You may have found yourself on this webpage because you are currently shopping around for a data analytics product for your casino. If that’s the case then we don’t have to tell you that the search for the right analytics product for your needs is not without its challenges. Luckily, at Gaming Analytics, we know a lot about the various data analytics products on the market for the gaming industry. Read on to find out the top three challenges you will encounter when getting started with a data analytics solution and our tips for how to navigate them.
1. Interdepartmental Sharing of Data is Limited By the Technology in Use
At most casinos, data exists in silos. Comprehensive data is collected and stored as a resource for isolated departments such as slots and marketing, but the integration isn’t there. As long as this is true, casino operators will never see the most bang for their buck when it comes to the potential of their data to increase profitability and market share. Slot directors work hard to maximize the profitability of their slot mix without the resources to fully understand the behaviors of their player base, essentially doing their job with one hand tied behind their backs. Marketers foster relationships with VIPs and vendors to increase visits but find themselves high and dry when they want to step back and analyze trends at a macro level. What happens when a slot machine with poor performance is removed from the floor, only for the slot director to discover that it was the favorite of a VIP? If only there was an easy, open channel of communication between marketing information and slots. When shopping for a solution, you’ll want to choose technology that integrates data across departments to provide your staff with full access to the information they need – without added fees.
2. Data Analytics Products On the Market Are Missing Something
Due to frustrations with outdated technologies, many casinos are looking for a data analytics solution to their problems. If you’ve shopped around for data analytics products in recent years, you know this is a tall order because the market for these products has been limited. Most available data analytics products are unaffordable for small businesses. If you are able to make room in your budget, the technology available is difficult to understand, increasing training costs for new and promoted employees. Some casinos are making do with data analytics platforms that don’t cater to the industry, made by companies led by people who have little to no experience with the gaming industry. Other platforms lack options for customization and charge fees for every little thing. To avoid ending up with a product that doesn’t meet your needs, make sure that the product philosophy includes continual development of new features and the development team is available to discuss the questions and evolving needs of your team on an ongoing basis. Choose a team with extensive inside knowledge of your industry and a willingness to pick up the phone when you call. If the demo looks exactly the same as it did six months ago, that’s a red flag.
3. Lack of Resources for Training Staff in Analytics
No one likes manually pulling the same report over and over again, but how do you lead a team toward the future of technology-driven casino operations when they’ve never used a data analytics platform before? Your last hurdle is the lack of training resources at many small to mid-sized casinos. The solution to this is to ensure that when you demo a data analytics platform, you keep an eye out for usability and help resources. Choose a platform that makes it easy to bring your team on board the new objective. Does the platform include tutorials or other methods of educating your team as they use it? Is the provider available to answer questions and receive feedback, or will those responsibilities fall on you as the general manager? This final challenge can be greatly reduced with a product and company that provides adequate on-boarding and customer service.
A common frustration for new employees working with data for the first time is not knowing how to take action with the information presented. The Gaming Analytics data analytics product is unique because it provides actionable insights and answers to your search questions in plain English. We know what casino operators are up against when it comes to the challenges of getting started with data analytics, and we’re here to help. If you want to learn more about data analytics for casinos, give us a call at (702) 355-5377 or email firstname.lastname@example.org.