Published on the 20/09/2010 | Written by Newsdesk
Location intelligence helps retailers choose the right site by assembling key metrics – including customer behaviour records, demographics, traffic patterns and competitor information – from various sources…
It then processes the data and displays the results in map format.
“Maps give analysts a better insight into the relationships between data sets,” says Jos Kunnen, CEO of Critchlow Limited, a leading provider of location-based technology in NZ.
“Smart maps give analysts the ability to query maps, change parameters and analyse the results. With the high cost of real estate and construction, retailers can’t afford to get the location wrong. Location intelligence gives them the tools they need to make the right decisions.”
The same processes that underlie location intelligence also give analysts greater insight into performance. “You can’t look at turnover alone,” continues Kunnen.
“For instance, if an organisation is retrenching, a store that is close to competitors and in a less wealthy region might have fewer sales than a sister store in a wealthier neighbourhood closer to another outlet in the same chain.
So, rather than closing the first store – which is actually performing better given the circumstances – closing the second store would be the wiser choice. With charts and graphs it’s hard to see the relationships. But, with smart maps and location intelligence the answers are obvious.”
How do you get started in location intelligence for your organisation? “For one-off jobs or special projects, it’s probably best to outsource the project to professionals,” says Kunnen.
“But, if you plan on doing a number of location-based projects and have a smart team of analysts already in place, you can start your location intelligence initiative for as little as $20,000. It is an investment that will pay increasingly higher dividends as you build expertise and apply the technology to other decision-making operations within your organisation.”
For more information visit the iStart Business Intelligence Pavilion
