Location is integral to business intelligence
Business intelligence can be described in simple words as the use of technology to help business owners or managers make better decisions about their product or services so as to improve their market, identify new opportunities, cut down costs or identify the bottlenecks in the current model. Business intelligence consists of several tools and techniques that help to collect the data of an organisation. This data is then analysed to provide valuable insights and information that can then be used to improve the functioning of the business.
The various benefits that business intelligence provides include:
- Better decision making
- Optimising business process
- Better revenue
- Gain advantage of competitors
- Identify market trends
Location data is a very important aspect of business intelligence data. Here we have a look at how location data is integral to business intelligence.
Location data is not limited to a map. Location intelligence helps to add precision in making the decisions. With the technologies today such as the Internet of Things and the rapidly increasing numbers of sensors that can be attached to a multitude of devices the gathering of data is easier than ever.
Consider a smart city development is to be done. The location data on the traffic patterns becomes very useful in making the decisions on where the sensors are to be located.
For enterprises adding location to business intelligence can provide much better insights. Combining the location data can improve how personalised experience can be provided to the customers.
How location intelligence works:
Location intelligence can be a full-fledged analytics system. It consists of not only maps but also several data represented by points, lines and polygons which are plotted as coordinated in space. These objects are associated with various properties that define their behaviour. For business it is important to visualise the data, that is where location intelligence comes in. There are several tools that allow for visualization of data to a very good extent. This can be very useful for making better decisions.
Consider that you want to open a new outlet for your business. You can go through the location data which will help in finding out which location has the most probable customers for your products or services, where are the chances of future advancements better, where shall you be able to get all the facilities that you require, and so on. Interactive maps could help in everything from deciding the best evacuation routes in your buildings during emergencies to finding out locations for opening up new dealerships.
With the advancements in technology it is very convenient to carry all this data in your pocket. You can get all the notifications about what is going on where in your factory on your mobile phones. This is also improved by the use of location in business intelligence.
Now that we have seen how business intelligence can help in improving any business and how location is integral to business intelligence , have you taken the steps to make use of business intelligence in your business.?
About the Author
DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized system and data integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets.