The word "location" for a business has more than one meaning. The location of a business, the areas where it wants to expand, where its customers and competitors are, etc., all play a big role in how well it operates, makes money, stays in business, and grows.
But for location intelligence, locations aren't the only thing that matters. Other data points affect how locations affect your business as a whole. These factors could include socio-demographic information, population density, disposable income (purchasing power), weather, and many others.
What Does Location Intelligence Mean?
Location Intelligence (LI), also called spatial intelligence, is the process of figuring out how to solve a problem based on the relationships between geospatial data. It involves layering various datasets on top of each other spatially and/or chronologically so that they are easy to visualize on a map. It can be used in many different industries, groups, and organizations.
What is the Purpose of Location Intelligence?
With billions of devices connected to the Internet of Things (IoT), executives and decision-makers have unprecedented access to business data, including geospatial data. Location Intelligence is created by visualizing and analyzing large amounts of data in the context of a specific location, and it is used to enable holistic planning, prediction, and problem-solving. Seeing all relevant information in context — on a smart map, app, or dashboard — provides unique insights. Location technology insights can reveal hidden relationships, patterns, and trends, thus providing a competitive advantage to users of the data.
Services Offered by Location Intelligence Companies
Besides Location Intelligence data, these companies also offer services like footfall analysis, home locations of people who visit specific points of interest (POIs), and population densities that show a temporal heatmap of population hotspots over a time interval. Companies like AirSage, specifically, provide an understanding of where trips start and end by making Custom Trip Matrix and Nationwide Trip Matrix output available in the marketplace. The output can be provided in CSV file format, which is extremely flexible and can be used in a wide range of mapping and analysis programs (i.e., GIS, travel demand modeling platforms, spreadsheets, and business information platforms).
Putting money into Location Intelligence solutions can make a huge difference for your business. The information you get from location-based analytics will help you look at business decisions from a new, strategic, and profitable angle. If you are looking for one of the best location intelligence companies, look no further than AirSage. AirSage, Inc. turns mobile location and connected vehicle (CV) data into strong location intelligence and insights for private and public clients in transportation, travel, and tourism.