Insights from location intelligence, a product of Geographic Information Systems (GIS), can provide brands with real-time insights and clearer results
Quite often, AI is viewed as an omnipotent machine that can handle all the tasks without much human help. Many brands forget that AI is, after all, only a type of technology possessed with the ability to learn. Technology experts believe that one of the most important data points that AI must be fed is location intelligence. They state that ambiguity is not the best method for a system to follow when several companies depend on it for real-time insights.
Across space and time, where are the people or events located? How are they related to each other? There are several effective strategies to bolster AI with location intelligence, an output of the Geographic Information Systems (GIS). It can lay the foundation for offering the much-required context and enable clearer business results.
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Making keen predictions with recommendation systems can be an interesting and efficient method. As AI does not use a large volume of historical data anymore, they look toward reinforcement learning. AI algorithms can use it to predict a person’s choices based on their habits and preferences. According to Harvard Business Review, AI needs valuable context to accomplish its goals. Nourishing the ML algorithm with inputs, actions, and rewards is essential.
While AI is used to crunch numbers and provide actionable results, it is more beneficial to provide AI with the essential insights with which it could make sense of the numbers. The data inputs could be location intelligence, with which the AI can provide the organization with market trends and where it’s most active. For instance, banks use AI imparted with location intelligence to analyze their revenue and predict the best locations for the establishment of new branches.
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Many B2B companies can also use AI-infused with GIS to figure out the best physical stores to drive their e-commerce sales in today’s digitalization ecosystem. Experts state that using AI for such purposes can create the complex and coveted ‘halo effect,’ where brands are able to attract prospective clients both offline and online.
Many big enterprises are usually equipped with the necessary kind of data, but when the volume expands, the information overload can be overwhelming. The sheer volume of data for predicting demand spikes, identifying the areas of higher margins, and enhancing the supply chain delivery and efficiency is monumental. Now, with location intelligence ingrained into the AI process, it gets easier to identify who and where potential customers might be. As a result, the demographic information and growth predictions help companies map their business growth plans with focused details and better vision.
Meanwhile, data streaming from IoT devices also has a major role to play. Along with IoT sensors, satellites, and mobile devices, experts recommend the data be filtered through an AI system that is already enriched with location intelligence. Additionally, pairing AI with GIS can help the solution analyze over 10 billion data points, which otherwise would have taken five years by human analysts.
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