Media Conglomerates Look to Stay Agile with Consistent PPM Practices
The world of media and communications is not as disparate and diverse as it may seem. Large media conglomerates account for a significant portion of the market, encompassing everything from television and music to film and theme parks. For example, Comcast, currently the world’s largest media conglomerate, offers internet and television services under its name, but it also owns smaller subsidiaries such as Universal Studios, NBC, Back Lot Music, and Fandango.
Saying that media enterprises operate in a competitive environment is an understatement. One percentage point of global industry sales can equal tens of billions of dollars. To attract new audiences and maintain current customers, these enterprises must pioneer new trails while maintaining enormous infrastructures. Both activities require unique skill sets, though, and human capital is expensive.
The enterprise that innovates first gains precious and valuable market share.
The Show Must Go On
Business affairs are typically handled independently within each subsidiary to simplify operations. These smaller companies must answer to their parent enterprise, but they conduct their own Project and Portfolio Management (PPM) to help achieve their specific, business-unit goals. The conglomerate is then left to piece together information to ensure that it is meeting its strategic objectives as a whole.
There is no time to analyze incomparable data in an industry that never sleeps. To ensure that objectives are being met, media and communication enterprises need to standardize PPM processes and metrics across every subsidiary.
Incorporating consistent best practices across each Project Management Office (PMO) helps with: