Over the past summer, I had the opportunity to attend and listen to the IT and Tax division guest speakers of a large public company at an intern conference in Texas. In one of the presentations, there was a term and perspective that I have not been aware of before--geospatial analytics. In the environment that I was in, the guest speaker presented how geospatial analytics can be used to make better use of tax data and in general, pry out more meaning in number-loaded spreadsheets. This term had piqued my interest and stayed in my mind since that summer. If you are unfamiliar with this term, do not worry, keep reading on and you will learn something cool right now!
So...What is “Geospatial Analytics” for Business?
Geospatial analytics is the use of location of data, and looking at it’s patterns to better visualize and make more optimal business decisions. The way we are looking at data has been transforming. Traditionally, businesses used to rely on a two-dimensional perspective of data. To be more current and more accurate with business decision making, businesses must visualize even beyond three-dimensions which, geospatial data, provides just that. Let’s take a look at how an app such as Instagram, provides geospatial analytics for a newly open business, “Greenhouse Kitchen” and how this business could use the data to make favorable business decisions or strategies.
On Instagram, you can look up in the search bar the name of a business or subject you’re interested in. The search results for Greenhouse Kitchen shows up a map of the location and then two categories of posts: 1) Top posts and 2) Most Recent posts. These posts shows up in the search results because users have tagged the location or used hashtags in their pictures. In the business perspective, Greenhouse Kitchen could potentially look at these two categorized posts to see what their customers are into what products of theirs. By simply locating relevant tags, Greenhouse Kitchen can infer on how well they are satisfying customers wants and needs by looking into real-time comments, captions, and photo content. Also, they can collect demographic data on what customers they are pulling in. In the post below, a young female adult customer pointed out that they enjoy “a Whole 30 friendly restaurant.” In a business position, I could research more on what “Whole 30” means if I don’t know it already, and then figure out what I could do to implement such relevant trend into potentially marketing and advertising my business.
This is just a basic example of how geospatial analytics could simply work in. Geospatial analytics can be used in far more complex environments such as behind-the-scenes softwares, programs, and instrumental sensors.
Geospatial Workflows are Heading Towards the Cloud
Currently in the works, is Geospatial Cloud Analytics. It is essentially combining the use of cloud storage and geospatial workflows to attain even faster analyses. It is only a lucrative move if relevant businesses are looking into the use of cloud-incorporated geospatial capabilities. Businesses may be able to cut costs on big data storing or even improving supply-chain processes. Uber, for example does not own any supply of cars. Instead, the Uber puts the responsibility of owning a car to the driver and focuses on the implementation of geospatial data (such at the GPS), cloud storing, and other tech platforms to run it’s service.
Who would’ve simply thought that the fun and basic use of tags in our social media platforms, would turn out to be a big asset for businesses! This suddenly reminds me of a quote said by Frank Underwood in Season 1 of House of Cards, “It's all about location, location, location. The closer you are to the source, the higher your property value.”
Posted by: Dalena Nguyen
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Instagram photos were snapshots from personal device.
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