How can the Intelligent Enterprise Impact the Media Industry?
Media companies are in the process of transforming their entire approach to content delivery. Driven by consumer expectations, new entrants, and competition for attention, media companies across multiple segments are using technology to reach and serve their stakeholders. Using machine learning to predict choices, blockchain to address the challenges in digital advertising, and AI to write journalistic content are just some of the ways media is using state-of-the-art technology to transform the business.
Delivering an exceptional content experience - To differentiate in direct-to-consumer (D2C) digital engagements, compelling content must be paired with an innovative and interactive content experience. The content experience must always stay on top of the latest technology innovations deployed on devices.
Audience centricity and serving the “segment of one” - D2C business models require agile, innovative content consumption models that can be adapted to the specific needs of narrowly defined target segments. At the same time, the challenges of acquiring and retaining potentially millions of customers in one go needs to bemastered. Digital subscriptions and metered access models promise the best value and audience acceptance. Subscriber loyalty demands a high quality of service with regards to billing, customer lifecycle, and churn prediction and management.
Audience insights and data monetization - Collecting and analyzing audience interaction data at the individual level provides organizations essential insight. These insights help predict specific consumer needs, scale data-driven marketing, and optimize content packaging and catalog planning and curation. Increasingly, these data management features become an asset in their own right, opening opportunities for insights-as-a -service offerings to new business-to-business (B2B) customers.
From content to commerce – maximizing media value for sponsors and advertisers - The economics of the industry are changing. From bundled content to à la carte consumption, old revenue models are under threat. Publishers responding to the pressure from digital advertisers are experimenting with in-magazine commerce by creating a frictionless shopping experience and capturing some of there venue that would have gone to online shopping sites.
Supporting next-practices in media with intelligent ERP
Many industries are undergoing digital transformation. Digital transformation is not new to media companies. There have been several “waves” of digital disruption, segment by segment, as technologies have evolved –and consumers have driven the shift. What is clear now is those media companies that can build enduring consumer relationships will win. These relationships will be built on a deep understanding of the consumer, not just on their media habits, as well as on a number of other data triangulations. Changes in technologies and business models and the entrance of new digital-native and well-funded competitors require constant adaptation and innovation. Media companies must be able to respond to rapidly changing conditions yet still focus on creating engaging content. How does a digital core with a true single source of truth help?
Responding to rapid changes - A digital core is an IT architecture that offers stability and long-term reliability for core enterprise processes while also providing the flexibility to adapt quickly to new opportunities, challenges, and regulations. This solid foundation gives you a single source of truth, which in turn enables flexibility for innovation to accommodate things such as new business models, new regulations, and business events, such as mergers or acquisitions (M&A).
Simulation and analytics - The ability to respond quickly and precisely to changing audience tastes and behavior is an essential part of managing a media company. To do this, predictive and analytical capabilities along with audience and content data are critical components for gaining the insight to make decisions. This insight must be at a granular level so that decision-makers have the detail they need to understand trends, opportunities, and risks, and quickly carry out what-if analysis using predictive algorithms.
Keeping data under control - Every media company needs the computing capability to carry out complex algorithms with large data sets to support timely, real-time analysis. Everyone in the company must have access to data they need, whenever and wherever they need it. This is also true for the extended ecosystem, where partners would be provided visibility into ad space inventory or avails for certain content.
Addressing innovative opportunities - Audiences in media are always seeking new content and innovative experiences. Agile media companies are responding with new services and experiences that are tailored to meet individual needs. These new offerings impact every facet of business, not just the front office. Media companies must address end-to-end (E2E) processes across departments and lines of business (LoBs) to deliver on new customer experiences, products, and service.
Enhance and extend next-generation processes with intelligent ERP
Bringing SAP S/4HANA and SAP Leonardo technologies together as a digital core will result in a more flexible and intelligent enterprise. To achieve next-generation business processes, companies need an intelligent ERP solution that can be continuously enhanced and extended with innovative business services and applications built on emerging technologies, including machine learning, blockchain, and the Internet of Things (IoT). Media organizations that have big innovation appetites or prefer to be early adopters have already begun this journey.
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