Contract Lifecycle and Digital AssetsWelcome to our #3 of mini-series blog post written by Bulent Dogan, President and Solution Architect at CyanGate.In my previous blog post, we discussed how agencies collaborate with companies during digital asset creation. We emphasized the best practice of continuously delivering assets to the company's Digital Asset Management (DAM) system with extensive metadata and detailed rights information. This not only reduces risk for companies but can also increase agency revenue through additional content delivery and organization within the company's DAM. Now, let's delve deeper into the rights management aspect of the digital asset creation process.Efficient Rights Management by AgenciesAgencies handle various aspects of this, including talent, venue, photographer, videographer, and other procured rights for the assets. All these contracts are directly negotiated between theagency and the respective third parties. I believe minimizing contract negotiation costs is in the best interest of the client. Could clients save money here? I believe there's significant room for cost reduction if clients have a greater say and oversight in the procurement and contracting process.Empowering Customers in the Procurement Process My recommendation is to implement an approval step for these contracts while maintaining a smooth process. This can be achieved using a contract lifecycle management (CLM) tool with standardized contracts, approval workflows, and built-in business rules.Case Study: Acme Corp - Streamlined Contracting for a TV Commercial Acme Corp hires Super Creative Agency to create a TV commercial for their newest product. Super Creative Agency proposes a brilliant scenario featuring a high-profile talent. Acme loves the idea, and the contracting phase begins. Super Creative Agency logs into Acme's contracting portal and creates a contract request outlining the talent details and available terms and conditions. This request automatically routes to the Acme marketing budget manager due to the large sum involved. After some back-and-forth communication, both parties agree on terms and budget, leading to contract generation and sending to the talent for e-signature. The talent can accept or propose edits within the system, all under Acme's general counsel and manager's visibility and approval. Once signed, the CLM system pushes acquired rights to the rights management system. Production follows, and finally, the agency delivers the digital assets to Acme's DAM. The agency staff easily selects the contract associated with the assets, automatically setting the exact rights within the DAM, ensuring proper usage. This scenario showcases the synergy of an Enterprise DAM, Rights Management System, and Contract Lifecycle Management System. All integrated and operating with predefined rules and processes. While this might not be a feasible solution for small to medium-sized companies, any company spending significant sums on marketing should seriously consider this investment. Empowering the Future of Digital Asset Creation By empowering clients with oversight and efficient processes, we can streamline digital asset creation, save costs, and ensure rights compliance. This paves the way for a more collaborative and sustainable future for the industry. Interested in learning more about integrated solutions for efficient digital asset creation? Contact us today to discuss your specific needs and explore how we can help you empower your clients and optimize your processes.