In the media and entertainment sector, the finance department has historically faced the daunting task of calculating royalties - a process that could stretch out for weeks, mired in complex spreadsheets and manual data entry. It's a narrative all too familiar, yet accepted as an unavoidable part of the job. However, Molten Cloud's Royalties tool has emerged as a game-changer, dramatically streamlining this process from a marathon to a sprint.
The Challenge of Traditional Royalty Calculations
Traditionally, finance teams have had to dedicate significant resources and time to royalty calculations. This process involved ingesting revenue reports from various sources, meticulously normalizing the data, performing royalties calculations, and then hand-crafting reports to share with licensors. The manual nature of these tasks not only pose a high risk of errors but also consume weeks of difficult work, adding stress and pressure to teams already burdened with tight deadlines.
Molten Cloud's Solution: Efficiency and Accuracy
Molten Cloud’s latest tool revolutionizes royalty calculation, enabling unprecedented speed and accuracy. By leveraging deep integration across contracts, rights, titles, and financial data, the tool automates calculations that previously took weeks, reducing them to minutes. This efficiency doesn't compromise on accuracy; instead, it ensures that every calculation is precise, relying on the tool's ability to seamlessly connect and analyze all relevant data. Royalty Calculations can be broken down into three simple steps:
Ingestion: Begin by uploading your royalty reports directly into the Royalties tool. Our Data Health Check then takes the stage, meticulously comparing your royalty data against both your contracts and entire library. It ensures complete alignment and accuracy, leaving no stone unturned to verify that all data in your library is correct and fully accounted for. Encounter any discrepancies? Fear not! The Data Health Check guides you step-by-step to resolve these issues effortlessly.
Calculation: Welcome to the effortless phase. With just a single click, your royalty calculations are complete. Yes, it's genuinely that easy. Our sophisticated system undertakes the heavy lifting, allowing you to enjoy a moment of calm. Maybe even a sigh of relief. Or a margarita. It’s up to you. But you won’t be waiting long - depending on the volume of data, this process may only take a couple of minutes.
Export: The work is done and it’s time to share. Download your Excel report featuring all necessary details for internal and external sharing. You’ll have a collection of pre-sorted pages for licensors, contracts, titles, and more, at your fingertips.
The Impact: Beyond Speed
The benefits of adopting Molten Cloud's Royalties tool extend beyond just saving time. It brings about a significant improvement in data quality across the organization. The tool's requirement for accurate data to perform calculations acts as a catalyst, enhancing the overall integrity of the company's financial data. This means that finance teams can confidently rely on the output, knowing that it's based on clean, error-free data, thereby reducing liability and the potential for costly mistakes.
A New Standard in Royalty Calculations
With Molten Cloud, finance teams can finally move away from the tedious, error-prone methods of the past. The tool sets a new standard for how royalties should be calculated in the media and entertainment industry, offering a solution that is not just faster but smarter. It transforms a process that was once a source of dread into a streamlined, manageable task, freeing up finance professionals to focus on more strategic aspects of their role.
Conclusion
The introduction of Molten Cloud's Royalties tool marks a significant leap forward for finance teams in the media and entertainment industry. By turning week-long royalty calculations into a matter of minutes, it not only saves precious time but also ensures the accuracy and integrity of financial data. This innovative tool is a testament to the power of technology to simplify complex processes, offering a brighter, more efficient future for finance professionals.
