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I'm trying to put together some side projects that sound interesting or would be useful for future cases. Has anyone ever tried setting up a workflow to automate best areas to set up a business based on various factors: age, population, race, income, etc. experian variables? If so, would you mind sharing some tips/ideas/workflow to get started on that and what a final output of something like that would look like? I don't have a workflow to share unfortunately since this is just an idea, trying to put something together.
Yes - you need to have a combined score in order to make this work/optimise the equation. For example:
(Average Income x Population) - Maximise this part
(Average Rental Cost x Crime Rate per 100k) - Minimise this part
Take this equation and then rank them to other areas of a city. I would use LGAs or Postcodes for example. The overall best rank would be your ideal location.
To get income/population/crime etc, statistical websites contain this. For example, in Australia this is freely accessible via ABS. Rental costs you could web scrape rental agencies for prices or once again look for a government provider for this data. Then join it all together based on a location, such as Postcode or LGA.
If you wanted to look at some examples, there is plenty to go around as your use case used to be a core usage for Alteryx (and still is for several clients). The 4th Macro type (after Standard, Iterative & Batch) is location optimizer and so you can go pretty deep...
In the samples (Help > Sample Workflows), take a look at the following:
Use scripting & Automation Tools > Build a Macro > Optimize location by minimizing distance
Use scripting & Automation Tools > Build a Macro > Optimize location with a gravity model
Demographic Analysis > Competitor Demographic Report with Multiple Radii
Macro Modules > Location Optimization Allocate
QlikSense Starter Kit > Data Preparation - New Location Impact Analysis
Some of these may come with Analytic Template Kits, (I know the Qlik one definitely does) as I have a few installed, I can't remember the Out of the Box settings...
A few of those examples would require you to work out a demand model similar to what @Inactive User mentioned above.