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Research, Business Intelligence and the Sustainable Growth of the Printing Industry in Nigeria

Print buyers ought to make choices primarily based on correct, properly based data. Analysis supplies that sort of data. A print enterprise investor working with out analysis is sort of a particular person aiming to hit a goal in the darkish; to what finish?

Analysis for Sustainable Growth and Growth

Some could also be fast to hyperlink analysis with teachers. Properly, analysis shouldn’t be perceived as strictly and tutorial factor. Certainly, there may be an instructional facet to analysis however for enterprise buyers the function of analysis is to offer data relating to the market, the financial system and all variables involved with making sound enterprise investments. In the easiest phrases, analysis means “to find out” or “to keep searching”. One professional describes analysis as a device for answering sensible questions in relation to enterprise investments. One other says “the goal of research is to supply accurate information that reduces the uncertainty in managerial decision making”. (1)

Why the Want for Analysis in the Printing Industry?

The printing press is taken into account the first mass communication device with revolutionary impacts in the annals of human communication. Nevertheless, with the emergence of digital applied sciences, the printing business is present process adjustments, introduced on by demographic shifts, monetary upheavals, and the stress of new applied sciences.(2) Like different industries feeling the impression of digital applied sciences, the printing business is in transition and how it’s transitioning and the alternatives which are out there in this transition needs to be of nice concern to print buyers and print business practitioners. Central to this transition is the integration of new media applied sciences with print. As Graham Stamp places it, “the challenge for print is to integrate itself with the digital channels and become as relevant, targeted and conversational as possible…”(3)

With the proliferation of new media applied sciences, there was diminished demand for print. Traders and practitioners in the printing business are expressing worries as media shoppers search new media alternate options, significantly the Web, for assembly their data wants. Entrepreneurs and advertisers are additionally searching for better relevance in the media panorama; so they’re turning to digital channels. Consequently, the print publishing business in the new media age has witnessed a decline in quantity of print, main to say no in earnings. Not just a few have laid the drawback at the doorstep of the Web. However Joseph Webb and Richard Romano disagree. They aver that print companies’ issues have been brought about largely by their incapacity to know the Web and the accompanying revolution of computing and communications. They argue that printers have didn’t adapt to the new wants, agendas and tendencies in the prevailing media market. The duo additionally argue that reasonably than the Web being the perpetrator, unhealthy enterprise choices by these working printing and publishing companies account for the enterprise losses.(4) Certainly, the decline in print enterprise was predicted by many, together with Webb and Whittington in the TrendsWatch Forecast 2000 printed in November 1999. They warned: “We believe that the years when print would be equal to slightly higher than real GDP growth are nearly over. …printers will start losing print jobs to the Internet…print jobs will be shorter runs and lower page counts…printers’ customers will force them to provide Internet-base service and support.” The problem for business printers is creating progressive enterprise methods that reposition them for a multimedia market. As the Industry Science Useful resource Report (2001) succinctly places it, “reliance on the way business has been done in the industry up to now is no guarantee of survival, let alone sustainable growth”. (5)

The Print Media Industry in a Aggressive Media Panorama

The media business, in the views of Annet Aris and Jacques Bughin, consists of a variety of companies with a core aspect of content material creation and distribution.(6) Historically, the media business is categorized primarily based on the sort of media used. Whether or not categorized as print media or digital media, all conventional media firms are rethinking their enterprise fashions in the face of disruptive applied sciences; the Web being the cornerstone.

Disruptive applied sciences throw up sure points; they current media shoppers with alternate options for searching for data. As Michael Porter, in 2008, notes, “when the threat of substitutes is high, industry profitability suffers”. (7) In up to date media panorama, the print media has turn into a supporting media to digital media as much less advertising and marketing price range is allotted to print. The impression of new media on profitability and by extension, the survival of the printing business has subsequently turn into an everyday level of debates. Whereas some are fast to move the verdict of the demise of print, some others have taken a extra optimistic stance, arguing that no new media has led to the demise of the older media. The defenders of the print media, nonetheless, name for the transformation of the printing business and repositioning of printers for survival in a multimedia age. This, they argue, guarantees to carry a couple of change of processes and practices about how print is produced and supplied on the market. The emergence of the new media has been recorded to have diminished demand for print. The key industries which are the centerpieces of print media actions like the e-book publishing business, the newspaper and journal publishing business, and the promoting business, are feeling the warmth by way of diminished revenue in consequence of the decline in the use of print media by shoppers of the media.

