Location intelligence software – All you need to know
A whitepaper by Pitney Bowes reveals that 80% of the data stored by organizations has a location component that is not leveraged for business opportunities. Location intelligence (LI) software offers a demographic and spatial analysis that helps companies analyze customers and optimize resources.
Here’s everything you need to know about location intelligence software.
What is location intelligence software?
Location intelligence software offers a business intelligence solution that helps organizations relate geographical data to business data. It allows location intelligence analysts to find trends on maps to optimize prospective business opportunities. LI software turns data into insight for a wide range of business purposes by using a significant amount of datasets in real-time to help organizations make informed decisions. By leveraging LI tools, they can amalgamate external data like economic growth and demographics with their internal location data.
Which industries use location intelligence software?
Almost all industries can leverage location data using a LI platform. Some of the top industries like BFSI, Insurance, Retail, Pharma, Logistics, Quick Service Restaurants (QSR), among others, use a LI tool to improve their business operations and control costs.
It assists in creating new marketing strategies by using location data to target the right customers and make relevant offers in real-time. Moreover, it even helps marketers personalize offers and promotions for customers that allows them to retain old customers and garner new ones.
What are the benefits of location intelligence software?
Location intelligence software helps you identify expansion opportunities, get deeper insights on customers, improve marketing strategies, and more.
What are the features of the location intelligence software?
1) Spatial analysis
Location intelligence solutions provide spatial data analysis that helps in increasing the productivity and efficiency of the field agents by optimizing travel times for quicker deliveries. It acts as an important factor while selecting a new site for your business expansion as it can determine nearby competitors.
2) Nudge push notifications
AI-based location intelligence platforms like Dista offer a unique feature like Nudge that enables the system to send smart contextual push notifications to their field executives. It prompts them to complete more tasks using contextual information. Read more about Nudge here.
3) Visibility dashboard
Location intelligence software can also help companies track their fleets in real-time. It offers a visibility dashboard to track, monitor, and manage their vehicles at all times. Besides managing the fleet on the road, companies can get an end-to-end supply chain visibility on the tracking of shipments.
Why should companies use location intelligence software?
LI software helps organizations improve efficiency, control costs, enhance customer experience, manage field agents, identify new opportunities, better allocate resources, and more. It helps them to target their market better and generate a higher ROI. Other advantages of location intelligence software are
1) Sales productivity
With the right LI platform, sales managers have better access to market data and consumers’ demographics, which can help them increase their sales productivity. It also allows them to target new cities and locations and make an informed decision about their next market based on their customers.
They can identify and mark their sales territories to optimize coverage and customer service levels. Moreover, they can use critical data like customer density, high buying potential customer location to further mark territories to reach customers efficiently.
2) Turnaround time (TAT)
Location intelligence software enables organizations to monitor their fleet vehicles and field agents in real-time. They can track their field force and find gaps to improve the delivery and service turnaround time (TAT). This can result in lower operating costs and improved customer satisfaction.
3) Leads management
Sales managers can even get new leads if they have adequate data about their customers and where they are not. This helps in working on getting new leads and improving sales and marketing efforts. LI tools offer the right direction with the necessary data to start and manage a successful campaign.