What do real estate and big data analytics have in common? While it may sound like the lead-in for a bad joke, the answer is: “Location, location, location!”
Geospatial representation is a complex term for something that’s visually simple. It may look complicated at first, but we intuitively understand what we see faster than what we read.
And in today’s digital age, these statistical representations allow data analysts to review color-coded, segmented, map-based data upon insertion of the data, not upon evaluation of it. And the faster andmore accurately your data analysts can process data, the more efficient and effective they can be.
Location Analytics to Uncover Business Opportunities
This first and primary benefit of location analytics is time savings. Geospatial data analysis outsources the basic interpretation to the program and gives your business analysts the insights to work off – not data that they have to interpret. And because your analysts don’t have to gather the data and spend a lot of time trying to understand it, they have more time to drive strategy and uncover opportunities.
Learn More About Your Customers by Location
Map-based analytics may not seem particularly valuable to every business at first, but every business has customers.
The more intuitive maps become, the more they will figure into the big picture as you evaluate and understand your customers on a closer level. The more information you overlay onto your business map, including geo-contextualization and specification, the more comprehensive an understanding you can have of your market.
Learn More About Your Business by Location
The logic that works in favor of analyzing your customers by location also goes for your business itself.
Creating a geographic vision of your business data will give you insights into your customers, as well as into how your business runs, and how it could run more efficiently and cost effectively. The business atlas you create can provide the jumping off point for incredible insights to chart the way forward for your company.
Big data is not just about plot points any more. Adding a data visualization slant to location analytics breaks open new boundaries. The more data we gather about location-based information and the better we organize that data, the more powerful data becomes in the world of location analytics.