Why do businesses need location intelligence and how they can benefit from it?

Location intelligence refers to location-first analyses, deriving meaningful insights from geospatial data. It goes beyond simple data visualization on maps to assessing location data to solve business and societal problems. It also allows organizations to be customer-centric to deliver a personalized customer experience. Many firms use geospatial intelligence for location-based analyses to optimize fleet management, track services and boost ROI. Companies are implementing it to explore concealed opportunities for growth and efficiency.

Consumer interest can be inferred with historical data on sales or searches. However, location Intelligence brings the geospatial context required to move conversions from interested to purchase things. According to a report from Forrester, mobile location data helped digital marketers to boost conversion rates by 60 percent and improve campaign ROI by 68 percent. Furthermore, Dresner Advisory Services' 2020 Location Intelligence Market Study found that 53 percent of enterprises believe location intelligence is critically important to achieving their goals.

Location Intelligence to Improve Businesses

As location intelligence significantly allows companies to glean, compile and derive information from data for business and operational decisions, it is being used across industries including retail, logistics, healthcare, quick-service restaurants. It can improve delivery management, streamline field sales management, enhance supply chain optimization, strengthen market analysis, advance fleet routing and tracking, modernizing data visualization and mapping, and much more.

Integrating location intelligence can improve a company's business intelligence with numerous location-specific data sets. It helps organizations to better understand location-based relationships of the geographic content within given data. Modern location intelligence software is more advanced and designed to access and connect operational data stores and business intelligence combined with cartographic and vast spatial capabilities.

As location intelligence translates large amounts of data into meaningful insights, it provides businesses the knowledge needed to improve their operational performance. It plays a crucial role in a business's marketing strategy by improving overall pricing strategy, recognizing underperforming sales areas and intensifying advertising and marketing campaigns. It also helps outline new trade areas for upcoming stores, identifies potential markets and improves overall marketing and business performances.

In the financial services industry, companies use location intelligence to improve data quality, streamline business processes, manage risk management, and boost operational efficiency. They leverage geo-enriching customer profiles and accounts that help thwart fraud and money laundering. According to DMTI Spatial, a real-time location intelligence firm, most financial services providers use standard systems to identify addresses, such as those based on municipal registries or postal addresses.

In retail, this technology can aid retailers better comprehend their customer demographics and examine customer behavior. Through geospatial intelligence, retail firms can amass customer location data that help them analyze customer trends and interpret whether their customer demographic is rising or reducing in a specific area. The data collected can also be leveraged to automate the delivery of in-store offerings germane to customers' past shopping behavior. They can also garner valuable customer insights with the help of geospatial data.

Wrapping Up

Location intelligence significantly provides businesses a profound understanding and more sophisticated outcomes on customer data. It creates opportunities for them to capitalize on the data to gain a competitive edge over their peers. It also allows them to make data-driven decisions for better delivery of customer experience. GapMaps, NgData, Lyft, InMobi, Domo, Lookout, Anaplan, Localytics, and Geoblink, among others, are some location intelligence companies redefining customer intelligence.