Media Business & Future Of Journalism (JEM499)

Forbes Media has announced that it’s up for sale. Fri The move was initially announced in a memo to employees last. Forbes CEO and President Mike Perlis said the decision to pursue a sale came after several initial “serious” offers had been made. One analyst indicated that audience had a need to ask 2 basic questions. First, was the fast development in digital profits driven by its intense branded-content emphasis in mixture using its unpaid-blogger strategy?

Second, if that’s so, how come Forbes on the market? Print media has been dropping value lately, and increasing distribution costs and declining advertisement print advertisement sales have imperiled traditional printing business models. Many recent print sales (Washington Post, Boston Globe, Newsweek, Maxim) were at levels 80-90% below maximum valuation.

In contrast, a few of the early numbers suggest Forbes could go for only 20-25% below maximum valuation. That does suggest that Forbes Media might have been more lucrative in developing its digital aspect and business model. That includes cost savings by ditching professional journalists and only unpaid bloggers (the Huffington Post model), and their pioneering “native advertising” Brandvoice program.

Native advertising is a little controversial for its combination of interactive targeting and using advertisement content that mimics their editorial content. One critic suggests that the sound and selection of the bazaar will begin to wear on the traditional passive information consumer and thus will be, in the long run, unsustainable.

And understanding that, current Forbes command is looking to exploit their short term success. Alternatively, possibly the bazaar is a more comfortable location for younger Internet years – after all, its really not that not the same as the Wild West of the net. Younger Internet surfers are used to having access to a good amount of content, targeting and interactivity, evaluating the value of content, and wanting to place their own content for wider gain access to even. If that’s so, Forbes Media may be positioning itself to take advantage of the changing audience interests and behaviors of younger media consumers.

For example, the expenditure process entails purchasing, getting, vouching, payment and approval. Wouldn’t it seem sensible to have these functions as near to each other as you possibly can as well as maximizing the automation of the workflow? Often these functions are on different floors, in different buildings and aren’t computerized.

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This leads to delays in approval, delays in control, the scheduling of unnecessary meetings (Talk about waste!) and increases in cycle times. Takeaway – Better designs, better process flow design and increased automation eliminates unnecessary movement which reduces waste and boosts productivity. Remember to think about the unnecessary “motion” occurring in your business. Waiting – No real mystery here.

Think of intervals of inactivity while people or machines are waiting for the next input. An excellent example is in the mortgage program process. You fill out your software with all the helping information and hands it to the home loan company. They tell you it will require 4-6 weeks to process.

In actuality, there is 15-20 hours of actual work done on the application to complete it. All of those other time is lost on waiting. Work waiting for individuals (backlog), people waiting for work or people looking forward to people. One smell test is Solitaire. If people are playing Solitaire, then you know time has been wasted looking forward to work. Takeaway- Look at processes that involve waiting around and find ways to remove that right time.

If that’s not possible, add new productive activities that you can do during the waiting around period. Overproduction – This fits in directly with inventory and waiting. Overproducing and waiting leads to excessive inventory. A client of mine used to make product and package deal it in completed goods based on customer forecast then.