When you decide to explore a new location – whether it is for leisure, travel or business – you often find yourself relying heavily on a map in order to familiarize yourself with the place. Today, thanks to geospatial data, looking at a map is easier than ever. It not only tells you where you are but gives you ample information about everything that is around you – whether it is a gas station or a restaurant or a school. It also shows you how much traffic you can expect during your commute and tracks your delivery live, wherever you are in the world. That is the power of geospatial data!
Over the last few decades, geospatial data has become the cornerstone of development for industries, businesses, military, government organizations, and other intelligence agencies. It provides insights and information that form an integral part of any business around the world. Geospatial data helps innovative companies identify, locate and analyze areas of major Activity using a mix of precise Point of Interest (POI) Data, building footprints and mobility insights.
Through POI data you can get information on real-world location. This will help you understand why those locations can be interesting for you and your business. POI usually locates specific points such as a mall or a restaurant or a grocery store, which gives you an actual representation of key locations and places in the physical world.
It provides information about location of objects and features on Earth. It combines location information which are usually presented in the form of coordinates on the earth along with some specific features of the object, event or phenomena (such as, the location is a building) to give you a dynamic picture of the place.
Geospatial data plays a pivotal role in helping businesses gain critical understanding of a particular POI and manifest it into understanding preferred choice of location, creating better marketing strategies, and reducing investment risks. Companies are able to estimate the socio economic information about the place, the features of the location, and the limitations that might arrive with expanding to a new location. It is used widely by ventures such as Data & Analytics, Retail, Information Technology, Venture Capital & Private Equity, and Location Intelligence.
To give companies the kind of information that they need to have proper insights about the location of their interest, Echo Analytics keeps clients up-to-date with the constantly changing world. We understand that geospatial data helps companies access their brand value in any given location of interest. We collect data from public and private sources, verify them, and merge the cleaned datasets to provide the most accurate information for businesses. We also help clients understand the true essence of geospatial data and how it can be harnessed to make their business reach its full potential.
With huge data being gathered everyday there are bound to be several challenges that organizations like Echo Analytics help resolve. These challenges can range from the ineffectiveness of inaccurate data to lack of discourse when it comes to acknowledging the power of geospatial data. The obstacles faced by geospatial data are as diverse as its utility and they can often form an obstacle for businesses to entirely explore their potential.
Some of these challenges include:
The truth is, there is more bad quality data than there is good. The best quality data can only ensure an 80% accuracy rate. The key is to understand that all decisions depend on how accurate and diverse your data is. Whether it gives you the information that you seek. Companies like Echo Analytics sift through all the complexities by evaluating, aggregating, and cleaning datasets to provide clients with what they need.
Companies often struggle with the sheer enormity of geospatial datasets that require up-to-date softwares and infrastructure. Extracting this enormous amount of data can be both time and money consuming, as well as result in inaccurate data. It is important to handle these large amounts of data quickly and accurately. Echo Analytics does so by countering the need to build entire teams or purchase expensive storage and processing warehouses.
Global companies have to deal with scores of different data suppliers across several countries. What makes this complicated is that each country has its own set of data accuracy, sets, attributes, naming, taxonomies, and scopes. It can be difficult to unify data sets from various companies spread across different countries. What you get in the end is a segregated view of the world based on your suppliers as opposed to what you need which is a unified view of global business. Echo Analytics tries to do away with this complexity by providing you with information packed in one place.
Despite it being utilized by major industries, there is still very little discourse around geospatial data. The topic is widely discussed among engineers, data scientists, and developers, however, for a business to reach its full potential geospatial data has to be more common among other departments, such as marketing or research & development or supply chain, in the company. There is a visible skill gap and it can only be resolved when companies make an active effort to educate their employees on the topic.
Echo provides data sets that help companies bridge the gap between information and application valuable insights for decision-making.