How Location Data Revolutionises Traditional Industries
Location intelligence refers to complex processes of collecting and analysing special data from different sources, such as carrier data, GPS, Internet of Things, etc., to get valuable insights. This technology helps businesses discover new trends, consumers’ behaviour, and interests, and identify new revenue opportunities.
In this article, we take a look at a few use cases which show how location data is revolutionising more traditional industries.
The pharmaceutical industry uses a lot of consumer data to get key insight into infrastructure needs and new business opportunities – such as understanding the necessity for new hospitals, clinics, and vaccination centres: based on demographics and population density.
Based on location data, companies can also understand which are the most attractive and profitable markets, decide which areas they should focus their marketing efforts on, and create their go-to-market strategies.
Furthermore, since the pharmaceutical industry works with large budgets, location data helps them make strategic decisions – through data analysis instead of intuition.
Location insights help improve the quality of life in urban areas – especially when it comes to traffic monitoring, urban mobility, and public transportation.
By employing location intelligence – alongside IoT smart city devices – local municipalities can optimise everything from air quality and foot traffic, to parking and vehicle counts. With this kind of insight they ease the congestion, protect historic areas, and improve transport options.
The insurance industry is another sector that can derive substantial benefits from the usage of location data. With the help of location intelligence technology, insurance providers can understand the drivers’ behaviour and mitigate future risks.
Moreover, through the usage of fleet management data, insurance providers can get the insights they need to encourage safer and more efficient driving. They can also use the data to build a more accurate picture of an area’s risks. By the same token, location insights help insurance companies to price their products accurately.
One of Local Eyes’ customers is a well-known financial services and communications company. This company uses location data to analyse and respond more efficiently to fraudulent behaviour by flagging it early on. For instance, if you use your credit card in Amsterdam and London in a time span of ten minutes, with the help of the location intelligence an automatic flag is created.
This company also uses location data to identify and target new audiences and optimise their branches. They map all customers and then see where there is a need for opening or closing a branch or strengthening their marketing efforts. In a nutshell, the company uses location data to prevent fraud; optimise their networks of dealers, ATMs, and branches; and explore new potential customers and target markets.
All in all, location data isn’t just about up-and-coming business and technology companies. Well-established businesses can make great use of it too as this technology gives them a competitive advantage based on customer loyalty and continued growth.