Location intelligence refers to complex processes and abilities to collect, pre-process, and analyze spatial data from different sources such as carrier-data, GPS, Internet of Things (IoT), etc., to gain valuable insights. It helps businesses discover people's movement patterns, consumers' demographics, behavior, interests, competitors' footfalls, and identify new revenue opportunities.
Location Intelligence Use Cases
Location insights have a wide variety of applications for different sectors and industries. Let's look at some of the verticals, where location analytics has shown great results and increased service efficiency.
People-centric Healthcare and Pharmaceutical Industry
The government, local administrations, and big pharma companies are actively using location intelligence to get key insights on infrastructure needs and new business opportunities. Understanding the necessity for new hospitals, specialized clinics, and vaccination centers based on location density and demographics is the first step for smart urban planning.
Going deeper to increase their sales revenue, leading pharmaceutical companies to identify and analyze the most profitable territories for their business. What are the areas with the most active business-oriented population? What is the income rate, lifestyle, and insurance availability in a certain district? These are the questions that can be easily answered with location data.
Every single value creation step of the transportation industry benefits from using location analytics. From more effective traffic monitoring and fleet management to improvements in urban mobility and public transportation services to cost distribution and optimization – location insights improving the quality of our highly mobile life.
Location intelligence helps financial services firms and banks to analyze customer profiles and respond more efficiently to fraud detection by understanding fraudulent behavior and avoiding flagging legitimate charges. Location data is also used to identify and target new audiences, do market research, and optimize new branches and ATMs.
As many retail companies do, financial institutions analyze and use data about customer behavior, consumers' interests, and new trends to create more specific and effective advertisements and offers.
Data-driven Insurance Industry
The insurance industry also has been using location intelligence to improve its services. Using location data, insurance companies can be more proactive in writing policies for unpredictable events like natural disasters. Location insights help to analyze historical events in specific areas to predict damage from impending disasters and mitigate risks in the future.
Privacy and Security of Location Insights
Imagine that every day people produce about 2.5 quintillion bytes of data. A large part of this data is private and highly sensitive. So how to draw the line between using data for a business purpose and still keeping privacy protected?
Today people are increasingly aware of their data importance. With the introduction of GPDR, CCPA, and other frameworks, companies rightfully are required to be more responsible and transparent about the use of collected data.
For example, AirSage had established high data ethics standards from the very beginning and has implemented a three-part strategy to secure and protect the data they utilize. First, the collected data never contains any personally identifiable information (PII) and consists only of aggregated anonymous insights. Second, AirSage runs an ethical business (we never try to identify individual people) and requires data suppliers and partners to adhere to the same high level of privacy standards. Third, AirSage operates a highly-secure data center environment where data is stored and handled under strict policies and procedures that safeguard all sensitive data records.
Contact us to learn how can your company profit by using location intelligence.