Location Intelligence : Definition, Benefits, and Best Practices

Location Intelligence : Definition, Benefits, and Best Practices

Location plays a critical role in the success of businesses across all industries. Whether it’s for offices, stores, branches, or warehouses, the chosen location can greatly impact a company’s operations. Selecting an inappropriate location can have serious consequences, including a decline in sales, reduced foot traffic, challenges in recruiting employees, and difficulties in distributing goods. This is where location intelligence becomes essential. This technology assists businesses in identifying strategic locations that can improve accessibility, operational efficiency, and customer satisfaction. In this article, we will explore location intelligence in-depth, covering its definition, benefits for businesses, and its practical applications.

 

 

What is Location Intelligence?

Location intelligence is a method used to gather information from geospatial data. This data is often displayed on maps to help identify patterns, make predictions, and solve other location-related issues.

By utilizing location intelligence and harnessing location data from consumer behavior, demographics, and other sources, businesses can optimize their strategic positions.

This technology usually takes the form of software platforms that empower businesses to conduct location analysis. Through these platforms, businesses can gather big data from various sources, analyze the data, filter relevant information, and visualize it in map.

What Data is Used in Location Intelligence?

The data used in location analysis includes:

– Address

– Latitude and longitude coordinates

– Points of interest (POIs)

– Mobile user movement data

– Road traffic data

– Weather data

– Residential and other building data

Benefits of Location Intelligence for Businesses

Location intelligence offers various benefits for businesses that adopt it. Here are some of them:

Better Campaign and Marketing

With location intelligence, businesses can gain a deeper understanding of each consumer segment. This allows them to use insights from the analysis to create more tailored campaign and marketing materials, offer personalized recommendations, and improve the overall customer experience with customized campaigns.

Optimizing Business Operations

Businesses can leverage location intelligence to streamline supply chain management, such as identifying the most efficient delivery routes and optimizing inventory management.

Finding New Opportunities

Location intelligence helps businesses identify specific points or areas and understand their surroundings. For example, if there are numerous offices or educational institutions around an area, businesses can use this information to open food and beverage outlets.

Additionally, location analytics can provide information about areas not yet covered by the business, enabling them to plan expansions to broaden their market reach.

Minimizing Risk

By using location analytics, businesses can reduce the risk of failure. For instance, if a business wants to open a new store, location analytics can recommend strategic locations with high visitor potential. Selecting the right location helps avoid losses from low visitor numbers or sales resulting from an unsuitable location.

Best Practices in Location Intelligence

location intelligence best practiceLocation intelligence is valuable for various industries and businesses, helping them improve efficiency and make better decisions. Here are some examples of best practices:

Retail

The retail industry heavily relies on location, as the success of their business depends on store locations. Retail uses location intelligence for business and store location analysis. Additionally, retail uses this technology to gather information about consumer behavior.

Property

Property businesses use location analytics to analyze specific property locations and plan land use. For example, if a business owns a vacant lot and performs location analytics that reveals the lot is strategically located near residential areas and dense apartment, the business can decide to utilize the land by building rental shops or restaurants that better meet the surrounding market’s needs.

Logistics

The logistics industry utilizes location analytics to increase delivery efficiency by optimizing chosen routes. This technology also improves transparency and visibility throughout the supply chain. 

Additionally, location analytics helps businesses in workforce placement across various warehouses they manage. This ensures sufficient workforce availability in warehouses located in high-demand areas, allowing the supply chain process to run more efficiently.

Food & Beverage (F&B)

The food and beverage industry uses location analytics to find the best and most strategic locations to open new branches. 

By using location data, businesses can evaluate area density and customer visit patterns at specific times. This allows businesses to more effectively allocate staff, optimizing customer service according to demand fluctuations.

Healthcare

The healthcare industry uses location analytics to map the spread of specific diseases. For example, during the COVID-19 pandemic, this technology-enabled healthcare providers to identify areas with the highest and lowest case numbers. 

From this data, they could arrange more effective responses, such as prioritizing areas needing immediate attention or healthcare facilities.

Optimize Your Business with LOKASI Intelligence

LOKASI Intelligence is a geospatial analytics platform that integrates comprehensive location analytics and location data. This platform helps optimize various aspects of business operations.

For example, LOKASI Intelligence can be used to analyze the potential of a location, find the best places to open branches or stores, efficiently allocate resources, and understand customer behavior and needs.

Meanwhile, LOKASI is equipped with various location data including demographic data, socioeconomic status data, telecom data, disaster data, convenience store data, and more.

By utilizing LOKASI Intelligence, businesses can make more accurate decisions based on thorough and precise location data.

Learn more about how LOKASI Intelligence can help your business by contacting email: [email protected] or WhatsApp: 087779077750

FAQ

What is location intelligence?

A method used to gather information from geospatial data.

Why is location intelligence important?

Crucial for businesses as it enables them to create better campaigns and marketing strategies, optimize business operations, discover new opportunities, reduce risks, and more.

What insights does location intelligence provide?

Offers various insights that businesses can use to optimize their operations, such as crowd levels, accessibility, peak hours at a location, and more.

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