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Generate new revenue
In a world where big data predominates, sports organisations can mine fans’ data to better understand their habits, preferences and demographics, ultimately unlocking new revenue streams by reaching fans in innovative ways—for example, by adding new services to existing offerings. They can also use data to improve core business operations, build and solidify partner relationships and even develop entirely new business models.
But perhaps even more compelling is the direct monetisation of anonymised data through external products and solutions. In fact, today, one third of all companies are commercialising or sharing their data to create new revenue streams.5 Ways that sports organisations can enter the game include:
Selling raw data through an established exchange
Trading information/pooling data into a shared utility
Selling persona and device ID data on ad exchanges
Media activation based on customer contextual data (in-home/out-of-home)
Navigating digital change in the sports industryDownload the PDF
Defining your “digital ambition”
Becoming truly digital starts with defining your digital ambition. Consider the following:
What are the goals of your organisation?
The company as a whole should agree on goals and objectives from the outset. It is crucial to have these in place before developing a digital strategy, as the digital strategy should support the entire business–not just individual parts.
What are your digital goals?
Setting specific digital goals will help your organisation narrow its focus and better define strategies and tactics that can be used to accomplish those goals.
What is your digital investment strategy?
Success is dependent on acknowledging how much of digital investment you want to make and understanding what is possible with a given dollar amount.
Undertaking the transformation
Sports enterprises undergoing a digital transformation should think through what digital capabilities they need and how to use them effectively to change the three organisational cornerstones—people, process and technology.
Transforming how people work
In order to build digital capabilities, sports organisations need to not only integrate digital talent but also give their employees digital skillsets through ongoing training. This will help them view problem solving through a digital lens.
Bringing business processes into the digital age
Digital transformation involves the reexamination of traditional business processes and realigning them to support the digital capabilities needed to achieve efficiencies and unlock value.
Ushering in new digital technology
Enterprise technology must enable operational efficiencies and help the organisation engage more closely with fans and customers. Transformative digital technologies range from predictive modelling that can forecast consumer trends to e-commerce platforms that can open up new revenue streams.
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This article was originally published by a www.deloitte.com . Read the Original article here.
