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BLOG: What business can learn from analytics in sport

Will Gatehouse | June 25, 2013
It is more than just Moneyball

With a budget a third of the major leagues, it was forced to identify players that were undervalued or undiscovered and by putting analytics at the heart of the selection were able to put a team together that competed at the highest level - an approach that has been replicated by many subsequent teams.

As in sports, identifying the top talent and ensuring it remains engaged is the key to a business's success. However increasingly it is found that there is a scarcity of suitable candidates - ironically one of the areas being in analytics itself.

Firms therefore need to look at the role of analytics to identify attributes that indicate success and then use techniques seen in sports to search the reams of external data available to identify potential candidates. Once employed, the companies that are leading on analytics are increasingly using analytics to ensure high productivity, engagement and retention.

As shown in a recent survey, businesses are increasingly looking to turn to high end analytics to drive a competitive edge - with nearly a threefold increase in the number looking to use predictive analytics. With the boundaries between sports and business rapidly blurring there is much to be learnt from the increasingly sophisticated use of analytics in sports that can be transferred into business where analytics needs to move from being a retrospective to a future looking tool. Analytics are here to stay in business and sports and are becoming an integral part of success in both areas.

 

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