Over recent years, there has been a push to develop location intelligence.
This user-friendly technology gives you access to large amounts of sociodemographic data, which you may use to assess a scenario and spot business opportunities.
The interactive technology can generate maps and graphics in real-time. As a result, patterns and trends relevant to the company’s needs may be quickly identified, allowing for better strategic decisions.
This explains why an increasing number of businesses are incorporating it into their business plans.
If you’re curious to know more about it, keep reading. In this article, we’re going to list X ways location intelligence can help you create a better business strategy.
Let’s get right to it.
What is location intelligence?
The approach of drawing insights from location data to answer queries is known as location intelligence (LI). LI analyzes location data as an integrated aspect of a business or social problem, going beyond basic data presentation on maps.
Why do organizations use location intelligence?
Organizations may utilize intelligence technologies to detect where an event has occurred, analyze why it is recurring, and get insight into what caused it by layering geographic data—such as demographics, traffic, and weather—to a smart map or dashboard.
Many businesses are using geographic information system (GIS) technology to produce location intelligence as part of their digital transformation.
What are some examples of location intelligence?
Examples of location intelligence use include:
- finding optimal locations in retail site selection;
- managing assets in real-time;
- maintaining or repairing vital infrastructure.
How location intelligence can help you create a better business strategy: 7 Ways
Now that you have a better understanding of what location intelligence is, it’s time to see how it might help you develop a more effective business strategy. The top seven ways are given below.
1. Business intelligence
Location intelligence is a type of business intelligence that integrates commercial and location data, resulting in a powerful combination that may dramatically increase a company’s business intelligence.
Because data is essential for understanding the present market and establishing effective strategies, companies that extract value from data are more likely to be industry leaders and enjoy rapid development.
2. Client analysis
Another important part of developing a good business strategy is understanding clients’ interests and monitoring their actions and behavior.
In this way, location information may assist your sales, marketing, and customer support departments in developing more unique and thorough buyer profiles.
These buyer personas, when used in a customer relationship management system (CRM), may assist develop communication that is tailored to a certain type of buyer, resulting in more conversions and sales.
3. Opportunities to expand
Data gathered from location intelligence – especially, evaluations of regions of interest and their sales potential – may also assist you in determining the finest places in which your company could grow or invest more resources.
Furthermore, intelligence mapping may provide a better understanding of how certain regions are changing, allowing you to maintain a competitive edge across a variety of industries.
Location intelligence data is also useful for identifying external variables that are affecting the performance of existing and future stores.
4. Improved customer experience
When paired with large amounts of operational and customer data, geolocalization tools and platforms may help your company improve customer experience.
Location data may help brands learn more about their consumers’ interests, preferences, and requirements.
Fashion retail businesses, for example, might determine which sales points their consumers favor and then give them offers for other places. This increases brand loyalty and strengthens consumer connections, resulting in higher long-term revenue.
5. Fraud detection
You may also use location intelligence to see if any suspicious transactions have occurred in the past and save money on customer complaint calls. It also allows you to identify incorrect or fraudulent addresses fast and create a single customer view.
6. Insights into competitive landscape
Organizations may use location intelligence to see which rivals are present in a certain region and where they are located. This enables consumers to make strategic decisions about where to expand or avoid depending on a competitor’s skills and price.
Companies may connect their consumers’ online and offline habits with location intelligence data, which is based on real-world actions.
Online advertising may be linked to targeted traffic in stores, restaurants, and other commercial locations via location intelligence.
It may also be used to examine changes in physical traffic as a result of mobile advertising campaigns in order to determine which ads are effective and which are not.
7 Best location intelligence software in 2022
There is so much location intelligence software available nowadays that picking the appropriate one is becoming increasingly challenging. To help you decide, we’ve compiled a list of some of the best options to explore in 2022.
1. CARTO’s data mapping software
From CARTO’s website – https://carto.com/builder/
CARTO’s data mapping software allows you to collect and analyze useful data in order to better understand where and why things happen, enhance business processes, and anticipate future events.
