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As organizations gather information from more data sources, one area where they will need to focus their resources is around location analysis, sometimes referred to as location intelligence or geospatial analysis. Data sources like social media in particular are making this necessary because they contain a lot of vital information about customer’s feeling and thoughts on a certain product or company. Understanding not only what consumers are saying, but where they are saying it can help improve things like customer experience, product inventory, and new store locations.
It is this type of location-based analytics that more organizations are planning to utilize in the near future according to David White from the Aberdeen Group. In fact, as society becomes more mobile, it is going to be necessary for location analysis to be entrenched into every organization if they want to succeed. No longer will it be good enough to understand the traits and characteristics of your customers; you will need to understand their location patterns- what store locations do they frequent, where do they work, where do they live, and what is their typical drive-time radius as well to have the most impact in their decision making process.