Location analytics is one of the fastest growing fields in the business world. Companies are increasingly embracing this discipline to create ever more sophisticated and realistic business scenarios.
It is difficult to make sense of disjointed raw data and this data can become quite meaningless if no such method as location analytics is applied to provide context.
Merging the raw data and drilling down the figures generates insight that allows for long-term strategies to be created, with varying levels of flexibility. For example, location analytics can show a business how sales could be affected by a competitor opening a branch nearby.
Factors such as demographics, population density and distance from other points of interest can be assessed to see if there are any unique location advantages or enough demand in the local area to support both businesses.
This information gives the company a chance to create contingency plans to cope with their competitor’s arrival or to challenge a competitor’s penetration strategy. Location analytics is all about building plausible scenarios to get a glimpse into the future of a business.
Benefits of using location intelligence trends
There is a huge range of benefits businesses can obtain by using location intelligence: cost-effective long-term planning, effective targeting, increased marketing relevancy and better territory management are just a few.
Map dashboards – displaying assimilated data geographically – are an increasingly influential tool, allowing businesses to turn data into interactive intelligence used in the generation of solid business scenarios. The aim of map dashboards is to speed up the business intelligence process and to quickly understand the impact that a choice of location has on a company’s performance.
From predicting business costs to understanding the impact of pricing strategies, location analytics is increasing the chances of improved profitability in the future. Location analytics boosts business strategy by providing companies with a clear picture of an area’s potential for profit.