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 /CNW/ - 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.
"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
pr@infotech.com.
Info-Tech LIVE 2024
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September 17 to 19, 2024, at the
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About Info-Tech Research
Group
Info-Tech Research Group is one of the world's leading
research and advisory firms, proudly serving over 30,000 IT and HR
professionals. The company produces unbiased, highly relevant
research and provides advisory services to help leaders make
strategic, timely, and well-informed decisions. For nearly 30
years, Info-Tech has partnered closely with teams to provide them
with everything they need, from actionable tools to analyst
guidance, ensuring they deliver measurable results for their
organizations.
To learn more about Info-Tech's divisions, visit McLean &
Company for HR research and advisory
services and SoftwareReviews for software buying
insights.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to access the
latest research, visit infotech.com and connect via
LinkedIn and X.
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SOURCE Info-Tech Research Group