We are undoubtedly more connected to data now than we were in the past. However, merely having clean, accurate data isn’t enough. It’s how companies utilize the data that makes the difference. Lately, we can see that location has become an essential part of data, introducing us to a new type of business information called location intelligence.
That said, location intelligence is more than just plotting information on a map. Location intelligence solution is an advanced analytical approach that combines geographic data with unique insights for businesses and provides valuable information. Similarly, we can see how merging location analytics data with other data attributes can effectively transform businesses and enable location-based strategies.
What is location intelligence?
Location intelligence refers to the comprehensive information we can collect through various analyses and visualizations of geographic data locations and geospatial data. It provides an overall understanding and showcases unique insights regarding location-specific data, which may also include demographics, heat maps, and predictions of movements within a certain area or sector.
In today’s landscape, businesses employ location intelligence for numerous applications, including identifying optimal retail sites, managing the stores in real-time, optimizing supply chains, and constructing or maintaining essential infrastructure.
For instance, if a company seeks to expand its presence, it will leverage location intelligence to monitor and identify areas where its presence could have an impact. These insights are based on competitor presence, customer behavior, and market trends. Likewise, many urban planning firms utilize location intelligence solutions for market expansion to develop cities and make them more sustainable and accessible. Similarly, the real estate industry leverages location analytics to predict the rising demand for properties and analyze ways to achieve maximum return on investment.
Why location intelligence matters
Location intelligence can be crucial for helping decision-makers analyze and differentiate results from examining company data in a geographical context. It enables the understanding of which company has maximum profits, and assesses how much money people spend in cities worldwide. Additionally, it helps determine how laws and events affect supply chain choices.
Many stakeholders today consider this one of their primary duties, such as identifying and modifying trends in sales, customer service, and efficiency across company locations. They are also tasked with predicting changes in the global market and demographics, which are supported by a location intelligence strategy.
A geographic information system (GIS), which arranges and evaluates data on intelligent maps and dashboards, is the brain behind location intelligence. In a nutshell, location intelligence is a process for drawing conclusions by linking location records to other data. Businesses can better understand why trends are emerging by focusing on spatial data analysis, which can reveal patterns that were previously invisible.
As industries continue to harness the power of location intelligence solutions, companies like Xtract remain at the forefront, providing precise and actionable geospatial data that fuels these transformations.
Real-World Examples of Location Intelligence
We will discuss three distinct examples of how Xtract’s location intelligence solution has benefited industries by offering accurate location data.
1. FMCG Sector
A leading solutions company serving clients in the consumer packaged goods (CPG) sector sought to expand its presence across the APAC region, the Middle East, and South America. They needed precise location data to identify ideal restaurant and retail channels for product distribution.
The company required a detailed analysis that considered competition, weather conditions, and consumer behavior for site selection. Subsequently, the company approached Xtract.io and implemented its location intelligence solutions to analyze various factors required for decision-making, ranging from public transport hubs to tourist attractions. They conducted a thorough examination of restaurant operations, online reviews, and demographic trends to pinpoint the most profitable distribution points.
By implementing location intelligence, the company successfully identified strategic locations to enter new markets. This approach improved product sales, optimized distribution channels, and increased brand awareness across multiple regions.
2. Automotive Sector
A prominent Japanese automobile manufacturer sought an effective way to identify large warehouses and storage centers for fleet management. They discovered that the challenges of manually collecting POI data for thousands of facilities were becoming overwhelming.
The company needed location data for over 4,000 manufacturing and storage sites, including industry leaders like Tesla, Amazon, and Ford. Additionally, they required accurate polygon data to map parking lot coordinates, which was challenging due to varied facility layouts and concealed parking structures.
Given these complex requirements, the company approached Xtract.io, which used its in-house location intelligence solutions, including satellite imagery and GIS expertise. Xtract addressed these tedious challenges in a seamless manner. They helped enhance route optimization and fleet efficiency while streamlining supply chain operations.
3. Information Technology
A UK-based business intelligence provider that collaborates with over 300 fuel and convenience retailers worldwide needed location data to optimize site selection for quick-service restaurants (QSRs) across 13 U.S. cities.
Their primary challenge was intensified by a tight 15-day turnaround requirement to generate comprehensive polygon data, including property boundaries, surrounding infrastructure, and site accessibility; however, they only had the names of the QSRs.
Facing these complex challenges, they approached Xtract. Utilizing advanced location intelligence solutions, the team of GIS experts mapped connecting roads, business districts, drive-through availability, and landscape conditions using aerial and street views.
All the companies made strategic expansion decisions with Xtract and established a new benchmark for accuracy and efficiency.
Conclusion
Location intelligence stands as a transformative force driving industry trends worldwide. Businesses can foresee trends and make data-driven decisions that enhance their growth strategies and efficiency by integrating geographical data with sophisticated analytical tools. With firms like Xtract.io supplying precise and actionable location data, companies across diverse industries can confidently explore new markets, enhance operational efficiency, and drive growth.
