Choosing the right location for business expansion is a pivotal decision that can significantly impact success. It’s not only about identifying the right physical space but going a step further and understanding customer demographics, competition, and accessibility. This is where Dista’s AI-enabled location intelligence product suite steps in, offering businesses valuable insights through data analysis.
Our AI/ML-based system leverages location data to offer actionable business insights that help sales leaders make informed decisions about site selection and spot the positive and negative areas for business expansion.
In this article, we will learn how Dista harnesses the power of location intelligence to improve area assessment.
How Dista helps with Area Assessment
- Maps-based Visualization
Our spatial analysis software offers a comprehensive view of geo data via an intuitive map-based view. By adding multiple data layers related to customer data, competition, market coverage, etc., the system offers deep visualization to better understand your business operations.
- Area Definition Analysis
Dista runs multiple simulations to derive data-driven insights to identify favorable (positive) and unfavorable (negative) areas for business. It maps them based on several factors like revenue, density of customers, etc. Our system represents them with polygons, point data, heatmaps, and more.
- AI-based Analytics
The system offers AI-based recommendations to help business leaders make quick informative decisions related to expansion, closing, or merging stores/outlets/branches.
Identify Positive and Negative Areas for Industries
- Banking and Finance Services
Leading banks and financial services leverage Dista to identify and map negative areas with high or low delinquencies, customer credit profiles, repayment history, and delinquency trends by location.
It geocodes high-risk areas and creates risk profiles based on historical collection data via industry and government bureaus. Add delinquency data and missed EMIs data to get contextual ML-based recommendations for redefining territories.
- Insurance
Selecting the right location is fundamental for insurance companies for market penetration and risk assessment. Location intelligence allows them to analyze various factors such as crime rates, natural disaster susceptibility, and economic stability of different areas.
This data is vital for calculating insurance premiums and assessing potential risks more accurately. Insurers can better understand customer demographics, tailoring products to meet specific regional needs. For instance, areas prone to flooding might require specialized coverage plans.
- QSR
By leveraging location intelligence, QSR outlets can bank on data like foot traffic, nearby competitors, and frequent customer orders to position themselves better. With Dista Insight, our geospatial analytics software, they can get actionable insights to find the most suitable location for their next outlet.
QSRs can optimize their coverage strategies with insights like order volume, unserviced areas, and competitor stores. They can create intelligent tradezones based on these insights and identify serviceable and non-serviceable areas.
Moreover, QSRs can use POI data as a layer to learn about various establishments around their stores like offices, colleges, etc.
- Retail/CPG
Location intelligence allows retailers to analyze foot traffic patterns, identify peak shopping hours, and assess the proximity of competitors. By mapping these insights, retailers can optimize store locations, tailor marketing strategies, and enhance the overall customer experience.
For instance, a supermarket chain can strategically position its outlets based on the demographic profiles and buying behaviors of the local population.
Final Thoughts
Leveraging location intelligence tools to analyze a region is crucial to gaining a strategic advantage and outperforming the competition.
Would you like to check out Dista’s location intelligence platform in action? Get in touch with us for a quick free demo.
