Events are no longer seen as a cost component, but rather an opportunity to generate revenue, build brand awareness and long lasting relationships. This is a huge change in perspective, from a ‘white elephant’ to a ‘cash cow’, opening up doors for event marketing and management to bring in data sciences and prove their mettle.
Bringing footfalls to any event was the only agenda for event marketing efforts in the yesterdays. Today, during the event too there are innumerable opportunities to generate revenue, build awareness and interact with attendees which all fall under the purview of event marketing.
It has become important to bring efficiency to event management so that waiting times are minimized and disruptions to planning are controlled. Since then, advanced analytics driven features have been included in various event management solutions to address speed and efficiency concerns.
The biggest pain point in the supply chain of event management is the ‘check-in’ process. This is also a common concern that our clients share during our discussions. An efficient check-in process has always been the Holy Grail of this industry, and frankly, it is just a matter of accurate face recognition techniques. Going forward, it is only natural that the industry will see significant investment in face recognition technology in coming months and years.
The time is now, to invest in advanced analytics in event marketing and event management. We see that data is available (unlike other industries), the industry is exploring, and the willingness to solve these pain points is highly evident. Solutions are being built for specific business needs, driving meaningful insights using data science.
A change is certainly underway!
Vinay is a data scientist with far fledged experience in transportation, industrial engineering and B2B marketing. He works with teams to identify the inherent need of the business and how data analytics can help, particularly in maintenance (predictive and preventive).