Adding dimensions to your data with geospatial analytics
We all know that predictive analytics can help a business succeed. Indeed, the value of insights into past events is undisputed, for such insights bring real returns on investment. But amid technological innovation and changes, the importance of robust data can be forgotten or even obscured. The ability of data to predict the future depends on whether the data paints a complete picture of events, thus allowing accurate prediction of new events at a high degree of confidence.
Imagine that you are missing an important dimension in your data—your customers’ age. Without this dimension, you risk incorrectly segmenting your customers and inaccurately predicting their purchases. Indeed, this example can be extended to other data dimensions—including geospatial data. How more complete and vivid might the picture be with the dimensions of time and space added?
Geospatial data—information on the time and space dimensions of an event—adds dimensions to data to provide a holistic and accurate view of a business problem. Imagine, for example, trying to boost your revenues through use of a customer data set. Naturally, understanding how much customers are likely to spend can help you target promotional campaigns.
Imagine also that your business has access not only to customers’ demographic data, but also to information about when and where they make their purchases. These additional data dimensions can help you predict that Kathy is likely to shop on Sunday afternoon in Chicago’s Old Town but that John would appreciate a promotional offer for 15 percent off on Friday in Boston’s Beacon Hill. Moreover, such geospatial information enables good decisions not only about customers, but also about operations, indicating when and where shortages and surpluses loom.
The value of geospatial analytics goes beyond retail and marketing use cases to benefit many industries, including law enforcement, operations, logistics and supply chain. By incorporating time and space components, you can enhance your effectiveness and get an accurate view of your business.
To discover how doing geospatial analytics with IBM SPSS software can help you drive your business, register for the session “Make better decisions by using geospatial analytics” at IBM Insight 2015. To get a head start, begin your advanced analytics journey now.