POI Data: How does it Benefit Businesses
Before responding to the question of how beneficial POI data is, let’s take a step back and provide a quick overview about POI data.
A point of interest (POI) is a particular location that a person would find interesting or useful. The phrase “of interest” should not be understood literally; rather, it refers to a user’s interest in a certain situation. It could be a post office, a school, a grocery shop, a restaurant, or a tourist destination in addition to more typical establishments like these. The majority of the data used to support location-based applications is based on points of interest. The majority of digital maps and navigation systems use POI data to power a variety of applications, including those in real estate, banking, and healthcare.
A geo-located, time-aware POI service can be made available to anyone with a mobile device to receive recommendations on the closest locations. For instance, consumers or end users can utilise POI data to find a store, a place to stay, the closest bus stop, or an emergency service.
Application of POI data in different industries
Any industry can use POI data in a variety of ways, but the most popular use, which is crucial for businesses or government organisations, is site selection and competitive mapping.
For instance, POI data in the telecommunications sector can be used to choose the best locations for new infrastructure development, user base growth, and service quality improvement. It can make it possible to analyse the market and comprehend user wants regionally.
In the field of retail, POI data can assist in providing the answers to queries like: What is the market share of a business? How much money may residents or employees in a particular location spend? How much of a need does the service have? Which rivals are in the area? Knowing the answers to these questions empowers marketers to take focused actions, such as deciding whether and where to open a new store or deciding when to close one due to lack of profitability.
POIs can help the public sector achieve a variety of objectives. By mapping a certain area, it is possible to assess and comprehend if already-existing services or goods are effective, which services (such as public transportation, hospitals, etc.) need to be enhanced, and where those services are lacking.
The real estate, consultancy, and finance industries all use POI data.
In real estate, location is crucial. Giving customers who wish to rent or buy a house, for instance, helpful details about the region around that location? All of those details about surrounding services, shops, schools, etc. may be found in POI data. With the epidemic, its importance has increased even more: clients now utilise online platforms to not only find the closest businesses, but also to travel virtually from their homes.
Companies in the marketing and advertising industries are also using POI data. Businesses may enhance their strategy, convey the most pertinent message to clients, draw in new ones, increase revenues, and boost the value of their brands by using location-based marketing and more focused campaigns.
Additionally, the logistics and transportation sectors use useful POI data. Tracking fleet movement, managing routes, evaluating the state of the transportation infrastructure, and many other things are made possible by POI data.
Additionally, delivery services have grown in importance as e-commerce has expanded in order to supply a variety of goods. Postal and delivery firms must therefore obtain high-quality POI data in order to preserve profitability, offer dependable and secure services, and sustain highly satisfied consumers.