How can media companies succeed in an era of digital transformation?
Media organizations need to move fast to become digital businesses. Here are our key recommendations for action.
We have drawn up a set of recommendations for business leaders to help them position their enterprise to thrive in an era of intense digital innovation. Developing a digital business is about speed, agility, scale and responsiveness to changes in the market and consumer behavior. In light of that, there are a number of ‘no regret’ capabilities – tactical, shorter-term investments – that industry players should start planning for today.
The business is not an algorithm that can be optimized ad infinitum, so efficiencies have a limit and competitive advantage on its own is not enough. Collaborative advantage means being able to create an internal shared view of the customer and externally, scout and partner with different cross-industry players across the value chain and create new value propositions.
Media is one of six industries (along with automotive, consumer, electricity, healthcare, and logistics) that have been the focus of the World Economic Forum’s Digital Transformation of Industries (DTI) 2016 project. An overview of the DTI program can be found here.
Our in-depth findings about the digital transformation of the media and entertainment industries are available in a white paper, which can be downloaded here.
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