Location Analytics Empowering Business Intelligence
Since the past decade, business communities have started to adopt location technology and predictive analytics into their business models. Location analytics blends business data with geographic data to reveal the relationship of location to people, events, transactions, facilities and assets. Many BI and analytics software vendors today are integrating mapping and spatial data analytics into their products to provide additional context to visualizations, reports and analysis.
Monetizing Location Data: Gaining & Maintaining Competitive Advantage
Monetizing location data and analytics is an emerging trend in the industry. Growing prominence of data-driven technologies such as AI, IoT and blockchain has created new avenues for location-based data to reach more users, in more innovative ways. Many LBS application requires highly accurate outdoor and indoor location. Producing/collecting accurate and comprehensive location data is key to maximizing its analytic value. With a good data operating model, data ecosystem, and data platform, the application and monetization of data can become easier.
Location Intelligence: The Future of Customer Engagement
In today’s interconnected, omnichannel world, brands can leverage location intelligence derived from wearables, mobile devices, connected cars, smart city infrastructure, and in stores, to execute highly-personalized digital engagements with consumers. With technology and customer expectations evolving rapidly, brands are taking the leap towards insights-driven, customer-centric strategy. Beyond reporting items, events or performance across geographies, location data can be correlated with customers’ historical behavior to generate critical business value.