[GIS] Looking for an alternative to Minimum Bounding Geometry (convex hull) tool for creating polygons from points

Question

I have lines of points that I'd like to connect to create individual polygons.
The Minimum Bounding Geometry tool is great because it lets me input many points at once and use the "Group" option to create separate polygons. However, the Convex Hull option isn't accurate enough in drawing some of these boundaries. See:

I am looking for an alternative way to turn many points into polygons. Data looks something like this:

Ax1   Ay1   A
Ax2   Ay2   A
...   ...   ...
Bx1   By1   B    
...   ...   ...

These points are listed in a particular order, so a Point –> Line –> Feature task would work. I am just looking for an easier way.

Answer 1

Concave hull did the trick, as many suggested. Specifically I used this Arc tool: https://geonet.esri.com/blogs/richard_fairhurst/2015/06/11/bruce-harolds-concave-hull-estimator-tool-enhanced .