The Financial Impact of Creative Services
The leaders of finance in organizations need to be acutely aware of the financial
impact behaviors have on an organization. None are perhaps more veiled than the
costs and opportunities in the creative process.
What we intend to explore here, are the impacts that gaining an understanding
of the money leaks and capturing opportunities, can have on a company's financial well
In today's economy, bottom line is a natural focus. This entails eliminating
unnecessary expenses by providing your company with innovative processes and
technologies that decrease expenses and increase revenue.
Ideas on Improving, Increasing and Investing in your Business
1. Improve Time-to-Revenue
It’s obvious that the faster your product, or your client’s product,
enters the market, the faster revenue is generated. There are many hurdles to this process, however, including bottlenecks that can occur within creative approval workflow, causing
big delays to time-to-market.
We used to think of the creative approval process
as simply getting senior management or client “sign off”. Now, so
much more is involved. With multiple mediums, new compliance laws, and complex
product marketing, a more layered approval chain is standard. Errors and mistakes
in product marketing, packaging, and advertising also cause delays and decrease
the bottom line. By improving time-to-market and eliminating mistakes, ultimately
revenue will increase.
2. Increase Revenue Producing Activities
Allow salespeople to sell and creatives to create, rather than be bogged down
with administrative details. Many times the people within an organization
that are responsible for sales revenue, and for impacting time-to-market, are
spending more time chasing approvals rather than on their revenue producing
activities. These are hidden costs and lost opportunities.
3. Invest in Efficiency
Most companies have processes, systems, and technologies in place to manage
their sales, customer relationships, finances, and human resources. These
systems help companies more efficiently operate and meet the needs of their
clients and employees.
The one area that is sometimes forgotten, and often
plagued with inefficiency, is the creative approval process. Adding efficiency
to this process not only eliminates communication challenges, but also allows
companies to know the exact approval workflow stage of each project, the
amount of time spent in the approval process, and specific data on time-to-revenue. This gives financial managers the tools they need to make adjustments
and improvements in the process.
The good news is, money is already being spent on creative processes. So when considering a spend on optimization -- the money is already there --
it doesn't require a new line item in the budget.
The bad news? There’s way too much being spent, and there is no value being gained.
Taking this money, which is currently hidden as excessive correction cycles, make goods, overnight fees, and losses in productivity, and investing in efficiency...now you've got value.
See 6 Critical Considerations for the Creative Enterprise, for more ideas.
To explore how an Approval Management Solution can help your company to decrease
often times hidden expenses and increase revenue, email or call our solutions team