As we enter 2014, business owners and fitness executives want their finger on the pulse of their club’s day-to-day activities so they can make snap decisions. This is where two new industry buzzwords, business intelligence and data warehousing, can play a big role.
If you are not familiar with these tools or not taking advantage of what they have to offer, think of how powerful it could be to transform your raw data into meaningful and useful information for your business while increasing your return on investment. This is true business intelligence (BI).
Let’s look at 5 ways you as a club owner can take advantage of business intelligence and data warehousing.
- BI can help you organize large amounts of data to help identify and develop new sales opportunities. Making use of these new opportunities and implementing an effective strategy can provide a competitive market advantage in the fitness space along with long-term stability.
- With BI you can analyze data and extract useful member information to track trends on when they visit or which classes they prefer to attend.
- Determine information such as which personal trainer is your heavy hitter or which class is pulling your largest attendance.
- The ability to segment data for a specific club or group of clubs that show trends over a selected time period.
- Last but not least, think about having all of this current and historical information available on all browsers and from any mobile device regardless of location.
All of these reasons are why BI tools such as executive dashboards for key performance indicators and business analytics have become a necessity for club operators and should be a large part of their club management software.
Keep in mind that without proper, good-quality data, any BI implementation will fail. Before implementation, it is a good idea to do some quick data profiling. This analysis identifies the consistency and structure of the data, and it should be done as early in the process as possible. If the analysis shows that data is lacking, put the project on the shelf temporarily while you figure out how to properly collect the data.
As we make resolutions and start fresh this New Year, an important focus should be placed on your data, the way it is reported and the quality of your analytics. Once these three things are in place, you will sleep easier knowing your software tools are handling all of your heavy lifting.