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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 in sports 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 digital compliance data.
As digital innovations and the sports industry gradually harmonise, sports tech companies are reaping the benefits of having a more streamlined compliance process.
These innovations may include sports compliance software, compliance management systems and data analytics platforms that help sports companies enhance regulatory compliance functions, such as regulatory reporting, policy management, audit tracking, document management, and athlete data protection.
It is these very tools that enable the following advantages:
The last thing a company wants is to defy sports governance 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.
It's been evidenced that technology has given fans many ways to enjoy the game better; however, there stays a disconnect between the fan and the club itself.
The absence of fan data insights has caused them to lack feedback and understanding about the preferences and engagement patterns of fans, limited participation in club decisions, and a lack of personalized sports experiences, which may lead to an ever-decreasing fan base over time.
This is why Votio was formed as a tokenised fan engagement 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 in sports governance 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 get 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 governance frameworks in sports.
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’s sports compliance solutions can help you find the perfect software to comply seamlessly with governmental regulations while engaging with your beloved fans.
