Tuesday’s Term of the Week – Location Analytics
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It comes as no surprise that understanding the customer is vital to success in any business. Now more than ever, the ability to identify, track, and target customers in physical locations has become critically important to business intelligence.
Location Analytics is the process of organizing and understanding customer behavior through geographic location. Through a combination of spatial data and business analytical tools, organizations of all sizes can make better sense of data. By combining location data with existing customer data such as preferences, past purchases, and online behavioral data, companies gain a more complete understanding of customer needs, wants and behaviors. This, in turn, enriches customer experience and empowers decision makers with actionable insight.
Businesses — from retail to real estate to education to advertising — are applying insights gathered from location analytics to all aspects of their organizations. Whether improving overall customer value, managing operational risk, or improving workflow – this vital data mash-up is creating more efficient, effective and meaningful services across the board.
Over the next few years those that fail to incorporate location analytics into the way they operate their business will likely experience a major competitive gap from those that do. The companies that operate their businesses with an eye towards this week’s “term of the week” are now the new ones to watch.