The media and entertainment industry is not very different from other industries when it comes to complexity and challenges in managing their operations. ERP software can help media companies streamlining their operations, optimizing processes, managing information flow and more.
The media and entertainment industry is experiencing a rapid transformation in the way content is consumed. The arrival of digital has completely changed the game. There is a need for new systems to meet growing consumer demand, drive margins and enabling efficient production and management of creatives.
Businesses in the industry are currently using standalone solutions for broadcast operations, production, marketing accounting etc., leading to inefficiency and high costs. A centralized platform like ERP can help media companies integrate their various processes, drive efficiency and cut expenses.
From the media and entertainment perspective, think of various activities and processes such as broadcasting, ticketing, subscription, advertising, accounting, HR etc., involved in running a company. Now think of a platform that can integrate and help the company manage all these processes and activities from one place. All departments will use only this platform. Data entered by one department can be used by other departments. This is what ERP does. And it offers various benefits to a media company including:
- Complete content lifecycle management
- Managing sales & subscription
- Automating ad inventory management
- Forecasting demand, revenue & profitability with higher accuracy
- Tighter coordination across the company
- Higher productivity among employees
- Better customer experience
- Better accounting and financial management
- Data analytics & insights
At Gemini Consulting & Services, we understand the current and futuristic role of an ERP in the media and entertainment business. To know how our expert team can help you at every stage in your ERP implementation journey, contact us.
An ERP platform can help businesses related to media and entertainment with its following features.
- End-to-End Operations Management: One of the biggest advantages companies that implement ERP get is that they are able to manage their entire operations from one system. ERP platform can handle all processes, right from content to accounting. This helps companies get a unified view of their operations, be agile, automate and optimize and reduce manpower.
- Advertising Management: Advertisements are revenue drivers for media and entertainment companies. But it is a fast and complex activity, especially in the digital age. There are multiple things to look at – ad spots, ad inventories, broadcasting and managing the bills and payments. ERP software provides you with one succinct view of your advertising process and manages it. You can get all the necessary information of your ad customers, view the real-time status of your advertising sales, manage insertion orders and track revenues.
- Customer Relationship Management: ERP provides all the features of a CRM to help you manage your subscribers. ERP for media companies delivers CRM capabilities to provide all the information you need about your audience, their account details and more in a single, real-time view. You can use ERP for subscription renewal management, customer engagement and marketing.
- Employee Management: HR is also a key component of the media and entertainment business. ERP software helps you store employee records, timesheets, attendance records etc., in one place. It can help you in managing payrolls and expense reports of your employees. The platform also supports building employee self-service portals for leave and travel approvals, employee benefits and knowledge centers.
- Accounting & Finance: One of the core features of an ERP platform that all businesses can use for accounting and finance management. From general ledger, accounts receivable and payable, cashflow management, multi-currency management and generating standard and customizable reports, the ERP can do all that to keep your finances in order.
There are many other areas and processes like sales, marketing and agency relationship etc., where an ERP can play a significant role to enhance efficiency and save time.
Media companies are digitalizing at a rapid pace and the COVID-19 pandemic has accelerated their plans. The media and entertainment sector need to change the way it works and reinvent itself to meet the demands of consumers. An ERP Software can play a crucial role in accelerating and adapting to digital technologies. It can integrate with systems and apps to help you build a connected environment. It can feed your Artificial Intelligence (AI) and Machine Learning (ML) models with data for automation. And, overall, it can help your business be ready for a full-scale digital transformation.