The music industry is a complex environment in which to conduct business. With so many digital assets, revenue streams, and datasets to keep track of, music businesses need to think about having a second look at the cloud.
The Cloud: Not Just for Storage
There are numerous reasons why a business should look at SaaS cloud computing solutions. While most commonly thought of for its secure data warehousing capabilities, many businesses have been recognizing the other potential that cloud computing shows.
For music industry professionals, this looks like far greater insights into the listening habits of their fans, increased collaboration efficiency, scalability, and business continuity, to name a few. Many of these are applicable to businesses across the board— in other words, these benefits aren’t limited to the music industry.
Cloud computing has the potential to increase the competitiveness of your music business. It reduces the cost of computing and storage, and unlocks the power of data; One of the most powerful tools there is for your music business. The cloud allows you to unlock this and a few other things that prove extremely valuable to any music business.
One of the major sticking points for many businesses considering the switch is the switch itself. In a survey (source referenced below) 42% of businesses noted the complexity of business and operational change as a pain point. While complexity may represent a challenge, the fact is that it is more complex to keep doing it the old way.
Let’s take a closer look at what cloud computing does and how it is helping music businesses to get ahead:
So, there’s a bit of work involved in making the transition, but if you look at this as a negative, you miss a really important benefit. The opportunity to reorganize a music business's processes is a chance to make massive improvements to workflows.
It is an opportunity to make your music business more efficient, effective, and indeed easier to run. It’s a major upgrade, and it’s worth it. Your music business gains the power of a tool that is constantly adapting to their needs.
Using SaaS cloud-based solutions is a fantastic way to leverage the power of automation. A great example of this is in the complexity of royalty accounting. On the one side, there are so many pieces of data to input from digital broadcasters, and on the other, royalty-splits. Where this was done manually on a spreadsheet before, it is now possible to automate these tasks, freeing up resources for higher-level tasks.
Improve Customer Relationships
As a music business, your artists are your clients, and if you aren’t thinking about improving their experience with your organization, you’re not doing it right. One way to accomplish this is through increasing transparency and SaaS cloud-based solutions like Reprtoir’s Rights-Holder Portal make this possible.
Cloud computing is a powerful tool for music businesses to incorporate and there are some incredible tools that are enabling them to break away. In a recent business survey, they found that 12 - 15% of businesses that had switched to cloud computing had managed to leverage substantial gains and growth as a result of the cloud.
How Does a Music Business Use the Cloud to Grow?
When you examine the success of that 12 - 15 %, it is true that it is a small subset. That doesn’t negate the point we’re making here however, it strengthens it. Here’s why.
Let’s take you back to the top of the article when we said that cloud computing isn’t just for storage anymore. A large part of the reason that the subset of businesses using the cloud to get ahead is so small, is based on understanding. That’s to say, it’s not that cloud computing only works 12-15% of the time - it’s more like only 12-15% of businesses that made the switch, understood how to utilize it properly.
It’s not a warehouse, it can be an almost entirely automated supply chain! While this is starting to sound quite techy - it applies to music businesses, and it translates into real-world results. When it comes down to it, your efficacy in using the cloud to get ahead comes down to one thing.
The Right Tools
A cloud is an on-demand tool, ready at your fingertips. It is highly adaptable and is always improving to better meet your needs. The truly determining factor in your success with it is in how you use it, which comes down to the tool you use to unlock it.
The key for music businesses to leverage the cloud is the tool that they use to access it. Reprtoir provides a comprehensive suite of software that is custom-tailored to use the power of the cloud to the advantage of your music business.
Through the ability to analyze data, reorganize and automate workflows and improve client relationships based on informed decision making, you gain a massive advantage.