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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, enhance operational efficiency, and deliver personalized fan experiences.
TORONTO, June 21, 2024 /PRNewswire/ - The sports and entertainment industry is experiencing unprecedented technological advancements and shifting consumer expectations. Organizations in this sector face significant challenges, including evolving to enable autonomous processes, keeping up with specialized knowledge of emerging technologies, and increasing competition from other entertainment forms. Addressing these critical challenges, Info-Tech Research Group has released a new blueprint, Priorities for Adopting an Exponential IT Mindset in the Sports & Entertainment Industry . This comprehensive guide from the firm provides IT leaders with strategic insights and actionable plans to leverage advanced technologies like AI, data analytics, and automation. The research findings and guidance will enable sports and entertainment organizations to drive innovation, enhance operational efficiency, and deliver exceptional fan experiences.
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Info-Tech Research Group's“Priorities for Adopting an Exponential IT Mindset in the Sports & Entertainment Industry” blueprint outlines how organizations can integrate advanced technologies, enhance operational efficiency, and deliver personalized fan experiences. (CNW Group/Info-Tech Research Group)
"Increasing competition from other forms of entertainment is pushing the sports industry to provide more attractive offerings to sustain the business," says Elizabeth Silva , senior research analyst at Info-Tech Research Group. "IT leaders must no longer be spectators of innovation but strategic business partners to the organization's success. Through visionary guidance, Exponential IT should be explored and adopted to secure a strong position within the evolving landscape of the sports and entertainment industry."
Info-Tech's latest blueprint emphasizes the significance of adopting an Exponential IT mindset within the sports and entertainment sector. This approach involves integrating advanced technologies to optimize operations, drive continuous innovation, and provide personalized fan experiences. The firm advises that by embracing Exponential IT, organizations could navigate industry disruptions and meet the evolving expectations of their audiences.
In the blueprint, the firm identifies several critical challenges the sports and entertainment industry must address to achieve technological advancement. These challenges include fans' 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 capitalize on data is becoming crucial to keep pace with the shifting economy. Evolving and enabling autonomous processes and capabilities to remain competitive is increasingly difficult, as is the struggle to keep up with highly specialized knowledge of emerging technologies and trends. As well, the monetization of new business models, such as esports and hospitality, poses great opportunities but is challenging to execute due to the current immaturity of the market.
To navigate current challenges within the sports and entertainment industry and seize the opportunities of emerging technologies, Info-Tech recommends a holistic strategy that includes detailed planning, robust investment in workforce development, and fostering a culture of adaptability and innovation. This approach will enable organizations to effectively navigate their 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 must consider as they adopt an Exponential IT mindset to modernize their operations. These priorities for IT are highlighted below:
Co-Own Organizational Outcomes: Shift the perception of IT from a support function to a co-owner of business outcomes. This requires IT leaders to collaborate closely with other business units, aligning IT initiatives with organizational objectives to drive value and support strategic goals.
Fund Exponential Value Creation: Allocate resources strategically to support new platforms and capabilities like AI, automation, and quantum computing. Redirecting budgets from maintenance to innovation is essential for organizations to stay competitive and ensure long-term viability.
Treat Data as a Product: Manage and utilize data as a strategic asset rather than a byproduct of operations. Establish robust data governance practices, improve data quality, and leverage data analytics to gain insights that drive decision-making and innovation.
Let AI Take Over Core Operations: Implement AI and automation technologies to streamline core operations, enhance efficiency, and reduce manual workloads. Adopt AI-driven solutions for tasks such as predictive maintenance, customer service, and real-time data analysis to stay competitive and innovative.
Info-Tech advises that by addressing these strategic priorities, the sports and entertainment industry can effectively manage the complexities of digital transformation, as detailed in the firm's blueprint. Embracing an Exponential IT mindset allows organizations to enhance their offerings, streamline operational processes, and offer personalized fan experiences. This approach fosters technological resilience and positions organizations to capitalize on new business opportunities in a dynamic market. By following this guide, organizations can achieve sustainable growth and success, ensuring they are prepared to meet future technological demands.
For exclusive and timely commentary on this topic from Info-Tech's analysts and access to the complete Priorities for Adopting an Exponential IT Mindset in the Sports & Entertainment Industry
blueprint, please contact [email protected] .
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