The media and entertainment (M&E) industry is facing multiple forces of change - heightening customer expectations, influence of social media, rapid adoption of connected devices and new distribution platforms and exponential growth in content and data.
To be successful, M&E companies need to develop deep capabilities around engagement of their audiences and customers, effective decision making, discovery of new products and services, and management of profitability.
These capabilities must be able to deal with both structured and unstructured data, such as video and customer service center call transcripts, and to include machine learning.
But many M&E companies lack the analytical tools and other assets needed to be a market leader. They struggle to meet customer expectations for seamless and complete service, to provide innovative services and products, and to make timely, accurate decisions.
Artificial intelligence and cognitive computing can address these challenges and open up fresh opportunities for M&E companies by harnessing insights hidden in data from across the organisation and beyond.
M&E executives believe that cognitive computing will change the face of the M&E industry, and they intend to invest in cognitive capabilities.
To successfully implement artificial intelligence and cognitive computing, M&E companies first need to build a clear vision and roadmap.