MGM Resorts makes smarter business decisions with analytics
MGM Resorts wanted to standardize processes, procedures and assumptions that go into budgeting and forecasting. Its data was scattered, but using IBM Cognos TM1, MGM was able to pull all of that data into one place to quickly and efficiently compare information across properties and regions. This was key in helping to identify under-performing assets at each resort. With these critical insights, the hospitality industry can make business decisions based on more than just gut feelings.
0:00 are on 0:05 we actually only the properties in downstream belies your 0:09 Monte Carlo truck on we have regional properties 0:13 so it is a larger company where there's gaming industry and average there's 0:17 hotel 0:17 there's entertainment or restructuring our corporate planning and analysis 0:22 areas centralizing a lot of the planning functions within the company 0:26 making some standardized processes procedures and assumptions that going to 0:30 be the budgeting and forecasting process 0:32 and then maybe you ought to really when you're in the financial planning world 0:36 you just get let down the path of marketing data you know wanting to be 0:40 able to trace back our numbers are generated from the customer's 0:43 thats kind of lower right now is looking at just the financial performance 0:48 onto the grass love you can we can and kinda taking it step by step along the 0:51 way gone back to the operation systems 0:53 so we had an existing what we refer to as the daily operating report go to 0:58 Mickey morning varmint 0:59 so we were standing on top of the existing delmar 1:02 the budget forecast application within pm1 by having over data and one place 1:07 and being able to 1:08 quickly and efficiently compare data across properties 1:12 across regions %uh in any way we want for that matter 1:15 allows us to quickly identify the underperforming assets 1:19 soap we see for comparing statehouses across our properties 1:23 can we see one steakhouse grossly under performing another steak house 1:27 the cows last after some customers don't like about that particular business and 1:32 allows us to go dive deeper into the details 1:34 what might be different about that 1:35 operation then are performing operation I think the IBM applications that were 1:39 installed in conjunction with copy on a 1:42 help give us a competitive advantage by being able to quickly 1:46 identify are underperforming assets we sought them out 1:49 are both as accompanied bank will see me as an individual I've got 1:53 cordoba experience working with harvey on a I through my work history 1:57 in Las Vegas as well and on the 2:00 just have become trusted experts they understand our business well which is 2:04 always a good selling point for senior management 2:07 being able to understand the nuances that go hand in hand with gaming 2:11 solve work them sometimes before as well GM has worked Papillon sometimes 2:15 work I so it's been a trusting relationship and it was kinda bank 2:19 easy decision to seek him out for recent upgrade by having a pool like pm1 2:24 I were able to you were detained Inc 2:27 number of different ways both consolidated group by market segment 2:32 or on an individual basis and make those cross property comparisons that 2:37 other companies I know still can fish in we do so many business decisions in our 2:41 industry relied upon historically by someone's got feel 2:45 and as people start to grow more comfortable with allowing 2:48 big data and analytics to drive decision making issues can continue to grow 2:52 exponentially 2:54 fiend