As a result of the pandemic, businesses have been forced to adapt and go digital. Artificial intelligence, machine learning, automation, mobile data collection, business intelligence, and automation solutions are increasingly important to organizations.
Businesses worldwide embrace location intelligence (LI), the newest innovation in this field. It is predicted that by 2022, 30% of consumer contacts would be affected by location analysis, up from 4% today. Business intelligence can be found in LI.
Geospatial data is analyzed to obtain trends and useful insights that can be used to develop better business strategies. Mobile apps, GPS systems, IoT devices, and so on all collect geospatial data. COVID-19 hotspot maps are a recent, relevant LI use case that may be easily accessed via the Internet.
The capacity of LI to read traffic conditions can help food delivery firms choose the fastest routes. As a result, they can use data from local festivals and weather conditions to make decisions about marketing content and promotional offers and discounts.
Health departments will be able to use mobile data collection and LI to develop vaccine distribution and disaster relief policies. They consider factors such as the source of an outbreak, available hospital beds, weather conditions, the index of air quality, demographics, and other variables that differ by location.
These are only some examples of how LI might be used in these areas; the full breadth of LI is far greater. Using LI services to enhance the customer experience is a growing trend among businesses.
Using location intelligence to maximize profits
Increasingly, businesses are shifting their focus to the client and creating more personalized experiences. Businesses are rethinking their operations thanks to geospatial data and mapping to gain insights into client demographics. A thorough investigation of the LI market and the level of firms’ reliance on LI has been undertaken by BCG.
What the post-pandemic world needs from location intelligence
One of the most important factors of a company’s success is its location. Businesses miss out on 90% of location data held in sources, including B2C companies, apps, and satellites. To better serve its customers, a business can use the information generated by LI to map and analyze this type of data.
LI is currently assis ting many industries, including the government, retail businesses, and the financial sector, in identifying new prospects.
Why is LI becoming a sought-after asset in the organization?
AI and LI can create complicated models and algorithms that organizations can use to broaden their service offerings to a wider range of customers and markets.
Applications of LI include everything from competition monitoring and geolocation services to localized predictive analytics, lead creation, and marketing to gap analyses and expansion maps. In addition to land and environmental management, urban planning, and census updates, government agencies employ LI.
How can LI change the way people do business?
Over 95% of companies believe that LI and mobile data collection is critical at this moment. LI is being utilized in various industries to make the most of satellite and geospatial data. Learn more about how LI is being put to use in various fields.
In the retail sector, location intelligence can be used effectively.
In recent years, the e-commerce sector has been booming, and it may one day dominate the retail sector. Retailers are currently integrating online and physical businesses to develop a long-term business plan.
They’ve begun utilizing LI in conjunction with other cutting-edge technology to understand better and evaluate customer behavior. They may develop more effective marketing campaigns and sales tactics with this information.
The overall reliance on LI is steadily increasing. An improved multidimensional analysis can be achieved using location analytics and other data points. Businesses that want to get the most out of their data sources and provide their customers with better service should look into implementing LI.