EY OpsChain Contract Management Solution
Top TMT companies of all sizes are simplifying and managing complexities around commercial agreements and end-to-end procurement activities using blockchain-based solution provide the answer.
What EY can do for you
The huge strides TMT companies have made in digitizing their products and services have produced a seamless value chain for digital content that runs all the way from artists and creators, producers and directors, to distributors and — ultimately — the end customer, creating growing appreciation and loyalty.
However, companies’ procurement and contracting groups have remained burdened by legacy applications and processes and have hindered some of the benefits of their digital innovation and investment including challenges in managing digital asset rights, heightened piracy and security issues, siloed systems, and overly complex value chains with a multiplicity of revenue-sharing parties.
EY’s OpsChain Contract Management for TMT is the first solution of its kind to enable companies of all sizes to simplify and manage the complexity created by extended digital business ecosystems, fragmented IT systems, and increasingly variable commercial agreements.
Now a solution is at hand with EY’s OpsChain Contract Management for TMT. The first solution of its kind for the industry, it enables companies of all sizes and in all segments of TMT to simplify and manage the complexity created by extended digital business ecosystems, fragmented IT systems and increasingly variable commercial agreements.
How does our solution do all this? We empower your business to run end-to-end procurement activities using tokens and smart contracts. This is underpinned by the global partnership between EY and Microsoft — two world leaders who collaborated to put this same technology at the heart of the solution used to manage Xbox royalties.
Building on this solid foundation, the EY OpsChain Contract Management solution for TMT is ideally equipped to solve industry-wide challenges. For example, in the over-the-top (OTT) streaming and subscription video-on-demand (SVoD) segments, it enables ecosystem-wide user management to support growth in partnerships and utilization. In digital advertising, it provides omnichannel data to inform programmatic and addressable advertising. And in data and content security, it automates complex agreements and asset monitoring to secure content and intellectual property.
The result is a new paradigm for digital rights management, including:
- Creation of digital assets: Artists and innovators can digitize their work to prove ownership and micro-monetize it without the risk of it being stolen.
- Capability to have digital smart contracts: Companies can define and agree on terms for revenue sharing for digitized assets and usage with distributors, and then automate these in smart contracts.
- Transparent ledger and micro-metering: Consumption must be fully transparent to everyone across the ecosystem at the transaction level.
- Tokens for transactions: Creating tokenized asset ownership, usage, and fiat currency can simplify purchases.
At the same time, the solution delivers critical strategic benefits to all participants in the ecosystem:
- Better revenue management: Revenue is shared in near real-time based on digital contracts and creators are paid immediately.
- Enable analytics on usage and data: This enables you to attract merchandisers and distributors, plan promotions, experiment with dynamic pricing and get funding for future projects.r
- Piracy protection: Public key infrastructure and asset provenance management mean artists and innovators can exchange their assets securely over the network.
Your TMT business already operates at digital speed in delivering its products and services. The EY OpsChain Contract Management solution for TMT brings the same pace to your commercial contracting and execution. To find out more about what our solution can deliver for your business, contact us today.
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The Future of Contract Management in the Digital Economy
On-Demand Virtual Seminar
Find out how contract management solutions using blockchain can offer significant advantages, which include tracking and managing complex contracts, evaluating contract terms in near real-time, ERP system integration for invoicing and accounting, and better visibility to vendors and partners around contract terms and payments.