As the business landscape rapidly becomes more digital, organizations not only transform their operations, but also redefine their strategy. This requires application of technology to align business offerings closer to changing customer preferences. The media industry wasn’t spared from this change. With technological advancements, the purpose of media and the experience it offers to its customers has also seen a massive evolution.
As digital transformation provides the cutting edge to offerings and elevates customer experiences, the print media faces the uphill task of staying relevant. Customers are now more technology savvy, leading to mass migrations to electronic and digital forms of media. The growing usage of online and mobile channels have also provided a boost to this shift, further enhancing digital media market presence year on year.
In order to keep pace with the technological evolutions and stay abreast of changing customer expectations, media organizations are revisiting their business and operational strategies. As the fortunes of print media dipping sharply in many markets, organizations are now discontinuing non-performing assets and reintroducing them as digital-only offerings. Further, diversification drives are allowing them to focus on niche markets and curate products according to specific needs. Furthermore, with the advent of social media, customers are now more aware of their expectations. Online reviews and feedback have ensured that media companies are constantly striving to improve the quality, presentation, and timeliness of their offerings.
As media organizations make concentrated efforts to revitalize themselves, they are now more aware of positioning themselves better. The content being developed is specific and oriented to target audience. The marketing strategies are being redrawn with audience engagement at the center of it. Integrated media packages that can be accessed on multiple devices are also offered in order to bring more customers into the fold. The long-term goals are to develop well-rounded products that would see demand increase while costs reduce.
Enabling Future Readiness
Organizations need to optimize technology in order to keep pace with the changing ecosystem. It is important for organizations to revisit their operating models and redesign them, per the current consumer demands. These models have to be cost-effective and scalable. Key performance indicators are critical to measure and analyze progress made and identify areas of improvement. Able leadership can help foresee demand increase and market expansion opportunities, and shape the strategies accordingly.
The key aspects of the media operations are the processes and marketing initiatives. For this, technologies, such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), robotic process automation (RPA), and big data and analytics, have to be adopted. Automation-powered processes and smart-analytics-driven marketing initiatives enable successful brand building and customer engagement practices. Real-time analysis of data allows organizations to actively stay on top of the market dynamics, trends and competition.
The dramatic restructuring has led media organizations to experience several acquisitions and mergers. While the move opens opportunities to build resilience to the digital storm, there is a high risk in achieving synergy between the disparate platforms. These multichannel platforms need to be integrated. Cloud is enabling seamless integration of these platforms. Web-based systems are improving ease of access and creating a redundant environment to tackle failure or shutdown of primary data centers. In a highly digitalized spectrum, media organizations are also centralizing their digital asset management initiatives and collaborating more with their stakeholders.
Driving the Change
Clearly, technological advances are helping the media industry to leave behind legacy models and create new opportunities. Key drivers of these changes across the board are as follows:
|Cost-effective and Scalable Operating Model||Resource location optimization based on role type and level of strategy|
|Managed services partnership with a global company|
|Variable transaction-based rates|
|Automation-led Processes and Analytics-driven Marketing||Smart document processing with the help of AI-, ML-, and NLP-enabled applications|
|Leveraging RPA for straight-through processing and report generation|
|Big data, data lake – Data analytics and business intelligence|
|Consolidated and Cloud-enabled Multichannel Platform Experience||Integration and consolidation of systems to create a platform-based architecture|
|Digital asset management and multichannel publishing|
|Fully redundant cloud-based platform|
Strategic division of jobs will enable organizations to seamlessly spread their operations across centers and geographies, enabling greater cost efficiency and stronger brand building. Managed services partnerships also help organizations focus exclusively on more critical facets of operations.
Another critical change has been the move to variable transaction-based rates. The new pricing structure considerably reduces cost of production while enhancing customer experience.
AI, ML, and NLP are helping businesses establish their multichannel credentials through text recognition, extraction, validation, and interpretation. Similarly, RPA is successfully automating tasks that have traditionally required human intervention. Repetitive tasks, such as order entry, report generation and file management, are automated to improve speed and maximize output consistency. Big data and analytics allow organizations to identify customer preference patterns, enabling greater scope of cross-selling.
Cloud plays a major role in enabling and managing several media operations. With integration and consolidation of siloed systems, organizations can create a platform-based architecture in the cloud, reducing the hassle of multiple site maintenance. The following figure details a possible integration model that could be achieved with the help of cloud.
Finally, technologies are helping organizations achieve greater success with Digital Asset Management (DAM). Multichannel publishing, the current media-necessity, is seamless and error-free using DAM.
Also as media companies redefine their operations in the pursuit of a highly efficient and resourceful future, HCL’s NLP-based, AI-powered engine, EXACTO™ adds value across the industry. The product is capable of extracting and interpreting both structured and unstructured text information using sophisticated applications of domain ontology.