The Future of Business Intelligence: Innovations in Location Intelligence

by Adriana Noton - Date: 2010-11-13 - Word Count: 518 Share This!

In the coming years, many business analysts are predicting that Business Intelligence (BI) will play a central role in the success of a multitude of different types of businesses. This is due to the fact that more businesses are recognizing the benefits of spatial data analysis in making smarter business decisions. Employing business intelligence solutions provides such benefits as: identifying the location of targeted customers, understanding customers better, reaching targeted customers, optimizing business operations, managing revenue more efficiently, minimizing risks, and forecasting potential problems. Because of changing consumer lifestyles that now includes incorporating technology in their daily lives, the future and innovation of location intelligence is expected to focus on such technological innovations as the internet and mobile technology such as iphones. The result of utilizing location intelligence solutions in a world where technology is now a part of nearly everybody's life is greatly improved business performance.

Businesses use location intelligence solutions to gather, organize, and analyze consumer data through the use of geographic patterns and relationships. Because consumer trends are shifting to using such technology as the internet, iPhones…etc, on a daily basis, business intelligence teams must now harness the opportunities this technology has created in order to improve their marketing strategies and reach their targeted market. In addition, the changing economic environment has resulted in diminished marketing budgets which have made the development effective and successful marketing strategies even more vital.

Today the internet has created a world wide market that does not have any geographical boundaries. For instance, it has been estimated that 1 billion people will access social networks by the year 2014 and most of the users will use a location based application. Businesses now have the ability to communicate directly with their targeted customers and meet their demands in order to gain a competitive edge. As well, marketers will be better able to identify current consumer trends and forecast future trends. It will also help them create and implement more effective business strategies that have a better chance of achieving success. A business will be able to better understand customer behavior, recognize and take advantage of unexpected opportunities, and predict problems before they occur.

Social computing, cloud computing, and mobile computing, are now a part of most people's daily lives. Future innovations in location intelligence will allow companies to harness these technologies to develop effective strategies to reach their customers. For instance, taking advantage of consumer driven technological applications will involve incorporating such areas as marketing, product promotion, customer loyalty, point of purchase…etc., into these applications. As well, using Real-Time Business Intelligence to gain instant information will become essential to achieving success.

Because of the emergence of huge spatial data sources such as Google maps, more consumers are adopting location based applications such as iPhone Apps, businesses must now engage in innovative thinking to capitalize on the data. In the future, technological advancements will result in business intelligence undergoing a fundamental shift that will revolutionize the way business decisions are made. Businesses who do not embrace this shift will definitely be at a serious disadvantage when trying to succeed in such an intensely competitive world.

A geocoding software and address verification software can be tailored to the demands of large organizations. It combines modern technology with geographic coordinates systems to deliver solutions to business obstacles.n
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