6 Significant Benefits of Location Analytics in 2021
The method of analyzing data with a prominent factor of location is known as location analytics. It enables brands to investigate simple yet crucial aspects which are unique to a specific place. Businesses have used location as part of their research or analysis in the most basic manner for decades. More than 80% of data processed by companies around the world is thought to contain a geographical component.
Location analytics draws critical business insights from geographical data that can assist businesses in resolving key issues. A recent report published by Research Dive states that the global location analytics market is estimated to garner $38,078.9 million and surge at a CAGR of 15.8% in the 2020-2028 timeframe. Several businesses see location analytics as critical to achieving their long-term business objectives and expanding their market reach.
Despite the fact that the coronavirus pandemic has wreaked havoc on various businesses, the location analytics market has seen tremendous development during this time. During COVID-19, location intelligence played a critical role in the operation of city emergency services. Hospitals have been operating at maximum capacity, and there has been a lack of ventilators, masks, and other critical sanitary supplies. As location analytics provide informative information for better planning, optimization of efforts and resources, it has become a vital tool for resolving these issues amidst the COVID-19 pandemic.
6 Key Sectors That Can Benefit From Location Analytics
Location analysis tools like Xtract.io, MapInfo, etc. assist retailers in identifying new business prospects as well as areas where their business may be underperforming. Retailers can invest in particular regions and possible sale hotspots if they have reliable and precise location analytics data. Retailers may track and manage sales of various items by area or store, allowing them to deliver supplies more effectively and efficiently. This will assist the retailers to attract new clients and retaining existing ones.
Retailers can also use location analytics to learn about how the consumer experience varies by store and what motivates in-store loyalty. When combined with location analytics data, a consumer’s purchasing history can assist shops in sending messages to the customers when they are in the area nearby the shop, informing them of new products and special deals on their preferred goods. Companies can create a uniform shopping experience across multiple touch points by combining supply chain location data with real-time customer data.
Banks may use location analysis data to grow their banking network and make better decisions regarding potential acquisitions and continuing investments. It also makes easier for banks to contact their customers and offer vital information such as the location of the nearest branch or ATM. This aids in consumer engagement as well as the maintenance of a positive connection.
Banks can use customer location analytics to effectively target online advertisements and provide consistent and efficient customer support throughout the account opening and payment process. Banks can even evaluate and segment customers based on their geographic area in order to create more effective marketing and sales efforts. Financial institutions and banks can also use location analysis data to discover and effectively retain the most profitable consumers in several regions.
- Transport and Logistics
Companies can employ location analytics systems to improve warehouse processing, track the most efficient routes, and get aid on stock-flow management. Transport businesses can use data from location analytics to improve fleet productivity, fuel efficiency, vehicle monitoring, vehicle optimization, and idle time reduction. Organizations can facilitate efficient supply-chain management and boost the volume of timely deliveries. Location analytics tools may also analyze traffic trends and perform accident analysis.
Hotels can utilize location analytics to track new and recurring guest foot traffic, as well as understand how many visitors utilize the hotel’s fitness center on a regular basis and how much time they spend in the hotel lounge and lobby bar. Hotel management can also benefit from location analysis tools by better knowing their guests’ patterns and catering to their needs and preferences while they are staying at the hotel.
With discounts and special offers, hospitality and travel companies can improve their marketing approach and discover loyal clients. They can figure out when the busiest times are for visitors and make personnel adjustments accordingly. Furthermore, location analytics tools can assist hotels in comparing monthly, weekly and daily, visitor counts to those of competing hotel chains.
- Cloud Kitchens and Restaurants
The popularity and growth of a restaurant are heavily influenced by its location. Over the next two years, marketers across the globe expect to use more location data. They can attract new customers and improve client experiences using data derived from location analytics. Restaurant operators, as well as meal delivery businesses, continue to place a premium on the customer experience. Route optimization, quicker delivery times, first- and last-mile delivery management can all be aided by location analytics technologies.
When location analytics is combined with business intelligence, it can collect data from numerous operational systems and provide reports that help medical institutions to acquire a better understanding of their operating conditions. By matching costs with outgoing requests and patient flow rates between different institutions, location analytics software can eliminate billing errors and lower the number of refused claims. Moreover, pharmaceutical supply chain management and distribution management can both benefit from location analytics.
Location analytics has the potential to grow into a full-fledged analytic branch in the near future, alongside business intelligence components. Firms can spot trends, opportunities, faults, and hazards for themselves related to a certain area of operations by employing location analytics insights.
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