The author suggests five steps businesses can take to help athletes protect and monetize their data: developing secure and transparent platforms, creating clear contracts and agreements, exploring monetization strategies, providing education and support, and monitoring and adjusting strategies. By understanding the changing landscape of athlete data and implementing these steps, business leaders can promote ethical data handling and create win-win scenarios for athletes, teams, sponsors, and fans.
Key takeaways:
- Technology has enabled the collection of data in the sports industry at an unprecedented rate, with uses ranging from player performance analysis to fan engagement and operational efficiency. However, much of this data is underutilized.
- Athletes themselves are the primary data source, with data collected from sensors, wearables, and other tracking devices. This data can be used to optimize performance and reduce the risk of injury.
- There are several types of data collected in sports, including performance data, wearable data, financial data, and social media data. Each type of data has its own uses and potential for monetization.
- Businesses can help athletes protect and monetize their data by developing secure and transparent platforms, creating clear contracts and agreements, exploring monetization strategies, providing education and support, and regularly reviewing and adjusting strategies.