport planning and route monitoring. The shortest route selection for transporting one object to another will minimise the costs and save time. Geolocation intelligence plays a major role in the merchant navy. Global ship tracking Intelligence is used for managing marine traffic.
In Real estate:
The real estate sector is one of the world’s most recognised sectors. In the preparation of site reports, comprehensive site analysis and demographic analysis location tags and its statistical reports play an important role. This can also be helpful in growth pattern analysis and constructing retail models. Geolocation is most important in the preparation off maps and this can be only done with geolocation.
Geolocation Intelligence is not only applicable to the public or private sector but is playing a significant role in government policy and decision making. Domains, where geolocation intelligence is advantageous, are law enforcement crime analysis, applicable Census updates, emergency response, environmental and land management, electoral redistricting, tax jurisdiction assignment, urban planning etc.
The geolocation intelligence is useful for Site selection for hospitals, market segmentation, network analysis and growth assessments of the patients. It played a significant role during the past pandemics in tracking the spread of disease.
Hotels and restaurants:
Geolocation intelligence can be utilized for Customer profile analysis, site selection, target marketing and expansion planning for the hotels and restaurants. The order delivery time can be reduced by tracking real-time traffic. This is called real-time fleet tracking. By taking the help of geolocation the delivery routes can be selected which are less crowded. This will decrease the time as well as the shipping cost.
Increased Retail businesses with GI
Beginning with the site selection GI can maximize per-store sales, helps to identify underperforming stores, market analysis, retail leakage and supply gap analysis. Retail is another sector that can use geographic data, as it can help them decide where consumers shop outside their shops. They will measure who they’re going to line up against in the game and perform better.
Here is what I know about the Geolocation intelligence incorporated with Business Intelligence. If you have anything which can be added to this blog do comment below and let us know. The Geospatial data has wide applications and the satellites revolving around the earth is tracking every point of the earth to get precise and effective outputs.
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