Location-data Science...It's just math!

In the realm of data-driven decision-making and complex #machinelearning algorithms, data acts as the propellant boosting us forward. However, if one crucial booster is left unused, the analysis might not reach its full potential. This often-overlooked element is none other than location-based data.?

From the digital breadcrumbs left by your cell phone each day to the continuous imagery captured by Earth observation satellites, a treasure trove of property data and location intelligence remains untapped, revealing invaluable insights often obscured in conventional spreadsheets and pivot tables.

So why is location-based data so critical to making business decisions? Data based on #geographical coordinates are key to understanding the #geospatial context of information, which allows for an exploration of the interplay between objects, people, and places. By harnessing these data, users can uncover patterns, relationships, and trends that might otherwise remain hidden. Only then can you truly make informed business decisions.

Location data science, surprisingly, permeates our everyday activities. When deciding which grocery store to visit, look for the nearest gas station, or search for the closest electric vehicle charging station, you are, in fact, utilizing location science. It is a matter of applying principles like "attractiveness" and "distance" to gauge the "probability" of choosing a particular retail destination (See the accompanying equation above). In essence, it is just #mathematics, but the real magic lies in the input data, which is inherently location-based.

Consider the example of opening a shoe store. Everyone needs shoes, but to attract more customers and ensure repeat business, store developers must identify high-traffic areas. When scouting for the perfect location a major consideration in driving retail site selection is whether regions experiencing significant growth and foot traffic can be pinpointed before they begin to explode.

For instance, identifying that a home builder has recently acquired a large parcel of vacant land suggests impending construction, acquisition of building permits and thus the expectation of future homeowners. A single indicator alone might suffice, multiple indicators begin to tell a story. Thus, a comprehensive assessment might also indicate that a number of homes are expected to be sold soon, and that there is a "high likelihood" of a nearby large property being earmarked for a shopping center.

These growth signals captured from the investigation of property data are indispensable for effectively planning for capital investments and propelling sound decision-making into new dimensions of understanding. Whether you are a consumer making everyday choices or a business owner charting expansion strategy, location data holds the key to unveiling insights that can redefine your approach and lead to greater profits.

So, while it may not be "rocket science," it is certainly the science of location that fuels the engines of innovation and informed decision-making in today's data-driven world.

While some business analysts might rely on demographics, those aiming to outshine their competition often seek growth "signals" captured more recently. These signals point towards rapid population expansion and potential business opportunities.

If you are interested in more information about how location data science can improve your success rate, please register and view the webinar from CoreLogic on Locating Growth Markets for Broadband Expansion | Fierce Wireless.