The concept of location intelligence (LI) is the ability to manage and understand complex data using geography. LI combines geographic data and business to discover the relationships between location, occurrence, transaction, facility, and assets.
By using technology, companies will be able to incorporate business intelligence and geospatial analysis to generate new insight for business decision making.
The combination of those technologies is known as location intelligence. LI is capable of improving analysis and predictions to save cost or increase business revenue.
Location Intelligence Improve Business Performance
By implementing location intelligence, businesses are able to find untapped business opportunities. It is also important to realize that geography and location are present in every aspect of business.
Various industries can benefit from LI in making their decisions. It is also possible to use location data for any analysis, whether the analysis is related to business process, marketing process, supply chain, risk management, or operational efficiency.
Every business transaction takes place at a certain time and at a certain location, so paying attention to the location is crucial.
As we already know, a location shows us data that can be harnessed for business analysis. Companies need to determine the exact location for selling their products when they start to deploy them to the mass. As for operational efficiency, you can choose location near resources or the fastest route.
Through spatial analysis, we can understand the risk of a particular location. And by using the analysis, disaster data and natural conditions in a certain area can be added.
Complex data locations are essential for decision making, they will be an ideal match when combined with business intelligence. The right implementation of location intelligence will then improve the business performance.
The Implementation of Location Intelligence in Business
For years, geography information has been widely used in various industries such as checking water sources, people movement, disease spreads, and so on. Today, there is technology that combines system information geography (SIG) and business intelligence with the purpose to optimize business operations.
Here are the implementations of location intelligence ,
Retail may use location intelligence for their marketing. Managers can use it to plan, to implement, and to evaluate the local market effectiveness.
By comparing the existing data, it will be easier to understand the store’s performance in each location. The manager will then use the results to determine which location has the best sales.
A certain area will show many parameters that can be used to make decisions and create the next strategies.
Communication and utility with SIG have been used by many companies to manage their assets and operations. It includes bringing a smart network system to life.
Today, there are many companies integrating spatial analysis in their business operations. Utility companies in business, for instance, can perform location mapping at no charge or at a higher incident rate.
The program allows companies to group their marketing plans and adjust them according to the environment, region, and user profile.
Customer service issues can be analyzed geographically to gain a better understanding of the root causes, such as language barriers or accessibility issues.
Oil and gas
The most crucial part in oil and gas is location. Meanwhile, mining and gas require specific locations that are linked to resources. Geospatial factors govern every important decision like location of a drilling rig, delivery system, and refinery.
Companies may utilize LI for various needs. These data provide information on the highest royalty fees, the highest operational costs, or the most beneficial rent.
Oil and gas companies can get comprehensive reports and readable charts instantly. Reports can be zoomed in and out, and other features can be interacted with by clicking them.
Banking and finance
In the financial sector, location intelligence may be used to suggest products based on location, monitor location to prevent debit card and credit card fraud, and more.
Combining spatial and business intelligence data allows for a deeper analysis than just using one. Among the uses of the analysis are decision making, expenses, insurance, environmental risks, and marketing strategies. As for insurance companies, by using LI they can map their customers’ address
Supply chain management
When supply chain reports are presented through spreadsheets, it is possible to overlook important factors. Therefore, a deeper analysis is necessary taking into account geography and transportation.
Results of GIS and business intelligence analysis can be used to display data that can benefit the management. Companies can monitor business continuity and manage its efficiency through cancellations and crises.
The Challenges in Implementing Location Intelligence
While LI has many benefits for businesses, there are also challenges businesses may face when using it, such as issues of privacy and permission. Many customers are still concerned about sharing their location.
Customers may feel uncomfortable if their device location is tracked. Companies need to give a clear understanding for their customers about using customer location data. Aside from that, there are also issues about data quality and standardization.
Location data accuracy is needed to get a precise geospatial analysis. However, maintaining the data can be a problem. To implement proper location data, companies must verify their data collection methods.
Location intelligence can be a solution for companies in analyzing business data including spatial data. The challenges that are mentioned above can be solved by verifying existing data.
In addition, companies may partner with location intelligence companies to resolve those challenges. By partnering with location intelligence providers, companies no longer need to worry about the safety and accuracy of their data.
Improving Business Process with LOKASI Intelligence
Today, thanks to technology we can tap many opportunities such as increasing profit and cutting operational costs. One of those technologies is LOKASI Intelligence. It is a combination of location intelligence platform and location analytic software.
LOKASI Intelligence enables companies to make data-driven decisions, visualize data, monitor branches, find business opportunities, and perform location profiling.
As a result of those capabilities, companies will be able to perform their business processes more efficiently.
You can find location intelligence data such as point of interest, road network, disaster, demography, social economic status, land value, and telco data in this platform.
Find out more on how we help businesses in developing their business by contacting [email protected] or Whatsapp at 0877779777731.