Data-based decisions support retail sector: Prospect Mapping uses data to optimize locations
There is an increase in the use of new types of data sources in Swedish retail, as companies strive to make better decisions at all levels of business. One example of this is Prospect Mapping Systems Sweden AB, which develops and offers products and services based on quality-assured information in combination with interactive maps, and their cooperation with Telia.
"This is a clear trend", says Stefan Nordin, CEO and partner at Prospect Mapping. "Given both the challenges and opportunities that the retail sector faces, we see an increased demand and interest in validating decisions with the help of quality-assured data, whether it is for establishments, analysis, efficiency improvements or marketing-related decisions".
Prospect Mapping has been working together with Telia for a long time, and Prospect Mapping gives its customers access to Telia Crowd Insights, insights on movement patterns based on data from the mobile network, through its cloud-based services.
"Our tools and expertise are based on combining quality-assured data with interactive maps. In short, this means that our customers can visualize data in a map environment to identify business opportunities and target groups. Being able to include data from Telia Crowd Insights on how people move in specific geographical areas adds great added value for our customers," Stefan Nordin says.
He explains that everything the company does as a business-driven organization is based on making decisions, and whether it's scaling up or down, adding sites or opting out, decisions are usually complicated.
"This is where our tools come in. They help our customers, and it is in this context that Telia Crowd Insight's play an important role," Stefan Nordin says.
What Prospect Mapping do in these cases is to add demographic data, competitive situation, traffic flows, population forecasts and Telia Crowd Insights data to the actual results of the business location to analyze whether it performs in line with the conditions that exist or not, and whether there is untapped potential. This creates added value at several different levels in our customers' operations. From strategic decisions about establishments and efficiency improvements to how to work with tactical marketing and where target groups are located.
It’s when we combine relevant data from different sources and put them in relation to each other that the insights and the great values arise. An example is when our customers review and evaluate how their existing business locations are performing. If you just want to look at what the current performance looks like, it's easy, just look at the actual result. But many want to dig deeper than that – now they can.
Learn more about Prospect Mapping
Learn more about Telia Crowd Insights