Location intelligence derives vital business insights from geospatial information that can help companies solve specific problems. A recent research report reveals that the global location intelligence market size will reach $32.8 billion by 2027. Several enterprises consider LI as crucial to achieve their strategic business goals and expand their market reach.
Let’s take a look at some of the top industries that can leverage location intelligence
Insurance companies can widen their customer base, control and minimize risks, accelerate claim procedures, and improve fraud detection with location intelligence data.
They can learn about customers’ locations to their location data and identify high or low-risk cases. More in-depth LI data like region-specific crime rates related to car theft, severe weather conditions of the city or state will provide additional information to the insurer. Companies can combine claims information and historical weather patterns to predict the highest exposure areas. With LI-based analytics and insights, they can develop better policies and smarter marketing strategies and pricing models.
Location analytics can even help insurers determine the loss and mitigate risks. They can utilize it to identify fraudulent insurance claims. In the case of property insurance, companies can evaluate risk levels associated with that property and types of coverage it will require.
LI tools help retail companies learn about new opportunities, business potential, and areas where it may be under-performing. With accurate and sufficient location intelligence data, retailers can decide on investment in specific regions and potential sales hotspots. They can track and monitor sales of different items by area or store to help them with more effective and efficient stock delivery. This will help them target potential customers and entice existing ones.
Location analytics will also help retailers learn about how customer experience differs at each store and what drives customers’ loyalty on an in-store level. Customer purchase history, coupled with LI data, can help retailers send messages to that customer when they are in the neighborhood, notifying them of products and special offers of their favorite items. Location data available for supply chain coupled with real-time customer data helps companies deliver consistent shopping experience across several touchpoints.
With LI data, banks can expand their banking network and make informed decisions about future acquisitions or ongoing investment. It also makes it easier for banks to get in touch with their customers and provide them with important information like the nearest branch or ATM. This helps in engaging customers and also maintaining a positive relationship.
Banks can harness customer location data and improve the targeting of online campaigns and offer seamless and effective customer service to account application and funding processes. They can even analyze and segment customers according to their location to develop more successful marketing and sales campaigns. With comprehensive LI data, banks and financial institutions can also identify and actively retain the most profitable customers as per different areas.
4) Restaurants and Cloud kitchens
The location of a restaurant plays a crucial role in its popularity and growth. The online food delivery market is slated to reach $200 billion by 2025. Quick service restaurants (QSR) marketers plan to leverage more location data over the next two years. With LI data, they can garner new customers and develop better consumer experiences.
Customer experience remains the top priority of restaurant owners as well as food delivery services. Location intelligence platforms can help them with quicker delivery times, route optimization, and the first and last mile delivery management. Restaurants and cloud kitchens can also offer discounts to customers based on their location and other factors like day of the week, festivals, weather conditions, etc.
LI coupled with business intelligence can collate data from multiple operational systems to generate reports that allow individual medical institutions to gain more in-depth insight into their operating environment.
Location intelligence software can reduce billing errors and decrease the number of denied claims by matching charges with outgoing requests and patient flow rates between different facilities. Healthcare centers can track their quality and improve patient safety to curb unsafe or substandard practices if any.
They can use the information to identify areas where healthcare professionals may need additional training to improve their performance. Location analytics can also be used for supply chain management of pharmaceuticals and improve distribution management.
Hotels can use location analytics to track new and old guest foot traffic and learn about how many guests use fitness facilities daily or how much time guests spend at the hotel lounge and lobby bar. LI tools can also help hotel managers improve their service by understanding their customers’ patterns and catering to their needs and preferences while staying at the hotel.
Hospitality and travel companies can enhance their marketing strategy and identify loyal customers with discounts and special offers. They can learn about the busiest times for visitors and adjust their staffing plans accordingly. Moreover, LI tools will help hotels measure daily, weekly, and monthly visitors against competitive hotel chains.
7) Public sector and government services
In the case of the public and government sector, location intelligence data can increase community engagement and improve citizen services based on their needs. LI data in the public sector can help police departments allocate resources to impact public safety. Authorities can also decline fraud, waste, and misuse of government assets using geospatial data to identify inappropriate spending.
Government services can also use LI tools to visualize and understand the situation and make informed decisions in case of disasters and social unrest.
8) Transport and logistics
LI platforms can also help companies optimize the fastest routes, warehouse processing, and stock-flow management. GIS coupled with LI data, helps transport companies increase fleet productivity, vehicle monitoring, reduced fuel consumption, decreased idle time, and vehicle optimization. Organizations can boost the volume of timely deliveries and facilitate efficient supply-chain management. LI can also perform accident analysis and read traffic patterns.
Universities can offer improved teaching and learning environments by mapping a wide range of metrics. They can match the location components to student data to develop effective marketing campaigns. LI data can also be used for deciding on research grants by assessing the number of incoming grants by geography.
From campus mapping to tracking students and alumni, location analytics can be leveraged by universities worldwide.
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