For several years, the utilization of data has also been a hot topic in many media enterprises both for improving operations and driving growth. Almost two-thirds of media executives see the increasing availability of data as an opportunity (62%). In some subsectors, such as information services — where data underpins the entire business model — the development of data products and service offerings logically is the top priority (44%). Yet for many enterprises, the ability to effectively utilize data remains elusive.
Major efforts by media companies on the data agenda include:
- Consolidating existing customer data (44%), thereby better understanding what they have today
- Enhancing the analytics and data skills of the organization (42%), thereby doing more with what they have
- Developing proprietary sources of data (40%) to better leverage what is available but untapped, to stimulate incremental commercial opportunities
The modern media enterprise is far more digital, data-driven, process-heavy and complex than ever before. As these trends intensify, media executives are looking for ways to free up resources and unburden the enterprise, allowing it to focus on what is important and strategic.
To optimize corporate activities that are subject to regulatory and compliance scrutiny, many media companies are centralizing functions into shared services frameworks, either insourced or outsourced.
For example, companies are increasingly working with third parties to run key areas such as tax, internal audit, legal, third-party risk management and cyber security as a managed service where the external partner delivers expertise and up-to-the-minute capability and technology.