Location Intelligence 101

Location intelligence (LI) is a technique for extracting insights from geospatial data in order to solve specific problems in a variety of industries. It is primarily designed to provide analytical and operational business solutions using geographical information system (GIS) tools. Businesses and governments can use this technology to gather important data sets, like transaction data, GPS data, and point-of-sale data, for a more in-depth geospatial analysis.

Businesses can analyze various situations and complexities to find solutions to specific business problems. Several businesses rely on GIS technology to gain access to location intelligence. GIS helps organizations find new opportunities and improve their operations, which is one of its main benefits.

What Industries Make Use of Location Intelligence?

The following are some of the most common industries that use location intelligence software:

• Retail - After visiting a specific clothing store, we usually receive a notification asking how our experience was. Retailers can use this data to track the footfall of their multiple stores in different areas and set proximity notifications for customers. It will also be beneficial to comprehend the reasons for increasing customer loyalty in-store. In addition to offline stores, LI tools can help retailers improve customer service online.
• Supply Chain - Manufacturing companies, pharmaceutical companies, and others can use LI for supply chain management.
• Real Estate Development - LI can assist organizations such as healthcare companies and services providers with site selection.
• Quick service restaurants (QSR)- These can gain detailed information about each outlet's customer experience. This will allow them to compare the performance of each outlet in order to maximize ROI. LI analytics can assist QSRs in understanding consumer behavior trends and patterns across multiple locations, allowing them to provide a better user experience.
• Logistics - Location intelligence assists transportation and logistics companies in identifying traffic patterns and optimizing routes for field service agents.

The Advantages of Location Intelligence

Here are some of the most important reasons why businesses should use location intelligence.

 1) Improve your Business Intelligence:

Location intelligence is a type of business intelligence that combines geographic and business data. With several location-specific data sets, it aids in improving a company's business intelligence. A recent McKinsey Global Survey on data and analytics found that companies that find new value in their data are more likely to lead their industries and grow quickly.

2) Examine your clients:

According to a Gartner report, real-time location analysis will influence 30% of customer interactions by 2022, up from 4% in 2017. Organizations can use location intelligence data to learn more about their customers' interests and activities, which can help them create detailed personas for sales, marketing, and customer service. When used with a customer relationship management (CRM) system, these personas help you talk to customers and prospects in the right way.

3) Look for growth opportunities

Location intelligence data also aids in the identification of the best locations by analyzing areas of interest and sales potential. It is one of the most important tools for market research and a thorough analysis of the competition.

 4) Enhance the customer experience

Location intelligence tools and platforms, in conjunction with vast amounts of operational and customer data, assist organizations in improving the customer experience. Businesses can gain valuable insights into consumer interests and preferences by using location data. Retail stores and restaurants, for example, can provide their customers with more accurate and powerful location intelligence in addition to the usual points of interest or geofenced marketing offers. This contributes to increased brand loyalty and better customer relationship management.

When combining LI with artificial intelligence, it can assist marketers in personalizing the customer experience. Companies can use location intelligence to make better decisions and increase ROI in the future. If you are looking for location intelligence services, AirSage is your one-stop destination.