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article imageSurvey shows retailers are underutilizing their location data

By Tim Sandle     Oct 14, 2017 in Business
The company CARTO has announced the findings of its “State of Location Intelligence” survey. The survey polled midsize to large enterprises about their use (or otherwise) of locations analytics software.
The CARTO survey polled more than 200 business leaders, asking questions about current and future plans to implement location intelligence. CARTO are a provider of locations analytics.
The survey looked at which polled over 200 midsize and large enterprises, focusing on the use location intelligence software. The study showed that the knowledge and collection of location data is fairly well widespread across organizations, many organizations face challenges as how to how best analyze such collected data. In essence the survey concluded that there has been an industry overestimation as to how mature the use and application of location intelligence is.
The key findings of the survey were:
94 percent of organizations collect data with a location component.
In addition, 84 percent of respondents plan to invest in location intelligence over the next three years.
And 68 percent of respondents indicated that location data is “very” or “extremely” important of business success.
This is summed up by Javier de la Torre, who is the CEO and co-founder of CARTO, who told Digital Journal: “We’re encouraged by the work we do every day with forward-looking organizations using location intelligence to truly make a change, not only in their business, but in society.”
The technologist added: “It’s evident that more organizations are seeing the value of location data and the benefits possible from incorporating location intelligence insights into business decisions. With the right resources and mindset, we see the potential for smarter business models, more personal experiences, and better access to resources and general improvements to our work and personal lives.”
The under utilization of the data comes from the survey finding that just 17 percent of analysts said their organization undertook spatial analysis of the collected location data. Spatial analytics, for instance, enables banks or insurance companies to spot anomalies fast and to protect a financial organization from fraudsters.
Moreover, many firms were reliant upon the use of standard business tools for the data analysis (such as MS Excel) rather than using specialist software geared for data science applications. There were also challenged voiced about the complexity of data collection and with the error rate.
These findings both emphasize the usefulness of location analytics and signal the scope for more work in the sector (which presents opportunities for those developing analytics software).
More about Retail, location data, Analytics, Shopping
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