Depending on your use case you have two options. First: When disabling Factory Reset for the user, you (or the user) will have to reset the iPad through iTunes in case of a software problem. Second: You can always force location tracking to "ON" on DEP devices with "Lost Mode" and track the location. But remember, after activating and deactivating "Lost Mode" user will be notified. Location tracking is not only an Apple thing, it's also a GDPR thing in the EU. Users must always be notified about location tracking. If your company policy informs the users before handing the devices out you are safe to force the user to enable location tracking. This could be achieved by some compliance policies.
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