In the realm of data-driven decision-making and complex machine learning algorithms, data is the fuel propelling everyone forward. However, if analysis is done on a data tank that is only partially full, the results might not reach their full potential. To make sure that the tank is always full, you need location-based data.
From the digital breadcrumbs left by your cell phone each day to the continuous imagery captured by Earth observation satellites, there is a trove of property data and location intelligence that often remains untapped. But using these inputs can reveal invaluable insights often obscured in conventional spreadsheets and pivot tables.
How Does Geospatial Technology Work?
So, what is location data, and why is it so critical to making business decisions? Location data is the key to understanding the spatial context of information, which allows for an exploration of the interplay between objects, people, and places. By harnessing this data, you can uncover patterns, relationships, and trends that might otherwise remain hidden. Only then can you truly make informed business decisions.
Location data science, surprisingly, permeates our everyday activities. When you decide which grocery store to visit, look for the nearest gas station, or search for the closest electric vehicle charging station, you are, in fact, using location science. It’s a matter of using principles like “attractiveness” and “distance” to gauge the probability of you choosing a particular retail destination. In essence, it’s just mathematics, but the real magic lies in the input data, which is location-based.
Harness Location-Intelligent Growth
How Are Geospatial Technologies Used?
When companies ask what industries is geospatial intelligence used for, the answer is nearly all of them, especially when organizations are looking to grow.
Consider the example of opening a shoe store. Everyone needs shoes, but to attract more customers and ensure repeat business, you must identify high-traffic areas. When scouting for the perfect location for your next store, a major consideration driving retail site selection is whether you pinpoint regions experiencing significant growth and foot traffic.
While some business analysts might rely on demographics, those aiming to outshine their competition often seek growth “signals.” These signals point towards areas primed for rapid population expansion and potential business opportunities to help make the companies using location intelligence into location-intelligent organizations.
For instance, identifying a home builder that has recently acquired vacant land suggests impending construction, complete with building permits and future homeowners. This indicator alone might suffice, but a comprehensive assessment might also include data on the number of homes expected to sell and the likelihood of a nearby large parcel being earmarked for a shopping center.
It’s these growth signals layered into property data that are indispensable for effectively planning your capital investments and propelling your decision-making. Whether you’re a consumer making everyday choices or a business owner charting expansion strategies, location data holds the key to unveiling insights that can redefine your approach and lead you to greater success.
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