An overwhelming 74 per cent of media and entertainment (M&E) company CFOs from Canada say going digital is a top priority for growth. But the right data and analytics are key to delivering the insights that enable game-changing decisionmaking. For the first time since the recession of 2008, M&E CFOs have shifted their primary focus from cost reduction and operational efficiencies to optimising the organisation for growth.
According to the EY report, It's showtime! Digital drives the agenda, data delivers insights, M&E companies' best advantage in an increasingly digital environment is to manage from within the digital and technology disruptions that are transforming the market. "For the first time since the global recession, CFOs have shifted their primary focus from cost reduction and operational efficiencies to growth through digital opportunities and technology investments," said Martin Lundie, EY Partner and Canadian Media and Technology Industry Leader. "Our survey confirms digital isn't the future, it's already here. Companies need to act on that reality, or risk missing out."
Among the key findings:
- Digital isn’t the future, it’s already here. Digital is transforming the M&E landscape. M&E companies’ best advantage is to manage from within the digital and technology disruptions that are transforming the market.
- Data analytics deliver insights that improve decisionmaking. To effectively align their organisation for digital growth, CFOs are placing significant emphasis on data analytics to improve decision making, systems and processes.
- Transactions focus on what companies already know. As M&E companies look to grow, CFOs are most focused on deals in core markets and geographies. But new opportunities are a tempting option.
- Better tax planning accelerates performance. Integrating tax planning that aligns to business and operational strategy is more important than ever for CFOs as tax planning moves into the digital age.
- Capturing today’s talent will fuel tomorrow’s growth. CFOs recognise the importance of attracting and retaining top talent, and they’re pinning their success, in part, on their ability to do it.
According to the report, CFOs are focusing on four components:
- Simplify rear-view reporting. Companies are now using modern tools and data analytics techniques to simplify the collection, storing and analysis of data.
- Develop predictive modeling techniques. Predictive modeling enables organisations to shift gears on data from collection and reporting to taking a forward-looking view of the issues and challenges that may impact the business in the future.
- Democratise access to the data. By leveraging mobile and cloud based technologies, organisations can provide easy access to the data to stakeholders at the time and place where it is relevant.
- Consolidate customer, audience and platform data. Consolidation enables organisations to develop a single view of the customer. It also simplifies data outputs, enabling both standardisation of data across the enterprise and customisation to better target customers.
