CFOs around the world share their views on the current and future direction of the industry
TORONTO, Sept. 4, 2014 /CNW/ - According to a recent EY survey, an overwhelming 74% of media and entertainment (M&E) company CFOs 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 decision-making.
"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," says 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."
According to 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.
"Implementing a structure where companies can easily adapt to the constant digital and technology disruptions transforming the market is critical," says Lundie. "A big part of that is about tapping into the right data analytics that can help simplify reporting structures, modeling techniques and platform data to drive business and create value."
EY's survey reveals that while 59% of M&E CFOs feel their companies successfully use data to respond to and upsell existing customers, only 33% say their companies do a good job of using data to generate new business.
"Too many companies see technology integration as an obstacle, and find it difficult to extract meaningful insight from online data," says Lundie. "But the right analytics are key to drawing the strategic insights that help improve decision-making. It's something companies can't afford not to invest in."
In addition to harnessing the power of analytics, EY's report identifies the following as ways media and entertainment companies can optimize growth:
- Transactions should focus on what companies already know.
- Tax planning based on business and operational strategy accelerates performance.
- Capturing today's talent will fuel tomorrow's growth.
To read the full report, visit: It's showtime! Digital drives the agenda, data delivers insights,
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SOURCE: EY (Ernst & Young)