Data Analysis Big for Events in 2017
Smart data collection, mining and analysis techniques are transforming business operations across the globe today. Results from multiple research initiatives currently being undertaken and published by leading agencies are all pointing to the growing emergence of multi-dimensional data-driven business intelligence and decision making.
According to a survey conducted by Honeywell, the insights gained from big data analytics and the Industrial Internet of Things (IIoT) to drive greater manufacturing intelligence and operations performance is considered essential by 68 percent of manufacturers contacted.
Improving customer relationships (55%) and making the business more data-focused (53%) were the top two business goals or objectives driving investments in data-driven initiatives in 2016, as revealed by IDG Enterprise’s research.
In the events industry, too, we are beginning to see a increasing cognizance and adoption of data-centric techniques for understanding behavioral patterns and correlations.
Here are the three trends that are driving this transformation in the events industry:
1. Smart devices
There is a fast-emerging category of sensor-based smart devices and applications that are more affordable and practical to deploy at face-to-face events than in the past. This has radically increased the depth and breadth of data points available to show organizers.
2. Analytical technology
Software solutions and services that allow show organizers to discover, evaluate, optimize and deploy predictive models are evolving faster now after being in the nascent stage for a fairly long period of time. This evolution is being driven by the better availability of cloud-based computing, IOT implementations, faster networks, and many other related factors.
3. Better Awareness
There is a growing understanding of the importance of deep data analysis among the producers of leading events across the globe. With the successful deployment of smart devices and data collection technologies across a wide range of events in the past two years, show organizers are seeing practical instances where data analysis is helping with improving operational efficiency, optimizing promotional and customer service initiatives, and responding faster to merging trends in a given vertical.
Without a doubt, beginning this year, to maintain their long term competitive edge, event organizers should make data analysis a strategic priority and explore cutting-edge technology, establish automation processes, and recruit experts to collect and analyze data.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.