What Is Location Intelligence and Why You Should Care.
Location Intelligence is more than tracking on a map! It can tell you hidden insights about your business!
One of the greatest innovations of this disruptive-era has been the ability to harness the power of data in industry after industry — like a chain reaction. An HBR article reported that 49.2% of Fortune 1000 executives say that they have started big data analysis for business processes and seen value developed through their strategies.
It is not just a prediction anymore; becoming more “data and analytics-driven” and less instinct-oriented has been proven to give you an edge. This has led to organizations digging in the data in their backyards, trying to understand more about their consumers, teams, and competitors. But at most organizations, this search is often limited to the trends in retention, engagement, and conversion.
“What is missing?”, you might ask.
The context of location in each of them! According to a white paper published by Pitney Bowes, around 80% of the data stored and maintained by organizations today have a location component — a completely untapped parameter.
This means that all of your data has some geography information context attached to it which, if you leverage, could change the way you do business or even think about it. After all, where your customers and competitors are tell the story of your business.
The best thing is that this isn’t one more thing for you do. You already have access to this data and it is already a part of your regular operations. If you are wondering how, just think of the number of apps on your phone with a map which lets you track stuff and you will have the answer.
Location Intelligence is an amalgamation of your location data with your business intelligence. It is a system that lets you get critical business insights through processing, enrichment, and spatial analysis on top of geospatial data.
It allows you to create intuitive maps to view the relationships of metrics in the physical space and supports a variety of spatial calculations you need to create a truly full-fledged analytical system.
Location Intelligence takes the guessing game out of the picture. It lets you know where things are, why they happen, and what the next best move is because location is the only component that connects the physical world to your digital data.
Where people are, how they think, what and how they consume gives a whole range of insights about who they are, allowing you to spot patterns and trends that might reveal a new side of the story.
Moreover, it is not limited to the data you already have. Location intelligence lets you blend external data such as economic growth and demographics with your internal location data. It makes it possible for you to dig deeper into the ground-breaking analysis of “context” — something that businesses are already vouching for!
Wait! But Why?
According to a 2017 report by business research and advisory leader, Dresner Advisory Services, 63% of research respondents believe that LI is critical to their business.
Visualizing business metrics and performing spatial analysis on top of it can help your business do better in every vertical and function. It can help you improve efficiency, optimize man-hours, reduce costs, improve profitability, improve customer experience, better allocate resources, uncover new opportunities, manage risks, and plan better for the future — so you can pay heed to the things that actually matter to you!
To give you some perspective, Location Intelligence helps you answer questions such as:
- Which areas within cities and across cities are you performing the best?
- Where should your next market be based on where your customers are?
- What are the areas where most cases of abuse/ fraud happen with your product?
- What geographical areas should you focus your marketing efforts on?
Where Does the Gap Exist?
Nearly all medium and large organizations collect and store location data. However, currently, only 40% of businesses consider that harnessing LI is their top technological focus according to Carto’s State of the Intelligence Report.
This is because, at most organizations, LI is still in infancy and limited understanding of its implementation makes it even harder for them to mature. Accessing this data would need overcoming the challenge of finding GIS experts, developing your methods and technology, and implementing them robustly.
Majority of this is done through traditional, obsolete BI tools. Moreover, the esoteric nature of GIS often makes it tough for others in the organization to leverage it. This leads to most of the valuable context getting lost in translation.
Our past experience of working in the geospatial industry has come with its unique set of opportunities, challenges, and learnings. With our learnings, we now want to make leveraging these opportunities and fighting these challenges easier for businesses of all kinds.
Working on problems like site planning, market prioritization, and targeted geo-marketing has exposed us to the real-world significance of spatial context in business and how making it accessible to every decision-maker in the organization can make a huge difference.
We began our journey with a hypothesis that there is a definite need for a tool which let's create a geospatial strategy for everyday business decisions. After extensive market research and elaborate user interviews, it isn’t a hypothesis anymore.
We also realized that having geospatial data won’t be enough — it would need to be harnessed by the right software, appended with right data, and made accessible to the right people before it can provide the right insights — which is why we, at Locale, set out on a mission to make location-based insights an integral part of your decisions.
We’ve Got You Covered!
Geo-location data including GPS data will become $500 billion in consumer value by 2020. The potential is immense for organizations that can leverage this data successfully and use it to capitalize on rich opportunities.
If you are not deploying location intelligence in your business intelligence, now is the time! It can give you an unprecedented advantage to gain a competitive edge in this rapidly changing world and help you join the kinds of companies such as Uber, Airbnb, and Amazon.
There is an ocean of possibilities and we are here to help you navigate… the question is would you like to go sailing?
Explore more at Locale.ai or Contact Us for a demo!