Media Industry Embracing Analytics for Innovation and Competitive Edge
Survey results highlight the importance of Analytics capability in media industry and the consumer beliefs on privacy vs. personalization benefits.
Bain recently released a report stating that the firms who are leading in Analytics are twice as likely to be in the top quartile of financial performance within their industries and five times as likely to make decisions much faster than their market peers. Thus, it is clear that he importance of Analytics is no more limited to just a few units within media companies, rather it can be seen to have an increasing impact across the organization.
In media, value comes from understanding and predicting the content audiences want. Data and analytics firepower can increase a media company's odds of getting it right.

A successful Analytics strategy will need to focus on three areas:
- Ambition. Leading companies clearly define their intention and describe how improving their analytics capabilities will improve their business performance. Appointing a chief data officer is a strong sign that a company wants to do more than simply organize its analytics efforts; it wants to find new value using them. Yahoo’s appointment of Usama Fayyad is one such example.
- Capabilities. With ambition defined, media executives need to create the will and the skill to use data throughout the organization. Organizations don’t change easily, and the value of analytics may not be apparent to everyone. Leaders define clear owners of analytics initiatives. They provide incentives to ensure decisions are based on data. They create targets for operational or financial improvements and trace the impact of analytics when those targets are achieved.
- Organizational home. Models vary from having centers of excellence to hosting the analytics function in the most relevant parts of the company. But rarely, if ever, do we see analytics capabilities delegated to the IT department. Because it’s so critical to a business’s success, leading companies seat the analytics function closer to their business leaders.
The media consumption habits are rapidly changing and media companies will have to keep up with it through real-time actionable consumer insights. At the same time, companies need to be vary of consumer beliefs on privacy and on how much data consumers are willing to share to get a personalized experience.

The complete report is available at: Why everyone in media needs an analytics upgrade?
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