As we move into 2024, sustainability seems to be a buzzword. Using technology is not only a cost-saving measure but a way to retain customers and protect your revenue streams. In this article, we’ll be discussing adaptation, new offerings and what areas you need to be aware of this year.
Commercial sports broadcasts are changing
Sports enthusiasts worldwide are engaging in high-quality broadcasts through streaming platforms every day. No longer bound to TV guides and cable packages, consumers can watch sports as an interactive activity. OTT services such as Netflix and Amazon Prime are not only buying tournaments but also taking consumers along the journeys of teams working to reach the heights of their professional careers.
How is it possible to maintain so much streaming data? Cloud technology. Media businesses are turning to the cloud to handle everything from massive volumes of data to complex data computations all for sports fans viewing pleasure. Not only notable matches but with Mike Emery at the helm of organisations like Joymo TV, more and more grassroots matches are becoming available to stream online.
Adapting to how AI changes the market
After the initial shock and excitement of the introduction of AI to consumers and businesses, 2024 is set to be the year of pragmatism and innovation. Zandra Moore, CEO of data intelligence firm Painintelligence, sees this as the rise of predictive analytics. Greater opportunities for deeper learning will create AI capable of solving ever-more complex problems.
As the use of AI expands, so does the need for companies, not just CEOs or Heads of IT, but all staff to understand how to protect from cyber threats. Paul Holland, CEO of Beyond Encryption, argues that AI will allow increased access to data providing for even more sophisticated personalised attacks. Regular staff seminars as well as investing in AI cybersecurity tools are essential.
Machine-generated content for business
Human-authored content is set to be replaced with AI-authored content, but it’s not the end of human-written content. Automation will end the need for content that is repetitious or arduous. This is the type of content that can help your business thrive and save time. As AI becomes more knowledgeable, creating more accurate content will grow and develop.
It does however require oversight. Accurate content will develop, but so will inaccurate content, as AI is still limited from an analytic perspective. Unable to offer context and insights, this area can easily cost your business its credibility, with heavy consequences for your revenue streams.
Marketing for customer retention
As consumers continue to feel the pinch of rising inflation, turning towards customer loyalty programmes will be essential for any business in 2024. Achille Traore, CEO of customer loyalty platform White Label Loyalty, sees investments in sustainable growth as a more attractive road for businesses today.
Ultimately, this reflects a growing market for creating meaningful relationships with customers. Analysing customer data with predictive AI will produce personalised experiences for customers. Sustainable growth that rewards customers for more than just purchases but for loyalty in engaging with branded content such as blogs or sharing social media will become the norm.
Working towards Net-Zero
It’s not just sustainable growth but the push to make businesses in all sectors net-zero as the threats that climate change continue to make the headlines. For the activities sector, water-logged fields and rising energy costs are to the detriment of grassroots sports clubs, franchises and businesses relying on facilities for the health of their consumers and communities.
Tools and guides are springing up across the sector to help organisations and businesses make this change, including helpful cost-saving AI tools and carbon-cutting measures that could produce lasting sustainability to keep you running for the foreseeable future. If you’re a UK organisation, check out the Sport and Environment Climate Coalition to build your resilience this year.
Keep an eye out for new episodes from The Drive Phase as we take our show global. Not just looking at the movers and shakers in Europe, but a closer look at how our neighbours in the US are using sport and technology to improve their business.