4 Big Data Strategies That Will Transform Media Businesses
Media companies are facing new business challenges with increased pressure to execute new digital production and utilise big data strategies to monetise the opportunities at hand. The media companies need to adopt digital and data strategy, not only to move towards profitability but also to achieve operational efficiency.
Adopting a Multi-distribution Model
In order to deliver content for a variety of platforms/devices, it is critical that companies to establish platforms that can scale up and support this multi-distribution model. Most of the media companies rely on extensive networks of freelancers and subcontractors, thus media companies need resource scheduling toolsets to manage the same.
Utilising a variety of data sources and operational intelligence can help media companies gain a better understanding of future customer demands. These data sources include social media, web browsing patterns, advertising response data, demographic data etc. to anticipate demand for more efficient content management, revenue generation and overall profitability. The rise in new tools and analytics, such as cohort are helping drive a better understanding of audience preferences.
Through the captured data, customer needs and wants can be analysed and customised offerings are being offered to enhance customer experiences. Big data and operational analytics is also used to determine the business opportunity linked to the acquisition of new content and gain more advertising revenue growth through better targeting.
Data Management System
Big data management systems are needed to be deployed to analyse different forms of data and to ensure that the business can become more agile. There is always a need to deploy the right tools and capabilities to the right users, thus an optimal technology needs to be chosen depending on the data needs; bridging the gap between data collection and application.
For most publishers of online content, striking the right balance of advertising and operations revenue is an objective, and can be achieved with capturing and analysing accurate big data and analytics.
Combining analytics with operational intelligence will yield good results in the long run. Today’s business environment requires flexibility, speed and accuracy and media companies are making considerable investments in data capabilities to achieve agility. As data volume, velocity and variety grows, investment in data infrastructure and architecture becomes a necessity. By using operational analytics, and coupling it with big data along with available resources will drive the business to achieve efficiencies and deliver better customer experiences.