Digital asset management is the only solution for companies and organizations to invest a lot of money, manpower, and time in creating a lot of digital assets in the present era of emerging technologies and competitive digital environments. 51% of marketers waste their time resources and energy recreating unused or misused assets.
Digital asset management software enables companies and organizations to give a more centralized virtual place to organize, store, retrieve, and distribute the organization's ever-growing digital assets within and outside the organization in secured and limited accessible features. It gives an easy-to-use and easy-to-update management system to a company along with featured tools and controlled access to their entire digital library to employees and clients.
Digital assets may be uniquely identified media in the form of pictures, video, audio, text, spreadsheets, graphics, 3D models, animations, presentations, etc. that may exist in different file formats that a person or a company legally possess and are considered digital assets. In other words, a digital assets management platform helps brands use their digital media library purposefully in a secure manner to grow their brand and empower their teams.
How does DAM work?
Research shows that 60% time of marketers is wasted in restructuring, regeneration, and retrieving information and other low-valued tasks. DAM Solutions identifies and categorizes digital assets with attributes and keywords by giving common tags, media types, and technology used. This improves retrieving and searchability.
DAM tools make the workflow smooth and faster by reducing the time of operations of tasks. It gives access to all the assets to all the related departments and concerned personnel of the organization. The presence of all the assets in one place makes access to updated information easier in real-time. Version control ensures utilization and availability of latest and up-to-date assets so that only the most current version IA available.
The assets can be shared very easily by using quick conversion tools and controlled, limited, and secured access so that the probability of corruption, removal, and asset thefts can be minimized. This is how DAM tools remove extra workload and hassle to get the work done.
Types of digital asset management systems
Digital asset management tools are diverse and dynamic. This software can be optimized and made specific According to the organizational needs and specifications.
- Brand assets management system helps to manage the marketing assets so that the brand's marketing tools and graphics assets remain consistent.
- Database assets management platform helps to make storage and retrieving of data easier and up to date. It may be utilized for repurposing the assets and stocking them in an easily manageable manner.
- Production assets management software produces assets, assembles them, and distributes them to the respective personnel/ customer. Moreover, extra different tools can be used to instruct the system how to produce and distribute. Such as medical reports, or online video games.
- Internal assets management tools work for managing assets within the company. Human resources management can use it for employee records, slips, and payroll receipts.
What does DAM solve?
- Reduce and cut down the costs of production and reproduction of similar assets. As the companies lack a single unit or location to place data, most of the time lose it due to the usage of multiple personal stocks for placement.
- Thanks to the storing and version control features that made the retrieving oldest to latest assets possible and available.
- Centralized location is used for all the assets so that every asset can be found in one place.
- All the concerned personnel can find the latest version of assets in one place thus the hassle of placing files from one table to another for approvals has been removed and lessened the operational time and cost. This ultimately ensures the completion of projects on time.
- Digital assets remain intact and secure as the features of the digital assets management platform help to share data with controlled and limited accessibility to each user. Many companies and brands face a lot of issues of unethical and illegal asset sharing with competitors. Moreover, this security ensures the access of medical reports and certificates to the concerned person only. That's how organizations can assure the privacy of their clients.
Challenges and risks
Organizations that are based on unstructured, undefined, or many unique data types can face challenges in using DAM tools as they rely on the architecture of digital assets and tagging them into different groups and subgroups.
Organizations that lack strict governance policies for storing and sharing data are difficult to operationalize on digital assets management systems.
Manual data control becomes difficult without using other integrated programming software.
Mishandling of DAM tools risks the organizational assets' to adapt to the new changing business environment
Every type of organizational structure can't fit into one same Digital management software. Each organization is required to use and integrate other software along with AI tools so that the effectiveness of workflow and service quality may not be compromised.
DAM tools can be used for every type of organization as marketers can increase their brand consistency, designers can use them to retrieve and repurpose data, sales teams can up to date data anytime, engineers can use DAM tools for patent formation, HR managers can be benefited by managing commission information, hiring protocols and vacation requests, legal personal can share legal documents preventing misuse and hospitals can share medical reports privately and certificates and other services can be managed according to the customer’s needs.
Integration AI tools along with dynamically featured DAM solutions can work efficiently and effectively in a secure manner to provide quality organizational outcomes on time by lessening work blockages and operational costs.