The mass adoption of smartphones has changed the world. The emergence of multiple sensors has led to the generation of a variety of data. IoT, Big Data, Location Intelligence – it’s hard to dispute the potential of their impact on a business, no matter what industry it belongs to.
More and more corporations are beginning to realize how important and useful location data can be. More and more attention is being paid to accurate and qualitative data; companies have learned to distinguish such data from garbage. In this article, we’ll consider effective ways to leverage high-quality location data and discuss what benefits this can bring.
In order to predict trends, various data can be used, including those based on people’s offline activity. Location data provides a means for analyzing other data, as it helps to identify connections between different large arrays. Such data can be used, for example, by enterprises from catering or retail spheres – not only huge chains and corporations but also small bars and shops.
In the financial sector, Big Data helps to predict key indicators (income, expenses, etc.) and build investment strategies based on them. In retail, Big Data can assist in assessing the level of store traffic and customer behavior, which helps to make decisions on the development of existing outlets and the opening of new ones.
Infrastructure and planning
A smart city is more than just a few installed sensors and IoT devices. We are moving towards the creation of residential and public complexes with fully automated infrastructure, and Big Data is one of the keys to such a smart future. Location data obtained from mobile devices allows us to understand how people interact and behave in these cities, what they want and what they need.
Location data helps to understand what infrastructure is most in-demand and where. For example, using this information, it is possible to organize bike routes to meet the needs of as many city residents as possible.
The same principle is relevant to traffic management. The larger the city is, the more acute problem of traffic jams it has. Location data gives the opportunity to more efficiently analyze traffic flows, plan new roads, or organize low-emission zones.
Marketing and ads
Big Data has always been useful in marketing; for example, when identifying target audiences and setting up targeted ads. But location data enables marketing specialists to link ads with customer behavior autonomously. This helps to make ads more personalized.
Location data provides the possibility to create models of people’s movements, as well as create customer profiles on the basis of these models. The location reflects a user’s intentions more accurately than web search data does.
Location data helps to offer the customers goods and services that they can really use at that moment. Thus, Big Data allows for exploring real customer experiences and creating digital solutions for offline tasks.
Location data can assist in measuring the effectiveness of outdoor ads by analyzing the time that a customer spends in front of ad creatives or a physical product. This allows assessing the ROI of standalone ad creatives and the impact of digital ads on it.
Supply chain optimization
Location data makes it possible to monitor supplies and optimize chains. This information also helps companies understand the demand for products and avoid creating a product that no one wants.
Confidentiality and transparency
The possibility to receive and process Big Data also imposes a great responsibility on companies to those whose data was received. Users should have control over what data they share and understand why they do it.
This issue lies between Data Science and Cybersecurity. The first one provides opportunities, and the second one protects against negative situations. Organizations that actively use Big Data and location data need to hire experts in both areas – or turn to companies that do it professionally.