Welcome to the smart age. Technology has spread its roots to almost all realms of business, so much so that ‘smart’ has become today’s norm.
That’s a great deal of progress, yes. But it doesn’t mean technology has done everything there is that can be done. Sitting behind our desks, tapping away on our keyboards, we’re constantly on the pursuit to push technology; pick it up and put it a new scenario and see what we can achieve.
And behold, today’s article is one such interesting discovery. One that brimmed with great promise and potential. Eventually, we got so good studying it, that we built a product around it – a great one that too. Here it goes:
Look around you. The world’s an eventful place, isn’t it? When we say ‘eventful’, we mean, there are some many things happening around the world, every day, every minute, and they are all happening as glamorous, lavish and big events – be it a phone launch, a mega concert, fairs and so on.
The Opportunities That Await Technology in The Events Industry
According to reports, the Business-To-Business (B2B) events industry revenue worldwide amounted to 30.3 billion US dollars in 2016, up from 29.3 billion a year earlier and has been gaining momentum ever since. Additionally, 65% of event planners have an increased event marketing budget for 2018. Clearly, it’s a massive opportunity for technology to tap in and help existing players make the most of this scenario.
And that’s what we set out to do. At the crux of any event lies data. Who’s coming? Who fits the bill? The partners, performers, employees, the performance, tickets, attendees, equipment warehousing and a whole lot more. It’s voluminous.
Data Warehousing to Propel Any Event Business
Today, all event companies, including some major ones, store, access and process this data in silos. This makes processing data slower and inaccurate. And this reflects on the efficiency and the success rate of an event. The solution here is to consolidate all of this data, gathered from different points at different times along the course of the event and store it in one consolidated form in a Data Warehouse.
One of the many things that data warehouses allow is the chronological sifting of data. Currently, event organisers have to rummage through huge volumes of data to find what they need or use different applications to access data to take the necessary steps involved in hosting an event.
Whereas, with data warehouses, where data is presented in one form, event organisers can look at important bits of information to find powerful insights that will increase attendee engagement rates. Not just that, they may even identify event planning techniques that still need improvement – right from preplanning activities to evaluation stages.
Integrating Business Intelligence with Data Warehouses.
Though data warehouses help stock up all the data that has been amassed, it poses one challenge: what do event companies make of this data. Any data is only as good as what you interpret out of it. And that’s what Business intelligence lets you do.
Data warehouses, coupled with our state-of-the-art Business Intelligence solutions, offers a smart and very efficient technology-driven approach to not just analyse data but also helps event organisers make informed business decisions, which help in increasing conversion rates and increased revenue.
It’s a tool that merges external data derived from the market with that of the data generated from within an organization such as financial and operational data. The output is a certain kind of ‘intelligence’ that helps businesses make efficient operational decisions like pricing, strategy and so on.
Slowly, but gradually, the event industry is adapting and integrating technology with their way of business. And it goes without saying that they are already seeing substantial results. It’s about time that all event players joined this bandwagon and let technology do its magic for them.
Author: Nishant Jain Co-Founder BizAcuity