Location intelligence has attracted a lot of attention lately, especially as more businesses harness the power of this technology. Location intelligence is based on Geographic Information System (GIS) tools, and its definition goes beyond the analysis of geospatial or geographic information. Here’s how location intelligence will create even smarter cities.
Location intelligence is the ability to visualize spatial data to identify and analyze relationships and trends.
The output of location intelligence is actionable insights that help both the public and private sectors to detect patterns and make strategic decisions.
Location intelligence comes from many sources, such as GPS systems, Internet of Things (IoT) data, and environmental and consumer sources.
The technology is not a specific tool, but rather the ability to use geospatial data to build business insights. As location intelligence grows in popularity, as its uses multiply, it has had an impact on an interesting global technological development: smart cities.
Location intelligence use matters.
Before diving into the implications of location intelligence on smart cities, it’s important to take a step back and look at where this technology has already made an impact.
The insurance industry has been a leader in the use of location intelligence. Knowing this, with high accuracy, can help insurance carriers draft more accurate policies if a property is located in an area of flood, earthquake or wildfire.
In addition, this technology allows carriers to be more proactive, rather than a reactive approach. Rather than simply paying claims, these companies can help homeowners protect their properties and reduce risk by understanding potential damages depending on the region.
Financial institutions are also using location intelligence to improve fraud detection by better analyzing customer profiles. By matching customer locations and transactions, banks can better understand fraudulent behavior and avoid flagging normal activity.
Finance companies and retail companies are also using location intelligence to send offers to customers when they are near a particular store. Retail companies are taking this a step further by mapping customer behavior in stores to optimize store layout and inventory management.
As more and more industries harness the power of location intelligence, the public and private sectors are also looking to this technology as a means to build better smart cities around the world.
Smart cities growing with location intelligence.
The IESE Cities in Motion Index (CIMI) uses nine dimensions to measure the development of smart cities: human capital, social cohesion, economy, environment, governance, urban planning, international outreach, technology and mobility and transportation.
The 2019 index (from the Business School of the University of Navarra) named London, New York and Amsterdam as the smartest global cities based on these criteria after reviewing 165 cities across 80 countries. Location intelligence plays an important role in many of these nine dimensions, that is, the four major parts of any smart city.
Location intelligence can help in two parts relating to the environment. First, natural disasters occur in large cities around the world, with disastrous consequences. From filing damage reports to opening lines of communication, location intelligence can help cities rebuild faster.
Second, location intelligence can help city developers better understand where to plan conservation projects and create green spaces around the city. The technology can also analyze air quality and measure a project’s environmental impact during and after construction.
Location intelligence is critical to 3D planning, which has become an important part of urban development. From the experimental phase to construction, this technology helps ensure that city planning improves the lives of city dwellers and can also help track and measure operating costs.
Technology powers almost every aspect of a smart city. According to IESE, (Media iese.edu Research, University of Navarra), technology is “an aspect of society that improves the current quality of life, and the level of its development or spread is an indicator of the quality or potential of life achieved.” . Life status.
In addition, technological development is a dimension that allows cities to be sustainable over time and to maintain or enhance the competitive advantages of their production systems and the quality of employment.” Location intelligence clearly aids in this effort. , because both individuals and cities can use this technology to improve the efficiency of smart cities.