The term royalty is associated with the assets that are tangible or intangible in nature. These assets include building infrastructure, mining areas, patent, copyright, trademark and others. These assets can be associated with individual person or a corporate organization. For instance, the owner of mines permits extraction of minerals such as coal, copper, stone from his land following which the owner of the land is liable to get royalty. Therefore, royalty is a payment to be paid periodically by the user of assets for utilizing the benefits of authorities assigned to the owner of the assets.
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Royalty management currently has become complex with increased number, size, type, interrelationships of leases, and the sales. Furthermore, large sums involved have led to more complex processes, however, the evolution of technology has played a vital role in managing and simplifying the royalty calculations, revenue shares, growths, and the associated accounting processes. The royalty management software and services offered by service providers enable organizations to streamline their processes, helps them to avoid and terminate duplicate data, thereby, saving costs associated with the everyday management and administration of royalties and rights. Additionally, it replaces inefficient processes with best in class practices and automation, bringing significance in time savings and increased accuracy.
For an organization to improve its efficiency and reliability, it is necessary to maintain strong financial condition to remain competitive in the market. Royalty management solutions are designed with the ability and flexibility to meet the royalty needs of an organization, enabling generation of royalty statements efficiently. Also, royalty management system ensures comprehensive control to achieve maximum profit from organization’s licensing agreements. In addition, governments in various countries have formulated stringent intellectual property laws to avoid copyright infringement which is expected to aid the growth of royalty management software and services market. The increased need for enhanced administration is further expected to aid the growth of royalty management software and services. The centralization of data over cloud has eased its accessibility for multiple users at distant locations, while reducing operating cost.
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