Our Thoughts > How Location Intelligence Benefits to Your Business?
How Location Intelligence Benefits to Your Business?
You have heard that over than 80 percent of enterprise data has spatial components based on IDC market. But what is Location Intelligence got to do with it? and how can it transform your data from an underutilized asset into a source of competitive advantage?
By mapping locations, agencies and businesses can find new insights about business operations and processes, and improve services for customers. For organizations, the use of business location data and GIS increases collaboration across the agency, along with improving business functions. In many instances, GIS software can be layered on top of CRM or ERP systems, making implementation very easy, and leveraging resources in new ways.
Location analytics is a critical business asset that will provide a competitive advantage by adding geographic and location context to information enables organizations to understand more about their customers, whether they are other businesses or consumers. It provides critical business insights, enables better decisions and improves processes and performance. Location awareness can benefit efforts in marketing, sales, and customer acquisition and retention; logistics and supply chain management; and financial and operational decisions, not least among them where to place retail outlets, business assets and people in various functions. It also can increase the value of technological innovations such as business and social collaboration, and even mobile technology that is used by the business and customers along with the analysis of social media commentary and other expressions of customer sentiment that could be part of big data efforts.
Here are a few examples of how location intelligence is being used today in a variety of different industries.
Site Selection: The decision about where to locate a new store or facility, is probably the most common application of location intelligence today. When location data is combined with available real estate, demographic data, current customers characteristics, and information on the most likely prospective customers, the resulting Location Intelligence can help identify a site location with maximum revenue potential.
Store Performance Management: Detect and categorize poorly performing stores and assess the strategies to uncover the relationship between stores, products and customer types that affect sales performance. In addition, location intelligence can be used to forecast and develop store-specific budgets and expectations based on the size of surrounding demographics and other location specific information.
Risk Assessment: Location is extremely important in the insurance industry, where customers and natural disasters are both tied to a location. When a natural disaster occurs, insurance companies have the capability to instantly understand their claims exposure by visually plotting their customer data and the affected area on a map. This also allows them to more accurately estimate the number of resources they will need to service claims in an affected area.
Customer Preference: Understand who your consumers are and where and when they want to engage with you. Optimize retail stores for maximum customer engagement increasing profits and brand loyalty.
Healthcare: a significant percentage of disease is caused by environment. There is a tremendous amount of knowledge to be gained and disease to be reduced or eradicated by understanding these effects. Health records tied to user home and work location can be a massive benefit for researchers.
Government Public Affairs: Monitor and identify pollution violators. Determine deteriorating areas of a city and revitalize. Gain more input from citizen reporters and be able to analyze and take action. Create transparency to stimulate self-regulation at scale.
A good location means foot traffic, regular customers, and stable growth revenue. But how to choose the right location?
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