Location Intelligence is a business capability which analyzes people, data and technology geographically, to exploit the business market. It is more of a business tool that can tap the geographical surroundings to extract data crucial for business purposes. The tools generate meaningful insights of business processes as visual codes, which will be easy to interpret and arrive at solutions for crucial problems.
Today the world is sinking in the digital revolution, technologies like IoT and smart gadgets are creating ripples across the world with every hour passing. In such a scenario where people are minutely connected with each other and devices, and the world shrinking to the size of a smartphone, location data aided by spatial OLAP tools will be very influential in deciding the success of a business market. Location data engulfing geospatial data can systematically co-relate all these connected devices to divulge certain relationships. And these relationships will dictate trends for business decision makers to analyze and bring order to the very complex data landscape. With more than 80% of all data having a location element, location intelligence will be the game changer among the recurring technologies.
The location intelligence is a budding partner for unnumbered industries like financial services, retail, insurance, logistics, and supply chain planning and transportation network. The geospatial data has uncovered vague relationships and helped these industries in finding value. Like how a geo- enriched data about the location of customers and their transactions, in some way prevents duplicity. A new market before being set up can visualize demographics, financial data, and criminal activity across the map for the best future results.
Nearly 63% of businessmen consider location intelligence to be very important for business operations. And with the burgeoning importance of location intelligence in executive management, Research and development, and energy and transportation industry, location intelligence has typically reincarnated as a dominant feature of business intelligence to leverage the opportunities in the market.
Location intelligence (LI) is a part of business intelligence (BI), which enables organizations with the capability to visualize spatial data to identify and analyze relationships. Location intelligence software is designed to draw on a variety of data sources, such as geographic information systems (GIS), aerial maps, demographic information, and organizational databases, and turn that data into insight for a host of business purposes.
It enables organizations to get insights about their customers and how to serve them better, increase brand loyalty, and effectively improve customer relationship management. Latest innovations around location intelligence have made it easy to map excel data, create data dashboards, and derive deep insights from location data. This allows organizations to get immediate insights over data. In addition, mash-up techniques eliminate the need for moving data between GIS systems and data warehouse environments. Simply put, LI is the integration and analysis of visual geographic/geospatial information as part of the decision-making process in everything from marketing to supply chain logistics and operations.
Most of the location intelligence solutions uncover the opportunity to work with traditional data sources and spatial data with a live relation between them, in order to produce dynamic maps via WMS/WFS standards or static maps and pictures in SVG format. It can prove to be helpful in many areas such as customer insights, marketing and advertising, choosing a location for a business, supply-chain and risk management, and mobile asset tracking.
The use cases for Location Intelligence tools are essentially endless, and businesses discover new ones in as the needs evolve. Taking advantage of LI should be one of the key priorities for decision makers seeking quality insights in an increasingly competitive global market. Once this process is carried out effectively, LI solutions can help lower operating costs, maximize customer satisfaction, and mitigate business risk.
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