The sports media rights industry is known for having a fairly old-guard approach to tech – but is it time for an update? The case for adopting software to improve every aspect of your business is strong. In other industries, using the right software has been shown to increase sales by up to 30%, improve existing client satisfaction and renewals, and shorten the sales cycle, which in turn improves overall bottom line. Sure sounds like a win-win to us.
From streamlining your sales process to taking knowledge-sharing to the next level, here are 3 great reasons why your business needs to adopt Sales & Rights Management Software today.
1. Create One Source of Truth
In this day and age, information is the lifeblood of any business. Yet, important information is often stored like it’s an afterthought: across multiple PDFs, spreadsheets, folders, and software. And disorganised information doesn’t just cause headaches – it can hurt your business. Imagine if the time you spend looking for documents, preparing reports, and double-checking facts could be spent doing something else? Studies show that employees spend 30% of their time searching for information that already exists, so improving your knowledge-sharing practices will likely yield real and tangible improvements in productivity. On top of that, disorganised information can increase the risk of costly errors and cause bottlenecks and communication mishaps as your teams work in silos.
As poor knowledge-sharing practices cost Fortune 500 companies $31.5bn (€25.9bn) annually, the sports industry has a lot to gain from updating their knowledge management practices to the 21st century.
As more and more businesses digitise and global data creation is predicted to grow to an enormous 163 zettabytes per year by 2025, there’s no better time than now to get your data organised. A Sports Sales & Rights Management Software is designed specifically to simplify your knowledge ecosystem, cut costs and reduce labour time. With a system like Content Arena Manager, work that used to take hours can now be done in minutes with simple and easy-to-access tailor-made dashboards. And not only do you save time – managing your information in the right way will also improve your revenue opportunities as employees have access to the right information at the right time, and you’ll be protected against knowledge-loss when key employees leave.
2. Streamline Your Sales Process
Regardless of your industry, improving your sales process should be at the top of your to-do list. If your sales process isn’t optimised, you stand at a risk to be left behind competitors who take advantage of the latest technological developments. In fact, according to Salesforce, companies without sales software fail to convert 79% of all leads.
In the sports media rights industry, having a Sales and Rights Management Software is absolutely crucial to making the most out of your sports content. According to our research, costly sales processes and undersold sports content are some of the key pain points in the industry. With a tool like Content Arena Manager, you’ll be able to create an always-on digital sales channel that allows you to showcase and sell your sports rights to a vast pool of buyers, and maximise your sales potential in new markets. You’ll also make promoting your content much easier and increase employee happiness and efficiency as menial sales admin tasks are reduced.
3. Say Goodbye to Complex Legal Processes
Legal work takes time. Documents have to be created, edited, signed, and managed. The path from the first draft to a signed contract can often take months. While that may be acceptable for multi-million blockbuster sports rights agreements, it is certainly one of the bottlenecks in making a higher number of mutually beneficial partnerships and utilising rights to its fullest extent. In addition, without a good contract management system, many contracts disappear into some cobweb-covered corner in the cloud, never to be seen again.
It’s 2021. Surely, there must be a better way to manage the contract lifecycle? After all, all those hours spent on legal are costly and the risk of errors resulting from a complex process doesn’t exactly sound great either.
With Sports Rights Management Software, you’ll be able to automate the entire term-sheet and contract creation process, saving you time, money and mitigating the risk of legal errors. And as your business grows, you’ll be able to scale your company without scaling your legal team.
Learn more about Content Arena Manager by booking a meeting here