We are launching ONE, our web application representing the best all-digital financial solution for the entertainment industry. Changing the favorite business model currently used by industry leaders is hard to overcome when people pay dearly for their free products. What is business model innovation? “It’s about delivering existing products that are produced by existing technologies to existing markets. And because it often involves changes invisible to the outside world, it can bring advantages that are hard to copy” (Girotra & Netessine, 2014).
We get why “payroll companies” were created for the entertainment industry. When you used paper and were mobile going around the world to make a product, having one place that handled your business and was always around made sense. Does that sound like what the internet and cloud computing do for us today? Fifty years ago, production accounting software was born, and payroll companies began. It is time to move on from that old business model.
- It is time for an update on how budgets are collected from department heads.
- It is time for an update on how the crews deliver their documents to the project.
- It is time for an update on the communication process when getting payees paid on a project.
- It is time to recognize that the new business process is computerized. All information is stored in “Systems of Records” to be transferred to “Data Warehouses,” where analytics are created.
A well-designed business process in a web application is the best way for productions to handle their business. We can all agree on the importance of technology, but we do it by charging for our services and products. When a company is transparent with what it charges for products and services, it creates trust between the parties. It also raises the bar for all services and products. How can you demand something from someone without paying them for the services? We do not want our customers to feel helpless. We want our customers to expect excellent service and world-class products.
Byagi, ONE, a web application, is a new system of record for the entertainment industry. It is a web application that combines what is already out there into one definable system using existing technologies. Budgets, Purchase 
Orders, Payroll, Document Storage, and Management are needed for a project, and you can find it all in ONE place. It is for everyone to be digital on production and to do it together in ONE place.
What we have done internally is best defined as “Workers must understand and accept that decisions and other work-related activities are going to be strongly influenced by the use of analytics (though intuition and experience will still have important roles). Facts, rather than “gut feelings,” will become the basis for decision-making” (Watson, 2016).
One feature is the only wholly new idea of digital financial tech being made for our business. This web application is for everyone to use based on their access level to monitor the real-time activities of their financial transactions. Everyone needs to be on the same page to communicate clearly. ONE is a system of record that brings us all together to improve the communication and efficiency of the production life cycle.
When we make a system like ONE, we take the first steps of getting organizations on track with their Data-Driven cultures. We have studied the industry and know the pains of doing business. From the outside world, what we have made already exists, and it may be in their world but not in entertainment. We need a new business process and innovative business model that serves the current production needs and supports the workers in getting the job done.
Click on the link to see our audit trail https://www.byagi.com/audit-trial/
References
Girotra, K., & Netessine, S. (2014, July 1). Four paths to business model innovation. Harvard Business Review. https://hbr.org/2014/07/four-paths-to-business-model-innovation
Watson, H. J. (2016). Creating a Fact-Based Decision-Making Culture. Business Intelligence Journal, 21(2), 5-9.