6 Industries that could benefit from Geospatial Data

June 29, 2021

Six Industries that could benefit from Geospatial Data

With the evolution of technology, data has become the most important resource in the 21st century. With advancements in machine learning and artificial intelligence data analysis has become more accessible to any business in the world, making it imperative for any business to use both internal and external datasets in order to stay ahead of the competition, regardless of the industry.

Given the vast range of benefits that POI data provides, it is no surprise that many retailers, financial institutions, governments, media companies and more, have jumped on the opportunity to enrich their decision-making with such information.

Below is a quick overview of how you can use POI datasets if you work in one of those 6 industries:

Retail Organisations:
If you are a retailer, you can use POI data to identify, locate and analyse shopping areas to assess new business opportunities. Outsmart competitors by evaluating their performance through observing traffic around their stores and using alternative data to understand consumer behaviour. Additionally, you can utilise POI data to assess your own performance and monitor the activity of your numerous locations. When doing so, you will be able to identify the best and worst-performing stores in comparison to competitive locations which will allow you to take immediate action to improve your bottom line.
Analysed appropriately, POI data can boost profits by giving hefty information on the national retail market and giving you the needed information to improve the customer experience, save costs and optimise store investments based on the potential opportunities on the market.
Advertisers and Marketers
Working in advertising? Then you can use POI data to create better segmentation and optimise your campaigns for success. Whether you are creating awareness, hyperlocal, drive-to-store or Digital Out-of-Home (DOOH) campaigns, you will find that a great POI dataset is a key to launching an effective campaign. Up to date, the POI dataset will help you avoid targeting users that are near permanently closed locations or delivering impressions outside of store opening hours. It can also help you set up programmatic DOOH buying based on demographic, mobility and POI data to make sure that you’re serving ads that are relevant to your clients’ needs.
Real Estate Investors and Agents:
While looking for a new property, real estate agents should consider a variety of factors ranging from price and mortgage to information on the neighborhood: nearby grocery stores, schools, attractions and other amenities. This kind of information is included in a POI dataset and can be used to create relevant price increase forecasts and help you identify new potential site locations for your customers that provides insights for real estate investors to forecast about certain place attributes.
Local Governments and Official Institutions:
Working for a local government or a public service agency? POI data could be extremely valuable in identifying and filling gaps in services. It can be leveraged to check which areas have inadequate resources and check on local economic trends. POI datasets can also provide crucial mobility insights which allow your institution to assess traffic patterns in a given area.
Ride-Hailing applications:
Ride-hailing applications can also make use of up-to-date POIs to build reliable navigation systems, helping them with accurate and fast pickups. Some of the ways that your ride-hailing app can benefit from this data are:
1. Optimising on delivery time and providing accurate ETAs
2. Expand their services and reach by improving mapping in the areas of interest
3. Boosting revenue streams by implementing adequate surge pricing based on accurate distances and traffic.
Insurance and Financial Service Organisations:
To maintain a competitive edge in the market, your bank or financial institution could leverage POI data often clubbed with mobility intelligence data. If you are working in the insurance sector for instance, POI data would be helpful in risk assessment and connectedly also for formulating policies in a particular region. Similarly, Hedge Fund managers like you can analyse the financial performance of a brand by associating the stock ticker tied to a particular POI, mobility and transaction patterns on a POI level. These attributes will help you make better decisions on what positions you should take with regards to publicly listed companies.
Alongside this, even retail banks can use POI data to map a network of other retail banks or ATMS across a region or a city. They can complement POI data with alternative data sets to seek ways to engage with their customers along with enhancing operational efficiency.
Is your next step to figure out the right quality dataset for your business needs? Check out our article on some of the factors you need to consider when leveraging POI data.