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Chances are you wouldn’t knowingly undermine your company’s bottom line by adhering to procedures that are financially risky. Yet many licensors of intellectual and physical property commit this foul every day … by relying on ineffective collections and royalty accounting practices.
Rights management can represent a substantial portion, or even all of a company’s revenue. However, the process is typically managed with a clunky, hodge-podge set of tools, such as internal databases, Excel spreadsheets, and homegrown software. These inefficient and often faulty tools not only impede a business from a time and cost perspective; they also open it up to a whole host of risks, such as:
Incurring one or all of these risks could be tantamount to disaster. Fortunately, they are all completely avoidable with a modest investment in effective rights management software. Specifically, MetaComet’s Royalty Tracker can make a world of difference in a company’s ability to maximize collections and solidify royalty accounting on licensed content. The benefits of a Royalty Tracker license typically offset the cost and provide a significant ROI. Some of these advantages include:
As intellectual and physical property-reliant industries continue to grow and evolve, so does the need for software that fosters effective collections and royalty accounting practices. Licensors who don’t adopt these practices are leaving money on the table and exposing their businesses to higher risks of failure.
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