Reducing costs: The New Hero of SportsTech
5 Min Read
Reducing costs: The New Hero of SportsTech
From Formula E, FC Barcelona to The Mercedes-Benz Stadium in Atlanta
When I was just a 10-year-old in the Boys Scouts, I was the kid who always seemed to be under the microscope, whether I was tying knots or tidying up the wood in the warehouse, I was sure they looked at me as if I was cheating, cutting corners or being lazy.
Maybe I saw things differently, or maybe I was indeed just lazy, but I was always on the lookout for the quickest, smartest way to get things done. Looking back, I like to think of that as my early knack for innovating.
Innovation most gets viewed through one lens: the next big thing that will drastically simplify the way a current task or action is being done. And while that’s true, there’s more to it. To put it in simple terms, Innovation is about finding smarter, faster, more cost-effective ways to do things. It is about achieving more with less. In business words? Maximizing your ROI.
Innovation is about finding smarter, faster ways to do things, in business words? Maximizing your ROI.
You know I’m obsessed with tangible real life case studies, so let us begin:
Reducing costs – From Formula E, FC Barcelona to The Mercedes-Benz Stadium in Atlanta
1. Analytics that Score Big: Barcelona, the Catalan giants, used data alchemy to cut ad costs by 31% and boost sales. They analyzed existing fan data, creating a spending model that targeted the right fans with the right offers. Imagine tailoring merchandise to a supporter’s favorite player or predicting match-day attendance with uncanny accuracy. That’s the power of data-driven decisions.
2. Green Goals on the Green Pitch: The Mercedes-Benz Stadium in Atlanta isn’t just about touchdowns, it’s about sustainable touchdowns. Their smart energy systems slashed energy use by 29% and water by 47%. Now, those savings can be channeled into player development, community initiatives, or even that extra jumbotron you’ve been dreaming of.
3. Robots Redefining the Fan Experience: Remember the days of waiting on hold for hours? Arsenal F.C. introduced “Robot Pires,” an AI chatbot, to handle fan queries reduced labor costs by 25% Imagine getting ticket updates or merchandise recommendations from your favorite team’s digital mascot. Talk about fan engagement 2.0!
4. Cloud Powering the Playbook: The NBA’s partnership with Microsoft Azure is a slam dunk for efficiency. By ditching in-house servers for the cloud, they’ve not only cut IT costs but also gained a reliable platform for future innovations. Think real-time player analytics, interactive broadcasts, and even VR courtside seats – the possibilities are endless.
5. Teamwork Makes the Tech Dream Work: Silverstone, the iconic home of British F1, teamed up with One Plan to optimize their operations. The result? A 13-fold increase in subscriptions, 5% savings on suppliers, and a 10% reduction in workload. This win-win collaboration shows that tech isn’t just about solo plays, it’s about building a winning team.
So.. Why Reducing Cost Equals Innovation?
In our crazy-paced sports industry, innovation isn’t always about the next big thing, even though the next big things are important to be aware of and monitor. Sometimes, focusing on efficiency, and reaping the rewards of cost-saving strategies. Some say that Reducing costs is the New Hero of Sports Tech, maybe is just being that lazy kid in the boy scouts, that was looking the smartest way forward.
Amir Raveh,
Founder and CEO HYPE Sports Innovation
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