Many business owners find themselves frequently looking over data, it’s everywhere. Whether it’s a new financial report or important business numbers, data plays an important role in every business. That being said, it’s important that businesses are able to use data to their advantage. Considering that, you’ll want to know how location intelligence can help your business.
Data is Growing at an Alarming Rate
In the past few decades, computing devices have skyrocketed in terms of popularity. During the 1980s, computers began to pop up in homes throughout the United States. After the 1980s, home computer usage would continue to increase. It wouldn’t be long before smartphones and tablets allowed everyone to have computing power within arms reach. This has led to more data being created than ever before. Considering that, location intelligence utilizes geospatial data to give your business the answers it deserves. In fact, statistics gathered from Dresner Advisory Services found that over 50% of those surveyed felt that location intelligence is either very or critically important to their company’s business planning.
Benefits of Location Intelligence Solutions
It’s understandable to wonder exactly why location intelligence is beneficial. Location intelligence is a critical component of marketing analytics for a company. It helps businesses sort through large amounts of data nearly effortlessly. If you’re working with large amounts of data, Google recommends using a ratio that’s 15% capturing, 20% reporting, and 65% data analysis are reasonable ratios. That being said, it’s understandable to want an easier solution while working with data. Considering that, here are three important benefits of using location intelligence software.
- Understanding More About Potential Customers
It’s difficult for a business to succeed without know about their customers. However, this goal is hard to accomplish while expanding or moving to a new location. Therefore, it’s important to utilize location intelligence software in order to solve this problem. This type of software utilizes data in order to find out more about a location and the people living there. In turn, your company is able to learn how customers behave and how they live. - Choosing the Best Possible Business Locations
Another important aspect of managing a business is choosing the right location. Almost nothing hurts a business worse than setting up shop in a bad area. However, it’s often difficult for business owners to know what makes a location good or bad. Unfortunately, many companies only find this out until it’s too late. Therefore, many companies partner with marketing analysis services in order to solve this problem. In turn, these services can utilize the power of location intelligence to plot out where your business should expand to in the future. - Receiving Reports Everyone Will Understand
This type of data is extremely beneficial and profitable for business owners. In fact, statistics gathered from MarketsandMarkets estimates that the market for geospatial analytics will increase to $72.21 billion by the year 2020. However, simply receiving pages of data takes time and effort to understand. That being said, you won’t have to worry about spending time and effort understanding this data with the help of the right software. Quality location intelligence software analyzes this information, instantly providing reports that are easy to comprehend.
In closing, it’s important to understand how geospatial data and location intelligence helps businesses. If you’re wanting to have a data partner on the side of your company, consider contacting marketing analysis services. In turn, you’ll be able to begin having help working with the immense amount of data available. Whether it’s for choosing a new location or understanding more about your customers, marketing analysis services will help your company achieve its goals.
