Select your language
With the rise of technological innovations in sports, we are gradually seeing a more connected world between players, fans, managers, and club stakeholders through the power of information exchange.
Like any other industry, the sports world has seen an uptick in digital adoptions, making it even more crucial to ensure that they utilise these tools to operate within the legal parameters that keep all parties safe.
In this article, we delve into a high-level overview of everything you need to know about how digital tools can help your sports company abide by governance standards and regulations while still being the vital bridge between fans and the club. Let’s get to it.
Photo by Tingey Injury Law Firm on Unsplash
In sports, governance comprises the policies, systems, and processes an organisation must follow throughout its operations.
This can often extend to the following areas: anti-doping by the World Anti-Doping Agency to ensure safe and clean sports, financial regulations like the Financial Fair Play in the Premier League, and data protection as per the GDPR compliance for personal data protection.
Though they may seem stringent and complex, these legal guidelines are necessary to ensure sports organisations follow them to mitigate the chances of breaches and protect their reputations, which should all be found in every company’s track records and relevant data.
As digital innovations and the sports industry gradually harmonise, sports organisations are reaping the benefits of having a more streamlined compliance process.
These innovations may include sports management software, compliance management systems and data analytics platforms that help sports companies enhance compliance-related functions, such as regulatory reporting, policy management, audit tracking, document management, and personal data protection.
It is these very tools that enable the following advantages:
The last thing a company wants is to defy governmental regulations that can lead to a temporary or permanent halt in operations—getting things right from the start is critical to building a healthy, positive, and long-lasting business relationship with governing bodies.
When it comes to sports, engaged fans are the very heartbeats that keep the club, players, staff and stadium alive and thriving. However, it takes more than winning the hearts of fans to keep sports clubs on their feet for the years to come; companies must also consider external stakeholders, including governing bodies, to be able to advance to the next level.
Lab42, a highly experienced software development company, is exemplary in knowing what it takes for companies to maintain the delicate balance between fan engagement and transparency for governmental institutions, hitting two birds with one stone.
While technology has proven its worth in its impact in enabling fans to enjoy their love for the sport better, there still seems to be a disconnect between fans and the club.
The lack of data insights leads to a lack of feedback and understanding of fans’ preferences and engagement patterns, limited involvement in club decisions, and a lack of personalisation, which may lead to a declining fan base in the long run.
This is why Votio was formed as a tokenised platform for football fans. The platform serves as a solution by enabling functionalities based on tailored mechanisms to create coalitions and conduct votes from within and outside these coalitions.
Votio also leverages the power of cryptonization to enable you to use either your tokens or existing ones to participate in the voting process, empowering you to make decisive decisions. This works on a simple principle: the number of tokens you contribute becomes the number of votes you cast. These functionalities help your business in the following ways:
To ensure sports clubs comply with governmental regulations and guidelines, there needs to be a way to enable governing bodies to understand what your business does and ensure your club operates within legal grounds (as it should). However, you need the functionalities to enable your club to communicate with governmental institutions. This is enabled through the following.
There is no one-size-fits-all solution for implementing digital tools for sports clubs; proper due diligence, assessment, guidance, and consultation are required to ensure your club gets the best solution.
Here is a simple framework that can help you and your club started in the right direction:
The innovations we see today are merely the tip of the iceberg that is yet to come. As we gradually embrace a more digitalised economy, sports clubs must ensure that any digital adoptions comply with governmental standards.
Circumnavigating different policies and governance standards can be tricky and tedious, but it doesn’t have to be - as long as you have the proper guidance.
Learn more about how Lab42 can find the perfect software solution to comply seamlessly with governmental regulations while engaging with your beloved fans.
