While many C-level execs consider location data to be an important part of their company’s success—and many are looking to invest in location intelligence within the next few years—there’s no shortage of challenges.
A recent study from location intelligence platform Carto and Hanover Research, which defines location intelligence as turning location data into business outcomes, found that nearly half (47%) of US C-level execs surveyed said that ensuring data quality and accuracy was a challenge they faced when collecting location data.
Moreover, roughly four in 10 respondents found that extracting the data from existing systems and making it usable was challenging, and almost as many respondents said knowing where to find the data they’re looking for was as well.
The challenges didn’t stop there. Gathering data in real time, maneuvering around location privacy issues and having the right resources were other concerns mentioned.
A separate study conducted last year by the Mobile Marketing Association aligns with the Carto/Hanover findings, with many marketers voicing their concerns about location data. Some 40% of US marketers surveyed were worried about the quality of the data, and nearly as many were concerned about the lack of transparency into data sources and methodologies.
But regardless of the many trials marketers may face with location data, it’s something many believe will help their business. When asked by Carto and Hanover how important location intelligence is, or will be, to their organization’s success, two-thirds of respondents (this group included C-suite executives and other decision-makers) said it’s at least very important today, and more than eight in 10 said it will be important in the next three years.