Digital Asset Management Requirements

The world has transformed into the digital landscape, leaving corporations to develop effective digital asset management requirements to safeguard them against potential threats.

An effective digital management system (DAM) ensures the necessary infrastructure to organize, store, and manage digital assets efficiently and effectively. Moreover, in asset management digital transformation, you can achieve improved workflows, and collaborations and enhance productivity.

However, before you start choosing any DAM system, it is important to learn about your digital asset management requirements. It will highlight what processes need improvement and what features can support you overcome challenges.

Likewise, digital assets have different shapes, like videos, documents, pictures, or even brand consistency. Therefore, pinpointing and prioritizing your digital assets will lead to better implementation of DAM.

So, let us dive into understanding DAM, and by the end of this article, you will be able to get detailed insights into your DAM requirements.

Understanding Digital Asset Management

DAM is a comprehensive system that supports companies in efficiently storing and managing their digital assets. These digital assets comprise documents, pictures, audio and video files. The underlying purpose of DAM is to offer a centralized repository to store these assets and offer easy search functionality when required.

Since modern businesses going paperless, there is an increased necessity of handling digital stuff. Thus, a successful digital asset management program is as important for the success of a company as any other key component.

Benefits of Digital Asset Management Systems

Any sane mind would question, why should I go for a digital asset management system. There are lot of live examples in the market where a company outperforms its competitors by implementing digital transformation in asset management.

Let us have a look at some of the benefits of the DAM.

• Cost Reduction

Imagine printing thousands of pages of a report and then having it saved on your laptop and available with just a click. One of the pros of having a DAM is that reduces operational costs by eliminating redundancies as it streamlines asset management processes.

• Improves Quality

DAM improves content quality and consistency. Since you can access live and updated assets, thus enhancing the overall quality of content. Meaning, you are making business decisions based on the latest information.

• Better Customer Experience

DAM supports businesses by improving customer experience, as it provides real-time information about available stocks. Moreover, you can even allow customers to access your database to build trust and increase customer loyalty through better customer experience.

• Increased Revenues

Optimized asset management will have positive impacts on revenues. Since, it enables sales and marketing with better customer engagement, thus converting queries into sales, which will push revenues.

• Increased Efficiency 

Since DAM reduces manual work, it boosts operational efficiency. Moreover, it supports the automation of workflows and increases collaboration.

Evaluating Digital Asset Management Requirements

However, you just cannot run to apply any DAM, since every business has its requirements. Therefore, it is vital to consider the basic requirements of your business before opting for DAM. Since, the successful implementation of digital asset management is dependent on certain factors, thus outlining them is the key to making or breaking this system.

Let us learn the requirements for a digital asset management system by highlighting key factors.

• User Permission Management

Any sizeable organization would have distributed teams having different levels of access to digital assets. For instance, a copywriter does not need to look into sensitive HR details. Likewise, a marketing person does not want details about R&D concepts.

Since one of the main objectives of DAM is to avoid multiple storage; therefore, it goes against the whole idea of having multiple libraries for each department. 

However, a small enterprise could also be fine with every team member having access to all the assets. Therefore, it is important to design a user permission mechanism to allow people access only the relevant assets. Moreover, it also includes decisions on what rights to offer to individuals accessing these digital assets (editing or viewing only).

• Sharing and Distribution

Asset sharing and distribution are critical for organizations where third parties have to access your system. Since you do not have much control over who can have access in such situations, thus it becomes one of the most important aspects to look into before you adopt DAM.

However, you can sort this problem by asking yourself the following questions.

• Will DAM make receiving files easier?

• Does DAM simplify the sharing and receiving of files out of the organization?

Once you establish a yes to above mentioned questions, you are better placed to opt digital asset management system. Moreover, almost all vendors in the market are capable of offering these services. However, it is better to make it an integral part of your query while evaluating vendors.

• Understanding Asset Types

Information consolidation is one of the major parts of the overall DAM system. Therefore, the question arises whether DAM can efficiently perform this task for you.

