Location analytics helps in gaining geospatial insights in real time and can be applied to various business functions such as fleet tracking, customer behaviour and demographics, and, consequently make better and effective decisions.
Location Analytics can be applied in various fields but largely in below mentioned industries
Almost everything about business exists at a time and location. By understanding how various elements such as employees, products, raw materials, agents, and customers are related to each other, retailers can increase sales with highly accurate location information by targeting their marketing campaigns effectively. Additionally, retail companies can analyse effectiveness of marketing campaigns in different locations by monitoring competitors’ activities at a given location and accordingly position their outlets to optimize their investments. Thus, location analytics helps in controlling costs, mitigating risks in supply chain management, and enhancing customer satisfaction by meeting their expectations through location based behavioural intelligence.
In BFSI industry location analytics helps in understanding the location of customers and their transactions both personal and business dealings so that bank can better manage its branch networks and merchants and understand the competition and regulators. Based on analysis of the customer information files, bank staff members can identify, visualize, and analyse key factors influencing the performance of individual branches. Location analytics can provide insight into how those patterns changed across the network based on differences in, urbanicity, demographics, time of day, and day of the week, as well as competitive products and services. Many financial organizations are adopting location analytics for spreading their established business analytics software and get new returns from prior investments in technology and process standardization.
Location analytics in transportation helps in improving the management, maintenance, safety, and security of roads, railways, and air transport infrastructure. It is very essential for transportation industry to synchronize geography with business intelligence systems which can be used for traffic analysis, investments, and maintenance. Location analytics for transportation industry helps in monitoring traffic and regularity, Track billing and price options, enhancing operational efficiency and finance control.
– Sonam Chawla,