We’ve all witnessed the global media and communication industry go through a huge transformation over the last few years. As lines between distribution, content, and streaming become a bit more blurred, the market is consolidating through the gobbling up of small media companies and mergers between giants.
The proliferation of mobile devices, wireless connectivity, and new media platforms is driving this convergence among telecom, media, and entertainment companies, and this trend of M&A has disrupted the industry like never before. Their demographics are now more diverse than ever, challenging the established consumption patterns and revenue generation models.
The technology is changing fast and the adaptation cycles are shorter. Some of the country’s biggest entertainment powerhouses have been pouring billions into content creation, but money means nothing if a business doesn’t have the front- and back-end technology to support enterprise operations. Especially when decisions need to be made on-the-fly.
How is the industry coping with the changes when their highest priority is to optimize and distribute content across channels and platforms? The immediate need to understand who is watching what and on what platform is driving companies to size up their customer preferences. The promise of global delivery over web, social, and mobile channels is not without hiccups as the IP assets and products need to be carefully managed across channels, geographies, and formats.
As expected, businesses need better visibility into the value and utilization of all assets to stay competitive. IT on the other hand, continues struggling to improve efficiency and cut costs. Add to that the difficulty of navigating the complex laws and regulations across regions.
With all the M&A and global expansions, data plays a bigger role than ever in this industry, coming from different sources, in all types and formats. Making sense of this data and managing it intelligently is perhaps the biggest challenge that media and communication companies face today. Bringing all data together from different sources, organizing it at scale, and sharing it collaboratively across the teams is the only way to make the constant onslaught of data work.
Enter the Modern Master Data Management (MDM) that incorporates graph technology, infuses insights from the data using advanced analytics and machine learning, and offers big data scale performance in the cloud.
Understand Relationships between IP Assets with Modern MDM
The next generation MDM and data-driven applications blend data from multiple internal, third-party, public, and social sources, continuously cleansing and correlating to form a reliable data foundation.
Uncovering the complex and dynamic relationships among various assets and products, and mapping the IP assets to territories, regions, and geographies, the modern MDM can recommend the right actions to best leverage and measure the value of each asset.
Teams get complete visibility into IP assets with product hierarchies, channels, and regions to understand how each format of an asset is contributing to the business. Real-time view of any asset across the globe provides the critical insights to manage the promotional and social media strategy, as well as uncover new business opportunities. Collaborative built-in workflows ensure that every member can contribute and continuously improve the enterprise knowledge.
Manage IP Assets & Customer Data Effectively with Data-Driven Applications
A modern data management platform helps streamline and leverage the representation of IP and tangible products across multiple lines of business and channels. Easily managing the wide variation of content, the platform provides an accurate source of asset, product, channel, and location data delivered straight to business teams through data-driven applications.
For media and communication companies, a cost effective and robust data-driven solution like Title 360 helps manage their revenue generating IP assets with a master repository for all titles complete with all the attributes. Tracking revenue across assets through global customers, multiple vendors, and multiple regions worldwide becomes simpler with the hierarchical modeling capability to visualize asset relationship. A flexible and scalable architecture ensures faster ramp time while improving IT efficiency.
While managing IP assets effectively, customers always remain in the focus. A Customer 360 solution delivers a comprehensive view of customer behavior and preferences by aggregating data from all sources, ensuring that assets get correctly aligned with customer profiles to derive the maximum value for both. A single view of aggregate customer spend across different markets, media types, and vendors is pivotal in monetizing the assets to their full potential. Providing connected user experience, relevant insights, real-time updates, and regulation compliance, customer-focused data-driven applications offer the best solution for the media and communication industry.
Any transformation always creates challenges, but can the challenges be turned into business opportunities? The global media and communication industry can take advantage of the modern MDM and domain-specific data-driven applications, to leverage their IP assets productively and stay truly competitive.