One way that businesses are taking their data collection to the next level is with location intelligence solutions. Every business owner wants to know the best place to expand which is something this intelligence will tell you. A GPS device determines the present time with the accuracy of 100 billionths of a single second. However, finding the best place to open a new location is the tip of the iceberg with location intelligence. In this post, you will learn more about how location intelligence solutions are helping businesses every day.
What is Location Intelligence?
The definition of location intelligence can cover many processes. However, this type of intelligence is seen as collecting geospatial data to come up with a solution. Location intelligence is received through obtaining relevant geographic data. Next, this data can be sorted and put through equations to find the most desirable outcome. The specific variables that are looked at will depend upon the nature of your research.
What Observations are Made During LI Research?
The types of data you will collect is dependent upon which business you are in. For example, a hotel uses location intelligence to check customer happiness based on location. A retail business uses location intelligence software to find which stores are the most profitable. Google?s experts in data suggest a 15 percent capture, 20 percent reporting, and 65 percent analysis for data. However, you might find that other ratios are more applicable to your situation.
How Can Location Intelligence Help my Business?
Recent research by Dresner Advisory Services shows that over half of those surveyed felt LI was extremely important to the future of their business. One major key to future business growth is being aware of current company status. Implementing location intelligence solutions provide valuable information that would not have been seen before. Many businesses that are successful obtain as much relevant location data as possible.
In summary, location intelligence solution has become very beneficial for businesses across the nation. This intelligence is obtained to study customer or location data in a concentrated area. Location research is valuable at helping a business handle a wide range of concerns including profitability, expansion, and site reports.