Why is Location Intelligence Becoming a Popular Asset for Companies?by Preetipadma January 5, 2021
By leveraging geospatial driven data insight, businesses can charter efficiently into customer engagement, retention and personalization.
We live in a connected age. From smartphones and car navigation systems to industrial devices, everything is connected online. This has been possible thanks to Internet of things (IoT) which collates data, in real time and uses artificial intelligence analytics to make sense of the data, draw patterns and mine insights. But what if we could exploit geospatial data relationships through IoT to our advantage and get actionable insights at any instance, anywhere. Enter location intelligence.
Location intelligence is the information and strategic insights derived from geospatial data that is built on geographical information systems (GIS) tools. Besides, apart from geospatial data, location intelligence also relies on transactional data, sociodemographic data, footfall traffic or points of sale data that can be used for deep geospatial analysis. The first recorded use case of location intelligence is attributed to the success of John Snow in London in 1854. He created a map in which he used geolocation to determine the cause of the cholera epidemic – which was identified to a well where local residents who were sick had gone to fetch water and how they were all connected to one single water pump.
It is well established that artificial intelligence has the potential to improve business standards, help enhance decision making and streamline overall business operations. Through location intelligence, artificial intelligence can create highly complex models or algorithms using big data technologies that offers meaningful insights to business brands that revolve around identifying the ideal locations to advertise, operate and provide their services. Basically it offers network providers the ability to expand routes and serviceability into new locations.
Businesses leverage location intelligence to optimize their strategic position by using open, real-time location specific data streams created from consumer behaviors, environmental factors, Internet of Things (IoT) data sources, and GPS systems. They also use it while making strategic plans on market growth, customer engagement, asset tracking, site location and risk mitigation, among others. They can also manage customers by integrating their enterprise resource planning (ERP), customer relationship management (CRM) and social networking platforms with the GIS. Data scientists are integrating location based insights directly into organizational workflows and core business decision making.
Applications of location intelligence ranges from geolocation services, lead generation, geomarketing, gap analysis, competitor monitoring, localized predictive analytics, expansion maps, propensity to purchase models. Even government bodies use location intelligence to census updates, environmental and land management, urban planning, and more. For instance, New York City government officials rely on location information to handle emergency situations based on real-time data from 311 calls and other sources. In terms of smart cities programs, government can use such insights to plan sustainable communities, provide efficient mass transportation, alleviate traffic congestion, prevent crime and more, things that will aid in the creation of better cities.
Today, location intelligence is slowly finding its way to every industry vertical. In financial industry, insurance companies are using location intelligence and open weather data to make real-time decisions on how to support their policyholders during a natural disaster. Retail companies use location intelligence map consumer purchasing behavior patterns in-store to optimally locate certain products, as well as distribute mobile offers based on the shoppers’ location in-store or historic buying behavior. Even real estate agents can use location intelligence driven insights to identify investment opportunities and improve property analysis by understanding movement in and around a particular commercial center or neighborhood. Location intelligence is critical for energy companies to continuously monitor equipment status, forecast future demand and perform maintenance to avoid costly outages in case of sudden emergencies. Moreover, in telecom sector, 70% of companies consider location intelligence critical to their success as per Dresner Advisory Services’ 2018 Location Intelligence Market Study. Lastly, in supply chain network, location-powered visualizations enable enterprises to gain real-time information into all levels of the supply chain and mitigate instances that could lead to misplace of commodities or an asset.
With 5G technologies growing in popularity one can anticipate location intelligence to rise in demand and usability with time, thanks to possibility of High Definition (HD) maps through Mobile Edge Compute (MEC) infrastructures.