In the first part of this blog, I looked at how the insights from our recent ‘Show Me the Money!’ sports industry report could be applied by businesses in other sectors to unlock new revenue using digital platforms. For example, just like sports are using bite-sized content on social media to reach new audiences, banks have the opportunity to attract new customers by making the (often tedious!) task of managing one’s personal finances more seamless using new mobile apps.
Meeting customer expectations
In sport, the live event will always be the main draw for fans, whether they are in-person at the stadium or watching it on TV. As the digital fan experience improves for fans, many sports are looking at ways to enrich the live experience at venues to match up. We’re seeing innovative applications of augmented reality (AR) and data analytics to give fans real-time insights on players and athletes, while apps are making the (often painful) process of buying refreshments at stadiums easier.
We’ve barely scratched the surface of AR – but while it’s a nascent technology, it could be leveraged across, for example, heavy industry like manufacturing for new insights and increased efficiencies. To illustrate, AR can be used not only to diagnose the problems but also to guide people to fix the faults themselves, while under the guidance of an expert, hundreds or thousands of miles away. This eliminates the need to bring in a skilled engineer to fix the equipment onsite, saving both time and money.
Services and experiences for the digital world
As people’s daily lives are increasingly optimised with digital technology, their expectations in terms customer service and experience continue to grow – whether in sport, retail, banking, or other sectors – and modern businesses are under pressure to live up to them. Scalability, flexibility and agility are essential facets for data-driven businesses that want to keep ahead of the competitive curve.
Professional services businesses, for example, often have a lot of bright minds, but may lack clarity or resources to identify which technologies are best to invest in. Businesses must consider the opportunities afforded to them by digital transformation to diversify, from a customer-centric point of view. As the sports industry has done, focusing on the augmentation of the customer experience will help businesses to match up with customers’ expectations.
To create that nimbleness, businesses need to enable smarter ways for the business itself to collaborate and access data, and in doing so, productivity and efficiency will be improved too. Arguably, the professional services sector hasn’t been the fastest to adopt new technologies, but these organisations are increasingly building consumer-led functionality within their products, which until recent decades had largely been paper-based.
Indeed, the way we buy products and consume content is changing drastically. Looking to the sporting industry will inspire more traditional businesses when it comes to creating smoother and more consistent customer experiences. In the meantime, making use of technology will ease the burden on employees and partners.
Choose your platforms wisely
There are more ways for fans to watch sports and engage with sporting personalities than ever before – and the same goes for businesses and their customers. But in the rush to make the most of the digital platforms available, there’s a risk that the point may be missed, with little to show for it at the end.
For businesses of all stripes, it is imperative that they focus on the platforms that can reflect and support their organisation the best. Just like in sport, businesses must ensure their digital strategy focuses on the areas that provide the best returns on investment. For example, what are their priority geographies? What areas are they seeking to grow in? How can they better tighten up processes and procedures?
The sporting industry is known for its excitement and thrill-seeking, but it’s not all about leisure. Businesses from other sectors can learn a great deal from these organisations racing across the digital finish line. Whether you are selling football tickets or insurance, being bold but strategic with your digital transformation goals is the first step to ensure that your customers will see you as a front-runner, stepping up your game.
To read the full “Show Me the Money!” report, click here.