Leveraging Location Intelligence for Business Transformation is Easier Than You Think
With billions of connected devices generating mountains of data on a daily basis, it’s all too easy for organizations to get overwhelmed by the constant flow of digital information. However, there is one data stream which, rather than adding complexities, comes with the power to simplify the collective big data landscape. We call it location data, and it’s absolutely vital for business transformation.
The geographic component, or the ‘where’ factor, gives organizations an opportunity to bring together events, transactions, people, assets, facilities, etc., on common ground. By employing location-based analytics on these myriad information sets, business leaders can derive competitive insights as well as learn more about their customers, operations, and competitors in an unprecedented manner.
Why location intelligence is important
- When all key stakeholders can be visualized in their real-life environment, managers get a better understanding of the scope of their operations and the impact of their business.
- With a clear view of organizational assets, resources can be optimized in ways which are not only time- and cost-effective, but also balance environmental and societal concerns.
- The dependencies of various business forces come to the fore when multiple layers of data are overlaid on a map. This allows for better planning, decision-making, and business transformation.
- Geographic visualization of data can also help to unravel hidden patterns or trends affecting business. If the data were to remain only on spreadsheets, these hotspots, anomalies, or outliers could easily have been missed.
- In a constantly changing business environment, location intelligence can give organizations a clear and distinct advantage over their competitors by allowing them to make predictions for the future.
Where Canadian organizations are lagging
There’s no denying that location data has never been as competitive an asset as it is today. High-performing organizations are using it to glean insights about constantly changing market dynamics as well as their customers. And yet, when market intelligence firm International Data Corporation (IDC) Canada surveyed more than 200 business leaders in Canada recently to understand how various industries in the country were leveraging location intelligence, the results left a lot to be desired.
IDC Canada discovered that a lack of commitment to certain organizational practices was keeping executives from harnessing the full business potential of geospatial information and location intelligence. Even though 83% of respondents admitted that location intelligence was ‘critical’ to their organization’s success, the yielded improvements in terms of business outcomes ranged widely from 5% to 25%. These variations were in direct proportion to the maturity of location intelligence practices adopted by the organizations, the survey found.
Lagging businesses cited complexities of technology implementation, measurement of business values, and lack of geospatial skills as key challenges in adoption, whereas mature organizations saw speed-bumps in cultural barriers and end-to-end integration of location technologies into business functions.
But are these concerns really valid or are they a result of lack of awareness about the kinds of spatial solutions available in the market today?
Blurring lines between location intelligence and business intelligence
While it is true that location data and analytics were once perceived as specialized domains that could be leveraged only by government departments or big organizations with deep pockets, location intelligence tools today have become much more accessible and affordable. This is why developing a robust and aligned location intelligence strategy has become a top priority for progressive organizations across industries like utilities, real estate, banking, transportation, oil and gas, municipalities, etc.
Buoyed by the increasing availability of sensor data through the Internet of Things (IoT) and the widespread adoption of cloud computing, more and more forward-looking businesses are demanding innovative ways to integrate real-time location data into their analytical workflows.
A major shift has also been brought about by the ease of use of today’s location intelligence tools. It is no longer necessary for a business to have trained geographic information systems (GIS) professionals on board to make use of dynamic location intelligence software. With the evolution of technology and the transformation of industry as a whole, location intelligence solutions are increasingly being developed with non-technical users in mind. These user-friendly, intuitive products are blurring the lines between location intelligence and business intelligence.
The way forward
If location intelligence is proving to be important today, in the future, it is going to become even more critical for business transformation success. Be it choosing the perfect site to open a new store or launching a marketing campaign to convert prospects into customers, location intelligence is going to allow businesses to evolve fluid strategies with data-backed decision points.
However, not everything can be done in-house. To advance location intelligence initiatives across different business units, organizations must create strategic partnerships with reliable technology vendors that can provide them with not only specialized geo-enriched datasets but also customizable tools that can visualize and analyze both owned and subscribed data.
With the right technology partner, an organization can easily ingrain location intelligence into its business DNA and reap the benefits of unparalleled value.
Start the process today by contacting us here.