“ The nature of business has changed for every industry and every organisation and , whether through developments in costs , revenue , supply or demand , leveraging data is more critical than ever before .” |
actual status , with many workforces accelerating from 0-100 as they are permitted to trade once more for the first time in many months . Employees , so many of whom will have been placed on furlough for the past 12 months , will be re-training and adapting to new strategies , policies , procedures and practices in line with the latest Covid-19 regulations and requirements which we must as an industry work with for the foreseeable future ; not only will regular training be paramount but so too will reintegration .
With operations shifting to accommodate new strategies and propositions , pre-existing objectives and targets will also be evolved , presenting a monumental challenge to senior leadership teams over the next 12 months . As organisations attempt to reduce the damage of Covid-19 and the harrowing financial losses it has inflicted , expansion into new markets and diversification of offerings and audiences will be a strategy employed by many . In entering this new territory , the
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imperative will be access to pertinent , purposeful data .
As an industry stripped of the majority of its business throughout the pandemic , forecasting sales and demand is extremely difficult . Organisations cannot expect to maintain targets established in a pre-Covid world , nor can they predict the extent and speed at which business will return to more recognisable levels . At the same time , if these challenges persist for existing business models , then how can organisations venture into new markets and effectively monitor and evaluate their performance ? The answer lies in data-driven decisions , something of which has become severely unsupported amidst the enforced lockdowns and subsequent reduction in business activity .
Effective strategies deliver lucrative outcomes and should always be derived from supporting data , whether drawing on past organisational performance or benchmarking against competitors or industry averages . The nature of business has changed for every industry and every organisation and , whether through developments in costs , revenue , supply or demand , leveraging data is more critical than ever before and totally central to optimising your strategy .
Whether calculating and adapting DDR rates , or forecasting the volume of bookings for the years ahead , organisations must be more informed than ever when making bold business decisions , of which there will now be a magnitude .
Recognising this challenge and need , following extensive planning , investment and development we are delighted to have launched our pioneering benchmarking tool , miaTouchstone which we have made available free to venues achieving AIM Secure accreditation ; the industry accreditation scheme measures , legal compliance , facilities and Covid-secure compliance and is a badge carried proudly by all mia members .
The platform provides a plethora
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9 Association comment
Above : Jane Longhust , chief executive of the Meetings Industry Association
of innovative capabilities , such as revolutionising the management of enquiries by giving instant access to risk assessments , policies and procedures now demanded by risk-averse bookers . At the same time , it will allow venues to manage customer feedback and receive real-time insights into their market position , future trends and establish how they compare to the national , regional or local competitor sets they choose to target .
As the latest addition in our comprehensive suite of tools to continue driving best practice and high standards across the industry , we are encouraging all venues to utilise this advanced platform - including some particularly in-demand opportunities for groups - to facilitate business improvement . We are confident that the platform will be a critical business data deliverer aiding the revival of groups and venues across the UK .
For updates and the latest developments , please follow @ miaUK on Twitter .
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