How to choose a new business location with Big Data
In order to identify the optimal place to establish a new business, for example, an educational center, it’s vital to resort to geolocation analytics and mobility analysis.
Through location intelligence solutions, it’s possible to determine one or more areas where you want to establish an educational center, while mobility analysis and behavioral patterns can identify the factors that can maximize its success.
Location intelligence is transforming the way in which the processes of analysis and selection of areas for new business openings are carried out. The large volumes of information that can now be collected about people’s footfall in streets and cities, taste patterns, preferences and interests, commercial characteristics of the areas, vehicular traffic, among other data, have become valuable inputs to make informed and objective decisions in business opening and expansion strategies.
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Using the right methodologies, this large volume of data can be analyzed to find and evaluate the points of interest in detail and identify which areas are more connected to highways or main streets, to know the surrounding risk areas, to identify the most convenient vehicle and public transportation routes for students, the cost per type of soil in the area, among many others.
What’s important to analyze when choosing the best location for a new school?
The choice of school sites is a complex problem that involves the evaluation of different criteria (technical, political, social, environmental, and economic), when integrated with geographic information systems (GIS) and mobility and trend analysis, it becomes easier to solve them.
With the mobility analysis of people, the characteristics of the total population are identified, which, when combined with various public data sources, it is possible to estimate the percentage distribution by age, gender, and socio-demographic index of the inhabitants, and to know the amount of floating and a resident population of the area, obtaining an overview of the public and its economic capacity.
After that, the potential population is classified, selecting parameters that help to identify the number of inhabitants that could become potential university students.
In order to enrich the results, a trend analysis is carried out, where data from social networks is collected, and the preferences and trends of the most requested and most preferred professional disciplines are found.
Finally, a visualization is created, categorized by the most preferred university careers, and crossed with the analysis of the potential student population, thus obtaining the necessary grounds for establishing a university center in the selected area, or finding another potential area.
These types of analyses can be replicated to identify the ideal location for any student center.
At PREDIK Data-Driven we provide location intelligence solutions for any sector or type of business, helping our clients to maximize revenues and optimize costs in their expansion plans.
Do you need to apply location intelligence to your business? Contact us!