Build The Foundations, Reduce The Risk: Putting Good Royalty Management At The Heart Of A Publishing Business Using Software
Summary
Efficient and timely royalty management helps to create a professional publishing business that becomes valued by authors, operates in a cost-effective manner, and is able to plan for the future with confidence. A publisher that is prone to royalty errors risks incurring a poor image in authors’ communities, and leaves them less motivated to create and promote top content. Poor quality royalty data and low visibility of monies that are owed to authors can compromise a publisher’s ability to manage cashflow and forecast accurately. But royalty management systems that generate accurate, timely data can provide publishers with actionable sales insights, and help them make better decisions on commissioning, marketing and much more. To some extent, publishing is a game of risk: of trying to predict which books will succeed, and of reducing costly errors and wasted resources in order to give them the best chance of success.
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