Big data is one of the buzz terms that emanates around the boardroom of many enterprises. While much of the C-suite understands the power of analytics, there is one important dimension to information that is often overlooked: location.
Location data and business intelligence
That revelation comes courtesy of the latest findings of Forbes Insights. In its study, The Eureka Moment: Location Intelligence and Competitive Insight, the main conclusion is that the vast majority of organisations will take little notice of location in their data insights.
It is found that 80 per cent of all information received by enterprises has a location component within it. Analysing this correctly can help improve strategic planning and decision making in everything from the marketing aspects of the business to supply chain logistics and operations.
Any company that is consumer facing can benefit from location data. After all, holding information which explains metrics such as age, gender and general preferences of customers has its advantages, but location can be used to deliver more relevant offerings to them.
Considering geographical information
Furthermore, the process of gaining insight doesn't have to be especially complex. Forbes Insights outlines that it can be simple as placing pins in a map. While this may seem rudimentary, and isn't necessarily for huge conglomerates, it can provide smaller enterprises with a better idea of where they are doing business, especially if they haven't considered location as a metric before.
Ultimately, geographic information can help in attempts to gain a competitive advantage. It makes it easier to see where the most market potential is, opening up avenues for a larger progressive customer base that would not have been achievable through more traditional analytics measures.
Location data can be invaluable to enterprises. Organisations that look to leverage better understanding of information today will likely be the ones to benefit most in the future.