How New Technology Can Transform Sports Businesses
Over the past decade, technology has become integral to the success of all businesses, especially in the continuously-booming sports industry. By 2019, the sports marketplace is expected to be worth $73.5 billion, which is an increase of more than $60 billion over the last four years. Recently, its growth has attributed to an incredible increase in spending on new technology that has infectiously produced numerous benefits for companies of all sizes.
These technological advancements continue to exceed the highest expectations by effortlessly establishing a more organized, efficient and profitable foundation for sports businesses, which includes recreation facilities, sports clubs, health and fitness clinics and more. Because these new technologies are becoming more advanced and readily available, now is the time for growing businesses to leverage them in order to effectively transform their business infrastructure.
Business Management Software
Business management software controls the heart of all businesses. Fortunately, there are many new cutting-edge and cloud-based software on the marketplace that operate as all-in-one solutions, encompassing dozens of features that allow anyone to manage an entire business from a single interactive platform.
These softwares work better by eliminating any potential integration difficulties from attempting to fuse together multiple solutions for separate functions. The benefits from these solutions can also completely alter business operations. For instance, owners who use more intuitive software have seen their business triple in growth after implementation and save 14 hours a week on administrative tasks.
Automation is moving the needle of business efficiency by simplifying work, especially within the sports industry. Organizations embracing business process automation have cut costs and freed time on many mundane tasks while also substituting human vulnerabilities with the accuracy of a machine.
For instance, marketing is one task that can be easily automated while still providing outstanding results that retain and gain customers. By increasing the speed, efficiency and accuracy of the marketing process, team members can focus on bigger, more important work. Some marketing automation tools are so intuitive that customers have seen email marketing open rates grow to 90 percent, allowing them to connect more deeply with their customers and streamline communications.
Video analysis is a relatively new sector of the sports industry that gives sports businesses a competitive advantage when training and developing athletes. Evolving into a more modern and common tool among the industry, video analysis provides a necessary training boost for individuals as well as teams.
For instance, coaches and trainers can analyze video from training exercises to give athletes feedback, allowing them to correct faults and maximize strengths. It also can help with injury prevention and recovery by studying technique and pinpointing areas that must be changed to avoid injuring yourself in the future. Although still a very novel tool, many athletic facilities are integrating video analysis to gain a more viable edge against competitors.
Business Intelligence (BI)
BI software has become an incredibly useful tool for all types of businesses by opening doors to new and viable insights that evaluate performance and drive success. By using predictive analytics to pick out trends and explore data, companies can make better decisions on improving operational efficiencies.
Although the $18 million BI industry continues to undergo exponential growth, many small companies in the sports industry have yet to truly benefit this tool. This provides an excellent opportunity for many to increase their competitive advantage by reaping the benefits of BI, allowing them to outsmart competitors while also proactively addressing customer needs.
Kevin MacCauley is the Chief Executive Officer and founder of Upper Hand.