28/06/2021
The value of Location intelligence (LI) in today’s business world.
Location intelligence (LI) as the use of mapping and geospatial data, in combination with a company’s internal business data, to improve the operations and underlying business processes. Location intelligence (LI) is a discipline for turning location data into business outcomes through enrichment visualization and iterative analysis. LI is shaping businesses of the future by adding critical context to the decision-making process. In short LI is the ability to take organizational data and apply location to empower effective decision making. LI draws on a variety of data source like geographic information systems (GIS- Geographic information system technology is the underlying technology of location analytics), aerial maps, drone Images, demographic information along with the organization’s own databases.
Today, LI plays an increasingly important role for organizations and businesses by providing accessible insight into where things happen, why they happen, and what the next best move is. Approximately 80% of organization’s data has a location component. By underutilizing this data, organizations overlook rich and pervasive information that could help them operate more efficiently and competitively. Savvy companies are generating new insights and unearthing new opportunities by mapping location-specific data.
Location Intelligence provides the ability to visualize spatial or geographic data on maps. This style of visualization differs from standard table or grid reports and charts in that it associates business data with a particular location and allows to easily see patterns, which are otherwise hidden within a dataset. LI helps integrate demographic information and other spatial data to an organization’s existing business data, making maps truly interactive, allowing the users to drill down to data associated with any given location. What is the average income in areas where the highest performing stores are located? Where are the competitors stores located in relation to the one that is being planned? Where will my customers come from? This kind of information is valuable when planning new store locations and making other strategic decisions about the store, customers, merchandise and warehouse.
Data-driven companies are creating new solutions by enriching their business data with location, visualizing the result, and merging traditional temporal analytics with spatial analytics. This location intelligence (LI) approach impacts the way executives make decisions and develop strategies across Industries.