Recently, alongside the well-known term Business Intelligence (BI), the term Location Intelligence has started to gain popularity. Analogous to BI, the term Location Intelligence (LI) refers to extracting knowledge from data, but that data should have a geographic/spatial dimension.
Why? Algolytics experts created a whole series about it. Without further ado, it is time to dig into details!
According to a report by Dresner Advisory Services – 53% of businesses say that using Location Intelligence technology in 2020 is essential to their business goals. For public institutions, the corresponding figure is as high as 90%! Among 76% of all enterprises surveyed, LI technology is important. The key functionalities offered by Location Intelligence include geocoding of address data, as well as visualization and analysis of spatial data, and it is the first mentioned element that is crucial to start the adventure with LI.
The process of geocoding is based on the addition of geographic coordinates to the address, so that it can be displayed on a map and analyzed using Location Intelligence. This new spatial dimension allows, among other things, to identify areas such as housing estates, where to focus current business activities, to implement geomarketing activities or to include geographical location in the previously used machine learning models. In the case of the latter application, it is particularly important to have data not only on the location (e.g., home address of the customer), but also the characteristics of this place and its immediate surroundings. Depending on the application of the model, the key features here could be such as:
Where to get this information from? The answer is simple – AlgoMaps can enrich your address data with all the previously mentioned features…. and many more!
The example of geocoding using AlgoMaps.
And well, you can test this solution on your own example – using the demo.
The solutions available within AlgoMaps allow you to easily start your adventure with Location Intelligence technology. However, there are so many functionalities and datasets that presenting them reliably in a single post is not possible, so a several-part series on this topic was created – thus, we start with geocoding address data!
The answer is simple: efficiently! AlgoMaps is a cloud-based tool that offers several functionalities thanks to which the whole company may benefit from just one solution. Sales – through establishing a new profitable salespoint in the area the competitors have not discovered yet. Marketing – increasing the campaign ROIs through precise customer geotargeting. Banking or telecoms may use this technology to behavioral scoring… However, to use a full geocoding potential it is crucial to improve your data quality and enrich it with additional information. Then the precise Location Intelligence analysis occurs. You can use this solution in two ways:
If you have contact data such as customers, distribution points for your products, sales representative networks, or others, AlgoMaps will improve the quality of your data by standardizing and verifying it and enriching it with additional information such as geographic coordinates, characteristics of the nearest address environment, so you can analyze it spatially using Location Intelligence technology.
In case you do not have spatial or address data, but you want to conduct geomarketing analysis, e.g., by targeting your audience based on where potential customers live or determine how many people live within a certain distance from your sales network. AlgoMaps provides spatial data of all buildings in Poland with additional demographic, economic and nearest neighborhood features. The data can be freely filtered and aggregated according to specific needs.
To fully benefit from the geocoding potential, you have two simple options:
If you care about behavioral scoring (and real-time address geocoding on a request-response basis) – use the API. Response times are no more than 400 ms, and the service itself is intuitive and clearly documented, making it easy and fun to implement. The API is authorized with a token that you receive after creating a free account.
If you want to deliver food or packages – without wandering around a neighborhood – just geocode your database of addresses at one time. To do this in just a few clicks, you may be interested in accessing the AlgoMaps online application. All you need to do is to collect the data in a CSV file, define the task in the application and after some time (depending on the number of records) download the resulting data. The application has a user-friendly interface and allows you to perform many other operations on the data, which you can read about in the documentation.
Note that access to the application requires the creation of a free account.
No matter how you use AlgoMaps – two things are certain. First, you will always get 5000 processed records free. Secondly, we periodically monitor the quality of AlgoMaps data to compare it with the competitors’ solutions. As a result, AlgoMaps is currently the best available technology used, among others, by DHL.
The basic possibility of using the geocoding service is to complement the address database or CRM with location data, which will allow their visualization on the map, and thus see the spatial relationships, and that is not possible with data stored in tabular form. It is said in the Location Intelligence industry that one map will tell you more than a thousand words. This statement is very true!
Another possibility is related to the use of location data for further processing related to Location Intelligence, e.g., determining distances between points or supplementing predictive models with features of the address environment (such as distance to the city center or the nearest store, school, kindergarten, etc.). If you sell online or deliver food, you can optimize your daily operations with customer location data, saving time and resources in delivering goods from your premises to the customer.
What other possibilities are hidden behind this technology? In the next episode of the series, you will learn how AlgoMaps helps to improve the quality of data collected in databases and CRM systems.