The program interacts seamlessly with top cloud data platforms and analytics tools, such as Google BigQuery, Snowflake, Amazon Redshift, and Databricks, removing ETL complexity and scalability limitations.
CARTO’s Data Observatory also enables your company to easily access millions of public and premium datasets, boosting your geographical analysis with information such as POIs, human movement, credit card transactions, and more.
2. Esri ArcGIS
From Esri’s website – https://www.esri.com/en-us/arcgis/about-arcgis/overview
ArcGIS is a set of tools and capabilities for mapping and location intelligence. ArcGIS can be installed locally (ArcGIS Pro), remotely or on-premises (ArcGIS Enterprise), or as a SaaS hosted by Esri (ArcGIS Online).
ArcGIS contains specialized apps that provide comprehensive solutions for your company or organization.
Esri delivers a vast collection of data and content to geo-enrich your own data in addition to tools. You may also customise and construct your own mapping and location intelligence solutions using ArcGIS’ powerful software development tools.
3. Scribble Maps
From Scribble Maps’website – https://www.scribblemaps.com/
Scribble Maps is a simple online GIS/Mapping software with a short learning curve that can assist you in making smarter decisions. Upload spreadsheets, filter data, geocode, optimize routes, write annotations, collaborate, measure distances, build interactive maps, and more.
Scribble Maps also allows teams to interact and work on maps together, and with a variety of exporting choices, it can connect with current work flows to offer geospatial capacity to your whole enterprise.
From Maptitude’s website – https://www.caliper.com/maptovu.htm
Maptitude GIS and mapping software provides you with the tools, charts, and data you need to study and comprehend how geography affects you and your business. Maptitude is one of the most capable and affordable full-featured mapping software programs on the market.
Maptitude allows you to make maps and map pictures from spreadsheets, as well as view external data on the map from a number of sources, such as Google Maps KML/KMZ files.
Maptitude comes with a rich collection of maps and GIS data for your nation, making it ideal for data visualization and geographic analysis.
From Maptive’s website – https://www.maptive.com/
Maptive is a suite of mapping tools designed with the user in mind.
This mapping software offers a wide variety of geospatial analysis and data visualization capabilities to enterprises ranging from tiny non-profits to large corporations.
It lets you upload location data from spreadsheets or CRMs to Maptive’s platform, then use tools to generate bespoke maps like heat maps, color-coded pin maps, sales territory maps, optimal routes and instructions, and demography maps.
From CleverMaps’website – https://www.clevermaps.io/
CleverMaps is a map-based analytics platform that is revolutionizing how data is used to tackle location-related problems throughout the world.
CleverMaps enables individuals and businesses to make data-driven decisions based on the insights shown in our intuitive and interactive analytical map.
Location Planning, Catchment Area Analysis, Branch Network Optimization, OOH Campaign Planning, Delivery Services Optimization, and more are some of the use cases CleverMaps can assist with.
From MapBusinessOnline’s website – https://www.mapbusinessonline.com/
MapBusinessOnline is one of the most user-friendly and cost-effective business mapping software available to any large or small business.
MapBusinessOnline offers important and useful features like advanced sales area mapping, customer location visualizations, multi-stop optimum routing with time frames, market research with multiple drive time queries, big format printing, and a number of methods to share and collaborate on maps.
Also, it allows you to increase sales responsibility, minimize operational expenses, increase communications, undertake sales planning, and use business analytics to support strategic strategies.
Location intelligence can give access to valuable data that can help you improve your business strategy in multiple ways.
It may can with improving customer service, marketing initiatives, fraud detection, identifying new company prospects, and much more, as demonstrated throughout this blog article.
As a result, using location intelligence software within your organization will benefit you in the long run in terms of revenue, loyalty, brand reputation, and other factors. We also highlighted the seven best choices for 2022, and we hope you found one that works for your company.
Thank you for taking the time to read this blog post. We hope you found it informative and helpful.