Digital disruption is no longer “new news” to media and entertainment.
In the past five years alone, we’ve seen a massive influx of new players hit the scene, content catalogs triple in size (if not quadruple!), and customer bases reach far into the millions. While these new forms of technology have ushered in a wealth of valuable opportunities, they’ve also created a slew of chaos behind the scenes.
As digital content has exponentially increased, managing and exploiting IP has become a tedious endeavor. Bogged down by age-old business processes, M&E businesses have struggled to keep up with data storage, management, and delivery.
In order to keep up with increasing consumer demand –– and remain competitive in today’s digital world –– the M&E industry needs to adopt intuitive tools that streamline the contract initiation process, minimize cumbersome manual tasks, and reduce administrative burden.
Benefits of Cloud-Based Contract Management Software
When it comes to intellectual property management, contracts of today look nothing like contracts of the past.
Prior to the digital age, contract management was a much simpler process as M&E businesses were dealing with fewer delivery mediums. With the rise of video-on-demand, however, distributors are juggling hundreds upon hundreds of titles at once, a faster time to market, and varying terms and exclusivity. Needless to say, there are a lot of moving parts.
With cloud technology, businesses are able to store, manage, and deliver volumes of contracts and content in a scalable and cost-effective digital environment.
Here are four ways a cloud-based contract management system such as FilmTrack can improve efficiency across the entire business ecosystem.
- It Connects Disjointed Business Units
It’s typical to find producers, distributors, and sales agents operating across different countries and time zones. With an enterprise-level contract management solution, you can rest assured knowing that separate teams are always armed with the information they need to operate more efficiently at global film markets.
- It Simplifies Royalty Management
Managing royalty revenue from subscription-based business models is complex: deals can be structured so that payment is per price, per unit, per hour, or even per percent of an hour. Attempting to track this level of granularity via spreadsheets is not only taxing, but often prone to error. With FilmTrack, royalties and participations are automatically calculated and verified for discrepancies, ultimately saving valuable time, money, and resources in the long run.
- It Eliminates Repetitive, Time-Consuming Steps
Most media and entertainment organizations have too many contracts to manage manually. With a cloud-based contract management tool, you can easily automate the complex contract creation process. FilmTrack’s easy-to-use, central repository gives you the ability to quickly find what you are looking for without having to dig through documents one by one. Furthermore, you can easily store, manage, and access your contracts, deal points, and associated documents all within the click of a button.
- It Protects Against Errors and Vulnerability
In recent years, the media & entertainment space has become particularly vulnerable to cyber attacks. By working with a SOC 1 and SOC 2 certified contract management vendor, you can ensure that your intellectual properties are protected from internal mishaps and malicious external threats and securely accessible by all business departments.
Want to see how FilmTrack can enhance your entire business ecosystem?
Contact us today to book a free assessment.