LONDON–(BUSINESS WIRE)–Jan 4, 2019–Quantzig, a leading analytics and advisory firm that delivers customized big data analytics solutions, has announced the completion of their article on the
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Big data challenges for media companies. (Graphic: Business Wire)
The unprecedented growth of the media and entertainment industry is making it difficult for media companies to keep up with the rapid pace of change. The pressure to reduce costs and improve revenues is a major challenge for media companies. Even the dominance of established companies in the media and entertainment industry is declining due to the highly fragmented media consumption habits of customers. This is leading to high customer churn in the media and entertainment industry, making it crucial for media companies to connect with their customers. The shift in the media platforms from traditional channels to online mediums is compelling media companies to critically analyze the needs of customers and deliver content that pleases the audience. This is compelling companies to rapidly adopt digital technologies and address customers’ needs without slowing their growth rate.
Analyzing and managing large data sets is one of the biggest problems affecting the business outcomes of media companies. and know how to increase market shares with the help of big data analytics.
Big data challenges for media companies:
Many media companies are implementing big data analytics technologies to gain a better understanding of customers’ needs, but there are various big data challenges which slow down the progression of companies in the media and entertainment industry. Some of the major challenges include:
Numerous instances of data breach are forcing customers to think twice before sharing their personal details. Such instances are even putting companies in a bad spot since data leaks can result in bad brand reputation. This is making it vital for media companies to improvise their business strategies and ensure the protection of consumers’ data. They are required to have strict data privacy plans that are effective in real-world practice.
Lack of financial muscle
Financial constraints are one of the major issues for media start-ups and SMEs in the media and entertainment industry. Implementing data analytics makes the situation more challenging for media companies as it requires data storage costs, infrastructure costs, data processing costs, and human resource costs to scale up the business. They need significant investments for the further growth of the company.
High bandwidth requirements
Online mediums are the major source of content delivery. However, this acts as a major setback for the companies in the media and entertainment industry as high-speed broadband services do not comply with the set industry standards and are limited mostly to metro cities. This does not provide media companies with accurate data and reduces their potential customer base. Therefore, companies have to resort to traditional mediums for the collection of data.
Companies face numerous challenges while analyzing the feasibility of big data analytics for their business. To know how big data analytics solutions can address the requirements of each business, .
Solutions to overcome data security issues:
With instances of data breaches, companies are making data protection a priority and strategizing policies to protect the data. There are various effective ways to leverage solutions and achieve the desired results from them.
Ensure endpoint security
Companies in the media and entertainment industry should ensure regular resource testing and allow only trusted devices to connect to their network. They should also make use of device management (MDM) platforms to secure each endpoint with the aid of trusted certificates.
Prevent insider threats
Companies need to be aware of the happenings in their office spaces, which might arise because of the carelessness of employees leading to several internal security risks. Many a time, employees working in media companies do not possess sound knowledge on advanced security practices and behavior. Companies essentially need to impart digital security training to all such employees.
Analyze and monitor
A big data analytics solution helps companies to analyze and monitor the data in real time and raise alerts in events where a network intrusion is detected . Big data applications help the media industry to enhance network protection. This makes the work easier for companies to identify actual attacks as opposed to false alarms.
Are data privacy concerns stopping you from leveraging the benefits of big data applications for your organization? to gain access to precise big data analytics solutions.
Big data applications in the media industry:
Understanding customer behavior Personalizing advertisements to suit the needs of specific users Analyzing the true market value of the generated content Facilitating localized distribution Addressing customer churn
Interesting to know how big data applications are helping companies in the industry to combat customer churn? .
is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit:.
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