Do you know the location of your business impacts success?
For any business with a physical brand image, location matters the most. Interactive maps and data visualization can help you analyze the best business opportunities you can acquire easily by understanding the demographics of the location and improved customer relationship management.
Role of GIS in Business opportunities analysis
Every entrepreneur would love to establish their brands in different regions to grow revenue and attract affinity. With smart information technology analyzing franchise locations and new business opportunities are still increasing despite the increase of online stores with the mass adoption of smartphones.
GIS is used for analyzing the competitors and dynamic market scenarios. With the plan for acquiring and retaining the customers, planning of market expansion, you should consider a profitable location, location-based big data, analyze the consumer behavior, changes, and the current trends among the consumers as part of the plan.
What is Business opportunity analysis?
Business opportunity analysis provides a solution for location-based challenges using traditional datasets such as transportation facility, existing and competing facilities, population density, the economic condition of the location, and by studying the infrastructure facilities available.
In the 21st century, the business opportunity analysis is also gathering current trends and data from social media, Check-ins, Mobile searches, Online search, and so on for better interpretation. The selection of a profitable business in the best location should be the first effort if you are planning to invest.
Business opportunity analysis also helps you predict the growth and the future of the business, revenue generation, and business expansion opportunities and reduces the risk of long term losses.
Benefits of Cloud-based Geospatial Technology
The power of geospatial data has extended hands-on cloud-based services that are booming. Google Maps, Bing Maps, Here maps,map-based android applications, UAVs, LiDar, are some famous examples. The awareness of geospatial capabilities has increased, and it creates a strong bond the consumers and businesses.
Emerging, as well as rapid development markets, are adopting cloud-based geospatial technology for various businesses. It monitors the growth and downfall in the markets, and it is easy to understand and analyze for the future growth of a business idea.
The New pattern of GIS capabilities is delivered using Web GIS. Web maps provide a new design for analyzing marketing strategies. Today, GIS maps are used via Web, Desktops, tablets, and smartphones. Earlier, Spatial data was processed, modified, and analyzed in software such as ArcGIS, Qgis, Postgis, etc. These are the traditional approaches, but now spatial data is visualized and analyzed in web maps with different layers into a WebGIS. It is more flexible and follows an agile workflow.
In markets, some specialized software is available to visualize and analyze business opportunities. This reduces the need for creating customized software. WebGIS is used to provide the proper management of geographical knowledge. A Map centric content management system is the heart of the WebGIS. It completely works in a cloud platform with its organization infrastructure or a hybrid pattern.
Here, Business opportunities are visualized for a sample location. Click here for a better view.
7 Parameters to Consider While selecting a Location
The Basic parameters to visualize the business opportunity for a commercial location are,
- Administration Boundary
- Demographic information
- Socio-Economic pattern
- Transport facilities
- Existing competitors
- Existing Facilities
- Future infrastructure
To facilitate interpretation and decision making, you can use WebGIS. Visualize the location as a polygon with area information. The demographics, socio-economic pattern of the area and integration with spatial data (administrative boundary data) must be considered. It offers insights to the users about business location characteristics, transportation facilities, roads, train networks, and much more.
Another critical factor is to visualize the existing competitors related to the business and what they are doing to be successful and also visualize the current attributes, which gives an advantage for new business. Also, analyze the upcoming infrastructure facilities (Metro Network). You need to include more parámeters to find the best suitable business.
An essential matter is to prepare basic parameters before selecting a business for a particular location. We recommend you to use WebGIS, as it can help you easily understand the setting you need to consider, and in decision making. It provides an instant solution for complex spatial issues in cloud-based platforms. And users can easily understand the spatial pattern using WebGIS. It is a perfect customized product where users can visualize, analyze, and also prepare a summary and detailed report about the spatial problem and its solutions.
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