In the present scenario, where the cut-throat competition reigns supreme, it becomes imperative for the businesses to upscale their game. Given that the profits are thinners today, an organisation/company cannot afford to undertake a huge margin of risk when planning to expand its operations. Venturing into new markets poses a huge risk to the company, be it a well-established one or a newbie. Therefore, it goes without saying that the accuracy of market intelligence to garner economic opportunities is quintessential, now more than ever!
The geospatial data or location data intends to open new avenues for the businesses wherein, the areas with high economic potential can be easily traced and targeted. Since the last decade, the NCR and Delhi region has become the epitome of economic expansion. Apparently, the geospatial analysis of the region can enable the businesses to have competition as well as comparative advantages over each other. Gone are the days when clusters of raw data were put to use in order to get insights about the market, today, the technology-driven data surpasses all other sets of business data. Now that we have established the fact that location data can prove very beneficial to map the Opportunity Zones in Delhi city, let’s walk the talk and discuss the technical know-how of the geospatial data and its uses.
Location data refers to the information about an object or an element present in a geographical setup. There are two types of location data i.e., vector data, which uses polygons, lines, or points to represent a spatial feature, and raster data, which uses cells to represent the same. The geospatial data provides insights into the relationship of two or more data sets that can help businesses to make data-driven decisions. The relationship between the landscape and economy is very well depicted by the location data and this interplay between landscape and socio-economic factors can be leveraged by the companies to maximize their profits. To understand how the location data can be used, consider an example of a marketing agency. This particular agency can use location data to map the areas of high income as well as the areas of low income through distinct patterns and signatures. It will allow the agency to plan its activities accordingly in order to reach the targeted customer base.
The satellite imageries, google street images, census boundaries, etc. can be used to decipher the geospatial analysis. The demographics play an important role when studying the economic potential of the region. The areas with lower or minimal population can never serve as Opportunity Zones, such as areas with vegetation cover, etc. Taking the specific case of Delhi city, a company can identify and create clusters of the commercial centers using Point of Interest (POI) data and rank each cluster based on the demographics of the region. The clusters with a high population are the Opportunity Zones for the company to target. Check out this Github repo for more – https://github.com/ayushaggar/spatial-data-science-urban
There are innumerable advantages to use location data, to name a few, it allows businesses to make an informed choice and target the potential market; it saves the businesses from the opportunity cost of not making the right choice; no investment shall be lost; no more room for guesswork in the business operations and most importantly, businesses will know what they are getting themselves into. In fact, there are certain instances where the location data is not just put to use in order to know the existing condition of the potential market but also for predicting the changes that the market shall undergo in the near future and how can the company harness these changes to earn profits in the long run.
Today, the success of businesses is not just determined on the basis of their ability to cover the expenses but upscale business growth is the key factor. Business growth equates to sales and marketing potential. Location data and geospatial analysis have immense potential to drive and thrive the sales and growth for the businesses. There are so many prospects of Location Intelligence that are yet to unfurl, the businesses must sit tight and embrace what’s coming their way, in awe and wonder!
As Spatial Machine Learning Engineer, I use location data and geographical reference data to derive insights about relationships across the landscape. You can reach out to Geospatial & Data Science Consulting on Linkedin.
Here at Geospatial & Data Science Consulting, one of the priorities is putting more educational content out into the world to educate about geospatial data-oriented work.
Writer –
https://www.linkedin.com/in/arshveer-kaur/
https://www.linkedin.com/in/ayushaggar/
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