Location-based data drives new insights for successful business outcomes
Adding location intelligence to the mix of big data and mountains of available information is no longer a maybe – it is a necessity. As the data-driven age requires companies in virtually every industry to expand their use of advanced analytics, these companies are determining how – not if – location intelligence meshes with predictive analytics, machine learning, and other critical initiatives to turn data into insights.
In turn, the insights can introduce new opportunities, new processes and new business models.
For industries including insurance, retail, healthcare, government and more – each facing different issues – the increasing specificity of location technology enables each industry and company to tailor the insights gleaned from the location data to their own interests and needs.
Two very brief examples include:
- Financial services and telecommunications companies want to leverage high volumes of remote transaction and data transfers. At a basic level, location data can guide financial firms on where to place ATMs and offices.
- Retail and wholesale operations are interested in optimizing merchandising and attracting new customers. A proximity mobile marketing program where app users opt to receive a push notification if within a mile of select retailers, along with a digital discount offer for visiting one of the stores, can significantly boost revenues.
A Harvard Business Review Analytic Services report sponsored by Pitney Bowes® offers greater and quantifiable detail on how location intelligence benefits even more industries. Read When it comes to analytics success, X marks the spot: Location intelligence is driving new insights and providing surprising benefits.
New data sources and customer buy-in fuel location intelligence
The proliferation of mobile phones, wearable devices, sensors, beacons, connected cars, and other methods to track the movement of goods and people is ushering in the new era of location intelligence.
And customers are increasingly eager for companies to make use of location intelligence as long as it benefits them.
Location intelligence begins with geocoding, determining the latitude and longitude coordinates of addresses. Although geospatial data can be analyzed on its own using visual data discovery with layered maps, the real payoff comes from the full use of big data. Geocoded location data can also be meshed with other data, or geo-enriched, for more advanced analytics, providing a better understanding of the people, places, things, and their interactions.
Location intelligence also plays a key role in cleansing the big data mountain of information, a critical element in using big data effectively.
The key take-away
The Harvard Business Review Analytic Services report concludes with a look to the future and the potential opportunities for increased revenue and efficiencies. The report observes:
"From financial institutions and insurance companies to government and retail, location intelligence is at the early stages of redefining how organizations can use big data to gather insights and take action.
"By enriching their existing data with location, and adding location to other new sources of data, companies are experiencing significant paybacks and finding new opportunities, like improving the customer experience."
To learn more about how location intelligence provides valuable insights, read When it comes to analytics success, X marks the spot: Location intelligence is driving new insights and providing surprising benefits.