Blog > Location Intelligence > Context is Key: Empowering Business Users With Spatial Analytics and Enriched Data

Context is Key: Empowering Business Users With Spatial Analytics and Enriched Data

Authors Photo Precisely Editor | August 7, 2023

Context plays a critical role in building data with integrity. To deliver on the promises of data-driven innovation, enterprises must operate with accurate and consistent data. That means having data fit for use, but data quality alone doesn’t provide the complete picture of reality that businesses need. Context plays a vital role in generating the game-changing insights that organizations require to increase efficiency, dominate markets, and deliver outstanding customer experiences.

Group looking at location mapping.

For standout results, organizations should consider augmenting their internal data with curated third-party enrichment data from trusted sources. Location intelligence adds even deeper context, giving you access to powerful spatial operators to unlock hidden insights that drive business value.

More often than not, business users don’t have access to all of the information they need to make sound business decisions. Product managers and marketing specialists, for example, want to know whether there are underserved market segments that represent potential growth opportunities. They may also need to understand customer attrition, identify sources of risk within their customer base, and take concrete action aimed at minimizing that risk.

The Power of Contextual Data

Context helps generate the additional information that business teams can use to generate deeper, more meaningful insights.

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Telecommunications companies, for example, use location intelligence for network planning and to design the rollout of 5G technology. They’re visualizing existing network coverage to identify upsell opportunities. They’re optimizing coverage and designing infrastructure to deliver maximum value for each dollar invested.

Insurance carriers use location intelligence to improve the accuracy of their risk and underwriting processes. In the case of homeowners’ policies, for example, it’s critical that an insurance company start with a clean, fully validated address supported by accurate geocoding. By further enriching their property data with building footprints, tax records, and other property attributes, insurers can vastly increase the accuracy of their risk assessment processes. They can better understand the risks of flooding, wildfire, and other hazards.

PropTech organizations use location intelligence to zero in on the ideal properties for both residential and commercial clients. If a homebuyer has young children, for example, realtors can quickly and easily identify houses for sale that are close to a public school. They can determine how good each local school district is, what kinds of amenities are nearby, and whether the neighborhood is home to other families with young children.

Understanding What Matters by Applying Spatial Analytics

Precisely’s spatial analytics capabilities enable business users to visualize data in ways that support sound decisions and optimal processes. Whatever industry you may be part of, location undoubtedly plays a role. Customers, competitors, assets, and interactions all exist in the context of a physical location. By knowing more about those locations, your organization can gain valuable insights that increase profitability, uncover new opportunities, and unleash innovation.

Consider the various questions a business might have about location. Retailers want to know where their competitors are located, and how much traffic they receive. Service companies want to know whether a potential new customer falls within their designated service area. Property management companies want to understand things like crime rate, natural hazards, and which businesses are located close to their real estate assets. Virtually every business can benefit from understanding the demographic context of a particular area, helping them to identify new market opportunities.

Unfortunately, traditional BI software and other analytics tools are poorly suited to generate useful insights from geospatial data. Most are limited to presenting data that lends itself to organization in rows and columns. Some offer very limited map visualization capabilities, but they generally don’t go much further than displaying locations on a two-dimensional plane.

The goal of visualization is not creating pretty maps – it’s all about deriving information that moves you from “what happened” to “how,” “why,” and “in what context.”

And to get real value from location-based data, business users need something more. Powerful spatial analytics offer a much richer view that incorporates boundaries, distance, and clusters of data points to unlock location-based insights that can inform decision making across the organization.

When users can visualize dynamic data throughout time, new possibilities emerge. By understanding how a weather event unfolds, for example, insurers can predict potential property damage, detect potential cases of fraud, and preposition adjusters in advance of a natural disaster such as a hurricane. By understanding the flow of traffic throughout the day, transportation companies can better predict schedules and potential delays. When a retailer can visualize the pattern of consumers’ movements throughout a typical week, they can zero in on the best location for a new store.

Using a gps in a car.

Unlock the Power of Context with Location Intelligence

Precisely empowers businesses to analyze location data to deliver enhanced business insights that drive superior outcomes. Our rich portfolio of products and flexible deployment options ensure you have the tools and resources you need to be successful.

Spectrum Spatial helps organizations to integrate and orchestrate location data from across the enterprise, and produce powerful visualizations that unlock the full power of geospatial analytics.

Our geo addressing capabilities help companies organize, locate, validate, and enrich address data on a global scale.

MapInfo Pro, our industry-leading desktop GIS solution, enables geographic information system (GIS) analysts to visualize, analyze, edit, interpret, and output data — revealing relationships, patterns, and trends that pave the way for enhancing business value in your organization.

Location intelligence gives users throughout your organization access to powerful new insights. Many organizations begin the journey toward location intelligence with geo addressing technology, verifying and standardizing addresses to improve the quality and value of their existing data.

Precisely offers industry-leading geocoding capabilities, but in addition, we provide a valuable component that unlocks thousands of additional data points. The Precisely ID is a unique identifier that links every address to a list of over 9,000 different attributes, allowing you to enrich your data with a vast array of new information. Location unlocks extraordinarily valuable context to help you gain deeper insights from your data analytics.

To learn more about the power of location and the broader topic of data integrity, watch our free on-demand sessions from Precisely’s Trust ‘23 Data Integrity Summit.