Revenue management teams are comprised of people with different aptitudes for analyzing hard data, soft data, unknowns and risk. Some are “instinct-driven” and some are “data-driven”… but the challenge for every team leader is how to tap into the knowledge and experience of the entire team.
At the Ticketing Technology Forum 2013, Analytix will launch a new cloud-based revenue management service that helps bridge the gap between instinct and analysis.
“Instinct does matter.” It might sound like an odd statement coming from Anil Malhotra, Founder and President of Analytix. His company advises arts and sports organizations across the US, Canada, Europe and Australia on data-driven revenue management strategies.
“You will never encounter the exact same scenario twice,” continues Malhotra. “So, your team needs to develop an understanding (or instinct) on how to manage hard data, soft data, unknowns and risk. We call this revenue intelligence.”
“A common roadblock to developing revenue intelligence is one-size-fits-all reporting and analysis. If your team is made up of ‘instinct-driven’ types and ‘data-driven’ types, then one-size-fits-all analysis will not allow everyone to fully comprehend the strengths, weaknesses and opportunities of the current strategy and situation.”
The new revenue management service from Analytix will fuse predictive analytics and advanced data visualization into one customizable application, says Anil – an approach that will allow teams to ‘intelligently collaborate and address key questions related to supply, demand and pricing’.
Explore the future of live entertainment ticketing, only at Ticketing Technology Forum 2013, in London.
Pictured: AnalytixLive, a cloud based revenue management application that fuses predictive analytics and advanced data visualization