Geospatial Analytics are Increasingly Used in a Modern Business
By Space Coast Daily // September 21, 2022
In today’s world, businesses can access large amounts of valuable data. However, access alone is not enough, and tools are needed to visualize data for its application in decision-making. The geospatial data analytics market already offers several solutions, and their number will increase in the coming years.
Entrepreneurs are losing millions of dollars due to poor-quality data, so the demand for business intelligence solutions is also growing, and the industry is growing. Various organizations are striving to meet this demand and provide entrepreneurs with tools to help ordinary users make high-quality analytical conclusions.
Geospatial Analytics: What It Is, Why It Matters
Geospatial analytics enables companies to collect, manage, and display GIS data, satellite images, and GPS data. The data handled by geospatial data analytics contains geographic components and identifiers such as postcodes or addresses. Accurate modeling and forecasting based on the received data is done using data visualization and creating geographic models.
Geospatial data opens up many opportunities for businesses. For example, geospatial data analysis can help entrepreneurs to find the best places to open stores or advertise. In addition, investors can use the data to make the most profitable decisions about companies in which to invest.
Satellite imagery analysis for agriculture
At first glance, agriculture may seem like a fairly established and conservative industry that has not changed over the years. However, the legacy that influences this sector does not prevent it from developing and innovating. For example, satellite imagery and GPS technology applications provide many benefits to farmers. Growers can monitor field changes remotely and minimize crop loss by becoming more aware of plant needs and growing conditions.
Geospatial data analysis companies offer efficient and convenient solutions for various industries, including agriculture, that help save money, increase productivity and minimize the waste of resources. EOS Data Analytics provides solutions for searching, processing, and analyzing large amounts of satellite data for more than 20 different industries.
Supply chains improvement
Any company needs an optimized supply chain, the most critical components of which are supply and distribution routes. Geospatial data helps to find the most convenient ways to reduce logistics costs. GIS applications enable companies to address supply chain issues and ensure business continuity effectively.
How Can Geospatial Data Analysis Help Businesses?
The potential application of geospatial data for companies is enormous. By improving internal operations and communications, data can help businesses attract and retain customers. This solution also contributes to the improvement of marketing efforts, improves the accuracy of forecasts, provides efficient planning and plays an ever-increasing role in the job duties of a marketing analyst. Companies gain access to unique insights into patterns and trends, and this knowledge helps them to offer customers what suits their needs.
The company developed EOS Crop Monitoring, a satellite data-driven precision farming platform that helps farmers increase productivity, reduce their environmental footprint and stay relevant in a changing agricultural market.
The success of a business largely depends on the effectiveness of targeting and customer segmentation. Geospatial data makes it possible to understand what services and products are regularly in demand by customers and how the buyer’s vision is changing.
By understanding these factors from data analytics, companies can create targeted marketing campaigns and attract customers. Companies can also see if customers have switched to competitors and direct efforts to retain them by highlighting what sets them apart from competitors and offering loyalty programs and discounts.
Predicting future trends
Analysis of geospatial data combined with AI and predictive analytics tools provides insight into consumption trends. This knowledge helps improve sales strategies and future market forecasting. Companies can develop and implement strategies based on geographical data and improve performance in this way.
Geospatial Data Challenges
The effective use of geospatial data requires technical knowledge and skills, and the successful implementation and maintenance of this technology also need the proper application of appropriate methods. At the same time, digital transformation and the use of data for decision-making are helping to improve planning, as well as helping to save money and time.
GIS specialists help to implement a spatial database and plan work at the initial stages. In addition, they provide the ability to perform deep industry analysis and provide actionable insights and insight into when to apply geospatial analytics.
The analysis of geospatial data enables companies to understand the needs of their customers and the market as a whole. Like any other technological solution, GIS should be implemented and applied intelligently, using appropriate methods to realize the potential of this technology. Proper use of this tool provides valuable information to enhance customer interaction and increase productivity.