04 Aug Location Intelligence Can Benefit Your Organization Now
North America can expect significant telecom network growth in the next few years. To capitalize on this, organizations are relying on location intelligence.
According to Global Market Insights, the “Telecom Network Infrastructure Market growth [is] predicted at 4% till 2026, [and] revenue [is expected] to cross USD 100 Billion-mark.”
Telecom network growth can be seen with trends such as the race to 5G. Increasing demand for this network is a driving force behind telecom growth in North America. Another trend that supports this can be seen with the increase of technology that is dependent on connectivity. This stretches every aspect of the average consumer’s life from mobile phone usage to entertainment to the remote workforce.
5G connectivity and technology that is dependent on it are also spurring growth to increased IoT and Smart Cities across the nation and the world. “By 2021, there will be an estimated 30 billion connected IoT devices worldwide, many of which will be industrial connections, an essential component of smart cities.” Smart cities will coincide with the increased use of AI, creating a diversified and exemplified telecommunications ecosystem.
These strides made in technology provide new opportunities for global telecom networks, but how can network providers identify unique opportunities and make intelligent business decisions, such as where to invest?
The expansion of the telecom network provides various opportunities for a significant amount of industries. For individual organizations to utilize the network growth they must adopt location intelligence into their daily activities and contingency plans. What is location intelligence?
“Location Intelligence (LI) is the methodology of deriving insights from location data to answer spatial questions. LI goes beyond simple data visualization on maps, to analyzing location data as an integral part of a business or societal problem.”
If an organization that adopts location intelligence it will consist of a data-focused approach based upon geographic information systems (GIS), proper analysis of data layers, and augmentation of user actions.
The telecommunications industry has been utilizing this approach for years. However, others can benefit from this as well.
WHAT SECTORS CAN BENEFIT?
“Over 90% of companies [can use] location intelligence… to their success. They [can] use geospatial data and spatial analysis to deliver location intelligence, which empowers understanding, insight, decision-making, and prediction.” Various industries can benefit from this pertinent location-based data.
- Customer Service: Location intelligence that is hyper-focused on a customer’s real times actions and geolocation data.
- Education: “Universities can use location data to optimize their student recruitment process, alumni and donor tracking, and for campus mapping efforts.”
- Finance: Financial institutions can choose ideal locations for bank branches and other financial services.
- Insurance: Data analysis of location can assist insurance providers in offering accurate and beneficial insurance plans due to various natural and residential factors.
- Public Sector: Government organizations can utilize location intelligence to reduce abuse, fraud, and waste for optimized expenditures. Other public sectors, such as law enforcement and infrastructure can allocate resources at an optimized cost.
- Retail: Geospatial data enables retailers to provide an ideal customer experience with geotargeting advertisements and customer offerings. Retailers can also predict business analytics based on consumer trends and behaviors.
The telecommunications industry is not the only industry that can benefit from geospatial data. There are numerous ways that location intelligence can benefit almost any organization.
HOW LOCATION INTELLIGENCE CAN BENEFIT ALMOST ANY ORGANIZATION
- Strategic Analysis.
Location Intelligence can help your organization identify opportunities for the planning process. It can create communication and participation seamlessly from production to delivery of services and products. Location Intelligence allows operators to optimize investments for sales and network activities for return on investment targeting. Which leads to more accurate pricing and expected returns.
If a company knows the demographics of their clients, they can better target their market and generate a higher ROI. Companies now have access to a rich array of anonymized demographic and financial data from various sources. This allows for a deeper understanding of the consumer and highly accurate targeting.
- Trend Monitoring.
With proper geospatial data analysis and continuous monitoring, organizations can identify and respond to business, economic, and societal trends quickly and promptly. These factors can also play into risk assessment and opportunity identification.
- Company Insurance
Location intelligence allows companies to strategically align company values that resonate with the local environment. This also allows for the company’s reputation to be easily monitored and strengthened within the marketplace.
Having a location-aware enterprise allows an organization to reap benefits and minimize costs.
How GeoTel Can Help
Adopting location intelligence into an organization’s daily operations will allow for predictive analysis and be a key driver for ROI. GeoTel Communications can help an organization by providing deep, trusted location-based insight. GeoTel offers a location engagement platform to help drive business decisions with over 4 million carrier route miles, over 7,000 global network providers, and over 16 million fiber lit buildings. As organizations seek to make data-driven business decisions, GeoTel offers one of the most accurate and trusted databases available.
Written by the Experts at GeoTel