There has been a huge buzz around the topic of location intelligence recently, but what exactly is it? And how does it benefit businesses?
In its simplest sense, location intelligence (often referred to as LI) is a range of solutions including, for example, address verification, geocoding, neighbourhood analysis, property profiling and data cleansing.
Essentially, LI enables companies to reach their customers more effectively, allows them to live up to customer expectations and, in turn, improves brand reputation and increases business efficiency.
77% of firms believe location intelligence is growing in importance
To get a better understanding of LI and discover how firms really feel about it, location intelligence provider Loqate commissioned a report, “Location intelligence drives competitive edge in the digital age,” conducted by Forrester Consulting.
Loqate spoke to over 250 businesses across the UK, US, the Nordics, Austria, Germany and Benelux and found some incredible results. Firstly, 77% of the firms we spoke to believe location intelligence will be important, critical or extremely critical within the next three years. This really shows that businesses are starting to gain a much stronger awareness of what location intelligence is and a better understanding of how it will benefit them and affect their communication with customers.
This wasn’t just applicable to certain sectors either. In fact, we found that the benefits of location intelligence can be seen across a variety of verticals. For example, the vast majority of survey respondents from across healthcare, hospitality, financial services/fintech, retail/ecommerce and transportation/logistics services say location data will be important, critical or extremely critical within the next three years.
47% of financial services say LI enables them to reach customers in new ways.
What is interesting, though, is the perceived value of location intelligence across these different sectors. Within the finance and fintech industry, 47% of respondents said that location intelligence enables them to reach customers in ways they previously hadn’t been able to.
The perspective was similar for those in the transportation and logistics industry, where 45% said that location intelligence allows them to better engage with existing customers. Of those in the retail and ecommerce sectors, 44% believe location intelligence boosts revenue, and for the hospitality sector, location intelligence improves brand reputation according to 40% of those surveyed.
With such strong positive opinions about the benefits location intelligence brings across sectors and the significantly high percentage of overall companies saying they believe it will be critical to their business in the next three years, we can certainly deduce that LI has a serious impact on the success of a business. We’re sure we will be hearing a lot more about location intelligence and its impact in the coming years.
To discover more about how your business will benefit from location intelligence data, read the report, “Location intelligence drives competitive edge in the digital age”