More than half of companies say that location intelligence is either critical or very important to achieving their goals for 2020. This was a key insight from Dresner Advisory Services’ 2020 Location Intelligence Market Study, which was released early this year.
Location intelligence plays a role across the enterprise, with R&D, Operations, Executive Management, Marketing and Sales being primary users. It also adds value across multiple industry sectors – for example, helping to plan infrastructure roll outs for government department and telecommunication operators, location based marketing for retailers and banks, and risk mitigation for insurance companies.
Garbage in, garbage out
Whilst visualisation of location data on maps remains the most popular application, market leaders like Precisely provide both analytics, algorithms and data enrichment capabilities.
For most consumers, COVID-19 has driven substantial changes in behaviour. Internal data sets, built up over many years, may no longer accurately reflect consumers movements or behaviour.
Trusted partners, like Precisely, provide robust capabilities to link externally curated data sets, including geocodes, demographics, points of interest and mobile trace data, with internal customer and location data, to provide better insights and to build accurate training data sets for Artificial Intelligence.
Dresner recommends that:
- Product Managers investigate how to add location intelligence to improve the contextual accuracy of market, sales and customer services channels and platforms
- Marketers investigate how to use mobile trace data to enhance advertising, buying and customer service experiences.