Over the last decade or so, the importance of information has exponentially increased. With more and more data becoming available every day, it is obvious that data owners hold all the cards. Geospatial data has also taken huge leaps over the last past decade. It has gone from being a ‘good-to-have’ feature to a ‘must have’ component of businesses of all kinds and sizes.
What is Location Intelligence?
In recent years, the focus of organizations has shifted from merely collecting geospatial data to analysing and optimizing it intensively via various GIS tools to draw insights and forecasts. That is exactly what Location Intelligence entails. It is the creation, visualisation and deployment of smart maps, that is geospatial data overlaid with other key demographic variables.
Demographic information is important, but what makes it relevant is the location aspect. It is what ties it all together and adds value to parties at both ends of a business transaction. More and more entities have become cognizant of this fact and have started integrating Location Intelligence heavily into their decision making processes.
How is Location Intelligence created and how is it beneficial?
Artificial Intelligence (AI) and Internet of Things (IoT) make huge strides every day. Marrying this information with location (geospatial) data was the logical thing to do. This coming together has given birth to Location Intelligence. Location Intelligence is said to be a form of Business Intelligence, driven primarily by geography!
Using various analytical tools, demographics can be viewed in conjunction with geospatial data to give stakeholders a holistic view of things. What all businesses and business leaders aspire to do is to make well informed decisions. LI caters to this exact need.
LI empowers businesses to optimize their decision making process. With location data easily available via smart phones and other devices at a very reasonable price point, decision makers get better value out of their budget.
Applications and Stakeholders
As mentioned above, location data is a must have in today’s world. Needless to say, location does matter after all. Here are some of the many areas in which LI is used –
Public amenities –
Local governments and municipalities can use it to monitor and manage traffic, identify and install streetlights and surveillance cameras in shady areas of the city
Businesses can use LI to optimize store locations as per required demographics. Telecommunication towers can be installed using LI.
Marketing firms can use LI to provide real time relevant offers to the customer base to increase uptake and as a result, business.
Challenges and Opportunities
As a result of smartphones and other budding technology, new location data continues to be generated everyday. It comes from different sources, in several different formats. Businesses need to have a GIS and other analytical tools that can keep up with this plethora of information, let alone deduce powerful insights and trends.
Location Intelligence is no longer something that is in the hands of a handful tech-savvy individuals. In fact, more and more individuals with non technical background are getting involved with geospatial data due to its versatile nature of use.
The industry is in need of a solution that is lean, adaptive and adaptive. A solution that can meet the appetite of technical as well as non technical background. At Ellipsis Drive, we aspire to fill this gap with our plug and play solution that allows simple yet powerful collaboration of geospatial data. You can learn more about our product here and contact us if you find value in our offering!
It won’t be long before LI is the backbone of business plans of organizations. The fact is, there are several organizations that have strategies centred around LI. These are the trend setters of our time and are definitely reaping the benefits for having the forevision and courage to pursue it.