October 16th, 2017 by Oren Smilansky

CARTO, a provider of location intelligence software, and Hanover Research, recently found that while companies are investing in customer location data, they are struggling to apply it for the benefit of their businesses.

According to the survey, titled “State of Location Intelligence,” 94 percent of the 200 respondents–executives from medium to large enterprises–plan to invest in location intelligence in the next three years. However, while these leaders realize that location data will only become more important with time, less than a fifth (17 percent) of them are performing adequate analysis on it. In fact, many businesses report that they are being held back from gaining a deeper understanding of their data. And more than half of those companies surveyed (54 percent) are relying on Microsoft Excel to extract insights.

CARTO holds that companies ought to focus on implementing location intelligence best practices, and start analyzing their geographic data on a granular level.

“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,” Javier de la Torre, CEO and co-founder of CARTO, said in a statement. “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, better access to resources and general improvements to our work and personal lives.”

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