For instance, certain DAMs only allow a particular file type while communicating. So, you must check which digital asset type is the most used in your organization. Moreover, you must ask vendors to offer maximum support when it comes to uploading or downloading digital assets.

For instance, if you are uploading a photo, you must have the option to perform basic things that are supposed to be available like edit or crop it. Since mere storing is not sufficient in some cases, you still could have to open it and perform meaningful things.

Likewise, your DAM must also support different file types. If you have limited supported files, it will hinder your progress.

• Storage

Storage is amongst the basic digital asset management requirements. However, most vendors, these days have shifted to cloud-based storage, however, you can still consider other means of asset storage.

Further, depending on the nature of the business, you must also ponder the required storage facility. For instance, if you have simple documents, you would need less storage than a company producing high-quality videos.

• Pricing

How can you forget the cost associated with shifting to a DAM? Luckily, numerous options available can suit your budget. Further, you can also run a cost-benefit analysis before adopting digital asset management.  

Generally, you can calculate the total cost by considering the below points.

• Active users
• Amount of storage
• Extra functionality 

However, calculating the cost of the first two factors is simple as these are directly proportional to the cost. However, things get interesting when you start costing extra functionalities.

So, you should consult your vendors, and give them clear requirements to avoid future pricing conflicts. 

• Existing Integrations 

Since DAM will not replace your existing system but will bring previous assets with it, therefore, it is important to design mechanisms for the migration of assets into the DAM. Because you would never want to lose a single file.

Although, there are numerous software available in the market that support this migration. However, it is important to bunk it at the initial stages rather than stick in the abyss in later stages.

• Scalability and Customization

Always keep in mind to ask your vendor to offer customizability. Since, they have existing DAMs that could fit 90% of your requirements, but do not accept it. Because you could get it wrong with the balance of 10%.

Moreover, it must have a scalability option to meet future requirements.

• Accessible UI

An easy user interface is the key to reducing training costs. Therefore, always seek a DAM that offers an intuitive user interface. Moreover, it will also reduce technical experts’ consultation.

• Headless Options

It is always better to have composable options, as it offers greater flexibility to developers. Meaning, that they can arrange DAM by using the mix-and-match method to come up with a system that perfectly resonates with your requirements.

Digital Asset Management Tips

The following tips will support you meet digital asset management requirements.

• Understand your business needs
• Pre-audit your digital assets
• Institute a governing policy
• Develop security protocols
• Establish a DAM (project) team
• Develop a DAM workflow
• Authorize user access
• Collaborate internally
• Prioritize integration
• Use data analytics 
• Support maintenance procedures

Frequently Asked Questions

How much does digital asset management cost?

There is no fixed cost for a digital asset management system. Since, it depends on a number of factors including asset type, number of users, storage, and others, thus the cost varies from one DAM to the other.

Is it better to use digital asset management?

Yes! As the world moves to digitalization, thus the future is digital. So, to stay relevant in the market, it is important to shift to a digital asset management system. Moreover, you do not need to shift completely considering cost restrictions; you can migrate in stages over a period.

What are the considerations for digital asset management?

You must consider the below points while deciding on digital asset management.

• Scalability
• Security
• User accessibility 
• File format compatibility
• Integration capabilities 

What are the benefits of digital asset management?

Out of a large number of benefits, here are key pros of having a digital asset management system.

• Collaboration
• Enhanced security
• Scalability
• Improved efficiency
• Brand consistency

Final Thoughts

Digital asset management requirements are mandatory and a stepping-stone for the successful implementation of DAM. Understanding the requirements of business before adopting this system will decide the future of your business.

Moreover, you can easily determine by setting out a budget, knowing integration, storage requirements, and permissions will put you in a better position. If you have successfully sorted out these queries, you can implement a successful digital asset management system.

Although numerous options are available in the market, we recommend to establish a DAM team comprising IT and other departments to discuss and select a vendor that will fulfill your requirements.

Further, you can even ask for a demo before handing over this project. So, wishing you good luck with your implementation of the digital asset management system.