Big data has been playing a significant role in improving business in nearly every industry. It is everywhere, and the amount of produced data is increasing day by day. One of the essential components of data collection is location data and the ways to leverage it is location intelligence.
What is meant by location intelligence?
Location Intelligence is the outcome of the raw data that is created through a smartphone, online platforms, roaming data, applications, GPS and the latest ‘internet of things’. It gives insights and helps in developing actionable strategies.
No doubt, location intelligence is proving a necessary asset for the companies who are looking for the competitive edge in their respective industry. By leveraging location data, the organizations can make better decisions, optimize their operations and improve their overall performance.
How location intelligence is benefitting various sectors
Marketing and sales: The use of location intelligence in marketing and sales help businesses to have a more comprehensive picture of their customers. It helps gives an in-depth understanding of their customers, their behaviors and habits. This information enables an unprecedented level of accuracy of their target audience giving a higher conversion rate, a reduction in costs and helps save money.
Selection of site: Through location intelligence, businesses can choose the perfect place to open their business. It helps by identification of area demographics, population size, transport accessibility, available public services and forecasting about the future developments in the area.
Logistics and supply chain: The field of transport planning, the use of location data not just help in designing the optimum route for the supply chains but also in analyzing the risks that could disrupt deliveries. Through monitoring of location data, it is possible to avoid potential problems that occur in routes such as traffic jams, roadworks, accidents, etc.
Retail business: By assessing the departmental store or shop performance, it is possible to understand the behavior of customers and the products to which they are drawn. It helps in improving the sales and marketing strategy to boost sales. Even better is the use of the application on smartphones to detect potential customers in particular areas and send them personalized text and email messages about their favorite products.
Government and health departments: The use of location intelligence is not limited to the private sector. The government entities and departments can also take advantage of it to improve the state of towns, cities, and citizens as a whole.