The speed and magnitude of disruptive change that digital video is generating is resulting in the need for broadcasters, telcos and cable companies to evolve their business models rapidly and at scale, says an Accenture study.
Accenture’s Intelligent Operations research reveals that as digital disruption continues to create both challenges and new opportunities, brands are making changes to their legacy operating models, technologies and processes.
However, two-thirds of marketers see lack of long-term investment as an obstacle and a similar percentage say fear of change is holding their company back. According to the Accenture study, how to transform their marketing models is a top priority for most companies and CMOs are recognizing the need to make investments and changes in their organizations.
The research claims 95 per cent of companies globally say they are investing in structure, people, processes and tools to boost their digital maturity. States Nikki Mendonça, president of intelligent marketing operations at Accenture, “CMOs are now implementing a much more data-driven approach to marketing to ensure all activity delivers against business-performance metrics.”
After years of radical fluctuation, the media and entertainment industry is finally becoming more stable, says Accenture, adding: “It’s no longer a question of ‘if’ digital transformation will happen; the question is how companies will respond. Leveraging the opportunities presented by digital video, new players are entering the market, capturing consumers’ imaginations—and their wallets. Across the content value chain, aggressive commercial bets are being placed on new business models, acquisitions, partnerships and services.”
The window of opportunity for the leading players to secure their position is narrowing and decisions need to be made rapidly. To compete in this new ecosystem, new digital-based business strategies and associated capabilities are essential. Broadcasters, telcos and cable companies that hesitate now may spend years trying to catch up, it says.
And here are some recommendations from the tech major.
* Moving from a silo-based architecture and process landscape to a horizontal approach supported by common services and infrastructure.
* Collecting data and leveraging analytics can empower organizations to build B2C relationships across all digital channels.
* As IT becomes more pervasive across core business processes than ever before there are clear benefits of positioning IT to take charge of the digital journey.
* In a hybrid world where legacy video services coexist with IP-based video services, companies must operate with broadcast availability and broadband flexibility.
Digital transformation is happening and competition is increasing. Broadcasters, telcos and cable companies need digital-based business strategies and associated capabilities. The time to start is now. Standing on the sidelines is not an option. For, individual business models are being replaced by a complex ecosystem of industry participants from new startups to super platforms.