Despite the prospects of such technologies, it is still too early to talk about the machine learning boom in the event industry. However, many experts predicted
that it was in 2017 that the market would begin to pay special attention to this issue. Everyone agrees that machine learning should help to uncover the full potential of the data accumulated by the event organizers.
As an example, we can cite several directions for the use of machine learning in the event industry, formulated
by the CEO of Eventgrid Nirazh Shah:1. Planning and Decision Making
Making predictions for decision making is one of the most popular ways to apply machine learning. Computers can read and analyze much more information than the human brain and therefore the use of a large amount of data certainly gives a competitive advantage. 2. Dynamic Pricing
Hotel managers already use machine learning in a key aspect of their business, price optimization. With the help of algorithms, you can determine the optimal cost of a room at any time by analyzing the demand, supply and competitive situation among other hotels in real time. Such dynamic pricing can also be used in event management.
How can the event organizers find out the optimal price for each type of ticket? What is the best time for sales at starting prices or burning sales? Thanks to algorithms, you can answer these questions and predict a rush of buyers (that is, when it is better to hold discounts), or a decline in sales (it’s time to stimulate them). Such an analysis will help to optimize the profitability of activities.