Our Client: A small-sized company specializing on IP licensing.
Problem: The cost of checking the periodic accounting statements of third-party licensors via external accounting professionals was exorbitantly high. How could the client reduce the cost of audits and capture the lost value of incorrect accounting statements?
What we did: We took an approach of guiding the client towards an in-house solution. Working with the client’s licensing department, we identified the most underreported areas and helped our client develop a light-weight, user-friendly, cloud-based analysis software to automate the process that was previously done manually by external specialists. We also provided training for the finance department to easily adapt to the new workflow and utilize the new software.
Result: 25% increase in licensing income. Reduction of cost by factor of five.
Additional Value: The new software is transferable to similar businesses in the same industry. Thus our client is now exploring new business opportunities in offering his software as a service to other companies.