Why should I consider Geo Analytics in my business?
Today, geo-analytics is also used in data visualization, as it can provide a much better picture of trends than a spreadsheet or chart can in many cases. Understanding a geographic distribution can be easier to comprehend when looking at a heat map or density chart as opposed to rows and columns on a table.
Similarly, geo-analytics are useful in adding a spatial dimension to insights, accounting for distance between points, contiguity, affiliation, and more.
There are several ways you can use location analytics in your business, regardless of the industry you operate in. For retailers and sales-oriented businesses, geographic data offers a new way of looking at sales, engagement, and marketing data.
Instead of looking at a consumer population as a uniform bloc, segmentation lets companies tailor their existing products based on demographic data such as gender, age, and other axes. By adding a geographic layer, retailers can add even more specificity and create a much more comprehensive picture of their customers.
This helps them craft marketing strategies, sales tactics, and other incentives that are more likely to resonate with consumers.
For manufacturers and producers, geo-analytics offers a different way of viewing their supply chains, logistics, and even internal production processes. For example, a manufacturer could compare data from different locations to see which vendor offers the quickest turnaround on raw materials. Similarly, logistics companies can use data from their existing transports to determine the fastest route between locations compared to the cost of each possible route.
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