10 reasons why BI-based decision making is important for clubs
It’s fair to say that most clubs would benefit from greater insight into their operations. After all, managers and executives want to know they’re making the right decisions to boost revenue, increase member satisfaction and stay profitable.
This is why a business intelligence (BI) approach to decision-making is vital for any club. This approach involves collecting, analysing and interpreting data to drive smarter business decisions.
With BI, you can gather information to support strategic decision making, like how to improve member satisfaction or increase revenue. You can also use BI insights to influence daily operational considerations like staff rostering.
Here are 10 reasons why clubs should use BI to guide decision making.
1. Make decisions based on data, not gut feel
Research has shown that up to 40 per cent of major workplace decisions are based on gut feel. But no matter how good your intuition, your brain can’t consider all variables, or accurately crosscheck data from one system with another.
There’s a time and place for intuition. Making a big business decision is not one of them. A BI solution gives you easy-to-interpret data and analytics to support fact-based decision making. With access to solid facts and figures, you can improve your services to give members what they really want.
2. Get a consolidated view of what’s happening across all business units
You need a consolidated view of your club’s performance to make informed business decisions. But when data is siloed in disparate membership, point of sale, gaming, rostering and finance systems, it’s hard to get the full picture.
A BI solution can collect and visualise data from all your club’s systems. You can identify relationships between data, compare beverage sales with event attendance and get a bird’s eye view of what’s really happening in your club.
3. Track sales to identify your most effective marketing activities
Is your club’s Sunday meat raffle a more effective promotion than the monthly car giveaway? If you can’t answer that question with confidence, it may be time to consider a BI approach to decision-making.
A BI solution can measure member visits, food and beverage revenue and gaming data to determine a marketing activity’s performance. Once you know what works (and what doesn’t), you can tailor your club’s products, services and promotional activities to ensure the success of future campaigns.
4. Use member behaviour to guide club decisions
Members are the lifeblood of any club. So when a regular member starts visiting a couple of times a year instead of a couple of times a month, you need to know why. Are they unhappy with the service? Has the bistro changed chefs?
Most clubs can track member visits, but few can see what they’re spending in the club, and in which areas. Clubs that use BI to make decisions, however, can use member behaviour data to identify what members really love about their club, and improve those things to deliver a great experience.
5. Roster the right amount of staff to meet demand
Wage budget blowouts are unavoidable when you create rosters manually. Without hard data, you don’t know how many staff you need to meet demand, or the amount of revenue you need to cover wages.
A BI solution can help you match labour with sales and ensure you have the right number of employees to meet member needs. Smarter staffing decisions lead to more productive workers, a cost saving roster and satisfied members.
6. Improve your club’s financial reporting capabilities
Don’t leave your club’s finances to chance. A BI approach to decision making can help you to identify underperforming revenue sources and maximise strong performers. You can, for example, use gaming data to identify your most popular machines, and take this into account when purchasing new ones.
7. Stop missing opportunities while waiting for the right information
How long does it take your club to run queries, manually export information from multiple systems or consolidate data in Excel? It’s not unusual for some of these tasks to take hours, or even days. By the time management receives the reports, the information is usually out of date.
This could mean your club is missing out on new business opportunities. With BI, you can get instant access to reports and analytics, so you can respond to trends faster.
8. Quickly respond to changing business conditions
BI helps non-technical users analyse and pinpoint business activity drivers. This leads to smarter, and faster, business decisions.
9. Improved ability to plan ahead
Every club should be able to analyse past performance (i.e. year on year or month on month) to improve their ability to plan ahead. A BI-based approach to decision making gives you the historical data you need to learn from previous mistakes and capitalise on emerging opportunities.
10. Leverage information accumulated over time
Clubs collect huge amounts of data every year, so the longer you use BI, the more valuable it becomes. With more data to draw on, BI gets even better at helping clubs make more informed decisions over time.
To find out more about how a business intelligence approach to decision making can benefit your club, call Professional Advantage on 1800 126 499 today.
You can read more about Professional Advantage and ClubIntel here.