Location analytics is the process of using a company's data assets to gain more valuable insights by adding geographical data. It is sometimes referred to as "geoanalytics." Across industries, business data, such as data on people, events, transactions, assets, and more, frequently includes a geographic component, which when added to an analysis of performance, can reveal new insights. This allows for a richer context when inquiring about various business processes and offers a fresh perspective on data trends and relationships.
Location analytics gives everyone in an organization the tools they need to understand data from a location-specific point of view and improves business practices as a result. Adding location to an organization's analytics provides greater context for decision-making and generates greater insights that may not have been discovered using conventional, flat business intelligence (BI) data.
Also, maps are a great way to get insights from location data and are easy for people who aren't experts to understand. With conventional analytics such as statistical plots, charts, and tables, this is not possible. Location analytics solutions can help businesses make better decisions based on geospatial data by optimizing operations across multiple territories, matching assets in the field with the right resources, and figuring out how profitable new locations might be.
Why Do You Need Location Intelligence Solutions
Tracking owned assets
Tracking owned assets is one of the most important benefits of location intelligence. Location intelligence tells organizations about the infrastructure they already have in a certain area. This helps them understand what capabilities are already in place and how this infrastructure can be used to build new ones.
Insight into What Customers Want
Location intelligence shows what kinds of businesses are in a region and what their specific needs are. For example, if there are several hospitals in an area, location intelligence lets users see where they are in relation to each other, figure out what their specific business needs are, and map the best route to deliver customized service.
Perspective on the Competitive Landscape
Location intelligence lets companies see which competitors are in a region and where they are. This lets users make strategic decisions about where to expand and where to stay away from based on the competitor's abilities and prices.
Potential Partnerships
Knowing where a third-party service provider works can help organizations find potential partnerships that can help them reach more people for less money.
Location Intelligence in the Future
Location intelligence is increasingly being used in business operations. In the future, we can anticipate the following innovations:
Location analytics, along with business intelligence components, has the potential to grow into a full-fledged analytic branch in the near future. Firms can use location analytics insights to identify trends, opportunities, flaws, and hazards in a specific area of operations. If you are looking for more insight on location intelligence solutions, contact AirSage today!
