The art of data: Empowering art institutions with data and analytics

The art of data: Empowering art institutions with data and analytics

Rising overheads, changing audience behavior and shrinking sponsorships amid the COVID-19 pandemic have highlighted the need to rethink the operating model of arts organizations.

McKinsey estimates that the use of data analytics tools can improve operational efficiency and financial performance. While many arts institutions recognize the potential benefits of these tools, they lack the capacity and resources to use them.

To accelerate the adoption of a data-driven approach to management, experts recommend the following:

  • start working with available data - standard indicators of the overall performance of the organization
  • use data for a longer period (3-5 years) to form a long-term forecast
  • invest in the acquisition of data sets
  • increase the digital literacy of leadership.

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