New Data Dimension with AlgoMaps – part 4 – data enrichment (Location Intelligence series)

Business Intelligence technology (and in particular Location Intelligence) is key in the context of making the right business decisions. If in your company you determine, for example, the target group of marketing activities, study purchasing trends, or want to increase the predictive power of scoring models – consider enriching the already existing database with additional data.

The unveiled potential of enriching data with additional information

The development of modern technologies in the field of Data Science would not be so fast if it were not for the significant increase in the availability of data that now describes every aspect of life – both in the private and business spheres. From customer behavior data on websites, through sales data and product data, to data about a customer’s credit history, insurance history, or bank account balance… Both these and many other data are used to build predictive models concerning, for example, credit risk or recommendation of products with the highest probability of being purchased by a customer. Everything is done using machine learning technology. Until now, these models have made little use of location data such as a home address in geographic space. However, the pace of development of Location Intelligence technology indicates that the potential of supplementing the models built with information about a location or its environment has been recognized –