Improving Location Intelligence through Big Data and Artificial Intelligence
Nommon held its first in-person workshop aimed at the retail sector to present its location intelligence solution, InSite, a decision-support tool designed to assist different businesses in their expansion strategies.
On June 12th, Nommon hosted the first edition of its event “Nommon Innovation Days: Improving Expansion Strategies through Big Data and Artificial Intelligence,” an in-person workshop for Directors of Expansion, Distribution, and Marketing, as well as other professionals interested in the development, management, and optimisation of a network of retail outlets. The event, held at the Meeting Place in Castellana 81, provided an opportunity to reflect on the role of technology in addressing a wide range of challenges faced by the retail sector, such as store location and the optimisation of distribution and advertising strategies. It also served to showcase the latest advancements of InSite, Nommon‘s location intelligence tool designed to support various businesses in their expansion strategies.
Manuel Álvarez, Nommon’s Operations Director, opened the workshop with a brief introduction about Nommon and its product suite, highlighting the company’s journey from developing data products to integrating modelling techniques and artificial intelligence to incorporate predictive and prescriptive capabilities. Manuel Álvarez explained how the company’s extensive experience in geolocated data analysis and predictive modelling has been instrumental in developing solutions tailored to the needs of the retail sector, enabling an understanding and prediction of consumers’ spatial behaviour. The InSite tool is built upon this expertise in mobility and presence analytics, drawing on a wide range of geospatial data, including anonymised data from mobile networks, sourced from Nommon’s market-leading Mobility Insights and Population Insights solutions.
Driving Location Intelligence
Next, Rafael Jordá, InSite‘s Product Manager, took the floor to provide an overview of the tool, which is offered under a software-as-a-service (SaaS) model via a web application. He explained the various data sources it utilises and demonstrated its use, focusing on two of its modules: “Store Monitoring” and “New Openings Evaluation.”
Rafael Jordá began his presentation by explaining how, in recent years, numerous location intelligence tools have been developed, integrating geospatial data with advanced visualisation and spatial analysis capabilities. However, when it comes to conducting predictive analyses to support expansion decisions, the range of available solutions in the market is much more limited. InSite aims to fill this gap by going beyond mere descriptive capabilities, integrating machine learning and optimisation models to generate sales forecasts and provide recommendations on the opening, closing, or relocation of retail outlets.