NEW YORK (March 12, 2015) — According to a new report by Forbes Insights, in association with Pitney Bowes, “The Eureka Moment: Location Intelligence and Competitive Insight,” by mapping different types of data—such as storm patterns, infrared heat signatures or waterways—location intelligence can bring previously unseen spatial relationships to light and, as a result, improve decision making.
If, as is commonly estimated, 80% of all business data contains a location component, it is critical to understand how location affects business. Properly analyzing location can provide insights that support and improve decision making in everything from marketing to supply chain logistics and operations.
In recent years the convergence of business intelligence, mobile and big data has given rise to data-driven organizations. But business intelligence platforms typically miss an important dimension of data analysis: location.
Location intelligence (LI) can be described as the process of deriving meaningful insight from geospatial data relationships to solve a particular business problem. It involves layering multiple data sets spatially and/or chronologically, for easy reference on a map, and its applications span industries, categories and organizations. Accuracy and precision of that location information are crucial, especially in business-critical processes, such as policy underwriting for insurers.
“This report shows how location intelligence can supplement traditional business intelligence to reveal new ways of looking at existing data,” said Bruce Rogers, Chief Insights Officer at Forbes Media. “This can lead to competitive insights, and improve the customer experience or speed to market.”
“As the consumer landscape begins to change, companies are becoming increasingly challenged to personalize their services,” explains James Buckley, Senior Vice President of Location Intelligence at Pitney Bowes. “Blanket strategies no longer work. Businesses must be strategic in how they develop, distribute and communicate to customers. Location-based insights are becoming the backbone to driving that strategy.”
Key insights include:
- Location intelligence (LI) does not replace business intelligence (BI); it complements it. Where BI may find one-dimensional relationships between customer demographics or store and warehouse locations, LI enables much deeper dives into the relationships between geography and customer data.
- In the combination of geographic and dynamic data, visualized on a map, location intelligence reveals characteristics that may have been otherwise obscured in a spreadsheet environment.
- While location intelligence tools are often designed to help solve a particular problem, businesses are innovating new ways to apply the intelligence to secondary issues, and in doing so, often open up new efficiencies or ways to compete.
- Software vendors are increasingly gearing spatial analytics products toward everyday business professionals. The resulting offerings feature intuitive interfaces, live editing capabilities and significantly reduced training timeframes for new users.
About this research
In this report Forbes Insights looks at real world location intelligence use cases in the public and private sectors, and how organizations within these sectors have used location to reveal insights. Forbes Insights has interviewed senior executives and officials from a number of industries to understand the efficiencies and competitive advantages location intelligence helps their organizations create.
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