Can you imagine life without GPS? Remember buying a paper map to figure out the route from one place to another? Well, it was kind of difficult to manage the way around. The same goes with the businesses because when they need to pore over Excel charts without real-time location data, it is hard to imagine how they can get glean insight from the numbers on the sheet.
In this article, we will be looking at the benefits gained by different businesses using the insights of the geospatial analysis to promote growth and get an unbeatable competitive edge. Let us begin with basic terms.
What is Geospatial Analytics and How to gain Benefits from it?
The geospatial analysis includes collecting, displaying and manipulating GIS (Geographic Information System) data like imagery, satellite photographs, historical info, and much more. It makes use of the geographic coordinates that is longitudes and latitudes, street addresses, postal codes and various identifiers for creating geographical methods. These models comprise of graphs, charts, statistics and cartograms along with the data visualizations which help in creating complex relationships more understandable. This helps to reveal historical changes and shift the underway in present times. It helps to predict what is going to happen next.
The key point is that the geospatial analysis adds more context by adding a little more information about the timing and location. Henceforth, it is possible for the organizations to add the context of location and timing to the old information and create maps for representing the time changes. With the help of maps, it is easier to recognize the patterns which are previously indicated in spreadsheets like proximity, contiguity, affiliation, and distance. By incorporating the IoT, location sensors, social media, and mobile devices, the organizations are able to collect the real-time insights of the places (geo-referenced data) across the globe.
Why do Companies need this Data?
The geospatial analysis brings GIS – the system of maps and ERP – the system of record for the business data. In simple terms, it combines GIS data from imagery and satellite photographs, historical info, data frame sensors, assets, IoT combines with business data with the help of operations, finance, customers, and marketing. It is a kind of powerful combination which can uncover insights and opportunities which are simply visible for the businesses. The analytics helps to open up business opportunities, cost savings, and partnerships by enabling them with the digital enterprise. All the business applications are filled with the geographic data from GIS so they can overlay the data on maps with the precise detailed geographic information such as satellite imagery and topography. These maps comprise of various layers of different types of data by enabling business users to visualize the information in various ways like heat map layer to statistically highlight the geographic areas by making use of patterns or shades.
The huge accessibility of Big Data gained from the demographic data is a blessing for the marketers but this can also be a burden at the same time. If there is a number of data available, it leads difficulty to put it at good use. For the big data-related companies, the only way to gain benefits from data analysis is to ensure the list criteria for satisfying the market demands. Spatial analytics helps the businesses to locate the places where they can start their chains and build customer relationships by locating themselves in proximity to competitors.
Once you know where to open up your business, the geospatial analytics define how and where you can gain maximum benefits at its best. From this, you can accurately make improvements as per the requirements and provide cost-effective solutions. The location analytics provides marketers to represent the market analysis by combining the customer data with the geographic data for gaining new market opportunities. There lies a huge power in the spatial analytics for the businesses to figure out and increase the strong main points to cut the underperforming assets.
We can see how the geospatial analysis is opening up the bundle of new world opportunities. Companies have to yet figure out how they can gain immense benefit from geo-enablement to generate more business. Till then – keep learning!
Note: This is a guest blog by Olivia Diaz who works at eTatvaSoft