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Data Analysis Lessons from the Rio Olympics

Data Analysis Lessons from the Rio Olympics

Gaining the Competitive Edge

The speed of the Big Data explosion has been so great that it’s easy to forget how fundamentally the world has changed in the last decade. With terabytes upon terabytes of digital information accumulated every year, the globe is literally awash in data waiting to be analyzed and leveraged.

 

In the modern business world, the lessons you’re able to glean through data analytics can be the difference between an aggressive market share capture and an annual ledger that’s bleeding red.

 

The Rio Olympics are a high-profile example of how franchise data is used to gain a competitive edge. Hundreds of local Olympic committees pour countless hours into analyzing their own data to get the upper hand on the corporate-driven superpowers.

 

Small Countries Use Franchise Data Collection to Chase Gold

The United States and other dominant Olympic powers take an “anything and everything” approach to preparing for the games. Individual committees and sports authorities have a laser focus on their events, and are free to spend profligately in pursuit of medals in as many disciplines as they can manage.

 

But for the smaller countries, preparing for the Olympics is a high-stakes game of data triage. Every dollar counts, and if they’re spending money on events that have no chance of winning, it will all have gone to waste.

 

In response, many smaller Olympic players are just as heavily committed to data analytics as the super powers. Asia’s increasingly prominent place on the podiums is example number one. Smaller regional powers have learned from lessons past via intensive data mining and analysis. By triangulating not just the events they traditionally excel at, but also events where the data indicates a statistical opening for medaling, those countries have been able to maximize the impact of every dollar spent on their athletes.

 

As a result, the continent’s Olympic achievements have skyrocketed in the last 30 years, even when accounting for the statistical outlier of China. Even Japan, a relatively small sporting nation, is now regularly among the top 10 medaling nations in the world thanks to an intensively data-driven Olympics program.

 

When the chips are down and the stakes are high, you owe it to yourself to make the most out of your own data. Get started today and contact us for a demonstration of how franchise data collection can revolutionize your business.