Bank of America's ticket inventory numbers in the hundreds of thousands, including seats in more than 80 suites for teams like the Boston Red Sox, the Dallas Cowboys, and the San Francisco Giants. Managing that inventory? That wasn't really the bank's forte.
So last summer, the bank signed on with online reseller RazorGator. Using proprietary software, RazorGator manages approvals for bank staffers to use those tickets, both to comply with Sarbanes-Oxley and to increase return on its investment. "In past years, people managed tickets in desk drawers," says Bill Read, Bank of America's sports-and-events ticket management executive. "With the online system, it's all centrally managed, so we know what tickets we have and how they are utilized. We look at the clients, the order, whether all the tickets were used, and whether there was a benefit to the organization."
At $3 to $8 a ticket, RazorGator's work with
A version of this article appeared in the September 2007 issue of Fast Company magazine.