Analyzing location information could play a huge role in improving processes and expediting decisions for businesses that are already collecting industry-specific business intelligence (BI). Despite the fact that almost 80 percent of all business data contains geospatial location intelligence (LI) that could provide new, useful market insights to aid in strategic planning, very few BI platforms currently have LI functionality.
A recent Gartner report found that only 23 percent of organizations who could benefit from LI capabilities within their BI platforms actually have that functionality. But with the Internet of Things (IoT) prompting roughly 25 billion devices to come online by 2020, organizations should implement LI capabilities into their BI analytics technology sooner rather than later to avoid playing catchup with competitors in their industry.
Businesses Can Harness Agile BI with a Multi-Platform Approach
A large hindrance to adopting LI capabilities is the fact that most organizations collecting business data have invested a lot of resources into developing their current BI platforms – not to mention training and paying a workforce that is adept at gleaning insights from these existing tools – that don’t take LI into consideration. As a result, many businesses aren’t keen to overhaul their existing BI platforms, despite the fact that no single system can satisfy the evolving needs of agile BI.
Rather, businesses are bridging the existing gap in agility by supplementing their main BI systems with niche solutions, heralding the adoption of a multi-platform BI environment.
Pitney Bowes’ Spectrum Spatial for Business Intelligence provides this solution, as it brings powerful spatial capabilities to existing BI platforms, allowing enterprises to dig deep into location-based data that they already have at their disposal.
Despite Opportunities Across Industries, GLI Adoption Is Still Very Nascent
Because so much BI is already geotagged, it shouldn’t be hard for businesses to quickly reap the benefits of LI analysis once they have incorporated LI capabilities into their existing BI platforms. The benefits of harnessing these insights are clear across industries: Retailers, for instance, that are already collecting LI might be able to reduce assessment time for scouting potential new locations. Traffic patterns could influence the decision-making process further by mapping best possible routes for inventory collection and delivery – a benefit that could help businesses outside of the retail arena.
Whatever the market sector or industry, MicroStrategy 10 offers enterprises an analytics platform that meets the needs of the business and IT to give enterprises the ability to make sense of large data volumes. The Spectrum Spatial for BI tool can supplement these capabilities by creating and expanding standard MicroStrategy dashboards and visualizations to add a layer of LI insight.
During our session at MicroStrategy World 2016, we aim to demonstrate just how invaluable this layer of analytics can be to businesses. By looking at real-life use cases, we’ll show attendees how to create and analyze maps, pull in data from other sources and automate business processes by applying our layer of analytical capabilities to the MicroStrategy platform.
Learn more about Location Intelligence.