Location Intelligence Provides Valuable Business Resources
Location intelligence, according to a February 2014 global survey by Dresner Advisory Services, has been shown to be an important aspect to effective business planning. The company’s survey found that for over 50% of its all-industry respondents, it was either “very important” or “critically important.” When considering that within the next 40 years, the global population is expected to increase from 6.5 to nine billion, the need for effective intelligence gathering data will also be increasing.
Just one of the purposes for location intelligence, according to Forbes, is to utilize data analytics to make consumer shopping recommendations. Furthermore, it can also assist banks with risk assessment as well as in determining appropriate interest rates and other vital information to ensure profits.
Forbes also comments on the role smartphones play within location intelligence. Given the fact that people make note of their activities and then share them on cloud-based social media, this data can be used for a variety of purposes. Forbes also predicts that as digital data is further leveraged, there will be more location-based services and leadership in the following areas:
- Digital data
- Mobile applications
- Technology infrastructure
In other words, the location intelligence market is definitely making an impact on how businesses and government entities utilize the geospatial data they collect, analyze, and dispense.
According to data collected by the European Union’s Eurostat, by 2030, it is is estimated that in Europe alone, every 100 workers will need to support 40 people 65 and older. In 2008, there were just 25 pensioners for every 100 individuals in the workforce.
This signifies a growing need for collecting data and conducting marketing analytics for this age bracket. This data will then be utilized for purposes that include predicting the need for specific products and services.
When focused on location intelligence solutions, an effective ratio with planning, collecting, reporting, and analyzing data is of obvious concern. Google’s data experts, for example, have recommended the following approximate ratios:
- Data capture: 15%
- Data reporting: 20%
- Data analysis: 65%
The Internet of Things (IoT) is already making an impact on marketing analytics and will continue to do so. Devices other than computers that can send and receive data are referred to as the IoT. In 2011 alone, there were 12 million of these types of devices, called RFID tags, sold.
Basically, the purpose of an RFID tag is to track the movement of objects and capture the data for marketing analytics and other purposes, such as security. As the IoT develops further, it is estimated that there will be 209 billion of these devices sold by 2021.
Other positive repercussions from the IoT are employment opportunities. Gartner, a research company, has predicted there will be 4.4 million big data jobs over the next few years.
For those seeking effective business solutions, obtaining the services of location intelligence companies can make a significant impact. One of several resources that they can provide is location intelligence software.