The benefits of efficient and automated royalty management radiate out across a business. Here are ten of the keyways that MetaComet’s solutions can make your publishing operations sharper and more productive.
1. Reduced Effort
Manual royalty management soaks up hours of staff time. For any sizeable list with multiple formats and sales territories, turning data into royalty statements by hand is time-consuming and frustrating – but automation releases publishing professionals from spreadsheet hell. Feedback from publishers suggests that MetaComet’s tools can improve the efficiency of royalties by up to 90%.
2. Lower Costs
Reducing the volume of time spent on royalties can quickly have a positive impact on the bottom line. When payments are automatically processed, costs associated with generating checks and postage are substantially cut too.
3. Elimination of Risk
Manual calculation of royalties can easily lead to mistakes, including paying out too much or too little. By automating solutions, the risk of error is dramatically reduced.
4. Happier Authors
Authors who receive accurate royalty statements and prompt payments are much more likely to be happy with their publisher. They’ll be more motivated to produce top quality content and hit deadlines, more willing to help promote books, and more likely to sign future deals. Publishers who invest in their authors don’t want to jeopardize that spending.
5. Brand Reputation
If a business makes errors in royalty calculations or delivers payments late, it may soon find itself with a poor reputation in the author community. One with timely and accurate payments can quickly establish itself as a reputable and professional home for authors’ work.
6. Sharper Publishing Focus
Freed from the chores of royalty administration, publishing staff can focus on more profitable and enjoyable work, like commissioning books and promoting them.
7. Richer Insights
Efficient royalty management manipulates in-depth data into a valuable sales dashboard. It can improve a publisher’s understanding of which authors are earning out their advances and help direct promotional activity where required. Royalty data can also be used to accurately determine profitability and the costs of goods sold.
8. Greener Practices
Web-based statements and payments slash the amount of paper and energy required in royalties. At a time when all publishers are tasked with the job of reducing their environmental impacts, that can be a nice boost.
9. Tighter Planning
When royalties are calculated by hand on a just-in-time basis, cashflow planning can suffer. With the clear visibility over payments that automated management delivers, businesses get greater confidence in their projections.
10. Growth Strategies
For a publisher to successfully expand, reliable systems are essential. Having a robust, scalable, and fully integrated royalty management solution provides the infrastructure for growth, without the need for painful retrofits.