What is Location Intelligence Technology and How Can It Help You Grow Your Business?

Nowadays, “location intelligence technology” is a term frequently mentioned, and its significance extends beyond the realm of real estate. Location is a fundamental aspect that permeates every facet of life. Whether it involves individuals relocating, items being monitored or businesses functioning, the element of location plays a pivotal role in determining business success or failure.

With the rise of the Internet of Things (IoT) and the connectivity of billions of devices, location data is becoming even more critical. But it’s not just about the geocode – it’s the context surrounding that data that’s becoming increasingly important. In this blog, we’ll explore how businesses across multiple industries use location intelligence to create operational efficiencies and add value. As well, we’ll illustrate how location data can be used for marketing purposes in multiple ways.

But first let’s talk about some numbers: 

Did You Know? 

North America was the biggest market for location intelligence in 2022, with a whopping 33% revenue share. It’s no surprise though, considering that smartphone penetration reached an all-time high of 80% in the same year. 

But the global market size of this industry is currently valued at a staggering 18.52 billion USD and is expected to reach a whopping USD 51.25 Billion by 2030!

The adoption of location intelligence solutions actually accelerated during the pandemic. As businesses quickly adapted to changing social-economic scenarios, they realized the importance of analyzing, mapping and sharing data based on the location of their customers.

How Exactly Is Location Data Helping Business?

Businesses today are leveraging the power of smartphone apps to enhance their services, thanks to the location-sharing capabilities of mobile devices. With location intelligence, businesses can provide customized experiences to their customers whenever they are nearby.

For example, one of the biggest challenges people face while shopping is finding the right product quickly. Location intelligence can help solve this problem by allowing users to locate any product on an indoor map application, saving them time and energy.

When it comes to marketing, location data from a users’ devices can give marketers a cohesive picture of in-store behaviour, enabling them to design campaigns and collateral that can be automatically triggered when users enter specific areas of the store.

Location intelligence also solves the problem of data processing, which can be overwhelming for businesses dealing with intel from multiple sources. With AI and Machine Learning applications that depend on location data, businesses can easily uncover hidden patterns and relationships, leading to better decision-making and problem-solving.

Location Intelligence – Top Applications

Let’s explore the various applications of location intelligence technology that are transforming industries.

• Asset management
• Facility management
• Workforce management
• Risk management
• Sales & marketing optimization
• Remote monitoring
• Customer management

Sales and marketing became a segment leader for adopting location intelligence in 2022. It has achieved great success through predictive analytics and location-based campaigns. However, location intelligence can offer much more beyond that. 

It can help manage energy consumption and reduce carbon footprints in an entire ecosystem, thanks to the IoT-enabled facility that collects location data for continuous monitoring of energy usage, temperature and inventory access.

Click here to read all about location intelligence helping the sustainability cause.

Building admins can also use the location-based technology to optimize the usage of floor space by observing how workers move through the facility. During emergencies, location intelligence helps determine the number of people present in a facility and how to guide them to safety through notifications.

The Mapsted Advantage – Your Success is Ours Too

If you’re keen on using location tech, look no further than the endless location possibilities of Mapsted’s trailblazing location-based technology. Our cutting-edge technology provides a range of services that includes indoor positioning, route optimization, geofencing, geo-marketing and even counting people inside large facilities. But that’s not all – our innovative solutions also provide remote notifications about nearby events and so much more. 

How to Implement Location Intelligence Technology?

Here are the steps involved in implementing location intelligence technology:

Define the problem

The first step in implementing location intelligence technology is to define the problem that you want to solve. This will help you determine what data you need to collect, how you will analyze it, and what kind of visualization tools you will need.

Identify the data sources

Once you have defined the problem, the next step is to identify the data sources that you will need. This may include geographic data such as maps, satellite imagery, and location-based data such as GPS data, customer location data, and demographic data.

Collect the data

After you have identified the data sources, the next step is to collect the data. This may involve using sensors, mobile devices, and other tools to collect data in real-time or retrieving data from existing databases.

Clean and prepare the data

Once you have collected the data, you need to clean and prepare it for analysis. This involves removing any duplicates, inconsistencies and errors in the data.

Analyze the data

The next step is to analyze the data to gain insights and identify patterns. This may involve using statistical models, machine learning algorithms  and other analytical tools to analyze the data.

Visualize the data

Once you have analyzed the data, the next step is to visualize it using interactive maps, charts, and graphs. This will help you communicate your findings and insights to others.

Share the insights

Finally, you need to share your insights with stakeholders such as managers, decision-makers and other team members. This will help them make informed decisions and take actions based on the insights you have gained from the data. Tips for businesses on how to choose the right location intelligence technology vendor or solution

Conclusion

Location intelligence can provide a ton of benefits for your business. Not only does it help with risk management and predictive analytics, but it also allows for real-time tracking of trends and patterns, streamlining operations and services.

And that’s not all! With the rising trend of digitalization, organizations are now able to collect more user information, which is expected to further drive industry growth. The biggest plus for customer-facing businesses is the ability to use their customers’ real-time location data to improve the in-store experience. From sales and marketing to customer management and facility management, businesses have plenty of potential with location intelligence.

Mapsted, as a company specializing in location intelligence, has the technical team and patented location technology to provide enterprise-ready, scalable, and hardware-independent solutions for a diverse range of business scenarios. 

Contact us today and explore the benefits of our readily integrated offerings.If you are interested in learning more about the benefits of location intelligence, Check out our blog on  Location-Based Technology and Emergency Preparedness – Benefits and Possibilities, and you may be interested in our short video showcasing how location-based analytics can help businesses grow.