Rekindle Romance with Horses.....Predictive Analytics May Help Some!
Horses in general and race horses in particular have been held in love and awe by the masses from former times.
And why not…who would not want to fall in love with these glorious, adorable animals. There is so much to love about horses – their shiny, flawless coats, fluidic body movements and sense of pride that we all derive owning such an horse.
Horse Racing associations want to rekindle and even strengthen this love affair which of late is on the wane on account of a double whammy of sorts – steadily increasing competition from other sports and leagues and secondly and importantly from increasing instances and harsher press on account of reported “breakdowns” on the racing tracks.
Sure, the “breakdowns” are not a recent phenomenon and certainly horse racing isn’t the only risky sport out there. However, faster and deeper media reach, increasingly important social networks and a steadily growing emotional quotient amongst us, towards all animals’ evokes reactions of collective shock on news of a breakdown on any of the race tracks in the developed world.
Twin Challenges – Ray of Hope!
Race Associations have a rather serious task cut out – how to effectively handle this twin challenge and draw the attention of the younger generation to this charming sport of horse racing.
Apart from handling the brunt of the breakdowns, convincing and luring a younger generation “increasingly glued” to the phablets, in hordes to the race tracks seems rather uphill task at this moment.
The solution to this double whammy may actually lie in – Data Analytics and specifically predictive models which could help in tiding over these twin challenges. There is wealth of information and details maintained by different race associations, jockey clubs, trainers and owners on the individual race horses which could be utilized effectively.
Predictive Modelling – Get a Grip on Breakdowns!
Though not easy but dipping into the vast repository of information (data) and employing well thought statistical tools, we could possibly predict the probability of a potential breakdown.
Based on the strength of the data available, a number of iterations could be carried out to come to an acceptable model on the likelihood of a potential breakdown.
The pros could then use these details to devise an appropriate intervention strategy and hopefully minimize the breakdown events.
With predictive models, we will surely not eliminate all the breakdowns, but we certainly will have more insights and foresights to minimize the extreme events and also explain random events with more surety.
Youngsters – Can we now attract them!
One of the potential side benefits of employing predictive analytics, data science in Horse Racing could well be the interest and attention, it may hold for the younger generation, a kind of hook that could connect so easily with modern, data hungry and data driven younger audience.
Predictive analytics may not offer the right data model, the first time around but with the insights gained and future iterations, the promise is so much more. The need is to start, maybe small but quickly.
Apart from the emotional connect, predictive analytics may end up yielding even intellect connect with our glamorous horses…making it well worth an effort.
For more details on how Predictive Analytics can bring in unique competitive advantages to your organization, get in touch with us: firstname.lastname@example.org