How can open source geodata help with location analysis?

When it comes to location decisions - for a new branch, a residential project or the valuation of a property - it’s obviously essential to have a good understanding of the location and surroundings. Companies can use open source geodata for this analysis, too. Why does it make sense? Because this kind of data is not only cost-effective, but can also be used extremely flexibly.

Let’s dive into why open source data can be a real game changer if you work with geodata as a business analyst, data analyst, GIS professional or real estate expert, for example.

What is open source geodata?

Open source geodata originates from open projects that are created and maintained by communities or organizations. They provide information on streets, buildings, parks, public transport and much, much more. Examples are OpenStreetMap, Natural Earth or the data from USGS (United States Geological Survey). This data can be freely downloaded, analyzed and integrated into your own projects.

How does open source geodata help with location analysis?

1. Detailed environmental analysis: Open source geodata provides information about the surroundings of a location. It helps to assess whether there are sufficient parking facilities, shopping opportunities or public transport nearby, for example. Such factors obviously have a direct influence on the attractiveness of a location.
2. Individual maps & visualizations: GIS software makes it easy to visualize geodata. For example, you can create maps that show hotspots for gastronomy or analyze how well a residential area is connected to the public transport network.
3. Insights into the population structure: In combination with other data sets, such as population or income statistics, you can analyze target groups more precisely. This is particularly relevant for retail or real estate projects where the behavior of potential consumers plays an important role.
4. Competitor analysis: You can use geodata to localize competitors in a region and uncover market potential. Where are there many restaurants but few hotels? Where are there many laundromats but hardly any cafés, even though people have to wait for their laundry? Such analyses can reveal market opportunities.
5. Dynamic location assessments: Open source geodata is updated often and regularly. This means you can capture changes in a neighborhood fairly quickly - such as new businesses, road construction projects or other developments that may enhance or devalue a location.

Open source geodata offers a wealth of information, but it can often seem complex. There are now smart tools such as DataMonkey that make it much easier to access these data sources and help you to use the data efficiently for your location analysis. You don't need any data or coding skills for this, but can simply access the data directly using natural language.

Conclusion

Open source geodata offers a flexible and cost-effective way to make well-founded location decisions. Whether retail, real estate or urban planning - this data is a valuable tool for identifying trends, exploiting potential and minimizing risks. Curious? You can try DataMonkey for free - or send us an email if you have any questions beforehand: mail@datamonkey.tech

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