1 in 2 Indian executives feel the pressure to maximize short-term results is a barrier to developing innovative busines...
- 52% M&E executives in India believe they can no longer rely on traditional business models.
- 33% recognize upskilling of the existing workforce as the key to talent development, to meet the changing industry demands.
- 21% admit their businesses need to reinvigorate, but are unsure what actions to prioritize.
Faced with multiple evolving and disruptive forces, 52% of executives say they can no longer rely on traditional business models if they are to remain future relevant, according to EY’s report titled, ‘How are
The survey further highlights a sense of perplexity among M&E businesses, with 28% indicating the need to reinvigorate their business, without thorough knowledge of what aspects to prioritize. Due to a plethora of options available to invest in digital tools, one in five executives are unclear on how to prioritize their digital investments. The dilemma of whether to focus on content production for immediate gains as against building direct to customer and platform and data capabilities were cited as key points of contention.
Ashish Pherwani, Partner, Media & Entertainment Leader,
The report states that one in two Indian executives felt the pressure to maximize short term results as a barrier to developing innovative business models which also reflected in the findings where just one in three Indian executives believe in upskilling of their existing workforce. 24% of Indian executives felt that their companies would cease to exist without innovation, demonstrating their confidence that traditional media will survive in the future.
The survey also unearths, three ambitions that M&E companies across sub-sectors are prioritizing above all else:
Pursuing operational excellence and agility is the industry’s top transformation ambition
Executives believe that simplification is the hallmark of the new operating model. 67% of the executives prioritize consolidation of internal segments to streamline the business, while 50% of executives identify de-layering management and increasing spans of control for remaining executives to be prominent.
Rebooting innovation strategy and approach
With 48% of executives feeling the pressure to maximize short-term results as a barrier to innovation, balancing sustained success against long-term vision requires a structured approach. 34% of executives see incubators within the core of the business, as a driver of innovation.
Accelerating talent and skills development
33% of the M&E executives cite upskilling of the existing workforce as the key to talent development highlights the growing imperative to foster continuous learning. To remain relevant, workers need to migrate up the value chain, reinventing themselves and continually improving their capabilities.