Geo-Analytics – Paving the Way Ahead
Data of all kinds has always been dear to businesses, as it draws them closer to the world of consumers, and helps them formulate the right strategies to enhance consumer experience. Location- based data is one such insightful wonder, opening doors to a treasure of information for businesses, lending them wings to spread in multiple directions. Imagine, if a company is able to find out that the maximum demand for its product or service is generated from a particular area. Well, that is certainly a good piece of information to act upon! Price adjustments using the demand and supply forces, increasing workforce in that particular region, setting up of warehouses or delivery centres in that area, etc are only a few things that one could do by making use of geospatial data in such a case. Interestingly, some estimates reveal that up to 80% of all data generated has a geospatial or location-based component. This explains its ever-increasing use by the industry.
Businesses of all sorts have been pretty quick in embracing different kind of technologies, with location technology being no exception. Location-based intelligence has been doing wonders for the industry, and has proved to be a boon for organizations, by greatly simplifying their day-to- day working. Here, all that is required is analysing the massive volume of data with precision, picking up definite trends and then laying down growth-steering policies. Globally, a large number of companies have been able to optimize the delivery of their products and services and strengthen their operations by harnessing the power of this magical tool. Uber, for example, has recently started to collect mapping data for drivers on Australia’s Gold Coast streets to inform them of traffic patterns and precise pick-up/ drop-off locations. Hewlett Packard (HP) has also successfully made use of Geo-analytics to study its logistics network within Singapore, and has used the “centre of gravity approach” to consolidate most of its warehouses to the west of the country, where majority of demand lied. The change helped HP reduce its logistics overhead by more than 50%.
Clearly, location-based data has a strong potential to reap long-term benefits for businesses, by helping them in long-term planning, and thereby driving overall growth. PwC has recently used spatial data analysis to create a development masterplan for the city of Tbilisi, by using the valuable information to plan investments in tourist, hospitality and retail facilities in the city. Disaster zones have also successfully leveraged this splendid technology to chalk out a plan of action. The UK charity, MapAction, used GIS to ensure that aid and relief workers could be deployed effectively to the right areas following an earthquake in Ecuador last year.
Geospatial analytics has underpinned disruption across many industries worldwide. Uber, for example, wouldn’t have been possible without the use of this advanced analytics tool. The industry, in fact, wouldn’t have been the same, and we perhaps, wouldn’t have witnessed a large number of developments around, in an attempt to enhance customer experience. What’s more, these analytics are increasingly being used to drive market segmentation on the basis of demography, helping organizations in designing their own promotional programs, plan campaigns, introduce dynamic pricing and target new customers. The success story of Barneys New York cannot be given a miss here, as it recently leveraged beacons to push location-relevant notifications to its customers. As part of the move, as soon as a user opens the Barneys New York app, his/her location is then used to determine their proximity to the store and important notifications are sent to them related to the current offerings in the store, along with some recommendations for dining, sightseeing and other activities in the neighbourhood. Now, that’s like touching the right chords of the customers and a true, innovative use of location-based intelligence.
Since the data is being generated in ever-increasing volumes today, and the technology required to process this enormous data is getting more and more complex, it becomes extremely important to ensure the use of the most accurate method to derive the same. Incorrect or old spatial data could negatively impact the information’s potential value. Geospatial analytics by Tookan, the advanced delivery management solution, takes care of all this and many more by transforming the location-based data into map based visual insights that helps you streamline your functions effectively and drive business growth. Many business have already made use of Tookan’s Geo-Analytics SDK and benefited by optimizing their logistics and delivery chains. Having said that, with more and more devices being connected to the internet every day, and the size of the Internet of Things market expanding rapidly, estimated to surge from USD 157.05 billion in 2016 to USD 661.74 billion by 2021, geospatial information could prove to be a big game-changer. It could lay ground for other businesses to come and join the wagon, or give more powers in the hands of the existing players, or perhaps give birth to a new industry altogether – we are yet to see.