As competitive landscapes tighten across industries, today’s business leaders are shifting towards data-driven decision-making, evolving organizations’ data and analytics capabilities to a new direction. During this time, demand for location-based insights has escalated to a whole new level.
Day 2 of Geospatial World Forum (GWF) 2022 opened with multiple sessions running parallel with one another. The plenaries on Location analytics and business intelligence witnessed some healthy discussions on various topics where location acts as a catalyst that amplifies growth of any business model.
Advanced analytics with location-based insights into customer demographics and preferences, have enabled businesses to optimize their operations to better address customers’ needs, including pricing, products, and service delivery. The shift towards Location Intelligence is critical for meeting strategic business goals that could vary from growing sales, boosting product innovation, reducing operating costs or becoming a disrupter in key industry segments.
“Merging real-time data streams from a variety of sources like sensors & IoT devices can increase analytics accuracy. Map maintenance requires a smart fusion of sources for both change detection & providing the actual reference for the map updates,” said Arnout Desmet, Vice President Maps – Global Sourcing, TomTom, Belgium.
The opportunities related to the real-time data feeds and its fusion in map making:
1. With the fast increase of IoT devices and vehicle sensors, the growth in data generated is amazing.
2. Massive crowdsourcing opportunities
3. Increased data democratization (including open data)
4. Increase in initiative surrounded both from the public sector and also from private sector. Conviction in the industry that it’s all about collaboration and networking. One single company protecting their own data will not do the trick. It’s really about sharing. It’s about collaboration and also providing data in a fashion that is affordable for multiple partners and that’s linked to that is also public private partnerships. It’s a very important opportunity to also jointly build a new foundational datasets as in as an industry in collaboration with the public sector.
1. Still data is not fully accessible. There’s datasets, which are highly restricted, highly regulated as well in terms of what you can do when you cannot do with the data.
2. Data licensing, most do not always allow for kind of use cases that we would like to enable with the data.
3. Data interoperability is still a big issue in exchanging and sharing datasets.
4. Huge shortage of data scientists, data engineers, to really help in understanding and processing massive amounts of new data, trying to make sense of it, trying to turn that into functionalities and value which can be relevant for customers as well as
“Industry needs have evolved, which leaves enough room for innovations to take place,” said Gillian Smith, Vice President of Marketing, NextNav, USA.
What is needed?
Advances in enabling technologies such as cloud, analytics, and mobile have significantly amplified the role of location data in ever-increasing digital/online business ecosystem. Precise and accurate Positioning, Navigation & Timing (PNT) information is critical for businesses relying on real-time location-based analytics such as food delivery and last-mile delivery services.
“Online browsing behaviours only tells part of the story about consumers, the real-world, however reveals much more. Through offline activity of users, we enable creation of micro-segments and apt micro-moments to target them, explained Gurvinderjit Samra, Chief Business Officer, Tata CLiQ, India.
In digital transactions, AI is used to help mitigate fraud with the automatic detection of fake or counterfeit products. In language translation to communicate across 190 markets, with predictable logistics and shipping.
A few areas in which location data such as user IP address and postal codes are utilized to provide location-based services. Those services may include a user registration, account verification or customer support eligibility for original loyalty programs and incentives, as well as adaptation of the marketing communications in order to comply with the local data protection regulations.
“Delivery options and estimated delivery dates are based on distance calculations, as well as the tracking of the shipments in reporting and the mediation of fraud and monitoring of the security of the platform and last in analytics in order to gain business insights, observe market trends and understand Council customer behavior in correlation with the original norms,” said Anna Petrikoglou, Trust Campaign Manager, eBay / Zeta Global.
Frode Bjerke, CTO, Unacast gave a detailed presentation, where he highlighted Unacast’s recent partnership with Precisely on its Dynamic Demographics solution. The offering brings together these leaders in the field to deliver a unique and differentiated offering to market, one that simplifies mobility data into an easy-to-use, plug-and-play data product enhanced with accurate demographic profiles based on aggregated location data. Bjerke spoke on the opportunities presented for organizations looking to understand dynamic human mobility and make better business decisions.