How to Leverage Point of Interest (POI) Data (Geographic Data) in Different Industries?

Applications of Point of Interest (POI) Data (Geographic Data) in Business

POI (Point of Interest) data or any geographic data is generally ignored by the majority of businesses. In this blog, we will explore numerous uses of Point Of Interest Data as well as discuss why it is a sleeping giant.

In today’s Paleolithic age, while mankind still depends on caves for living requirements, as well as the finest way of making a living was using a crude ax prepared of bones, the capability of locating main geographic locations or Points of Interest was a matter of life or death.

Today, in places of work, beautiful homes, etc., humanity still counts on particular geographic locations for making a better living. Important geospatial data is influencing the most vital decisions in a person’s life.

What is POI data?

To describe POI data, it means the factual data on the real-world geographic locations that might be of interest, or especially, beneficial, to companies or common people. For example, if any automobile brand wants to enter a new market, it requires to find locations for opening its dealerships, or else it may need to close shops sooner than expected!

The decision-makers of the company require stronger POI data to set the outlets. We had faced the same challenge when one automobile client had planned its development in a new territory. By making sure an endless data flow (comprising POI data) we assisted them in making clever data-driven decisions, which dropped down to actual sales on the ground.

POI Data Applications

Companies have a distinctive opportunity to use this crucial data avatar. The POI data could be utilized to recognize trends as well as patterns in any particular neighborhood or region as well as get actionable insights to:

• Monitoring & Research
• Navigation & Mapping
• Manufacturing & Supply Chain
• Public & Healthcare Services
• Dealerships & Retail

And, lots more…

How to Leverage Geographic Data in Different Industries?

1. Transportation and Logistics

If the retail wasn’t going online quick enough, the current pandemic has accelerated this procedure and made it compulsory for businesses to create new skill sets, which helped them in making the digital transformation. From ride-sharing applications to the shipping industry, transportation and logistics play an important part in making sure the economy’s healthy growth.

POI data can offer you superiority in the industry through:

• Analyzing coverage for exploring drop off as well as pick-up points
• Mapping housing areas for optimized delivery
• Optimizing fleet ways to efficiently cope with total sailings
• Tracing fleet movements for delivering timely data

And, many more…

2. Retail

POI data assists retailers in getting key market insights like:

• Market sharing of a business
• Market sharing of competitors
• Planning the development into new countries
• The expenditure capacity of people active in an assured area

POI data helps you understand where your consumers are. That goes a long way to help you frame ideal regional adverts, guaranteed to convert unsuspecting spectators to brand evangelists! More benefits of POI data in the retail include:

• Analyzing market opportunities
• Doing competitive analysis to neighborhood levels
• Managing dealership and store locations
• Understanding the sales dynamics in any particular area

And, many more…

3. Finance & Insurance

Geolocation data is possibly more applicable to finance and insurance than all other industries. Due to a sector’s quick modernization as well as tough competition from different players, it is sensible to leverage POI data in making strategic decisions. A few applications of the POI data in finance and insurance are given here:

• Analyzing locations for opening branches in
• Do competitive analysis
• Express innovative ways of increasing ATM coverage within a region
• Identify red flags at early stages
• POI data helps in doing risk analysis in insurance

4. Real Estate

Before buying any land, port, or apartments, buyers mainly think about the location. The closeness to main centers like schools, hospitals, (particularly if there you have children), as well as all the associated amenities with purchase will always determine the pricing of the real estate. Therefore, real estate partners have to use POI data before considering any future steps. Some applications about geographic data are given below:

• Do neighborhood assessment to do competitive research.
• Make a skilled market assessment to know appropriate valuation.
• Take real estate business online as well as render online purchase as well as selling in a seamless manner.

One of the partners we had ran in a few track events whenever their in-house web scraping operations have proved to be inadequate to cope with a huge amount of property data accessible online. By streamlining different tasks as well as serving them with a heady cocktail of speed and efficiency, we have turned the flow into our favor.

5. Advertising and Marketing

What’s more significant than reaching your customers is reaching them at the right time at the right place. If performed properly, it can assist in taking your brand equity to next level while increasing sales instantaneously. You can utilize POI data for monitoring the mobility of the targeted audience as well as develop adverts accordingly.

Location-explicit targeting is the key feature in advertising that you just cannot overlook. Businesses can utilize the POI data for tailoring highly targeted ads with particular spots for driving profits.

A few use cases about POI data in advertising and marketing are given below:

• Deliver super-applicable adverts to the customers
• Do competitive analysis within certain areas
• Understand the targeted audience better through studying the movements

We have expanded the significance of POI data for certain industries but its applications go way beyond it. If you require help gathering POI data, feel free to contact X-Byte Enterprise Crawling anytime.

About X-Byte Enterprise Crawling

We have been dealing with customers around the world to make sure timely delivery of important POI data. Our knowledge is more prominent in geo-spatial, geo-demographic (state, city size, ZIP, rural as well as urban areas), as well as geo-specific variables, which are important to form geographic and neighborhood-specific market segments for making well-informed business decisions.

Originally published at https://www.xbyte.io.