The visual mind: why you shouldn’t leave your location analytics in a spreadsheet
According to a 2014 MIT study, the human brain is capable of identifying and processing images in just 13 milliseconds. Visuals are processed 60,000 times more quickly than text, and it takes twice as long to process and recognise words.
When you think about it, the human brain is an incredible machine. However, despite many of us possessing multitasking skills, the brain works best when processing single values at any given time. This is why visualisation is such a fantastic way to display big data.
Why, therefore, are so many businesses continuing to leave their location analytics sitting in dull, two-dimensional spreadsheets? In an era where technology allows for visual presentation for geospatial data, companies who don’t make use of these tools are likely to miss out – and those who are slow to get on board could be left behind by their competitors!
Understanding visualisation in the context of location analytics
Location analytics involves adding a layer of geospatial information to existing business data in order to extract valuable insights. Data relating to customers, prospects, events, assets, transactions, logistics, finances (and more) can help unlock valuable information when viewed in a geographic context.
These visualisations can help your business to identify key performance metrics in a way that spreadsheet data simply can’t. With location analytics from Periscope®, you can:
- assess current business strategies
- decrease logistics costs
- identify new sales opportunities
- identify potential operational efficiency changes.
These insights can be easily communicated across your organisation with visualisation, allowing your teams to act more decisively with real-world context. Periscope® allows you to connect your data to the world around you, showing how location relates to everything from new customer uptake to how competitor locations affect you. These actionable insights allow you to make more informed decisions on everything from marketing and promotions to new location scouting.
Why traditional data is no longer sufficient
Charts, tables and graphs simply won’t cut it if your business is looking to uncover valuable location data. Spreadsheets tend to miss important pieces of information which can only be contextualised in a visual, geospatial sense. With Periscope®, you’ll gain access to interactive, multi-layered maps which allow you to see data associations in different views, from your immediate postcode area to the entire world.
With visual location analytics, your organisation can optimise delivery routes and work out trade catchment areas based on a variety of demographics (including distance or travel time). These insights can also help you gain a competitive edge when it comes to promotions and marketing. Let’s take a gym business, for example. With a few simple clicks, the owner of a gym can identify prospect catchment areas, along with competitor catchment areas. This data can then be used to target prospects located in competitor areas with promotions to entice them away.
Of course, this is just one example of how powerful visual presentation of location data with Periscope® can be. Our team will be happy to discuss the many ways in which it could help your business become more streamlined in its logistics operations, attract new customers and enjoy a greater return on investment.
To find out more, book your free 10-minute Periscope® demo today!