The spatial collection efficiency portrays the driving forces and loss mechanisms in photovoltaic and photoelectrochemical devices. It is defined as the fraction of photogenerated charge carriers created at a specific point within the device that contribute to the photocurrent. In stratified planar structures, the spatial collection efficiency can be extracted out of photocurrent action spectra measurements empirically, with few a priori assumptions. Although this method was applied to photovoltaic cells made of well-understood materials, it has never been used to study unconventional materials such as metal-oxide semiconductors that are often employed in photoelectrochemical cells. This perspective shows the opportunities that this method has to offer for investigating new materials and devices with unknown properties. The relative simplicity of the method, and its applicability to operando performance characterization, makes it an important tool for analysis and design of new photovoltaic and photoelectrochemical materials and devices.