5 Common Myths stopping businesses from leveraging Location Intelligence
Having spent more than two decades talking to people about location-based information and data quality, we at DMTI Spatial often find ourselves debunking myths about spatial technologies. While it is true that the general awareness about location data and analytics has grown in the last few years, some common misconceptions continue to contribute to a sluggish uptake of the technology. In this post, we will discuss those bits of misinformation that are preventing organizations from leveraging the disruptive power of location intelligence.
Myth: It’s just a software that makes maps
Fact: While visualizing multiple layers of data on a map is a definite feature of any location intelligence platform, the software does much more than just making maps. The fundamental purpose of a location intelligence tool is to convert complex datasets into insights and help businesses unlock efficiencies through informed and smart decision-making.
A robust location intelligence software will empower an organization to identify new sales opportunities, manage and reduce risk, increase operational productivity, assess and analyze marketing campaigns, plan new stores, improve customer experience, and much more. Location intelligence not only gives businesses an irrefutable competitive edge, but it also provides them with answers to the questions they may not have thought of yet!
Myth: I will need a team of GIS experts to handle it
Fact: While this may have been true for legacy location intelligence tools, DMTI Spatial designs its solutions keeping non-technical users in mind. Our offerings are as user-friendly as they are intuitive and do not mandate the user to be an expert in geographic information systems (GIS). In fact, our web and mobile-based tools do not even require any setup or involvement from the IT staff. Nontraditional users like managers and executives can easily derive powerful business insights from the solutions which can be customized according to both needs and roles.
Myth: It will not work with my existing IT systems
Fact: No business wants to purchase a technology that would force it to learn complex skills and not fit into the existing infrastructure. The IT department especially is entrusted with the task to make sure that any software that is being used within the organization can be administered and scaled according to the business objectives and demand of the users.
This is why market leaders in location intelligence like DMTI Spatial address these very valid concerns by designing secure, robust, and highly scalable solutions. By offering software-as-a-service (SaaS) applications, we ensure seamless integration within the existing IT system of any business. An organization could host our data within their application or access it through APIs to take advantage of the most up-to-date content streams. By providing end-to-end support for training, software integration, and consulting services, we facilitate painless integration of location intelligence directly into business operations.
Myth: It is too expensive
Fact: While location intelligence tools can be tailored to fit organizations and budgets of all sizes, the economic benefits that these solutions generate through increased operational efficiencies, risk mitigation, and new sales opportunities are simply too vast to be ignored. When DMTI Spatial helped Canada’s largest insurance company to implement real-time location analytics technology, the client was able to achieve a 15% reduction in processing time with a payback period of only 6 months.
Or take the case of Canada Guaranty, a private mortgage insurer who desired an accurate way to reference property addresses so that more mortgage insurance applications could be processed using automated valuation model data rather than conducting a property appraisal. Using DMTI Spatial’s award-winning Location Hub® software-as-a-service, the company was able to save hundreds of dollars in appraisal costs for each address it matched using the integrated Unique Address Identifier (UAID™).
Myth: It will not be useful for my organization
Fact: With location intelligence tools, smart retailers have been able to gain a fresh perspective on the market, provide unforgettable customer experience, and achieve unbeatable retail site selection. With spatial technologies, insurers have automated the risk analysis process and improved efficiencies. Location-based information is allowing transportation and logistics providers to optimize routes and avoid operational delays. Telecom companies and utilities are able to break into new markets and upsell customers because of location intelligence. Accurate location data is enabling quick-service restaurants to design foolproof direct mail campaigns and identify lucrative sites for new delivery outlets. The list simply goes on… No matter what the nature of your business is, location is a vital characteristic in all organizational data, and a robust intelligence software can help you unmask unique insights and value from that data.
According to a new report by B2B research firm MarketsandMarkets, the global location analytics market size is slated to grow from $10.6 billion in 2019 to $22.8 billion by 2024. During this forecast period, North America is expected to account for the highest market share on the heels of both rising technological advancements and awareness among users. If you also want to unlock the value of location intelligence and use it as a transformational business tool before your competitor does so, contact us here today.