The International Association of Venue Managers (IAVM) has announced the debut of VenueDataSource, an integrated online portal with quick access to the information venue managers and industry partners need to make strategic business decisions. Expected to be the research portal of the venue management industry worldwide, the database will provide IAVM members with information such as overhead cost comparisons and marketplace evaluation for performance measurement.
VenueDataSource will be incrementally rolled out through 2014. The first phase of the project will be the initial collection of profile data and operational expenses. As data quantity grows with the distribution of quarterly surveys, new modules and reports will be added and made available.
Funding for VenueDataSource is being provided by the IAVM Foundation, which will contribute more than $650,000 over a three-year period. This is the largest grant provided through the foundation and marks the importance of the project to IAVM and the venue management industry.
“Venue industry professionals are under constant pressure to outperform previous efforts. Without pertinent, reliable business intelligence, managing the bottom line performance can be a trial and error affair,” said Barry J. Strafacci, chair, IAVM Research and Knowledge Advancement Council. “VenueDataSource mitigates the risk. This ’go-to’ decision-making tool will be the ultimate resource for quality data comparison and analysis, allowing users to benchmark current performance with their peers.”
The VenueDataSource initiative is in direct response to IAVM members’ growing need for comprehensive information to help them make better informed business decisions.
VenueDataSource can be used to:
- Manage operating expenses
- Evaluate competitive set and position within the competitive set
- Determine efficiency of operations
- Understand effectiveness of partnerships
- Recognize the value the operation brings the community
Use of the VenueDataSource research tool is free to members who participate in completing survey information. IAVM members who do not participate in surveys will be charged a fee for use. Those who are not members will be charged based on survey participation.
The easy-to-use, secure database is accessible 24/7 and will provide instant access to the information needed to make strategic business decisions that position venues and destinations for success. Having all venue types, associated demographics and data in one centralized database will create opportunities of more robust reporting and the potential for searches and comparisons that are unparalleled in the industry.
Under the direction of IAVM’s Research and Knowledge Advancement Council, the VenueDataSource project kicks off with an inaugural member survey this month to collect and confirm basic profile and operational expenses on individual venues. Key data on ownership, management, venue size, type of venue, opening year, annual occupancy, location and size of market will be gathered. Based on the venue profile information, VenueDataSource users will be able to compare major operating expenses based on factors such as venue market, size, location, occupancy, seating capacity, attendance and annual event days.
Vendors and suppliers will be able to instantly qualify venues – all based on custom, user-selected demographics, markets or features.