Using Venue Data to Understand Business Processes
We often forget about the venue data that we can routinely collect from within our event space that can be used to better internal efficiencies. Using this data can help venue managers understand better how well those business processes are being utilized within all departments.
CONTINUOUS Venue DATA COLLECTION
Throughout the year, how much time is spent on gathering and analyzing data? As we’ve discussed before, the collection of the data is the easy part. The issues we see in data collection are related to how the information is being housed. When spread across multiple spreadsheets, hard-copy calendars, folders on employees’ desktops, etc. the task becomes a formidable challenge. If everything that you’re looking to track is hosted in a single system, pulling reports and information is no longer the challenge.
The importance of having this information readily available is paramount to understanding the effects that different processes can have on your business. If you decide the delivery method of service orders needs to change, how quickly can you determine the success of implementation? What facets of the business model need to be examined and where is there room for improvement?
It always seems that data collection is referred to as an event that happens all at once. The end of the fiscal year is approaching, and budgeting needs to be reported, it’s a long-winded process of calculating expenses and evaluating gains or losses to determine new objectives. This part of the process doesn’t have to be an exhaustion of labor hours, nor should it only occur once/twice a year. The pertinent data is the information that your venue services teams collect on a daily basis. If you have one, true source where information is continually collected, you can routinely analyze and adapt your processes to current changes in the organization or market.
WHAT DO YOU NEED TO KNOW?
How should you interpret the venue data to understand the utilization of business processes within the company? You must first determine what trends or habits you wish to understand better. As mentioned above, the venue data that is being analyzed should be routinely collected. And with that abundance of information, you can answer most any question about the utilization of your business processes.
You made the adjustment to how the service orders are delivered, from this change what is that you need to evaluate? Have they all been completed within the required time frame? Has the amount submitted increased with the system?
Changes are often made from management based on the information that’s obtained from these reports. However, those changes need to be tracked as well. Using this data will ensure that new or existing business processes are being utilized to their full potential – and if they’re not – it’s time to adapt.
When you can accurately and easily determine where certain business processes are being underutilized, you can adjust quickly and accurately based on the data presented. Perhaps more training is needed on the system or operations needs an additional tablet to be more efficient during peak labor hours? When your business has the ability to grow with the ever-changing pace of the industry, you are setting yourself up for success.
At the root of all successful venues is one thing: established and effective business practices. With each passing month, new technologies are being implemented at venues worldwide, requirements for communication methods differ, etc. The core of those established and effective practices is the ability to adjust to those changes in one, fluid motion. Using the data that your business collects on a daily basis, you can better understand how well certain facets of your business are being utilized.
Take an in-depth look at how tracking information within a single system, can benefit some of the most successful venues in the US. View the white paper now: The Complete Venue Success Study