How can data-driven platforms and artificial intelligence help organizations?
Data-driven platforms operate on a specified given set of data. This facilitates quick decision-making by business organizations. On the other hand, artificial intelligence enables an organization to draw insights. This assists them in improving their decision-making skills.
Data-driven platforms and artificial intelligence assist organizations understand their fans better. By so doing, they can determine the behavior of their fans. This can help them know how fans connect and their general experience. (Hookit, 2018) By so doing, they get to know various income sources. The combined usage of these ideas enables the organization to monetize the engagement of fans in various regions. In most cases, fans participate on social media platforms, such as websites. They can also take part in in-game offers as well as personalized advertisements on mobile phones. (Hookit, 2018) In sports organizations, data is used to gather one’s perceptions of the performance of the team. By use of artificial intelligence, for instance, a company can under its technologies. For instance, get a better understanding of how data-driven platforms do operate. Also, they get to know which set of data to assign particular tasks.
The use of artificial intelligence enables an organization to create a portfolio of its projects. This is made possible through systematic identification of abilities required. Organizations are therefore able to develop the desired project more easily. This can be done by first, identifying available opportunities (2021 outlook for the US sports industry). However, the use of data-driven platforms in organization transparency and accountability. This is so though keeping of records collected as well as doing a detailed analysis whenever in need. Data platforms provide clear feedback on market research. Formulation of analyzed and collected data enables an organization more about their market. Also, there is consistency in an organization. Every single individual in an organization is being a response to given tasks. Hence, by use of data platforms, they can determine the amount of profit to expect.
What technologies (for example, data infrastructure technologies, or in-stadium data collection) can enable new revenue opportunities
Data infrastructure technologies can be processes of setting up as well as organizing insightful information. This may include the organizations’ data properties for its maintenance and operation. They may be formed by systematically structuring data drives of valuable information. In-stadium data collection can be applicable in revenue collection. However, sports industries should put more effort into developing digital infrastructure. For instance, during the COVID 19 pandemic, the power of digital technologies has proven useful. This is so as the sports can be viewed or streamed by use of mobile phones. However, the fans must subscribe first to access the sports. The subscription charges help in creating revenue. Sports organizations may arrange for in-stadium match events. This in turn will require potential customers willing to view the sports come into the stadium. Owners of stadiums can sell physical space to the customer. They may sell in form of services being provided inside the stadium. As a result, they will have to pay entrance charges for them to be able to enjoy such services. On many occasions, they are paid through the purchase of tickets. “In-stadium connectivity (taking full advantage of 5G wireless technology), and more player fan engagement exclusive to the live coverage” (2021 outlook for US sports industry). Also, there may be other services offered in the stadium that can facilitate the creation of more income. Such services include payment of parking charges offered at the stadium. There may be also restaurants inside the stadium of payment for the drinks and beverages offered inside the stadium to the fans.
Without new games on TV or streaming services, where are athletes and fans connecting, and which channels are most effective at fan engagement
With the pandemic, it’s important to invest in multichannel solutions to boost their engagement about their level and fan’s behavior. “It is likely no longer sufficient simply to host a stand-alone app, and they should be tightly integrated across channels” (2021 outlook for the US sports industry). The pandemic with connection to fan engagement has amplified new strategies. They aim on opening new digital technologies to make year-round connections with fans.
The main issue is that trust must prevail in those relationships. Their main focus must consider whether fans can trust their personal information on digitality, financial, emotional, and physical. According to Deloitte preference of fans is in the use of television, social media, and websites when looking for updates.
Sports leagues and athletes should be encouraged to be active on social media at a higher rate to increase the rate of fan engagement and maximize monetization opportunities. “Recently, athletes from the NHL and NBA have leveraged leading social media platforms to provide a window into their personal lives, post workouts, host live streams with other athletes, and even interview health experts to spread awareness about COVID-19”(2021 outlook for the US sports industry). Athletes expanded their fan engagement by taking part in live-streamed esports where third parties play an important role in making players accessible to fans by creating platforms and look sports “behind the scenes”.
Sports organizations should consider other vehicles to enhance fan engagement. The esports growth popularity helps teams and leagues to boost the engagement of fans. Also, studies have shown that fans watch and attend personal fantasy sports. Sports betting also makes fans not only watch their favorite teams but also other games on which they have placed their bets. Ways of identifying new revenue generation and the attraction and retention of fans should be maintained.
References
BarwickAugust 31, R., & 2020. (2020, August 31). Sports Fans Are More Supportive of Social Justice Issues. Adweek. https://www.adweek.com/brand-marketing/sports-fans-are-more-willing-to-support-social-justice/
Hookit. (2018, December 6). How technology companies are leveraging sports sponsorships to grow their brand | Hookit. Hookit. https://www.hookit.com/insights/how-technology-companies-are-leveraging-sports-sponsorships-to-grow-their-brand/
sojourn. (n.d.). Advantages of Data-Driven Decision Making. Softjourn Inc. https://softjourn.com/insights/data-driven-decision-making
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