Data Analysis Big for Events in 2017

January 6, 2017

Smart data collection, mining and analysis techniques are transforming business operations across the globe today. Results from multiple research initiatives currently being undertaken and published by leading agencies are all pointing to the growing emergence of multi-dimensional data-driven business intelligence and decision making.

According to a survey conducted by Honeywell, the insights gained from big data analytics and the Industrial Internet of Things (IIoT) to drive greater manufacturing intelligence and operations performance is considered essential by 68 percent of manufacturers contacted.

Improving customer relationships (55%) and making the business more data-focused (53%) were the top two business goals or objectives driving investments in data-driven initiatives in 2016, as revealed by IDG Enterprise’s research.

In the events industry, too, we are beginning to see a increasing cognizance and adoption of data-centric techniques for understanding behavioral patterns and correlations.

Here are the three trends that are driving this transformation in the events industry:

1. Smart devices
There is a fast-emerging category of sensor-based smart devices and applications that are more affordable and practical to deploy at face-to-face events than in the past. This has radically increased the depth and breadth of data points available to show organizers.

2. Analytical technology
Software solutions and services that allow show organizers to discover, evaluate, optimize and deploy predictive models are evolving faster now after being in the nascent stage for a fairly long period of time. This evolution is being driven by the better availability of cloud-based computing, IOT implementations, faster networks, and many other related factors.

3. Better Awareness
There is a growing understanding of the importance of deep data analysis among the producers of leading events across the globe. With the successful deployment of smart devices and data collection technologies across a wide range of events in the past two years, show organizers are seeing practical instances where data analysis is helping with improving operational efficiency, optimizing promotional and customer service initiatives, and responding faster to merging trends in a given vertical.

Without a doubt, beginning this year, to maintain their long term competitive edge, event organizers should make data analysis a strategic priority and explore cutting-edge technology, establish automation processes, and recruit experts to collect and analyze data. 

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Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.