In the era of technology advancement, we all have been hearing about IoT, Cloud, Big Data and Artificial Intelligence disrupting the information and technology and the business altogether. This change has brought about huge technology advancement as well. Small, handy and efficient systems are produced that can address complex problems in a simpler way. This slight change in the way the business is done pinches in various new prospects and approaches of doing a business as well.
As IoT, Cloud, Big Data and Artificial Intelligence technologies drive the geospatial industry; they also create a lot of opportunities bringing about a multitude of disruption in the processes as well. The disruption in technology brings about disruption in workflow, thereby generating new opportunities. The opportunities created can be broadly categorised into new business models, real time information on mission critical systems, diversification of revenue streams, global visibility and efficient & intelligent operations.
New Business Model
Adoption of new technologies and business analytics gives better and clear insights about the industry further. This clarity creates new value streams for customers, for example the ways business usually work, as a result of technology intervention there is a huge change and the processes are becoming more and more digital recently. There is one more benefit that is created as in it increases the value generated at a faster time. The time taken for a small process is reduced and more complex processes can be done in a small amount of time. This increases the number of customers being served there by increasing the customer satisfaction as well. The important aspect that has to be addressed is the growing and dynamic customer needs and their complaints have to be quickly addressed in order for any business to flourish.
Real Time Information on Mission-Critical Systems
Providing real time information is need of the industry. The real time information creates lucidity and lots of information can be crunched and made into simpler form with the combined effort of geospatial and big data systems in place. During critical missions, the real time information is very essential and acts a key in the decision making process. A suitable example can be the sensitive military decisions. There are a lot of data that is produced each day either by crowd sourcing, or by monitoring systems, or by individual data collection. These data creates a need for a highly efficient big data analytics system for processing of such complex data. This can create a customised product as per customer needs and act as an essential system for critical decision making.
Diversification of Revenue Streams
There is a line of products that are traditionally generating revenue for the business. But the technology advancement has brought about different approaches of revenue generation. For example, google ads is a best example and the ads generated with respect to your location and as per your search history indicates that there is a big data system working at the back end in combination with the location intelligence. This kind of revenue examples are very rare and are successfully driving the economy and business of successful companies.
Reaching out to different locations and interaction with international clients is far more simplified increasing the global reach of a specific organisation. The product of a company from any part of the world can be visible to the client in the other corner as well. This simplified access reduces the cost to a greater extent and also enables the organisation to carry out the business at a larger scale without having to be physically present at the location.
Efficient and Intelligent Operations
Artificial intelligence embedded into big data analytics results in an efficient and intelligent system. The process is simplified to a greater extent and it results in a varied amount of information to be processed in an enriched manner. As all the systems are interconnected to each other the integrated decision making is possible with the help of efficient and advanced approach irrespective of the location of the key decision makers. The system is also connected and the data in case has to be discussed can be retrieved from different sources and can be analysed then and there with the help of analytics platform accessed through cloud.
So, there are a number of new opportunities created by the advanced technologies of IoT, Bigdata, Cloud and Artificial Intelligence which guarantees the dynamic geospatial industry to transform further and bring more advances in the industry.
Do you want to know more about the new opportunities created by Cloud, IoT, Big Data and the Artificial Intelligence technologies in the geospatial industry? If yes, download the Global Geospatial Industry Outlook now!