and provides unprecedented insight on a weekly basis ,” he says .
To gain good data , De Souza says systems must deliver the ‘ Five Vs of Big Data ’. “ First up is volume , the data must be able to capture large amounts of insights . Next , is veracity , the data has to be both accurate and of a high quality .
“ Then we have variety and velocity , the data must be collected from a range of sources and ideally collected in ‘ real-time ’,” he says .
Finally , arguably the most important aspect , your data must have value . “ The system must enable actionable analysis ,” De Souza adds .
So , now you have the knowledge to capture good data , it ’ s time to put it to the test . By using data to better businesses , it in turn will only better our industry . CN
How data boosts a venue business
How can good data boost a venue ’ s day-to-day business ? According to De Souza , you need to consider the following :
Sales and marketing It ’ s easier to be effective with access to competitor and market insight , together with a venue management system that integrates with a customer relationship management ( CRM ) system for greater understanding of clients .
A fully integrated venue system improves efficiency , automatically updating events data instead of relying on manual spreadsheets .
Customer service Access to customer data via a CRM ensures clients ’ preferences and requirements are met , and highlights opportunities for new business . For example , if customers enquire about space for an AGM , the sales team can approach them at the right time for the following year .
The University of Central Lancashire ( UCLan ) generates important events revenue across its multiple campus buildings and is using data to future-proof its business .
Jackie Cunningham , assistant catering manager , says UCLan now has better data analysis with the help of Rendezvous and , during recent uncertain times , has been able to maintain outstanding event services while streamlining operational processes and achieving pinpoint control of its resources .
Facilities In-depth data analysis and benchmarking against competitors helps identify growing trends , such as the current strong market for small meetings , and ensure the space configuration evolves to suit .
Operations Data can drive efficiencies in areas such as in labour control , making it easier to match demand to supply at the busiest times for businesses .
“ Operating a venue in 2022 without making the most of data is like driving a car while wearing a blindfold – possible , but not likely to succeed ,” says De Souza .
“ Venues who will succeed will be those who display the courage to interrogate their own performance against others ’, and who have the go-ahead culture to learn from and act upon the results ,” De Souza concluded . www . conference-news . co . uk