Bring Your Own Data: why the “BYOD” approach is the next frontier of location intelligence

While the ever-evolving needs of business continue to change, one key aspect of the future remains steadfast: high–quality data will grow increasingly invaluable. With tech-savvy consumers at the forefront of every industry, businesses are amassing customer data points daily\. It is essential to leverage these insights effectively for businesses to stay competitive and relevant, less they risk getting left in the dust.?

So, how can you extract more value from the data at your fingertips? Your business findings have the potential to become significantly more valuable when augmented with location context. Businesses naturally obtain information about their patrons on a routine basis through a variety of interactions. Whether it’s a digital payment through an app, signing up for a loyalty program, or a coupon being used, businesses have a vast pool of data that often remains untapped due to the inability to tie location context to it.??

Third-party location intelligence tools present an opportunity to enhance your business data and unlock tremendous value quicker than you might expect. But you cannot enhance your data by simply purchasing third-party location data as it’s becoming increasingly sparse and inconsistent in quality. Additionally, most third-party data providers lack the necessary consents and privacy protections. Instead, you need to invest in the proper tools and find the right partner that can deliver quality data while protecting consumer privacy. Companies like Foursquare provide the capabilities and location expertise needed to augment your data with location context, allowing you to extract more value from your data.?

Let’s take a closer look at how this approach can play out across different industries:

How You Might BYOD (Bring Your Own Data)

Imagine a coffee chain with detailed information about their customers’ transactions, plus voluntary information like birthdays, gender, etc. Alone, this information has limitations in terms of personalization. However, when coupled with POI data for nearby amenities, or movement data from top customers, this shop could offer tailored recommendations for places a customer can visit while enjoying their coffee.?

In another example, we can take a look at a real estate corporation. This type of business tends to be flush with data points around the value of a square foot, what similar buildings are selling for in the area, and other like figures. Think of the possibilities for what insights could be extrapolated when these points are married to other information queries, such as neighborhood demographics, nearby places of interest (POI), the flow of traffic outside the venue, and even the walkability of the landscape.?

As a final example, a financial institution could benefit from partnering with a location intelligence provider to enhance their consumer app offering. While banks and credit card companies have copious amounts of transaction data, this information becomes most valuable when paired with context about where these dollars are being spent. By partnering with a location intelligence provider, the financial institution could build an app feature where a consumer’s purchase data is accurately categorized by specific spending categories or contextualized with trends.

The value of data is limitless when you have the right location technology partner.?

Considerations for a Location Intelligence Provider?

However useful, the complex and sensitive nature of consumer data makes it critical to select a partner that is honed in on privacy and data quality. Here are a few key considerations:?

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