But this can present an opportunity to make changes and identify areas for improvement.
Here are three steps to getting started:
Identify someone responsible for managing production.
They could be internal resources with deep production knowledge, such as marketing, procurement or finance. Another option could be training one or more team member to manage the production processes, or eventually hire a production specialist to support and advise the internal team.
Choosing the right team is a crucial first step and it’s important to make sure the person/ team chosen has the right tools and resources to be successful.
Implement solid policies, procedures, and guidelines. These, of course, should comply with your company policies and procedures but this alone is not enough. For best results, specific production guidelines should be updated regularly, be clear, address approval processes and should be shared with the employees to be trained. In this way, these procedures can offer a true benefit by defining transparent production practices, creating efficiencies in the production process, and reducing financial risk.
Avoid surprises and issues in the process by conducting a thorough pre-bid meeting, to be aligned on all the elements of the production from the vendor selection, to music, location options, special effect, budget and so on.
The most critical decisions which can have a significant impact on transparency and costs are made early-on. Having standard processes and the right tools ensures transparent discussions and can avoid any unnecessary spending.
Perfect timing is the keyword here. That’s why reviewing invoices before payment is a best practice too. If something happens after the payment it causes issues and wastes time and money.
And speaking of time, that’s the moment to take an active role in managing production transparency.
Written by Alessandra Pasquini