Location Based Services (LBS) make use of geographical information and turn them into valuable and relevant data for business and consumers.
The most basic LBS experiences are:
- search for a place, locate yourself, or locate an asset (e.g. a car, a person)
- display locations and content on a map
- route between locations
However location is not only about maps, search, or routing, but is increasingly an enabler of new product experiences and advanced business processes.
Location Based Services power consumer experiences like
- find locations and occasions
- get to places in the most time and cost efficient way
- easily get location-relevant information
- know the whereabouts of relatives and friends
These experiences and abilities offer value to consumers which provide an opportunity for enterprises to derive profit from the consumer use.
Location Based Services provide businesses with intelligence on
- where customers and assets are
- how large and how valuable geographical markets are
- the cost of doing business when things have to move from A to B and beyond
The intelligence should be used to make smarter business decisions, optimize business processes, derive value and maximize profits.
What do you think? Do you agree, disagree, or have comments? Let me know.