Bring Your Own Data: why the “BYOD” approach is the next frontier of location intelligence

While the ever-evolving needs of business continue to change, one key aspect of the future remains steadfast: high–quality data will grow increasingly invaluable. With tech savvy consumers at the forefront of every industry, businesses are amassing customer data points on a daily basis. It is essential to leverage these insights effectively for businesses to stay competitive and relevant, less they risk getting left in the dust. 

So, how can you extract more value from the data at your fingertips? Your business findings have the potential to become significantly more valuable when augmented with location context. Businesses naturally obtain information about their patrons on a routine basis through a variety of interactions. Whether it’s a digital payment through an app, signing up for a loyalty program, or a coupon being used, businesses have a vast pool of data that often remains untapped due to the inability to tie location context to it.  

Third-party location intelligence tools present an opportunity to enhance your business data and unlock tremendous value quicker than you might expect. But you cannot enhance your data by simply purchasing third-party location data as it’s becoming increasingly sparse and inconsistent in quality. Additionally, most third-party data providers lack the necessary consents and privacy protections. Instead, you need to invest in the proper tools and find the right partner that can deliver quality data while protecting consumer privacy. Companies like Foursquare provide the capabilities and location expertise needed to augment your data with location context, allowing you to extract more value from your data. 

Let’s take a closer look at how this approach can play out across different industries:

How You Might BYOD (Bring Your Own Data)

Imagine a coffee chain with detailed information about their customers’ transactions, plus voluntary information like birthdays, gender, etc. Alone, this information has limitations in terms of personalization. However, when coupled with POI data for nearby amenities, or movement data from top customers, this shop could offer tailored recommendations for places a customer can visit while enjoying their coffee. 

In another example, we can take a look at a real estate corporation. This type of business tends to be flush with data points around the value of a square foot, what similar buildings are selling for in the area, and other like figures. Think of the possibilities for what insights could be extrapolated when these points are married to other information queries, such as neighborhood demographics, nearby places of interest (POI), the flow of traffic outside the venue, and even the walkability of the landscape. 

As a final example, a financial institution could benefit from partnering with a location intelligence provider to enhance their consumer app offering. While banks and credit card companies have copious amounts of transaction data, this information becomes most valuable when paired with context about where these dollars are being spent. By partnering with a location intelligence provider, the financial institution could build an app feature where a consumer’s purchase data is accurately categorized by specific spending categories or contextualized with trends.

The value of data is limitless when you have the right location technology partner. 

Considerations for a Location Intelligence Provider 

However useful, the complex and sensitive nature of consumer data makes it critical to select a partner that is honed in on privacy and data quality. Here are a few key considerations: 

Privacy Focused

Safeguarding an individual’s rights and nurturing trust between businesses and consumers is paramount. Look for a partner that upholds safe data practices and honors consumer values, like transparency, in their business. 

First-Party Data

Third-party data sources across the open web can range dramatically in quality. This means that providers with reliable first-party data offer a unique advantage, using high-quality ground truth to train location models, making them more effective. As an example, consider Foursquare’s Snap-to-Place model, which has been trained by 16B+ human-verified check-ins. By augmenting your own data with models trained on the providers’ first-party data, you can derive immense value out of your data.

Innovation

You need a partner who is committed to scaling with you as your needs evolve. The right provider will not only be able to solve for your immediate use cases but also enable your long-term data strategy to build alongside you.

Choosing Foursquare 

Experiencing the modern-day dilemma of how to utilize the data at your fingertips and attach location context? Navigating the path to valuable insights requires agility, innovation, and a willingness to learn. By partnering with a trusted location intelligence partner like Foursquare, you’ll take the legwork out of extracting actionable, location-rich insights from the data you already receive from your customers. With a focus on quality data and a commitment to privacy, see why companies are turning to Foursquare to maximize the potential of their data. 

Reviewed By: Ariel Eck