In 2023, it’s clear that business resiliency is more important than ever.
A data-driven approach is essential to build long-term business resiliency, with benefits well beyond just quarterly performance, according to a new report from 451 Research. Perhaps equally important, as more and more organizations invest in data-driven models, businesses that pull back on data-driven investments will fall behind.
Location data can help companies make decisions around campaign optimization, competitive intelligence, investment opportunities, and more. Companies large and small use location data to drive business success, and at Foursquare we understand the impact of data driven-decision making. Here are our top takeaways from the 451 Research Market Insight Report, “No such thing as ‘average’ for data driven behavior”:
- Data – and geospatial data in particular – drives long-term business resilience. Near-term business decisions certainly benefit from a data driven-approach, such as marketers optimizing advertising campaign performance with location intelligence. But location data is even more critical for strategic decisions that will have implications five, ten, or twenty years down the line. For instance, location data is a powerful tool for selecting the optimal site to develop a new commercial property, and for identifying the right distribution channels for a new product offering. Those who invest in the right data assets today will reap the rewards in the years to come.
- Protecting consumer privacy is paramount. Businesses would rather not use data at all than risk facing issues with data privacy. In fact, data privacy is cited as a top barrier associated with being more data-driven. Particularly when it comes to location data, it’s critically important to find trustworthy partners who will put consumer privacy first in everything they do. As pioneers in location technology, Foursquare knows it is our duty to handle data in a transparent, compliant and ethical manner. We are responsible in the collection and use of location data, build our products with privacy-protecting features, and hold our partners accountable.
- Data-focused roles like Chief Data Officer are becoming more prominent, and can help ensure a single source of truth. These roles have a major role to play in coordinating the many different teams that benefit from highly strategic data assets like location data. For instance, location data is frequently used by teams ranging from engineering, data science and product to business development, marketing and sales. A location intelligence platform can unite diverse teams and help break data silos, building a common operating mindset.
Read the full report to learn more about:
- Which emerging data-driven tools are being adopted most widely
- Why enterprises without highly strategic, data-focused roles like Chief Data Officer are falling behind
- Why adopting a more data-driven model has long term benefits, beyond quarterly performance