Location Intelligence Software for Business
For years, location intelligence (LI) software has been contributing to the development of companies across industries. That’s why business leaders initiate conversations about the adoption of LI technology. So what is LI and why it’s important?
Contrary to popular belief, location intelligence is not only about mapping data. What’s more important, it reveals insights valuable for business outcomes. Unlike in business reports that reveal only general information on trends, these insights are connected with action areas. In order to better understand this solution and its purpose, here we’ll talk about the definition of location intelligence and which industries have already implemented it.
What is location intelligence?
Location intelligence is the method of generating insights by analyzing location data. These insights are aimed at offering a better understanding of the current market situation, potential growth areas and success blocks. LI technology processes information depending on the inquiry and provides extensive reports.
Most of the business organizations see spatial information as one of the key factors for working on ambitious projects and making important decisions. And therefore, accessing insights and predictions generated with location intelligence techniques carry great importance especially for decision-makers and strategy creators.
Who is location intelligence for?
Location intelligence is adopted by the dominating number of industries. Let’s take a look at the sectors that have added LI into their toolset:
- Finance. With the help of location intelligence maps, financial organizations get a better understanding of which service is in demand and in which location. Thus, technology for LI prompts where there’s a need for a new bank department or an ATM. It also guarantees the security of operations and helps prevent fraud.
- Retail. LI software allows retailers to take a closer look at the consumer’s behavior by displaying purchase patterns, optimize logistics, prioritize provided services, identify the best locations of new stores depending on the demographics and the infrastructure in the area.
- Insurance. Until recently, insurers have been mostly uninformed about the risks and had to deal only with consequences. But now by identifying the potential crises and updating their policy accordingly, insurers can get ahead of estimated risks overall in the sector and for each case in particular.
- Healthcare. Shedding the light on the health situation in the city and identifying underserved demographics and under-delivered services offer clinics management a clear vision of what strategy to adopt, how to expand, and what services to add in each area.
Location intelligence software is an effective tool that provides a better knowledge of the business by displaying geospatial data. That is why organizations across sectors expand their business with LI technology building on verified information.
Frequently Asked Questions
How does location intelligence work?
Location intelligence is based on geographical information systems to visualize spatial data on a map depending on the inquiry and the data features. It finds the correlation between services and location, demographics, etc.
Why does scale matter in location intelligence analysis?
The importance of scale of location for LI lies in the fact that it offers enhanced precision. Accuracy of the analysis depends on the level you can scale in