Print Summit 2020: Staying relevant with disruptive innovation

Industry is going through challenges with changing technologies, said Vivek Krishnani, managing director at Sony Pictures Entertainment India, at the Print Summit 2020 held at NCPA, Mumbai.

23 Jan 2020 | By Aultrin Vijay

Vivek Krishnani, managing director at Sony Pictures Entertainment India

He said although his industry (film industry) and the print industry are separate, the challenges remain same for these legacy industries. “We need to learn how to embrace change and stay relevant,” he said.

During his presentation, he cited some examples where individuals and companies took several risks to stay relevant in the industry.

He spoke about actor Amitabh Bachchan, on how his company went bust and films not working well in the market, and his comeback in the form of a host for the popular show Kaun Banega Crorepati.

“He went through difficult times and his films were not working. He couldn’t play the role of a hero, of an angry young man, which he used to play before. He then got a role in Mohabbatein, where he donned a black hair and white beard. He later realised the potential of television in the years to come and hosted KBC,” Krishnani said.

He also spoke about how Rupert Murdoch took a risk with KBC and improved the fortunes of Star channel.

During his presentation, he cited a quote: “Today companies have to revolutionise themselves every few years just to stay relevant. That’s because technology and internet have transformed the business landscape forever. The fast-paced digital age has accelerated the need for companies to become agile. And it’s not following, it’s now.”

Krishnani said this is happening everywhere right now. “We have to take cognisance of the fact that change is inevitable.”

He also highlighted companies such as Kodak, Yahoo, Nokia and many more, which failed to adapt to the changing trends and technologies in the market and losing its grounds to other disruptive technologies. He said the companies failed because of being risk averse and refraining from staying relevant in the industry.

He mentioned three reasons why companies do not succeed: Holding on to the past and being risk averse; failure to understand the changes in consumer behaviour; and undermining the changes in the environment and failing to adapt, having a myopic view and not seeing the big picture.

“When the speed of change outside an organisation is faster than the speed of change inside an organisation, the organisation becomes irrelevant. This holds true for individuals as well. And now, speed is even faster,” Krishnani said.

“We have to look at the disruptive innovations, which is the way ahead,” he concluded.

Seven tips to remain relevant to audience

  • We need to spend time where audience spends time
  • Connect in ways that the audience want to connect
  • Effective communication means engaging
  • Staying aware of what your competitors are doing without being obsessed
  • Know the trends heading your way and have a strategy to take advantage of them
  • Welcome critical thinking within organisation
  • Embrace cross-industry innovation