About half of small businesses don’t make it past their first five years, according to the U.S. Bureau of Labor Statistics. There are plenty of reasons why, but one big factor is poor location data. So, choosing the correct data provider will often be more confusing and crucial than the decision to utilize data itself. It is because the overall data market is flooded with many POI data providers, each claiming to offer the most accurate and comprehensive datasets. But when selecting a provider, companies must ensure how well the POI data solution aligns with their business needs, whether it provides scalability and ease of integration.

This blog will take you through the major aspects to consider when choosing a POI data provider.

Why choosing the right data provider matters

Points of Interest (POI) data refers to places of interest or particular geographical sites with essential features, such as commercial districts, tourist destinations, public utility facilities, and other notable locales. This data includes the business or place name, address, contact information, and other specific information related to that location. In addition to this crucial information, it can provide numerous insights into the sentiment of the customer behavior, the presence of the brand, and its operational trends. 

However, incorrect geospatial data solutions can mislead companies and drive them to make poor decisions, exposing them to financial risks. This is where Xtract.io stands out as a pioneer, leading the industry for almost two decades. Xtract.io ensures top-quality data through dynamic updates essential for making the best decisions.

How outdated data can impact business insights

Data is paramount, and most decisions that businesses plan and consider are based on data. In a fast-paced digital world, data changes every second. Data can quickly become outdated and irrelevant,  providing wrong insights. Therefore, your POI location data must be regularly updated to enable the best business decisions and outcomes. 

Let’s consider some scenarios. For a real estate investor evaluating a particular area based on its commercial properties, tourist attractions, and points of interest, using an unreliable data provider might lead him to believe that the area is developing and thriving. However, in reality, the information may be inaccurate or reflect closed-down outlets, making it a poor investment choice due to inaccurate location details.

That’s why a reliable POI data provider, like Xtract.io, ensures frequent updates and periodic refresh with accurate and current information. Also, check their resources to see how they’ve tackled real-world challenges with ease, providing valuable solutions across industries.

Important attributes to look for in a POI data provider 

When selecting a POI data provider, we must always consider the following key attributes that distinguish the best providers in the market.

1. Data Quality

Good-quality data is the cornerstone for any location data provider for decision-making. Businesses without access to accurate and comprehensive datasets are bound to make errors in location planning.

When we evaluate the data,

• We need to verify whether the data provided matches the location and is valid.
• We must ensure the data provider covers all key attributes, such as name, address, latitude/longitude, etc.

2. Data Coverage

Businesses must select a location data provider that offers comprehensive data coverage and can access relevant locations across different regions and industries. 

While looking at the coverage aspect, 

• We must check whether the provider can extend their support globally to guide expansion plans in the future.
• We must validate whether the provider can help us in diverse and niche markets and ensure that all the dataset requests can be accommodated.

3. Data Update Frequency

Data refresh frequency is essential for ensuring data freshness, emphasizing the importance of regular updates in maintaining the quality of the location dataset. 

To check the frequency of the data,

• We must understand whether the provider offers real-time updates to stay relevant all the time.
• We must also assess whether the provider uses dynamic refreshes to update change detections, enabling businesses to identify inefficiencies and uncover opportunities for improvement.

4. Data Sources

Every business prioritizes data credibility, but verifying accuracy can be challenging. That’s why it’s mandatory to know where the data comes from and ensure it is sourced from reliable, verifiable records.

To check the credibility,

• We must evaluate the transparency of data collection and verification processes.
• We must ensure the data is sourced from trusted government records and globally recognized business directories, with thorough verification and, most importantly, on-ground validation by the POI location data provider.

5. Data Customization

Every business has unique needs, so choosing a data provider with the required customization is crucial. Since these customizations integrate directly into business systems, they should enhance existing insights rather than disrupt operations.

For selecting based on customization,

• We must evaluate the features and coverage to ensure the data remains relevant, comprehensive, and adaptable to various needs.
• We must also check if the POI solution uses flexible formats to ensure the data export options are easily integrable with internal systems.

Making easy integrations into the business ecosystem

Most companies prefer data providers with unique workflows that can be easily integrated into their systems. Even if a company uses tools like GIS or integrates with CRM software or other analytical platforms, the data provider should ensure their data formats are more accessible and require minimal processing.

Businesses must ensure that the data provider offers API integration through which real-time data can be accessed dynamically across various applications. Additionally, the data provider must share bulk data in easily shareable formats like CSV, JSON, XML, or geospatial formats like GeoJSON and Shapefiles.

Pricing and Customer Support

Beyond data quality and coverage, pricing and customer support are critical considerations. Even though cost might be a significant factor when choosing a location data provider, what really matters is the value that they offer to customers. Businesses must consider whether the data providers offer transparent pricing models that align with their budgets. Also, they must check that support is readily available for prompt resolutions.

Xtract.io not only offers competitive pricing but also provides highly dedicated geospatial data solutions and support to ensure businesses maximize the value of their POI data investments.

Conclusion

Choosing the best POI data provider is a very crucial step, as it involves multiple factor checks. Xtract.io distinguishes itself by consistently offering high-quality data and being a pioneer in the industry. 

With a strong commitment to providing the best datasets, Xtract.io can be relied upon for all business decisions, featuring competitive pricing and dedicated services that ensure customer satisfaction.