The Importance of Breaking Down Data Silos
The sports industry has seen some significant technological advances over the last few years, but the industry as a whole is still not seen as particularly ‘cutting edge’ or tech savvy. The recent advancements like the boom in wearables, smart stadiums and AR/VR in sports have exacerbated an existing problem within the industry - data silos. A data silo, by definition, is a ‘repository of fixed data that remains under the control of one department and is isolated from the rest of the organization, much like grain in a farm silo is closed off from outside elements’ (source). Data silos can result from a number of different factors, including:
Cultural - an organization has a competitive or hostile culture causing individuals or departments to keep data from each other
Structural - an organization’s hierarchy doesn’t allow individuals or departments to collaborate and keeps them separated
Technological - an organization’s data is stored is separate and disparate locations, without the ability to communicate or be found in a central location
It is imperative that all of these causes be remedied. When data has the ability to interact, the organization has the ability to flourish. Connecting the data can lead to better fan engagement, and a connected athlete.
Data silos cannot be broken down unless the infrastructure is in place to allow them to do so, or the technological barrier has been removed. Though it seems that many organizations in the sports world continue to add silos of data, without connecting the dots. By doing so they are keeping themselves in the past, and not opening themselves to innovation. Maintaining data silos lead to the following:
A connected sports ecosystem where all information can flow seamlessly.
Wasted time - when employees at all levels have to spend time tracking down data from various departments within the organization, the time spent and cost of that time can move into the six (or seven) figures pretty rapidly
Incomplete projects - when data is not readily available or is unknown to all parties within your organization, critical assumptions and decisions are made based on incomplete information
Incorrect models - worse than incomplete information is incorrect information. Similar to the situation listed above, without a connected database, parties may make projections and claims based on data they don’t understand, ultimately leading the business to make fundamentally flawed decisions.
Failed business intelligence initiatives - On an annual basis, roughly $2B is wasted on failed business intelligence projects, these projects fail because users are working around their BI tools instead of with them
Most importantly though, breaking down data silos opens up a magnitude of new revenue streams for your company. Our Smart Athlete Manager platform is designed to breakdown the (abundance) of data silos that exist within sports and esports organizations and create previously untouched revenue streams for those organizations. Through connecting databases and workflows on a decentralized network, business processes are streamlined and new integrations become possible.
Through a decentralized network, Blockchain technology enables the Smart Athlete Manager to connect previously siloed data on a single interface. Now all data that exists on fans, athletes, and teams can begin to speak to each other. This provides new opportunities, like servicing personalized ads to fans in a certain section of the stadium, or making better decisions about athletes based on all their recorded data. With data that talks to each other, lost time searching for data, redundant workflows and uniting stakeholders are eliminated.
Examples of future revenue opportunities once data is no longer siloed.
Connecting data silos, whether you operate in the sports or esports industry, is necessary for success in the future. As fans demand more customized and personal experiences from your brand and athletes demand more refined programming for their performance. Having all your data working together for you will make your lives easier, and enable new revenue. The first step is breaking down the barriers between data silos.
To learn more about how blockchain technology can help future-proof your organization, and how our Smart Athlete Manager platform can connect your data read more in our education section: Blockchain Education or contact us today!