Companies can integrate sales data with customers’ geographical distribution with location information, offering them an appropriate site for setup stores.
FREMONT, CA: Locational Intelligence assists organizations in gathering information on the ‘where’ questions—most firms enjoy seeing their business on a world map during board meetings. Nothing beats seeing your data on a map for authenticity and convenience. However, it is frequently static data; those markers are preserved after analysis and hence lack the dynamicity that current enterprises require. Take a look at the top areas where locational intelligence has been used.
Strategic Physical Store Locations with GIS (Geographic Information System) Data
Companies typically fight for their stores or warehouses while picking the physical locations, and justifiably so. It should be carefully mapped to ensure a balance between procurement suitability and greater access for customers, taking into account the costs. Companies can integrate sales data with customers’ geographical distribution with location information, offering them an appropriate site for setup stores. Retailers have been further experimented and innovated in determining their target segment’s geographical preferences to promote effective retail tactics, determine maximum hours, and manage the car park and store staff accordingly. They can also distinguish between profitable and less profitable stores. Heat maps are frequently used to illustrate high-density sales locations.
Insurance Claim Authenticity Check with Locational Intelligence
For insurance firms, the main difficulty is to remove factual claims from unsuitable claims. These organizations can address such dangers in numerous ways, such as insurance client information. One of them is information. The first is a spatial data analysis to estimate their clients’ exposure to the risks of the region in which they live. For example, some regions or localities are more vulnerable to natural disasters or criminal activity, resulting in many claims. Insurers use consumer locational data to charge greater premiums to such individuals, creating a fair playing field for all of their customers and better risk management for their company.
Geospatial Data and Analytics for Pipeline Layout Optimization
The least-cost path analysis for pipelines is another application of locational intelligence. Pipelines have shown to be the most efficient means to transfer fuels, LPG, and water supplies; nevertheless, the initial investment is too large, necessitating ongoing optimization.
Customer Geotagging for Fraud Prevention and Better Targeting
Customers’ locational data has introduced a new dimension to enhancing customer targeting, resulting in the term ‘geomarketing’ (which encompasses all four Ps of the marketing mix: product, price, place, and promotion). It is frequently utilized to figure out where all of the customers have been in the past and where they are now. Based on this data, marketers create highly targeted promotional schemes to tempt customers and get the most bang for each dollar spent on marketing.