The Function of Analysis in Repositioning the Printing Industry in Nigeria

Doubtless, the survival of printing firms in an Web age is a matter deserving consideration greater than ever earlier than. In Nigeria, there are numerous printing homes with numerous ranges of investments value thousands and thousands of {dollars}. Shutting down these print homes as a consequence of the disruptive results of digital media like the Web will probably be a minus to the nation’s financial system. Transformation and re-invention subsequently turns into crucial in Nigeria’s print publishing business. As Joseph Webb in 2008 opines, change in the print publishing business is inevitable.(8) Business printers in up to date age can’t survive by residing in denial of the impression of digital applied sciences. The technique to reviving print in a multimedia age lies in the integration of print with digital media. In the previous, efforts have been made (in the United States, United Kingdom and others) in the kind of media campaigns to advertise the use of print however this isn’t an everlasting strategy. In the views of Webb and Romano, this strategy is missing in logic and technique. The suitable strategy, they argue, is arising with methods to make print survive in the face of disruptive digital media.(9) Analysis, little doubt, performs an important position in reviving print. Some of the points ready to be researched into in the context of the Nigerian printing business embrace:

(i) The construction and state of the printing business in Nigeria

(ii) How the adoption of digital printing applied sciences place printing firms in Nigeria for renewal in a multimedia panorama

(iii) How printing firms in Nigeria can use the Web as leverage for development and growth

(iv) The limitations to digital transformation and re-invention in Nigeria’s printing business

(v) The longer term for the print media business in Nigeria

Doubtless, there may be an pressing want for information that help print enterprise intelligence in Nigeria as there’s a dearth of details about the printing business in the nation’s financial system. At current, there isn’t a Nigerian analysis group, whether or not authorities, non-government or non-public, that’s actively engaged in producing data for print enterprise intelligence. Fortunately, the Chartered Institute of Skilled Printers of Nigeria (CIPPON) which has a statutory perform in this regard is gearing as much as stay as much as expectation by constituting a 9-member analysis and growth committee in October 2019.(10)

Toeing the Path of Transformation and Re-invention

The survival of printing firms in Nigeria would depend upon their potential to rework by adapting and specializing in prospects’ altering wants. The enhancing web penetration degree and more and more diminished value of digital gadgets will additional scale back the use of paper-based print media by Nigerians. The printing business would wish to confide in new areas that might assist them compete favorably in a brand new media market atmosphere. Business intelligence is essential; data is the kernel of good choice making and analysis is the coronary heart of enterprise intelligence. As the Web and different digital media make in-roads into the media panorama in Nigeria, print publishing firms should transit from being print-centric to being digital-centric in their operations.

Notes

  1. Zikmund, W., Babin, B., Carr, J., & Griffin, M., (2009). Business Analysis Strategies (8ed). P.5
  2. Dizard, W, (2000). Outdated Media New Media. New York: Longman.
  3. Stamp, Graham (2010).The Want for Transformation inside the UK printing Sector. A White paper from dotgain.org. Retrieved March 30, 2015 from www.techrepublic.com/resource-library/whitepapers/the-need-for-transformation-within-the-uk-printing-sector/
  4. Webb, J. and Romano, R. (2010).Disrupting the Future: Unusual Knowledge for Navigating Print’s Difficult Marketplaces. Harrisville: Methods for Administration, Inc.
  5. Industry Science Useful resource (March 2001) Print 21- The Printing Industries Motion Agenda. Retrieved March 29, 2015 from www.cs.rmit.au/Printing_AA_Report/
  6. Aris, Annet and Bughi, Jacques (2009). Managing Media Corporations: Harnessing Inventive Worth (2ed). West Sussex: John Wiley & Sons Ltd
  7. Porter, M. (January, 2008). The 5 Aggressive Forces that Form Technique. Harvard Business Overview. Pp 79-93
  8. Webb, J. (2008). Renewing the Printing Industry: Methods and Motion Gadgets for Success (2ed). Harrisville: Methods for Administration, Inc.
  9. Webb, J. and Romano, R. (2010).
  10. CIPPON Join, Version 4.

Afolabi teaches at the Division of Printing Know-how, Yaba School of Know-how. He’s the writer of the e-book Graphic Communication in Nigeria. Obtainable without spending a dime obtain right here . He may be reached through [email protected]

Disclaimer: “The views/contents expressed in this text are the sole duty of Abdulrasheed Afolabi and don’t essentially replicate these of The Nigerian Voice. The Nigerian Voice won’t be accountable or responsible for any inaccurate or incorrect statements contained in this text.”

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