Many firms wrestle with how to best use location intelligence data
While the knowledge and collection of location data is widespread across organizations, many face challenges in analyzing this data and have a perception gap of how mature their location intelligence is, according to a report by Carto, a provider of location intelligence software.
A majority of the more than 200 mid-size and large organizations the company surveyed (94 percent) knowingly collect data with a location component, and 84 percent of C-level survey respondents are planning to invest in location intelligence in the next three years.
Executives think location intelligence data will grow in importance to their organizations over the next few years, with 68 percent saying it is “very” or “extremely” important today and 85 percent reporting that would be the case in the next three years.
But the study also found that only 17 percent of analysts surveyed said their business performs spatial analysis on their location data, while 39 percent of C-level executives think this is the case.
In addition, many businesses are hindered from moving to a deeper level of location data analysis, with 42 percent still relying on traditional business intelligence tools to analyze their location data.
The survey also found that businesses collecting and analyzing location data will need to overcome some difficult challenges to successfully adopt location intelligence, particularly data quality and accessibility. Nearly half of respondents (49 percent) said “ensuring data quality and accuracy” is a top challenge.