Many are familiar with the more traditional use of location data, which is frequently used in mapping applications such as Google Maps and Uber. But in recent years, geo-mapping data has evolved to become more user-friendly and versatile in its functions. As a result, business intelligence and data analytics software have incorporated mapping and spatial data functions to offer a visual dimension and more comprehensive analysis.
Location analytics integrates business intelligence with geographic data to uncover deeper insights relating to every component of a company’s extended network. This may include transactions between the company and consumers and third-party vendors, facilities owned by the company, suppliers the company contracts with, and assets belonging to the company. While location data is a common facet to most business analyses, most companies have yet to recognize the importance of adopting location intelligence into their workflows.
Helping your business through the COVID-19 pandemic involves finding intelligent solutions that prepare you for any crisis. At Zuar, we’re passionate about improving your business with the help of advanced analytics. If you’re curious about how analytics and data visualization can get your business past the COVID-19 pandemic, this article is for you.
Why Location Analytics Matter
Once location analytics have been added to a business intelligence (BI) platform, companies can harness this data to access more extensive insights for analytic purposes. Having geographic data is especially useful for businesses that operate in more than one location or at a global level. Geolocation data can also inform any transactional information used by companies, relating to logistics, sales, and supply chains.
Finally, location analytics provide businesses with a big picture of its workflow. A visualization of a company’s flow of supplies, goods, and sales and their volume and location in relation to facilities is crucial for critical decision-making and business planning for years to come.
What Data You Need to Gather for Mitto
If you’ve decided to integrate your BI tools with a data strategy platform like Mitto, you’ll be able to use its built-in database to store relevant data. Mitto’s simple interface allows you to choose your metrics and dimensions and even transform data using SQL. You can integrate all data from existing company APIs, databases, and other files. But what data do you need to get the most out of your analytics?
Depending on the nature of your business, you may want to gather data involving points of product origin, shipping routes for your products, and points of sale for goods and services. Companies involved in delivery can include real-time traffic data and various tracking data and shipping routes. Support-based companies should use data derived from customer satisfaction models to improve customer service performance. Location data can be used to create a heat map and identify lucrative regions, which helps businesses plan ahead for sales and marketing purposes. Retailers can leverage sales data to make intelligent decisions and allocate resources more efficiently.
Companies can also use location data to validate the location of users and customers. This technology can ensure the security of their customers’ data, especially for financial institutions that need to verify the location of credit card purchases to ensure the validity of the transaction. Location data is especially crucial for companies that sell goods in various states and countries to confirm compliance with state, federal, and international laws in the purchase of their products.
How to Use Data to Make Business Predictions
The use of location data has developed far beyond mapping displays. Companies can use data to predict delivery and shipment times for customers as well as when they will be receiving raw materials for production. Companies with multiple locations can use the data to predict when goods will be shipped from different locations to optimize operations.
Location data can help healthcare organizations prepare ahead in providing services based on demographic needs in various locations. Retailers can use location data to optimize their targeted marketing practices. Businesses will find location data particularly useful for predicting consumer trends and behavior, manufacturing needs, logistics planning, and distribution networks.
Data Not Just for Predictions
Data visualization can reveal a lot more than predictions for your business. It can also show current inventory and open customer orders to help companies prioritize shipments and safeguard against shortages. The right data strategy platform can also create alerts to optimize management and operations for companies in any industry.
Manage Money and Tasks in Real-Time with Mitto and Tableau
Data strategy tools like Mitto and business intelligence solutions like Tableau can help businesses manage a number of tasks, including tracking quarterly sales and leads against quotas or creating financial reports using existing data. An embedded analytics model can provide users with a dashboard of information showing key performance indicators to monitor progress and help companies plan for improvement.
Improve Customer Experience
Embedded analytic systems can also be used to improve customer experience by providing product ratings, video reviews, and suggested products. Coupled with Mitto’s intelligent data strategy, this data gives customers an elevated and modern shopping experience.
Increase in Revenue
One of the most noticeable benefits of embedded analytics is the ability to help businesses increase their revenue. Embedded analytics allows companies to generate more sales, decrease churn rates, and increase opportunities for the licensing of new products.
As you can see, analytics and data visualization can provide businesses with valuable insights and tools to help their businesses thrive even during the COVID-19 outbreak. Even as the economy slowly recovers from the roller coaster of the current pandemic, your company can get the upper hand by leveraging data to optimize workflow, reduce delays, and plan ahead. The added benefit of location analytics offers companies the unique opportunity to visualize their current performance levels and see what can be improved for future growth.
If you’re seeking ways to modernize engagement, ramp up revenue, improve customer experience, and enhance productivity, take a look at Zuar’s services. We cant also turn your data into actionable insights and provide a full spectrum of services with the use of our Mitto Data Staging Platform.