Big data has become an important tool for real estate developers in deciding what to build and where, as well as for businesses to select where to set up their storefronts. It’s also information that businesses can use to create an optimized site selection strategy that accounts for what competitors in the area are doing.
Certain kinds of data can help a business better understand who their primary customers are and where they come from, which can help them create more accurately-targeted marketing campaigns. Geospatial data can even help them measure the effectiveness of these campaigns by tracking things like how many people were exposed to their ads, visited one of their stores, and/or made a purchase.
While trade area analysis is typically used by businesses to assess local commercial opportunities, it can also be used by governments and urban planning consultants. Having accurate data on property, streets, mobility, and demographics allows them to build cities that are accommodating, accessible, safe, and civically engaged.
Data has always been critical to those who trade in financial assets, as well as those who provide financial services and advice. But they are now learning how to use geospatial information (and other kinds of alternative data) to anticipate market trends and events before they happen.
Insurers need to determine how liable a person or place is to an incident or accident, in order to provide adequate coverage at a competitive price. Geospatial data – such as where a person or place is located, how busy the area gets, and even what the weather is like there – is giving insurance firms new perspectives with which to conduct more accurate risk assessments.
Telecommunications involves connecting people over distances great and small, so geospatial data is essential to planning networks effectively. Providers can use data to determine where to install their infrastructure and set prices, and enterprise clients can use data to decide where to deploy hotspots and when to conserve bandwidth.
It should come as little surprise that geospatial data is a fundamental component of creating maps and GIS software. Having accurate representations of where people, places and things are on the earth is vital to planning how to develop land and how to efficiently navigate between locations.
Organizations other than businesses and governments are learning how to unlock the power of data as well. Scholars, activists, and volunteers are using big data to research solutions to issues from local to global scales.