Sports franchises have changed the way they use data to help them strategize. In the past, businesses used basic scouting to find and develop talent, but with the use of advanced analytics, not only can sports franchises improve their talent bases, they can save money and build a competitive advantage over organizations that aren’t so analytically inclined.
The field of sports analytics combines statistical analysis, data processing, and predictive modeling to build competitive superiority. In fact, more and more teams are enhancing the way they view data as franchises that were at the forefront of this strategy have found success using them. Improvements in sensor technology gives teams the ability to measure anything to help with team construction, individual performance, and what sells the best at the concession stands.
With data driving organizational decision-making, teams can identify metrics to help them get the most out of their investments. By creating key performance indicators an organization can make more informed decisions using objective data rather than subjective insights, often to the benefit of the whole franchise.
Advanced analytics replaces some of the more basic statistics that sports franchises depended on to track player and team performance like goals scored and batting average with more advanced algorithms and statistical data that is collected using IoT sensors that give team managers a more accurate representation of the product on the field. This helps players know what to work on and helps teams construct better game plans.
The technologies behind these major analytical improvements can work to help you make your business better as well. From measuring individual employee performance to strategizing your sales and marketing improvements to using predictive analysis to improve your standing processes, data analysis can help any business be more successful. If you would like to learn more about how to use data to improve your business, give us a call today at (732) 291-5938.