Life sciences is a fast-paced industry, focused on continuous innovation. Biotech firms, medical equipment and pharmaceutical companies routinely rely on funding to develop their treatments, drugs and devices. If the product is successful, then the investors are entitled to royalty payments from the revenue.
Typically, the product or treatment owner must pay royalties to multiple stakeholders such as Trusts and Foundations, high net worth individuals, NGOs and Government funding sources. All of whom can also own different percentages of other products in the life sciences company’s portfolio. These products may also use intellectual property patented by other parties.
These funders and patent owners need regular reports on their share of the profits and expect timely, accurate payments. This can be challenging to provide as royalty management is often manual, time-consuming and prone to human error.
It is common for organisations to make royalty calculations using huge, complicated spreadsheets. Some may have a separate royalty management solution, but they must rekey the information to copy it into their finance system.
Royalty Management for SAP Business ByDesign launches on United VARs catalogue SAP Business ByDesign expert and United VARs member, In Cloud Solutions, is making it easy for life sciences companies to manage their intellectual property portfolio.
In Cloud’s Royalty Management for SAP Business ByDesign automates complex royalty calculations, reducing weeks of work by the finance and commercial departments into just a few hours. It is suitable for every size of company and enables them to include royalties in the payment run at the touch of a button.
With 97% of life sciences firms in the Forbes Global 2000 running SAP, a good percentage already have SAP Business ByDesign. The solution makes an ideal addition to any SAP Business ByDesign rollouts managed by other United VARs partners.
The solution has received a lot of interest since it launched on the United VARs product catalogue. Paul McNally, Head of Product Management at In Cloud Solutions, says, “We’re excited to have our Royalty Management for SAP Business ByDesign solution available through the catalogue. It gives our solution great visibility both to new customers, and to other United VARs partners”.
“We have used the catalogue ourselves to save on development time and costs by sourcing products for our own customers’ SAP Business ByDesign implementations. Most recently for a warehouse scanning solution, Seidor’s WMS@Cloud. It’s a great resource and we know that product quality is assured because all United VARs members are SAP Platinum partners and have experience of working together on SAP implementations across the world”.
Key Benefits Royalty Management for SAP Business ByDesign seamlessly integrates with SAP Business ByDesign to enable real-time reporting and validation of royalties. Product benefits include:
- Increase stakeholder satisfaction with accurate, on-time payments.
- Save time and money by automating licensee, patent cost and revenue processes.
- Real-time configuration of revenue and costs according to contract rules, at the click of a button.
- Easily report on and manage complex royalty agreements including fixed rate, scaled and cumulative royalty rates against products.
- Dashboards make it possible to analyse royalty by stakeholder, product and by month, as well as highlighting any outstanding royalties requiring immediate payment.
The solution is also suitable for media groups selling licenses to digital media, such as books or music, who need to ensure accurate royalty payments are made to the rights holders.
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About In Cloud Solutions In Cloud Solutions is the largest SAP ByDesign partner in the UK. It was founded in 2012 by Liz Matraves and Caroline Atkinson, who were involved at SAP in the original development of the ByDesign solution. With 20 consultants and a team of in-house developers, In Cloud is able to customise their own add-ons, and SAP Business ByDesign, to any company’s specific needs.
As a valued member of United VARS, In Cloud has worked on the most complex worldwide implementations. They have a wide range of offerings in the United VARs catalogue including: Royalties Billing, CUB Contract Utilities Billing, Enhanced Human Resources, Projects Manufacturing, Intrastat, and various data uploaders.
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