The name may sound a little disconcerting, but put simply, location-based intelligence is an intuitive technology that enables you to access a whole host of data related to sociodemographic, disposable income and more.
Now, you may be wondering why this may be beneficial for business. In this article, we take a look at how location can affect certain aspects of your company and how this can be leveraged to your advantage.
The importance of location-based intelligence for businesses today and in the future
In recent years, huge strides have been made in location intelligence technology, with the market set to reach 29.9 USD billion by 2026 according to MarketsandMarkerts. Unlike other sectors, the benefits of location-based intelligence were given a huge boost as a result of the global pandemic.
The unprecedented increase in demand for geographically-relevant information at lightning speed demonstrated the value of location analytics to the world. Not only was it used by national governments and medical authorities to make informed decisions regarding healthcare protocol, but it was also imperative in curbing the spread of the virus itself.
7 Industries that need location-based intelligence
However, the demand for location-based intelligence is by no means confined to healthcare and politics. Now, in our post-pandemic reality, many companies are taking advantage of these tools to optimize sales and marketing processes, get better control of their supply chains, even carry out risk assessments.
Let’s take a look at several sectors in a little more detail to see how location analytics can benefit multiple business sectors.
1.- Location-based intelligence for retail
Location-based intelligence has quite literally moved mountains in the retail sector. For starters, sociodemographic data has enabled local retailers to better serve their customers by stocking products of their liking. This, in turn, helps boost profits by maximizing sales potential and ensuring a high stock turnover month after month.
Location Intelligence technology also facilitates the delivery of targeted messages to selected consumers when they are nearby and presents retailers with an opportunity to link any given customer’s online purchase history with brick-and-mortar store experiences, something that was beyond the realms of possibility just a few years ago.
2.- Location-based intelligence for telco
The telco sector was hit pretty hard by the pandemic. Therefore, any technology that can help it get back to its best is in high demand right now. Location data and analytics offer telcos with specific insights, which enable them to make informed decisions about where to invest in 5G, for example.
This information means that companies can not only better plan out their strategic expansion, but it also gives them greater power over their assets and operations, both present and future.
3.- Location-based intelligence for FMCG
Location analytics serves to address many of the challenges posed by last-mile delivery by offering solutions when it comes to pick up and delivery management, agent tracking, and online assignment of tasks, to name but a few benefits.
In terms of delivery, this technology also serves to assign staff to certain areas by determining the relative levels of demand and optimizing routes considering the distribution points.
4.- Location-based intelligence for automotive
Though at first thought, it may seem like an unlikely sector to include in the list, the automotive sector has the potential to benefit hugely from the implementation of location-based intelligence.
Let’s take the example of your average repair shop to begin with. The use of LI has the ability to enable these companies to access user location via sensors and systems in the vehicle to diagnose a defect, plan, and arrange repair and maintenance events, without the customer being physically present.
There are also huge benefits to be had when it comes to vehicle insurance. Vehicle insurance companies are able to leverage navigational data and sell tailored insurance plans and packages based on individual and vehicle usage metrics. This is advantageous both for the broker and the policyholder.
5.- Location-based intelligence for restaurants
When it comes to hospitality, location intelligence has the ability to speed up the service (when you need it, of course). With the online food delivery market having experienced significant growth since the onset of the pandemic, many restaurants are facing an uphill battle to keep up with demand.
However, before opening up a cloud kitchen, restaurateurs need to be sure that they’re opening up in a location with a significant number of potential customers. This can easily be achieved by tracking the historical data of customers in the area, proximity of competing stores, etc.
6.- Location-based intelligence for healthcare
As we mentioned earlier, location-based intelligence has proven to be a big talking point in the healthcare sector, with it having helped many countries in the darkest of times. However, its uses extend beyond global healthcare emergencies.
Location data also has a significant role to play in healthcare planning by predicting how a population’s needs are likely to change and evolve over time, and hence, set up services that can help accommodate and deliver support ahead of time.
7.- Location-based intelligence for banking
Last but certainly not least, the banking sector also has the potential to leverage the recent advances made in location-based intelligence. Perhaps one of its biggest uses is in theft, since banks are now able to confirm whether cardholders are in possession of their card by comparing the whereabouts of an IP address a transaction or money transfer was made from with GIS intelligence from their smartphone. This therefore makes it easier for fraud departments to detect suspicious transactions and take the necessary action.
From a purely practical perspective, location intelligence also enables banks to expand their network without heavily impacting customers. For example, if a choice has to be made between maintaining one branch or another open, this technology can help banks to determine which one will have a lesser impact on its users, therefore preventing them from jumping ship and opening an account with a competitor.
It’s pretty clear no matter what sector you’re involved in, location-based intelligence is an absolute must if you’re to optimize your potential and boost your revenue.
If you’d like to find out more about how this technology could benefit your business and the various tools we have available at Locatium, then contact a member of our team today and let us help you to take your company to new heights.