Why Is It Important to Have Location Intelligence for All Businesses?

by | Published on Jan 20, 2020 | Outsourcing Services

Data comprises facts and statistics collected together for reference or analysis, for reasoning or decision making. Data entry is unavoidable for almost all businesses. Many industries use data entry service to ensure accuracy and quality of the data. It ensures that the data is fed into the databases in a timely and efficient manner.

Important to Have Location Intelligence for All Businesses

Almost all factors like raw materials, products, facilities; people like employees, agents, customers; or events like deliveries, purchases, production required for businesses to run exist at a particular time and location. By analyzing how these elements relate to one another through location intelligence enables businesses to make informed decisions that can improve both efficiency and effectiveness. It allows stakeholders to create and optimize their strategies depending on their customers’ behaviors, the environment, and other parameters, usually captured by IoT sensors.

According to a recent study, majority of C-level executives believe that location intelligence will be important for the overall success of the business, especially in the long run.

  • 66 percent of executives said that it was an important part of business success today
  • 78 percent said that it would be important in a year
  • 85 percent said that it would be important to success in the next three years.

Location Intelligence is the data and information needed for network providers to expand routes and terminate fiber connectivity into new buildings. Examples of location intelligence include information about provider’s own on-net and near-net assets, information on specific buildings and their tenants, competitive intelligence on other providers terminated into the building or within the vicinity, and potential partner networks that can be leveraged based on location. It allows network providers with the context needed to expand their reach with visual representations of network routes and connected buildings, and offers maximum value to users.

Apply Location Intelligence to Various Businesses

  • Retail: For setting up a business, it requires various factors like the demographics of the area, the spending patterns, the average salary rates etc. With location intelligence, businesses can create clusters of customers based on these insights and also know other options with a higher chance for increased revenue. Another advantage of LI in retail is that it provides personalized experience with customer’s permission. It is possible by combining real time localization along with other potential delays like traffic information etc to make an accurate prediction model. An example of using location intelligence is the recommendations given by Google Maps of nearby locations if you have been to that place.
  • Logistics and transportation: Artificial intelligence helps to detect patterns to make transportation and logistics efficient and fulfil expectations better. Today only a few top companies use these tools to deal with overcrowded roads, and bypass dangerous areas to minimize any delays. Transportation companies can see an exponential increase in the quality of their services if they use the right tools which offer accurate predictions of arrival times. Advanced software is developed with the help of millions of data points recording the origin and destination of a vehicle, the time of the day, day of the week, month, holidays, type of roads, and many other such variables. Each of them can impact the final statistical model.
  • Road safety: Not just store businesses, drivers can also use location intelligence to arrive at the right time to pick their passengers and provide a safe ride. With LI, it is easier to communicate with other traffic participants and be aware of the demographics of the area, the spending patterns, and the average salary rates. According to Data Lab’s expert, by identifying the traffic jams and accidents on roads and traffic light system and other safety systems, drives can provide optimum customer experience to the passengers.

How to Use Location Intelligence

  • The first step is to define the problem and identify why location component is important to make a clear difference.
  • The next step is to find out a way to measure and access geolocation information.
  • Once you have the data that is clean and accurate, put it in the right format for training the algorithm. This is one of the essential steps in the process, as the quality of the model is only as good as the quality of the data used for its training.
  • Make different prototypes of the model and test them against the real world. Don’t be upset if you fail. Keep testing until you have the best working model.
  • Repeat many times, making slight changes to inputs to check for performance and accuracy even in non-standard situations.
  • Don’t be afraid to let the model self-learn to potentially uncover other, not that obvious connections within the data sets.

Advantages of Incorporating Location Intelligence into your Business

  • Delightful customer experience
  • Deliver targeted marketing and advertisement
  • Track and plan field service activities
  • Move from data insights to foresight
  • Improve field staff’s productivity with smooth operation

Location intelligence is useful only if it’s accurate. Poor location data accuracy decreases the effectiveness of any campaigns using location intelligence. For instance, advertising campaigns based on inaccurate location intelligence often see lower click-through rates and ROI and less store visits and sales. Handling data requires skilled professionals from data entry companies who have the ability to enter the data quickly and accurately.

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