The last breakout session of the day was a panel discussion featuring five repreentatives from the publishing industry. This session was particularly interesting because recent research from IDC indicates that companies that invest during a downturn exit 30% stronger than their competitors. Given the pressures the publishing industry is already under from the declining print and advertising revenues, it was suprising to find that all five panelists indicated that their budgets were increased this year.
The panelists includes Brian Bishop, Director of e-product Development and Innovation for Springer Science and Business Media; Shannon Holmann, McGraw-Hill Higher Education; Bill Hughes, Pearson; Marilynn Jacobs, Vice President of Marketing, Quebecor World; and Maureen McMahon, President and Publisher, Kaplan Publishing.
According to the panelists, content management is a big driver for publishers seeking to develop new products and leverage legacy content, but in order for product development to take place publishers need skilled, well-trained content creators and managers with an understanding of traditional publishing and the web 2.0 and social media talents, which are in short supply.
Web technologies are also important to publishers, but not all of the panelists are spending money on implementing new web-based solutions.
On the subject of innovation, publishers say the absence of solid models and metrics are making it challenging to branch out. Additionally, institutional rigidity (fear of risk) is also hampering innovation.
The economy is playing a role in what publishers spend on technology. Most panelists said they utilize a hybrid approach to innovation, spending on new technologies while also trying to get incremental value from updating existing products. But, new projects designed to introduce innovation seem to be the clear winners.
“We got far more benefit out of the innovative spending then we did incrementally improving systems,” said Bishop.
Technological improvement decisions are being made using a more collaborative approach.Editorial, IT and business are more often finding ways to work together to solve complex publishing challenges.
“We’re getting better at the upstream conversation between the technology groups and the innovators,” Bishop said.
Publishers are now collaborating with others in the organization to bring innovation to the fore.
The last question the panelists were asked was whether they think their budgets will be higher, lower, or the same next year. The answer: A mixed bag. Some yes, some no or unsure.
