"Consider this illustration: A known player who gambles at a particular property at least once a month not only takes advantage of complimentary meals and entertainment that have been issued, but also usually books a spa treatment and buys an article of clothing or jewelry from one of the retail outlets. By collecting this information, the organization can identify her as a high-value repeat customer who should receive loyalty offers beyond just the standard player-related promotions, particularly offers related to the casino's spa and various retail outlets. Tracking this guest's responses to offers, in combination with her demographic attributes, enables the property to build a predictive model that delivers insight into future patron behavior patterns," writes Bernard Ellis, Infor Hospitality Vice President of Industry Strategy, in an article headlined "Turning Big Data into Actionable Data-Why Gaming Properties Should Bet on Analytics."
Here are more excerpts:
"Many businesses, including gaming companies, are looking to information as the next frontier for competitive differentiation. Data has been critical to building market advantage for a long time, but until recently, most gaming companies focused almost exclusively on player value databases to guide differentiation strategies. Organizations no longer have this luxury.
"Many markets face new competition as more neighboring jurisdictions allow gambling, and the emerging generation of patrons has shown a strong preference for a more diverse experience that includes much less time on the casino floor and more time in upgraded accommodations, spas, show theaters, full service restaurants, poolside, and other attractions.
"These aspects of the experience can still drive high margins, some arguably even higher than gaming; but achieving this result requires harnessing data sources from many more departments, several of which often live in disparate systems and do not necessarily capture a guest's every transaction. In attempting to leverage all of this data, today's gaming businesses are in danger of being overwhelmed by the sheer volume of information without a defined plan for how and where to utilize it.
"The gaming industry is looking for new solutions to simplify information and enable accessibility for everyone, which are the first steps in transitioning from simply data to actionable data. An IBM study found that key executives spend 70 percent of their time finding data and only 30 percent analyzing it. Organizations turned to technology to collect this information in the first place, so they must look to technology again to spend less time searching and more time deriving exploitable insights for their enterprise."