New insights from Info-Tech Research Group highlight the importance of adopting an exponential IT mindset to meet the evolving demands of fans and capitalize on new business opportunities in the sports and entertainment sector. A recently published guide from the research and advisory firm outlines how sports and entertainment organizations can integrate advanced technologies, drive operational efficiencies and deliver personalized fan experiences.
TORONTO, June 21, 2024 /CNW/ — The sports and entertainment industry is experiencing unprecedented technological advancements and changing consumer expectations. Organizations in this sector face significant challenges, including evolving to enable autonomous processes, keeping up with emerging technology expertise, and increasing competition from other entertainment formats. To address these key challenges, Info-Tech Research Group has released a new blueprint, “Priorities for Adopting an Exponential IT Mindset in the Sports and Entertainment Industry.” The company's comprehensive guide provides IT leaders with strategic insights and actionable plans to leverage advanced technologies such as AI, data analytics, and automation. The research findings and guidance will enable sports and entertainment organizations to drive innovation, increase operational efficiencies, and deliver extraordinary fan experiences.
Info-Tech Research Group's “Priorities for Adopting an Exponential IT Mindset in the Sports and Entertainment Industry” blueprint outlines how organizations can integrate advanced technologies, increase operational efficiencies and deliver personalized fan experiences. (CNW Group/Info-Tech Research Group)
“Increasing competition from other forms of entertainment is forcing the sports industry to offer more compelling services to stay in business,” said Elizabeth Silva, senior research analyst at Info-Tech Research Group. “IT leaders can no longer be bystanders to innovation but must be strategic business partners to their organization's success. To position themselves firmly in the evolving landscape of the sports and entertainment industry, they must explore and embrace Exponential IT through visionary guidance.”
Info-Tech's latest plan highlights the importance of adopting an exponential IT mindset in the sports and entertainment sector. This approach involves integrating advanced technologies to optimize operations, drive continuous innovation and deliver personalized fan experiences. The firm advises that adopting exponential IT will enable organizations to weather industry disruptions and meet changing audience expectations.
In this blueprint, the company identifies several key challenges that the sports and entertainment industry must address to achieve technological advancements. These challenges include fan expectations for personalized services and experiences, which can be difficult to execute due to a lack of data strategy, governance and quality. The ability to leverage data has become critical to keep up with the changing economy. Evolving and achieving autonomous processes and capabilities to remain competitive is increasingly challenging, as is the effort to keep up with highly specialized knowledge of emerging technologies and trends. Additionally, monetizing new business models such as esports and hospitality offers huge opportunities but is difficult to execute due to current market immaturity.
To overcome current challenges and seize the opportunities of emerging technologies in the sports and entertainment industry, Info-Tech recommends a holistic strategy that includes detailed planning, strong investments in talent development, and fostering a culture of adaptability and innovation. This approach can help organizations effectively navigate digital transformation and significantly improve fan engagement and satisfaction.
The recommended strategy outlined in the new blueprint includes four key priorities that sports and entertainment IT leaders should consider as they adopt an exponential IT mindset to modernize their operations: These priorities for IT are highlighted below:
Shared ownership of organizational outcomes: Shift the perception of IT from a supporting function to a shared owner of business outcomes, which requires IT leaders to work closely with other business units to align IT initiatives with organizational goals to drive value and support strategic objectives.
Fund exponential value creation: Strategically allocate resources to support new platforms and capabilities such as AI, automation, quantum computing, etc. Shifting budgets from maintenance to innovation is essential for organizations to remain competitive and ensure long-term survival.
Treat data as a product: Manage and leverage data as a strategic asset, not a by-product of operations. Establish robust data governance practices, improve data quality, and use data analytics to gain insights that drive decision-making and innovation.
Control your core operations with AI: Implement AI and automation technologies to streamline core operations, increase efficiency, and reduce manual workload. Adopt AI-driven solutions for tasks like predictive maintenance, customer service, and real-time data analytics to stay competitive and innovative.
Info-Tech advises that by addressing these strategic priorities, as detailed in the firm's blueprint, the sports and entertainment industry can effectively manage the complexities of digital transformation. Embracing an exponential IT mindset allows organizations to enhance their offerings, streamline operational processes, and deliver personalized fan experiences. This approach fosters technological resilience and enables organizations to capitalize on new business opportunities in a dynamic marketplace. Following this guide will position organizations to achieve sustainable growth and success and meet the technological demands of the future.
For exclusive, timely commentary on this topic from Info-Tech analysts and access to the complete blueprint of priorities for adopting an exponential IT mindset in the sports and entertainment industry, contact us at pr@infotech.com.
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About Infotech Research Group
Info-Tech Research Group is a leading global research and advisory firm serving over 30,000 IT and HR professionals. The firm conducts unbiased, relevant research and provides advisory services to help leaders make strategic, timely and informed decisions. For nearly 30 years, Info-Tech has worked closely with teams to provide them with everything they need, from practical tools to analyst guidance, to ensure they deliver measurable results for their organizations.
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