Common Challenges for Publishers
The publishing industry, especially the Academic Sector, is continuing to face a plethora of unprecedented challenges. While issues like uncertain transaction costs, low R & D Expenditure, lack of market statistics and financial crisis are a few challenges, a foolproof redressal strategy to expand the network that further enhances the revenues need to be in place, for the growth and development of the publishing industry, which has got stagnated.
Listed below are a few common challenges faced by the Publishers:
There is a noticeable significant transformation, for both the readers and authors due to increasing demand to the changing times in the learning patterns.
Readers are becoming more focused, organized and Authors are striving to match the requirements of the Readers, in interactively generating content.
Publishers with these changing demands, need to innovate themselves and work towards improving functionalities, create digital rich content for distribution and develop an interactive approach to provide a unified platform for both Readers and Authors to remain happy.
Today’s Publishing Industry is suffering majorly from Know-How Crisis. Lack of proper knowledge, skills and expertise are the common concerns, be it in terms of usage in technology, workforce, market disruption, disseminating accessibility information.
Credibility is the biggest ascertaining factor for the success of Publishers with the various above mentioned aspects, but, developing an in-house team with structured capabilities, is the viable solution.
Digitalization and economic integration have paved the way for new emerging players from multinational companies in the new markets, where Publishers are forced to face the consequences of increased market competition.
To overcome and avoid cut-throat rivalries, Publishers are merely left out with a choice to take up Specialize in Operations to meet up to the customer expectations and live through the competition.
Digital Evolution and Disruption:
Digital disruption has been paving ways for new avenues and opportunities. Publishers are not been able to match up to this digital disruption quickly as more readers and authors are moving to make use of the online avenues.
Rather than being an unintentional victim, publishers need to adapt to survive and lead through the competitive landscape and transform the way content is created, curated and distributed.
The existing traditional models that have yielded streamed revenue in-flows, with digital evolution, are not relevant anymore.
Publishers are bound to diversify their channels or operations to effectively streamline their costs and credit risk analysis.
There is a multitude of challenges faced by manual Publishers with unsuitable delivery channels, mere staffing, insignificant revenues, restricted sponsorship options.
For Publishers to be successful: Identify, adapt, perform and thrive with modern tools and technologies, helps businesses to rectify challenges based on the specific challenges being encountered, especially with digital taking over, to gain a competitive and decisive advantage over competitors.