Abstract
This research examined the data analytics practices used within the events industry and the value of such applications. This study consisted of an interpretive case review of current companies within the events industry. The interview process explained the current practices being used to collect and analyze data. The common themes revealed data analytics are being used to evaluate, redesign, and enhance company performance, marketing strategy, decision guidelines, and economics. The study shows data collection and analysis is mostly focused on determining what consumers want and are looking for within the industry. The findings of this study support the importance of applying data analytics within industry-related companies to be financially successful and maintain market-share. Both the results from this study and the literature used indicate the significance of data analytics and the tremendous amount of opportunity buried beneath the application of data, although there is still room for growth.
Highlights
The use of data within the events industry is expanding and setting the tone for the marketplace’s big revolution
Both the results from this study and the literature used indicate the significance of data analytics and the tremendous amount of opportunity buried beneath the application of data, there is still room for growth
Four themes emerged after analyzing the transcription of the interviews: (1) the overwhelming feeling about the potential of using data, (2) the marketing benefits and influences from using data in enhancing customer experience, (3) data as financial justification for event value and investment, and (4) the current concerns related to data type and source
Summary
The use of data within the events industry is expanding and setting the tone for the marketplace’s big revolution. With data at the forefront of this massive revolution, companies today are taking advantage of adopting data practices to significantly improve businesses by personalizing customer experience. (2019) found 93% of businesses with an advanced personalization strategy, either in the development stage or currently being implemented, experienced revenue growth. This up-and-coming business trend reaches all industries and enormously influences business decisions and actions, both in real time and future thinking. Data has emerged as the leading catalyst in changing how companies access information (Freeman, 2019), and is a key attribute in being classified as a major component in a worldwide panacea for all corporate ills. With the ability to provide a wealth of information related to many aspects of the life of individuals, organizations, and markets (Mayer-Schönberger & Cukier, 2013), data has given companies the tools necessary to answer and understand new insights about previously unreachable questions
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