Location analytics helps enterprises in identifying local trends, patterns, and opportunities. It provides a platform for businesses to adapt their products and services according to local market needs. Further, it provides a better understanding of consumer lifestyles and ensures improved profitability.
Location analytics is the process which provides insight using geographic location. It provides enterprises with visual means of information from historical geographical data to interpret and analyze it in real-time. This information is helpful for logistics businesses which need to keep track of the locations of delivery vehicles and packages in real time.
Advantages of using location analytics:
- Harness the power of data: A well-planned location strategy helps in synchronization data generated from different IoT sensors, devices, and CRM systems. This data provides critical business insights which are used for sales projections.
- Empowers staff expertise: Many business decisions are taken by employees at different levels making it important to provide them with the best tools. Location strategy puts the right data and self-service analytics in the hands of your employees and ensures shorter decision cycles and consistency across different departments.
- Enhances marketing decisions: Location intelligence software acts as a key business data to improve store performances. The application is very useful for enterprises with multiple stores as the solution helps in developing customized marketing strategies. It also helps in optimizing direct marketing actions like deciding on the weekly circulars based on the present sales patterns.
- Improving site selection: Enhancing the business site location and providing an insightful mapping interface is helpful in generating more business from existing locations and from future prospective sites. Further, it allows staff to incorporate a periodic sales forecasting model when making marketing or promotional decisions.
- Uses historical spending trends: Location analytics is very useful when analyzing people from different geographical locations using historical spending patterns. This data helps to increase sales and is useful in customer retention by running targeted advertisement campaigns.
Location is very critical for any business as all the activities are driven from this place starting from raw materials, to products, to facilities, to people. It is very critical to understand how location helps in improving business by using location analytics. Further, the data generated by location analytics will provide a detailed understanding of how optimizing business processes will help in making informed decisions as well as enhance efficiency and effectiveness.
– Pavan Mudholkar,
Sr Research Analyst,