Uploaded on Jun 8, 2022
Data Analytics is opening up unprecedented growth opportunities in the sports industry. Explore how to use the transformative power of data analytics in your sports business.
Explore the Transformative Power of Sports Data
EXPLORE THE
TRANSFORMATIVE
POWER OF SPORTS DATA
https://datasportsgroup.com/
The dependence on data has truly boomed over the years with no bar on any
industry. The companies have tapped into the real power of data to completely
revolutionize their fields over and over again. If you look back in time, oil was the
real minefield in the 18th century, in the modern age data is the game-changer for
the companies in this digital economy. Data could be the key to bringing about a
complete industry transformation. With more and more information being stored
related to clients, markets, and business processes, data is the central figure,
companies keep coming back to, to gain insights and create sustainable business
value.
Though with all the positives there can be negatives too, the data-driven decision-
making process is alluring for sure but it can fail at times. With the tech-based
approach, the decisions that were taken by humans in the past are being driven by
Artificial intelligence now while most of the time it is an efficient process but some
decisions do require some human insight even with the data-driven approach.
How is the sports industry integrating data?
There are a number of examples of how the sports industry has center around data.
Take the NBA for example, one of the most popular sports in the US, which heavily
relies on data analytics for tracking player performance and even while hiring
young talent from around the globe. The league has come to depend on data to draw
out winning strategies for the franchises and can even help in avoiding player
injury. The real power of data was seen when data was used to come up with
marketing campaigns that ultimately targeted the audience directly and boosted the
direct sales revenues.
With the visible growth through data insights, most of the franchises now have set
up a specific analytics department of their own to draw unique insights and build
on their advantage. Within the league, the way of working has undergone a
significant change, while earlier pattern mapping made predictions and analyzed
failures. The analytics department has evolved from that process to more extensive
research-based work which can now truly be an asset to any coach if used properly.
Switching up the examples now, in soccer,
Valencia has been known to employ data
in two particular ways to help the club.
One is to draw insights from the data to
get a more holistic view of the behavior of
fans and then use that to divide them into
segments and come up with segment-
specific marketing and personalization
programs to engage the fans. Practicing
the technique, the club has thus come up
with 14 different variables based on the
fans' reaction and their decision-making
process. Valencia then used that to draw
fans to the stadium.
The power of data analytics is not a secret anymore, Wimbledon has also boarded
the ‘Data Revolution’ train, using a hybrid model wherein they depend on an in-
house team of data analysts as well as their third-party data suppliers like IBM.
With the real-time data feeds, the fans can experience unmatched analytical
insight and engage in a more fruitful manner as the match goes on. The only limit
with data and its power is what sports organizations think they can do with it;
with a limited view, they limit the potential.
Since not many clubs or franchises would have the budget to depend on, they
have shifted to consulting houses and third parties to get immersive insights from
data, their strategy might be different but the results stay the same. In one of the
MIT Sloan Sports Analytics Conferences, one of the senior members of basketball
strategy and analytics for the NBA stated there are a lot of factors that affect data
quality but it’s one of the most engrossing aspects of a small change in Data can
prompt small changes in the strategy.
The main distinguishing factor for clubs
then becomes- data team
Sports data feeds hence could be
considered as a strategic asset thus for
franchises their success depends on the
quality of insights extracted from the data,
and factoring that in with added weightage
while making business decisions. A data-
driven culture is the future of the world as
in the information age we produce a mind-
boggling amount of data and using that to
curate business strategy is the smartest
decision than jumping in blind.
Organizations but need to steer clear of the fact that data might hold a lot of
weightages but it should never be used as the sole factor, the secret to a successful
strategy would be the use of intuition and logical thinking before putting the idea
into action.
The use of online sports data in the sports industry would not cease at any rate
but with the advent of wearable tech, tagged equipment, and video tracking
ability more data points would be created and it would be a bottomless mine with
new and interesting insights waiting to be extracted out to produce game-
changing and industries revolutionizing results. To get access to the
best sports data provider in the market, head to Data Sports Group which has
set itself apart in the data market and offers sports XML feeds that could be
integrated with the software easily.
CONTACT US
Emai [email protected]
Phone - +1 (704) 964-6859
Address - 2600 Kinmere Dr
City – Gastonia
State - North Carolina
PIN – 28056
Country - USA
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