Yes, citations can be an important ranking factor and almost borders on link building when it comes to implementing them, with a slight difference.

First things first, citations help in local SEO and help you rank for local keywords and search queries. Thing to look out for though are the quantity, the quality, and the accuracy of your listings.

Moreover, certain online business directories have good domain authority such as Yelp or even Yellow Pages. Be a barnacle to them and leverage their high DA for inbound traffic.