Our world is experiencing rapid growth in technology. As the years pass, we come across new gadgets, concepts, or ideas one after the other, which, after few years, are then taken over by new and more advanced gadgets or concepts. One term that you will now hear in business is “Location Intelligence.”
What exactly is Location Intelligence?
If you want to apply geographical context to business data, then Location Intelligence is the application you should look at. What location intelligence does is, it adds location data from GPS (geographical positioning system) and other similar sources to the data of business analytics. It takes the help of third-party apps to accomplish this.
This data helps the businesses, organizations, and the analysts, marketers in them to study the connection of business location data, the location of users, and the role it plays to change the events on a large scale.
If you consider a chain of malls in cities all over the US numbering around 100, then you can easily apply Location Intelligence for them. Let’s assume, on average a million customers visit all these malls in a day, which have different layouts, stores, and restaurants in them. After a year, the mall authorities want to know about the following aspects:
- In which season was the highest customer traffic?
- Which among the 100 malls got the maximum number of customers?
- Which store in which mall did the lowest sale?
- Which brand got a low purchase interest from customers?
All such questions can be answered with the help of Location Intelligence, which will greatly benefit the mall chain in business, and also in making decisions like the following:
- When and which branch of the mall to expand, which to reduce.
- The lease aspect of stores.
- Where to build a parking lot, where to build a new mall?
- When and where to keep discount offers in stores?
These and more such decisions will be taken easily when they get the data from Location Intelligence. Businesses can get this data via the activities from their online business profiles, beaconing, and geofencing.
Nowadays, it is not difficult to get this data, because everyone carries a Smartphone and use it for various activities like navigation, using Wi-Fi, checking business profile, etc. Businesses get this data from different sources, because of which the analysis also differs. Geofencing will give you data about customer traffic & footfalls. Beaconing – a form of microfencing technique – will give you data in your business location regarding hotspots. Such insights will help you make different decisions; hence, it is wise to use a 4 step process to use location intelligence:
Defining Goal: Investigate the problems you are attempting to solve using location intelligence. Then you will know which source to get data from.
Quality Control: There will be errors & anomalies in any data set where you may get incorrect or exaggerated info & stats. Filter out such wrong data and take only those insights that are useful for your business.
- Visual Interpretation: Visualize the data using the metrics you have got. You will get a clearer picture of the solution.
Analyzing Data: The final step is the analyze the data, get crucial insights that will greatly help you take accurate business decisions.