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 such as Mitto 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.
Where Will the Stimulus Money Be Spent?
Immediate and helpful use of location data lies in where Americans are spending stimulus money. In a volatile economy, it serves businesses to learn where people are spending to get a sense of consumer trends during this time.
Some states are receiving their stimulus checks sooner than others. As of May 2020, California residents have received the most stimulus checks compared to other states, with 13.6 million checks adding up to over $22 billion in total. Other large states such as Texas and Florida have received high numbers in stimulus checks as well. These numbers make sense since states with larger populations will naturally receive more disbursements overall. Location data can also determine which businesses in each location have received stimulus packages.
Why This Matters to Your Business
Data that shows which states and where businesses and consumers are receiving stimulus may help companies plan for times ahead. Vendors and third-party companies in states that have received more stimulus checks may be better equipped to work with your business than those that are struggling and still waiting for federal support. Similarly, learning where consumers have received stimulus checks will allow businesses to plan for commerce in areas that have already received financial assistance.
How Will Stimulus Money Be Spent?
Data regarding how stimulus money is being spent gives businesses a valuable glimpse into consumer needs during the crisis. This can help businesses determine how best to serve those needs and whether they need to adjust their business models, sales tactics, and marketing strategies to provide what consumers are looking for. In some cases, businesses may need to re-develop their products and services to align with the current environment. New partnerships, promotions, and collaborations may also be wise options in light of how stimulus money is being spent. This data is significant for not only short-term business planning but for long-term business goals as well.
Why This Matters to Your Business
Businesses must be tuned into not only the needs but the overall attitude of the consumer. In light of the current pandemic, consumer desires are changing quickly and in unexpected ways. Many Americans reported spending their stimulus money on groceries, streaming services, and video games. Sudden spikes in goods such as hand sanitizer and surgical masks have caused supply shortages across the nation. Previously popular products such as fast-fashion items have plummeted in sales, leaving fashion brands struggling to keep up. Learning from this type of data helps businesses predict how consumers will act as well as plan for disruptions in the supply chain in the manufacturing, distribution, and retail industries.
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.