CFOs in Advertising Media Deal with Different Challenges
The advertising world is constantly evolving. What worked even last month might not work today. Ad sales and planning teams are affected by these changes, but so are those responsible for the financial aspect: CFOs. Here are some of the challenges they face and how the right media technology solutions can help them deal with those challenges.
Red tape is every organization’s nightmare. Unfortunately, the advertising industry brings a lot of red tape with it. Rather than spending time on more essential tasks, CFOs often find themselves spending their time working to comply with auditors and financial regulations to meet SEC and other requirements.
Because media companies have few effective CRM or financial management solutions that can support their needs, they are usually left to create their own. These cumbersome systems are unable to track ad sales performance and target problem areas in a timely manner, leading to a loss of revenue.
Lack of visibility into financials
Ad sales is rarely a simple business model. The reporting process has many moving parts, and all too often, departments are siloed, reporting separately and preventing the CFO from seeing the big picture. But many CFOs are reluctant to take advantage of today’s reporting and analytics solutions with features like AI, worrying that implementing them might be more trouble than they’re worth. They rely solely on outdated reporting tools or manual processes, which prevent them from accurately reporting on the state of their business.
The solution: Technology designed for the media industry
Whether you’re in print and digital publishing, cable, broadcasting, or other type of media company selling advertising, events, and subscription products, AKA offers comprehensive solutions that help you manage ad sales, billing processes, and ad sales financial management, as well as reporting, revenue recognition, and analytics.
Looking for technology to support your finance organization? We’ve been working with media companies, connecting them to technology solutions designed for your industry, for nearly 30 years. Talk to the Media experts at AKA Enterprise Solutions.