Using data to make decisions is like having a superpower. Instead of relying on intuition, you base your choices on solid evidence, leading to better outcomes. Companies that effectively leverage data can understand market trends, customer preferences, and operational efficiencies. When everyone in the company embraces data, it fosters innovation, growth, and continuous improvement.
Organizations where employees embrace the use of data become more agile and responsive to changes. Promoting data usage helps identify and mitigate risks before they escalate, saving money and preventing issues. Data isn't just about making decisions; it's about driving the company forward and staying ahead of the competition. Technological advancements also support automation, freeing employees to focus on strategic activities, making the workplace more productive and dynamic.
Companies that utilize data for their event programs reap numerous benefits. Since Meetings and Events are integral to a company's strategy and positioning, their data is crucial. Firstly, they achieve better visibility into activities, including small meetings that might otherwise go unrecorded. This transparency enhances brand alignment with visuals and messaging. Furthermore, accounting for all events strengthens a company's negotiation power. Additionally, attendee behavior data provides valuable insights to clients, such as predicting the success of a product.
Clear visuals for better understanding
Visual charts transform abstract goals into tangible, easy-to-understand visuals. This makes it simpler to see relationships between different objectives of the event program and identify the most critical tasks to perform to reach those. Clear data helps engage stakeholders that can then get involved in setting priorities for the program, they are more likely to feel a sense of ownership and commitment when they see clear goals.
Optimize the data strategy for your events
Start by evaluating the current capabilities of your data capture and systems. Determine the specific data needed for your objectives and identify key data points to support them. Assess your technology capabilities and determine if your setup is optimized to align with your goals. Identify what processes need to be built or adjusted to align with this new framework.
Building confidence with trusted data
Clean, consistent, and accessible event data is crucial for effective decision-making and operational efficiency. Are you asking questions in a reportable way or just putting a ton of information in a text box? Providing answer values ensures your reports can be easily consolidated and reduces stress for the requester, as they know exactly what you need from them. At CWT we help our clients define KPIs and success metrics for the data sets to ensure they are on track. Consider data accessibility; it should be up-to-date and readily available to those who need it, empowering teams to make informed decisions quickly and effectively, enhancing performance and achieving goals.
Build compliance policies
Event policies provide measurable insights, mitigate risks, and enhance efficiencies. Establishing clear guidelines for supplier selection helps secure better rates as the program grows. Building strong relationships with suppliers is crucial. Regular audits and assessments ensure consistent policy utilization. At CWT, we leverage technology to track and report compliance metrics, offering transparency and accountability for our clients.
Invest in technology with strong data capturing capabilities
Optimize technology with the mindset of improving data capturing capabilities. CWT has supported a leading technology company in developing a strategy and training program in order to provide them actionable insights. The company needed visibility over global meetings and events to track data on spend volume and suppliers, enhancing efficiency and decision-making. They required a strategy to support their goals, including a new global service offering and centralized registration with key data points and metrics. This approach resulted in a sustainable and scalable events strategy, reliable data, approved methodologies, and custom dashboards showing KPIs and ROI measurements, enabling confident business decisions and valuable insights.
Data as a living framework
Treat data as a living entity that continuously evolves and adapts. This living framework allows us to remain agile and responsive to changes, customer preferences, and technological advancements. By treating data as a living framework, we ensure it is always up-to-date, relevant, and actionable.
Continuous improvement cycle
A dynamic data framework requires continuous monitoring and maintenance to ensure data remains clean, accurate, and reliable. This ongoing effort helps avoid the pitfalls of outdated or incorrect data, which can lead to poor decision-making. Post-implementation monitoring ensures changes are sustained, allowing you to evaluate outcomes and identify further opportunities. Once identified, these opportunities can be transformed into actionable plans and implemented effectively.
Data is a journey
Consistently collecting, meticulously organizing, and thoughtfully analyzing data reveals patterns and trends that guide decision-making. This journey drives growth, innovation, and informed decisions. Start by defining goals and success metrics, review current processes for growth opportunities, and update technology to support new goals. Keep stakeholders informed to foster a data-driven culture. Establish a strategy, design accessible dashboards, and regularly review and collect feedback to continuously improve your program.
One step at a time
Data insights may seem overwhelming but take it one step at a time. Focusing on specific measurable goals will allow you to take steps with purpose. It may be tempting to solve all gaps at once, but incremental change can be just as impactful and more thoughtful at times. Consistent data is key for any goal you plan on pursuing. Build a data-driven culture by explaining the "why" will go a long way. Implementing quality controls will support your teams to ensure they understand and are accountable to the data points. Analysis of your event program will ensure that your incremental changes consistently show Return on Investment (ROI). Use the data to benchmark against both similar and more mature events programs, enabling your data strategy to grow and evolve alongside your program.
Author: Stacie Halladay, Technology Director, CWT