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Licensees Focus

DEPENDABLE SOLUTIONS UPGRADES LICENSING & ROYALTY MANAGEMENT PLATFORM TO MEET EMERGING CHALLENGES

14 May - 2024

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Dependable Solutions is transforming the licensing landscape as traditional manual operations shift to automated operations and data-driven strategies.

As a leading provider of licensing and royalty management software, Dependable Solutions have revolutionized the landscape with innovative improvements, tailored to the challenges of the licensing industry.

Centralizing Operations for Efficiency and Insights

McCormick, a global leader in seasonings and condiments, exemplifies the transformative power of Dependable Solutions’ platform on licensing operations. McCormick have enhanced operational efficiency and gained invaluable insights by centralizing their licensing data and processes.

The platform they use, developed by Dependable Solutions, serves as a centralized hub for managing contracts, streamlining operations, ensuring compliance, and facilitating communication and workflows.

The ability to have all our agreements in one place has been extremely beneficial in staying ahead of expiring contracts.  Not only has this helped with our conversations with our licensing partners, but it has also instilled a sense of confidence knowing we have a complete overview of our total licensing business,McCormick’s Brand Licensing Manager, Ana Murphy, explains, “Dependable Solutions has played an instrumental role in enhancing the efficiency of our licensing operations. We’ve been able to strengthen our partnership with our finance team and streamline procedures”. 

Connecting the Dots with Integrated Systems

This level of inter-departmental cooperation is often hampered by the use of disparate system.

Bringing vital licensing data together, in one centralized platform, can add the context needed to garner true insights and, if automated, can help reduce manual data entry – saving time and removing the opportunity for human error.

Dependable Solutions streamlines connections and facilitates system integrations through the use of application programming interfaces (APIs) to support data sharing between your licensing and royalty management platform and enterprise resource planning (ERP) systems, sales records, partner databases, authentication tools, and other software packages used across your business.

Further, Dependable Solutions utilizes API key management features to enhance  these integrations, offering flexibility, control, and improved workflows for licensing professionals.

Inconsistencies Eradicated with Enhanced Mapping Tools

But what happens if across all these systems and licensing partners, there are inconsistencies in how data is labelled?

Managing compliance and tracking royalties can present significant challenges for licensing teams of all shapes and sizes. Inconsistencies in data labelling can cause a major headache when it comes to data validation and analysis.

Inconsistencies in naming conventions, particularly when dealing with diverse cultures, languages, and territories, are very common. “Pants” to one partner could easily be “trousers” to another, the “United States” could be “USA” or even a part of “North America”.

Dependable Solutions has improved its mapping tools to robustly manage naming convention discrepancies. Users can easily record alternate names for SKUs, territories, IP, sales channels, product categories and more. The system can then automatically associate the data collected with the users’ preferred naming convention.

Improvements in consistency and efficiency are at the heart of these newly improved mapping tools,” said Rhys Fleming, Sales and Marketing Director at Dependable Solutions, “Being able to apply the correct rules and rates, once a previously unknown term has been defined and recorded, is saving our clients a lot of time when processing royalty reports and guarantees that the same logic is applied quarter over quarter, year over year.

Dependable Solutions’ platform also allows the creation of territory, IP and product groups. Users can define the entities included in a group, simplifying complex agreements and allowing quick and accurate verification of royalty rates.

Enhanced Sustainability Tracking

In response to the growing importance of sustainability in licensing relationships, Dependable Solutions has updated its SKU tracking tools. Licensing teams now have the ability to efficiently track how products conform to sustainability criteria, including the duration of compliance and whether specific elements of the sustainability criteria are met or not. This empowers teams to report on sustainability conformity across their programs and track changes over time, supporting their efforts to run more sustainable licensing programs.

It was imperative to us that our clients and the wider licensing industry be a part of developing these tools,Paul Hucker, Associate Director of Client Services at Dependable Solutions, tells us, “Getting these tools developed was a collaborative process. We’ve developed a very flexible tool for tracking sustainability. A tool that we want to continue to refine and improve with the help of the incredible licensing teams we work with.

Commitment to Innovation and Excellence

With enhanced tools for addressing naming inconsistencies, tracking sustainability, connecting systems, and centralizing operations, Dependable Solutions makes a pivotal advancement in the licensing landscape.

As the industry continues to evolve, Dependable Solutions remains steadfast in its commitment to providing cutting-edge solutions that drive efficiency, foster sustainability, and empower licensing teams worldwide.

Visit Dependable Solutions at booth D208 at the Licensing Expo in Vegas to learn more about their innovative offerings and how they can transform your licensing operations.


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