Pioneering ERP for the Media and Entertainment industry
By Ramki Sankaranarayanan,Founder and CEO, Prime Focus Technologies
As the total worldwide media and entertainment (M&E) revenues rise at a CAGR of 5.1% over the coming five years, from US$1.74 trillion in 2014 to US$2.23 trillion in 2019 (PWC) and the Indian M&E Industry aspires to be US$100 billion (CII-BCG), the common strand that runs through both the diverse trajectories is broadcast enterprises placing content at the center of business, seeking 'digital transformation' through 'disruption' and 'deliberation'. Silos in technology have to be rethought as 'Digital Next' realities emphasize the need for speed, efficiency & collaboration amongst diverse departments of a content enterprise.
Broadcast enterprises have to move away from islands of automation to build a connected enterprise and a digital ecosystem. Studies indicate that in the quest for short term growth, several media & broadcasting enterprises built disjointed & disconnected standalone asset management systems that hang like the proverbial 'millstone around their necks'. Standalone asset management system spread across geographies serves the needs of Broadcast Operations and Engineering (BO&E) departments but if production, marketing & other functions of a Broadcast enterprise invest in their respective storage and processing systems, it leads to inefficiencies and high cost of ownership. Such ill-fitting model lacks agility, prevents scalability and incurs huge costs of ownership across various stages of the content lifecycle. If M&E enterprises need to battle losses or low margins and build operational efficiencies, they need to digitally transform to build connected enterprises. They need to become hyper digital to cater to the hyper digital consumer. That's the 'digital next' reality.
Seven years back, we, at Prime Focus Technologies predicted that M&E companies – taking a leaf out of the proliferation of IT across sectors such as manufacturing & banking also need ONE enterprise-wide software. PFT launched CLEAR as an ERP solution on cloud that is tailored for the M&E industry. CLEAR Media ERP Suite virtualizes the content supply chain, facilitating agility and driving operational efficiencies. CLEAR breaks free from isolated islands of automation and brings content to the center of business helping drive creative enablement, enhancing efficiencies and aiding the realization of new monetization opportunities. Cloud delivers speed, scalability and yet offers dissimilar and distinct uses for diverse stakeholders. A SaaS (Software as a Service) offering, CLEAR allows content enterprises to 'pay as they go'.
Today, CLEAR manages over 1.2 M hours of content, helps process over 100,000 new TV episodes annually and delivers over 10 million files yearly for TV Everywhere/OTT platforms.
As Prime Minister Narendra Modi dreams of a digital India, the movers and shakers of Indian media & entertainment have been amongst the earliest adopters of enterprise digitization in key workflow processes across the supply chain by merging content and commerce. Indian Television industry is years ahead of its western counterparts when it comes to enterprise digitization in the M&E sector. India was the first country in this sector to question the status quo and adopt digital transformation.I can proudly say PFT played a pivotal role in making this a reality.
Our award-winning, pioneering technology, talent pool, scale & innovative business models makes us the partner of choice for the Media industry. The successes that came our way in the recent past – be it strategic acquisitions, key client wins, award winning projects, and product innovations, give us confidence to be bold and daring to think BIG.
The M&E sector has got to think transformation, to change the way they traditionally work and reinvent. In this time of transformation, PFT remains committed to advancing the technological capabilities of the M&E industry to meet the demands of consumers globally.