A collaboration of location analytics and business intelligence is the perfect key to boost the growth trajectory of any business. With mobile devices becoming ubiquitous today, the amount of location data that they generate is enormous. And marketers around the world know the power of this data to identify audiences, gain competitive insights and observe offline consumer behavior.
With more and more innovations happening in its realm, location technology is becoming the key differentiator to businesses to improve customer experience, drive revenue and increase operational efficiency.
How is data intelligence improving business performance?
Location intelligence is a tool to analyze the spatial components of business data. LI is capable of combining business data with spatial data and running complex analytics to offer location-enabled business intelligence. It can be used to derive meaningful insights, discover relationships and identify trends.
Technologies like the Internet of Things (IoT), autonomous vehicles and sensors are capturing information that has never been captured before, creating entirely new avenues for geospatial data collection. As a result, location-based analytics and platforms that can process and detect trends and provide intelligence are becoming more popular.
Just to give a perspective, by 2020 there will be 20.4 billion connected “things” in use, up from 8.4 billion in 2017. This huge jump can be attributed to the growing popularity of smart connected devices or also be termed as the Internet of Things. IoT is already creating a buzz and in days to come will lead to creation of an overwhelming amount of data about what we do, how we do it, and where it happens.
Since everything happens somewhere, an enormous amount of the data that companies collect has a spatial component, collecting and analyzing this type of location data can be intimidating because it involves new methods, technology, and talent.
Professionals and experts all around the world are working in tandem to leverage this data for better results. Knowledge platforms like the Geospatial World Forum 2019 is the perfect place to know more about the latest trends.
Making more informed decisions
Location-based services provide a layer of insight that we simply didn’t have in the past. This extra context about where interactions or touchpoints occur can help organizations make more informed decisions about where to invest in their own innovations.
For example, better understanding of traffic patterns might provide insights about where to place sensors within a smart city. Or, identifying pockets of residential areas with repeated weather damage might help insurers make decisions about where to test out their latest drone surveillance technology.
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Adding a layer of intelligence about where they could have the greatest impact could help protect that investment and increase rates of adoption.
The practical applications for location technology are endless. Big Data, touted as the new oil, provides a landing platform from which we have only just begun to see the possible innovations of the future.
Whether it is global giants like Uber, Swiggy, Grubhub, Groupon, or localized service providers like Grofers, BigBasket, Netmeds, UrbanClap, Jugnoo, or even the India government’s clean India initiative Swachh Bharat Toilet Locator, location technology is enabling the service industry to pamper the customers and thus garner brand loyalty. And did we mention, more smiling faces!
Want to explore more? Attend the sessions on Location Analytics and Business Intelligence at Geospatial World Forum 2019 which will give you a holistic view on the latest trends and futuristic oulook of the world of location technology.
Here is how you will gain… Register now and save up to €400. Don’t miss this opportunity to interact with eminent speakers from all over the world.