Over recent years, the role of finance teams within sports stadia has evolved exponentially. The introduction of regulations such as the Financial Fair Play rules means that clubs face increasing scrutiny now more than ever when it comes to their financial information.
As a result, sports stadia finance departments are no longer considered the historical scorekeepers that provide reports at the end of each month. The role now requires a more analytical and data-driven strategy which produces effective forecasting. This is also due to the heavy reliance that sports teams place on their finance departments, with seasonal fluctuations in revenue, reliance upon team performance and maintaining fan loyalty all creating a set of needs unique to the industry, according to Microsoft Dynamics.
Responding to these challenges requires accurate and detailed data capture. There is now also a greater need for individuals outside of the finance team to have access to information at any time. Access is needed regardless of location – particularly as an increasing number of clubs come under foreign ownership.
As expected, this increased need for fast, accurate and on demand data and reporting tools requires a finance system that is equally as responsive. Not only this, but the technology deployed by finance departments must also be able to seamlessly integrate into other areas of the business, such as hospitality, ticketing and retail, for example.
Microsoft Dynamics GP
When it comes down to facing these challenges, Microsoft Dynamics GP has been deployed by numerous major sporting clubs across the world as a finance application, including some of the top football clubs in Europe and many other leading sports businesses. As an integrated, adaptable business management solution, Microsoft Dynamics enables finance departments to streamline processes.
At IT Lab, we understand the importance of integrating a finance application that creates a best of breed solution. Utilising market leading specialist software from which relevant data flows back into Dynamics creates the ideal ecosystem for finance departments to work more efficiently and effectively collaborate with other departments, providing more insights, data and analytics than ever before.
Speaking of the successful partnership between sports stadia and Microsoft Dynamics, Rob Jones, IT Lab’s Director of Enterprise Applications says: “IT Lab is a leader in financial systems technology, with a long-held customer base within football clubs. As the role of finance director at the top of the game evolves, IT Lab is working in partnership with Microsoft to help sports stadia businesses to drive efficiency, control costs and provide timely, accurate and on-demand financial reporting to the rest of the business. The increasing complexity of football finances ensures that the cloud will have a significant impact in the future, but continual improvement to legacy systems must remain a focus.”
Sports stadia organisations are under more financial scrutiny than ever before. There has never been a better time for these finance departments to streamline their functions and processes while creating a more effective, data-driven working environment.
If you would like to find out more about how Microsoft Dynamics GP can support sports stadia as the role of the finance team continues to evolve, get in touch with a member of the IT Lab team today.