Sustaining digital leadership
Innovation at the center
Whether M&E companies are balancing growth and risk in development of new digital products and services, fostering “radically intimate” customer relationships that inform that development or reimagining the revenue and distribution models with which to bring new products and services to market, innovation is a requisite.
Recently, EY’s Global Media & Entertainment Advisory Services Leader, Howard Bass, and Global Technology Industry Leader, Pat Hyek, sat down to discuss the issues and impacts of technology-enabled M&E innovation with our firm’s Global Innovation Strategy Leader, David Jensen. John Nendick, Global Media & Entertainment Leader, moderated the roundtable discussion.
Here are the key strategies for put innovation at the center of everything you do that emerged from our roundtable discussion.
- Think beyond products and services for innovation, toward customer experience, supply chain, delivery and pricing models.
- Act faster than makes you comfortable, and fear not failure. Learn from failure. Launch, learn, iterate and repeat.
- Continuous innovation at the pace and scale required is not something anyone can do alone. Err on the side of partnering, especially with technology companies and technology-savvy M&E companies.
- Err on the side of greater collaboration, especially with customers — invite them into your innovation ecosystem.
- Apply big data analytics to integrated data from all customer touch points, especially mobile and social, to develop finer-grained digital customer segments than previously possible.
- Embrace the risks inherent in all this with a proactive risk management approach; identify the right “risk insights” that enable greater performance for your business.
“Media companies have been making or distributing content in a certain way for many decades. In the age of innovation, they need to take a hard look at themselves (group by group, division by division) and embrace principles that place innovation at the center of everything they do.”David Jensen
Global Innovation Strategy Leader
"The continuous nature of technology enabled innovation makes this digital revolution a kind of never-ending journey. No single new product or service will ever be the ‘answer.’ Winners will be those who build organizational systems, processes and cultures that always drive new ideas building on today’s successes and tomorrow’s possibilities.”Pat Hyek
Global Technology Industry Leader