Location analytics is a critical component of business success. The analytics offered by location data provide insights into overall performance and can help you develop a competitive advantage to distance yourself from other brands. From heat maps and spatial analysis used for visualizing solutions to the logistics of location intelligence, this analytics technique is paramount for growth and development.
Spatial data and location intelligence are highly beneficial when it comes time to tap into new demographics, make site decisions, and conduct multi-site analyses. To understand the importance of location analytics, it’s critical to have a working understanding of the basics.
What is location analytics?
Location analytics is a technique that analysts use to optimize business intelligence components. These typically include real estate, people, information, and business materials. Location data and business data work hand-in-hand to benefit supply chains, locational placements, and asset deployment. This deployment method is a new way for retail stores, hospitals, and financial services to adapt their business strategies. Location data and spatial analytics can also incorporate transaction data alongside geographic data to develop a more robust information system.
Location analytics benefits multiple sectors.
The identifiable information offered by location data benefits both the public and private sectors in several key ways. Spatial analytics enhances the business data of the public center with smarter placement opportunities. Hospitals and other public service outfits rely on location analytics solutions for real estate optimization. Combined with thematic mapping, it’s easier to place services where they will have the most effective impact on their surroundings. This offers new opportunities for initial contact as well as repeat visits. You can also determine other use cases across almost any time period and define a start date and end date for your location data. This lends itself to optimization too.
For private sectors, the different map layers of thematic mapping impact business systems heavily as well. For a business user, it makes it easier to place a retail store or other private business somewhere that encourages a higher average dwell time. The map layers can also give you insight into surrounding location data which offers greater context for your overall business placement. When you tap into advanced location services and the geographic component of analytic systems, it becomes easier to connect with shoppers.
There are two common types of location analytics.
Across the location analytics market, key dashboard information is often leveraged in two ways. First, a location analytics solution gives deep insights into site selection. This is beneficial for choosing an ideal placement location from within a given or defined cluster of sets. For private sectors, this could be a strip mall, a standalone location, a business suite, or something else. Business analysts favor this analytic tool over simple maps as it displays clusters and report types more capably. The second use of advanced location services is through site search. As it might sound, site search offers presentations of site sets that can be implemented into the site selection process.
Many platforms in the location analytics market fall under the Internet of Things (IoT). These can provide greater context from a mobile app, smartphone, or desktop. The interconnectivity allows for real-time adjustments that help brands make the most informed decisions possible. Any wi-fi connected mobile device can leverage location data and business systems in an intuitive way which is ideal for GIS professionals.
With varied report types, different business system applications, and the potential for CRM connectivity, the location analytics market continues to expand. Whether you’re using GIS to select a venue or to conduct expansion planning, it’s a great idea to lean on the location analytics market for further insights.