Geospatial data, also referred to as geodata, has an important role to play in business analytics. It contains geographic location information that describes objects and events in the targeted area. This is an important data set for your business in ways that are explained herewith. When you consider that the global geospatial analytics market is set to become $142 billion in the near future, you will realize how much other businesses are investing in it.
Find out how geospatial data can be beneficial for business in different ways.
1. Geospatial Mapping
Geospatial data allows you to create an image of areas that can be described in conventional or specific data forms. The data can be utilized to visualize spatial objects in the form of graphs, statistics, heat maps, cluster maps, and category maps.
The maps can provide segment-based information on:
- Target market’s demographics
- Business’ proximity to public utilities
- Target market’s socioeconomic background
Your business can benefit by having access to information on customer buying patterns and habits.
2. Competitive Intelligence
Another benefit of geospatial data for business is that it enhances your competitive intelligence. It allows you to track key competitor activities. Companies use this data for tracking logistic behavior and their business relationships with distributors and suppliers.
3. Selecting Sites
When setting up a business, it is important to find and choose the perfect location. Geospatial solution helps you identify readily accessible and competitive locations. This data set can help you address the following factors that determine how effectively your business performs:
- Transport accessibility
- Proximity to customers
- Competition
- Safety & security
4. New Investment Research
Geospatial data can also be beneficial for investors in researching potential areas that have immense untapped potential. The data can help you identify locations undergoing economic and/or population growth. These can be positive indicators of investment opportunities.
5. Supply Chain & Logistics
Proper logistics is an essential element for business success. Logistics involves a business’ purchase and delivery of materials and goods from one point to another. It also covers elements such as packaging, warehousing, and shipping of products.
Sophisticated geospatial mapping allows you to identify areas of improvement in logistics. It enables you to create more efficient delivery routes. This can help speed up delivery and shipment times. The benefits can include improved customer satisfaction and more effective supply chain management leading to improved:
- Sales
- Cash flow
- Profits
6. Risk Assessment
When it comes to risk assessment, geospatial data plays an important role. Companies can rely on geospatial insights to evaluate the risk of flooding in a specific area before building their new facility. Interestingly, this data set has also made an impact on risk assessment for supply chain management. It provides valuable visual insights into:
- Supplier analysis
- Disruption risks
- Potential risks
7. Analyzing Trade Areas
Geospatial data sets are also useful in analyzing commercial and industrial trade areas. Trade area analysis can be used for strategically planning business expansion by examining optimal locations for new:
- Product plants
- Branches
- Warehouses
- Subsidiaries
8. Predictive Analysis
Geodata is also utilized for effective predictive modeling. For instance, a business can use geospatial data to predict the demand for their new product. You can consider factors such as potential customers’ location and area demographics. The data helps improve decision-making by offering insights for making informed decisions.
Conclusion
Geospatial data and other modern technology innovations open new opportunities for businesses to succeed. Geodata helps you gain a better understanding of your target market’s needs and preferences. This data set can be applied in many other scenarios to benefit different types of businesses.
