A Review On The Growing Importance Of Location Intelligence

1. A Review On The Growing Importance Of Location Intelligence The utilization of location data in business ventures is experiencing a robustdevelopment cycle. Location Intelligence is widely being utilized to give integrated and customized products and services to consumer. Location Intelligence Enable Optimizing Business Decisions The locational intelligence allows to optimize business decisions— from identifying the best area to open a new store for energizing the supply chain,to making engaging marketing campaigns. Insurance and financial servicesemploy location analytics to analyze risk and verify claims. Organizations too use location technology to manage consumers by merging their enterprise resource planning (ERP), customer relationship management (CRM) and social networking platforms with the Geographic Information System (GIS). With renewed interest from businesses, location environment is currently consistently expanding. An industry in the past known for its mapping and navigation capability, is currently developing into analytics and intelligence, capitalized by both companies and consumers alike. The location industry value chaincurrently can be reviewed into a three-tier structure: ▪Location data and analytics platform service providers ▪Location-based consumer services and platform providers ▪Enterprise business intelligence platform providers with integrated locationcapability An exclusively positioned segment at the fulcrum of location analytics and Business Intelligence interchange isthe sharing economy business. From ride-hailing to food deliver services, these enterprises are constantly creating, gobbling and analyzing location data. Very shortly they will begin monetizing their Location Intelligence, leading to disruptionof the whole location industry value chain. The Skyrocketing Location Industry Integrating GPS in iPhone 3 and the expansion of mobile phones as IOT devices are supposed to be the vital crossroads for ‘location', transforming a simple component under the GIS Label into anautonomous industry. The increasing significance of this industry is

2. emphasized by the actions of giants like Esri and Hexagon — thecore geospatial players, who have consistently moved into the location biosphere by connecting their offerings with Location Intelligence. Along these lines, they can leverage business analysts and designers' communities that are not part of the popular geospatial industry. Importance of Locational Data Has Snowballed With the arrival of Cloud, software-as-a-service (SaaS) platform, 4G-5G network and connected IoT devices, the accessibility and strategic importance of locational information has snowballed. Now, millions of connected consumers on apps supported by incalculable sensor devices are producing location data by the second. Big start-ups like Waze, Uber, Lyft, have Location Intelligence at the heart of their business model. Commercial establishments from retail, logistics to financial services have started utilizing locational intelligence to comprehend their consumers and keep them engaged. Location data and analytics platform providers such as Google, HERE, CARTO, Mapbox, GroundTruth, Foursquare, TomTom, Factual, Quadrant and several more know that organizations are striving tokeep pace with speed and efficiency. Opposed to past, when analytics was referred to for future decisions, organizations today ask for insights for instant decisions. The capacity to process data speedily, allowing highly efficientreal-time business-critical applications, provide enterprise with a competitive edge they lacked previously. Conclusion All in all, the location data platform providers are the one-stop shop for all services concerning location data and analytics application.