Artificial intelligence (AI) is a versatile technology that has had a tremendous impact on the business landscape in the last decade.
Companies can combine AI and machine learning tools with geospatial data for a competitive advantage in many industries, from telecommunications to finance and more. Understanding what geospatial AI is and why it matters is the first step in applying this powerful tool to organizational analytics.
What is Geospatial AI?
Geospatial artificial intelligence, also known as geospatial AI or geoAI, is a data-driven interdisciplinary field that combines geospatial analysis with AI. Geospatial artificial intelligence takes data from geographic information systems (GIS) and applies intelligent technology to complete valuable analysis and even make predictions about the future of a region.
Before the development of this technology, data analysis teams would spend considerable time and effort manually analyzing GIS data. AI automates repetitive, tedious tasks like classifying and clustering the data from each database for geospatial data.
What Data Does Geospatial AI Use?
Geospatial systems can collect all different types of data, ranging from observation data to unstructured data. Some of the information that may be included in a database for geospatial data is street traffic, air traffic, weather, natural disasters, crime, economic and retail trends, among others.
The sources of this data are diverse. Satellite imagery is what many people think of when they hear geospatial data, but the data can also come from anonymous cell phone data, weather data, census data, Internet of Things (IoT) devices, and social media data. AI makes visualizing all these real-time geospatial data sources convenient.
In applying AI to this data, businesses gain actionable insights. There’s valuable information contained in every database for geospatial data, but many companies struggle to access it and apply it to their businesses. AI applied to geospatial data changes that. The technology can help predict various properties of a geographic area such as economic conditions, population levels, consumption of natural resources, and pollution levels.
The profit-earning potential in geospatial data is incredibly high, and artificial intelligence is the ideal way to unlock it. Businesses can use these insights to adjust their market planning and develop better business strategies.
How Do Businesses Use Geospatial AI?
There are a variety of ways businesses can use this technology to their advantage. This tool offers a way to view a live earth map to visualize specific data tied to geographic areas in close to real-time. Depending on their industry, companies apply this potential in different ways.
A telecommunications company, for example, might use geospatial AI to analyze network performance in a given area. This analysis could then guide the company in improving network speeds and offering better customer service to those on their network. The sales and marketing teams would also be better equipped to identify profitable locations to offer their services.
A healthcare company could apply the same technology but use it differently. Geospatial artificial intelligence aids in predictive modeling to understand which populations are at high risk for certain diseases, for instance. Healthcare organizations can also use the technology to improve interpretations of medical imaging, and better meet the demand for healthcare delivery in various regions.
Utilizing AI with geospatial data in corporate finance, also known as spatial finance, is becoming a popular new practice in the industry. Finance companies can use the technology to create risk profiles, tailor strategies based on supply chain information and environmental data, and even identify climate risks.
These three examples are by no means exhaustive. Companies in many other industries can and do also make use of geospatial analysis and machine learning tools.
Benefits of Using Geospatial AI
Regardless of the industry, organizations can enjoy several benefits of applying artificial intelligence technology to geospatial data.
Analyze Real-World Events
Real-world events like weather, crime, traffic, retail spending, and more affect businesses in every industry, yet it can be difficult to gain a complete understanding of these events while they’re occurring.
Companies need to know what’s happening in the world while it’s happening to be able to make the best possible decisions for their businesses. Without AI systems and comprehensive geospatial data, companies can miss out on key details that should shape their strategies.
Access Predictive Analysis
It’s useful to use data to understand the past and the present, but analyzing data to predict future outcomes is often even more valuable for businesses. Geospatial AI can examine current and past geospatial data to make intelligent predictions about what will happen in a given region in the future. Companies can gain a better understanding of potential future threats by region and strategize for likely scenarios.
Eliminate Data Silos
A common problem for companies looking to apply data analytics to their businesses is dealing with data silos. These silos prevent the rest of an organization from accessing the raw data used by a department. Large companies are some of the most vulnerable to data silos as they have many different teams and departments that operate separately.
AI tools that analyze geospatial data can offer a solution to this problem. These tools generally pull from hundreds or thousands of different data sources and can supply this data to entire companies rather than a single department. Using one of these tools simplifies your data management.
Some businesses have already recognized the power of geospatial data and begun devoting resources to manually analyzing it. While that may yield some valuable insights, the time and effort required to manually extract them from geospatial data are considerable.
Artificial intelligence offers a way to automate much of the process of analyzing this geospatial data. Companies can glean the same (or better) insights while saving time that could be better spent elsewhere.
Enterprises across a variety of industries are turning to geospatial AI to better understand and visualize information tied to geographic areas. This technology helps companies harness the full power of geospatial data to gain actionable insights. If you’re interested in exploring the potential of AI and geospatial data for your business, contact us today.