Optimising Location Intelligence for Businesses
With upcoming trends in AI, a subset of Artificial Intelligence goes way back to 1854 in London when John Snow treated an outbreak of cholera which was tracked and diminished by mapping of the area of cases overlapped by a map of specific water pumps. Location Intelligence involves the people and technology used to visualize spatial data identifying trends and relationships that result in actionable information. Big Data Technologies have changed the way we interact and review that information, industries like retail & insurance have advanced tremendously been benefitted by leveraging AI methods.
For the retail industry, AI creates an opportunity to bridge the gap between virtual and physical sales channels. AI can be leveraged into the retail industry by giving useful
Competitive strength analysis
Location data allows retailers to map consumer purchasing behaviour patterns in-store to optimally locate certain products, as well as distribute mobile offers based on the shoppers’ location in-store or historic buying behaviour. IoT data can also enable seamless inventory management when cross analysed with other locations or warehouses.
Retailers can now set up their own virtual geo-fences for marketing purposes. Business owners can define geo-fences of a certain radius around their store based on the store size. When customers enter or exit the geo-fence, retailers send in deals and offers that might spark an interest for the customer towards their product. Retailers can also drive customers to their store by mentioning the arrival of new products in their store customised to their shopping experience, With this approach, retailers can alert their customers about the products and discounts when they are in the proximity of a store. This helps provide useful customer insights and even makes the business more competitive.
Algo8.AI provides businesses bespoke and pre-built solutions for their problems, discover how with more than a thousand geodemographic data features and powerful machine learning, external catchment data is combined with internal transactional data to give optimal insights to the business.
Almost 80% of all information we have can be geographically connected, Nowhere is this figure more relevant than in property and casualty insurance. Insurance companies, brokers and adjusters have used location as a factor in virtually every facet of the industry’s interaction with customers.
However, new tools such as geo-coding, digital mapping, data analytics and visual dashboards, hold the promise of transforming how insurers use location throughout the policy lifecycle. It’s a powerful combination called location intelligence.
Mukul Ahuja, senior manager at Deloitte Canada says,
Location intelligence is definitely a nascent, emergent and growing space in the broader data analytics story. We did a recent survey at Deloitte with insurance industry leaders around the extent they use analytics related to geo-coding penetration. From a personal lines perspective, 10% of the players in Canada said they’re using it, but 35% indicated they’re really thinking about it. And in commercial insurance, 25% are using it. While this is a small sample, we have seen a few advanced players starting to implement use of geospatial and data analytics.
Leveraging AI into the industry has helped Pricing analysts justify increased insurance rate quotes in some areas as well as significantly reduce them in others, it has also helped in prioritising and making territories equitable.
Other than Retail and Insurance, Location intelligence can be leveraged into,
The Public Sector
Data when transformed into intelligence can help the Police to optimally allocate resources to help improve public safety, down to the street or intersection level. Government entities can also prevent fraud, waste and abuse using geospatial data to identify inappropriate spending.
Universities can use location intelligence tools for optimising, student admission process, alumni and donor tracking, and for campus mapping efforts. Leaders in most higher-education institutions, are usually aware and understand that using advanced analytics can significantly transform the way they work by enabling new ways to engage current and prospective students, increase number of applicants , improve student retention and completion rates, and even boost faculty productivity and research.
Furthermore, with the algorithms created for a particular sector of the industry, or a company, businesses are now revolutionising they make strategic decisions external factors which impact the performance current and potential establishments helping the businesses in there overall operations.