The businesses of today are fast-paced and spread across multiple locations. With such dynamics, businesses not just need data analytics but location analytics to keep up with the business pace at various locations. With remote operations and traveling constraints, it is even more critical for businesses to have precise insights that provide operational view up to the level of zip codes. Location analytics is becoming a key component of analytics tools as it communicates detailed visual insights via maps to the business users. It is helping companies to not just outmaneuver the previous challenges but also to propagate insights much better now.
What is location analytics?
Location analytics is the ability to combine business data with geographic data and analyze it to generate powerful insights. Businesses can understand data related to transactions, people, events, and more through location perspective and get visual insight in a rather plain set of data.
This can further contextualize insights for business users. Location analytics can be applied to both real-time and historic geographic data. Real-time location analytics can especially be important for the couriers and the shipping industry where live tracking of the packages, delivery vehicles, and distributors, needs to be done to streamline their work. Also, it could play a significant role in the military for tracking troops and other essentials and make data-driven decisions.
While the historic location analytics has even wider applications ranging from retail to disaster management. Retailers operating across multiple locations can correlate consumer behavior, sales, and all other important factors with the exact location. They get an in-depth understanding of what is the consumers’ behavior at one specific location and how campaigns and other services can be optimized to increase sales and consumer satisfaction. In the case of disaster management, basis the historic data, the authorities can ascertain which areas are more prone to what type of disasters and climate conditions and take preventive actions to stop the situation from escalating.
As per a report, by 2021 the location analytics market is expected to reach $16.34 billion in valuation by experiencing a compound annual growth rate of 17.6%. This exemplary growth rate can be attributed to increased utilization of IoT devices and the resultant exponential data collection. Right from retail store locations based on pin codes to IP-addressed device locations, companies can track important location insights in real-time and make quick decisions. This not just provides companies a competitive advantage but also helps them deliver excellent customer experience. It is needless to say that location analytics is a must-have in any company’s analytics arsenal.