Modern casinos have more competition than ever, thanks to consumers’ unprecedented ability to travel and the even more recent explosion of online gaming. These days, you’re competing with more than just the casino next door. Read on to learn how data analytics fit into the outlook for casinos in the next fiscal year.
Modern Problems Require Modern Solutions
The younger generations are not interacting with casinos in the same way as their parents and grandparents, thanks to rapid changes in technology that have brought gaming to smartphones. Casinos have to sink or swim when it comes to modern tech, and success includes making technology work for you rather than resisting the tide. Many casinos are investing more in other amenities such as their hotels and spas to appeal to millenials’ desire to spend on experiences. This change in strategy requires analytics that are capable of connecting visitor behavior between multiple channels.
All of these changes mean that the traditional method of budgeting based on last year’s expenses is now outdated. If a business wants to succeed in a changing environment, it must adapt. Instead of building a budget based on what happened in the past, analytics allow you to use forecasting to budget based on future predictions, creating a more accurate and progressive plan for success. Forecasting allows casinos to allocate the rest of the budget to reduce wasted spending. Advanced data analytics products are allowing casinos to create airtight budgets for the upcoming year in a fraction of the time.
Business Problems Solved By Data Analytics
On review of the previous year’s budget you’ll be looking for wasted spend. This is where AI saves the day. No slot director makes a change to an asset and then evaluates the results based solely on the next month’s revenue from that single asset. The slot director looks at the whole bank. Similarly, when going over the previous year’s marketing budget, you have to look at the big picture. Are your promotions creating lift or simply cannibalizing your business on other days? AI uses complicated algorithms to decipher genuine lift from cannibalization and other red herrings, so that you can be confident in the results of your marketing campaigns.
Including data analytics in your budget brings measurable conclusions to the whole budget with accurate forecasting. What used to be a months long budgeting process for many casinos, combing through numbers to account for every nickel and dime for an accurate budget, becomes much less painful. Data analytics platforms pull your existing data from your database and interpret it to give you the answers you need on the fly. The Gaming Analytics platform uniquely does this with natural language processing, meaning that you can ask your questions in plain English and receive easy-to-interpret answers.
By now it should be apparent why many of your associates are making room in their budgets for data analytics this year. They are simply responding to changes in the industry with a forward-thinking approach. Data analytics doesn’t have to be a daunting subject. The Gaming Analytics software solution makes analytics easy and budget-friendly. If you would like to talk more about fitting analytics into the budget for your casino, give us a call at (702) 355-5377 or email email@example.com.