Location Intelligence - All you need to know

Location Intelligence - All you need to know

Location intelligence is a crucial foundational block in the data analytics ecosystem. The technology has been instrumental in solving a volley of operational problems for various industries, eliminating the oversight of data that companies often fall prey to. Offering a base for gathering key data sets for organizations allows businesses to provide tangible solutions to explicit business problems.?

The impact of location intelligence has been widespread over the past few years, evidence of which can be seen in the quick adoption of the technology among big players in various industries, such as McDonald's. This blog will offer you an insight into what location intelligence entails and how this data analytics strategy helps businesses maneuver through operational roadblocks. Read now!

What is location intelligence?

In layperson's terms, location intelligence can be defined as a method of accumulating insights concerned with consumers' place-based data. When we delve deeper and look at a more technical definition, in that case, location intelligence refers to the process of deriving insights from geospatial data, which is subsequently used to offer solutions for specific problem statements. This technology can be used to determine exhaustive solutions across an array of industries.?

The primary element of location intelligence is to collect data such as GPS, POS (point of sale), transactions, etc., to help conduct detailed geospatial analysis. This allows vital players, such as data scientists and geospatial analysts, in any business to optimize business opportunities using data and trends visualized through maps.?

Benefits of Location Intelligence

As companies move towards a more data-comprehensive structure for generating leads, acquiring customers, and churning revenue, the importance of location intelligence shines brighter. In this section, we look at how leveraging location intelligence could enhance the business-specific abilities of an organization.

• Customer analysis: Analyzing how the target group of consumers interacts and behaves with products is a crucial strategy to help personalize products for maximum success. A report by Gartner states that while only 4% of customer interactions were influenced by real-time location analysis in 2017, this number is expected to rise to 30% by the end of 2022. One of the initial steps while rolling out products and services is to build customer personas. With location intelligence data at their fingertips, organizations can learn in-depth about customer interests and activities. When this information is combined with Customer Relationship Management (CRM) systems to build specific customer personas, companies can offer appropriate and personalized communications to current and potential customers.?
• Amp up the business intelligence quotient: Location intelligence is a business cocktail of locational and business data. To take up the space in the business world as an industry leader, companies must prepare to derive new value from already existing data. Location-specific data allows organizations to achieve this feat by becoming frontrunners in business intelligence and achieving rapid growth.?
• Enhance customers' experience: Leveraging location intelligence not only allows businesses to better understand their customers but also offers an exclusive, improved experience to them. Using geospatial data, companies can tend directly to customers' interests and preferences. For instance, they could provide geofenced marketing offers to their customers, which will, in turn, create more brand loyalty and improve CRM.?
• Potential opportunities for growth: Leveraging this technology is a great way to identify the potential of interest areas and sales pertaining to locations. Since market research is a critical block in defining products and services, location intelligence can help conduct detailed competitive analysis. Furthermore, it can help pinpoint external factors that are influencing the performance of a company's current and potential establishments. It allows businesses to understand how specific areas in the ecosystem are changing, offering them a competitive edge over industry peers.

The power of location intelligence, when placed in the hands of industries and businesses, can help them adopt a safe, proactive approach to ensure customer safety. It also enables companies to bring about a revolutionary change in the way sales, marketing, and customer interactions are conducted on all levels of the ecosystem. This groundbreaking technology is making way for a more personalized way of doing business, and believe it or not, the world is ready on its toes for it.?