Business

Understanding Digital Asset Management and Its Impact on Businesses

Content Marketing is becoming a huge component of our everyday lives. Today, millions of photos, videos, images, animations, music, articles get created and posted online. They strive to ensure effective management of this content has led to the rise of digital asset management. Thus, the digital asset management DAM refers to the business process of storing, controlling, and retrieval of digital assets.

 

What is a digital asset? - what is digital asset management

What is a digital asset?

Digital asset refers to content stored electronically. The definition of digital assets keeps shifting as the asset base keeps on expanding. According to a report by market watch, the digital asset is estimated to be worth 2.5 billion dollars by the end of 2018. This figure is projected to reach 600 billion dollars by 2024, explaining the importance of media management. Some of the examples of digital assets include images, videos, songs, graphics like logos, documents in word or excel, HTML documents, and audio files.

 

 

Why do you need Digital Asset Management- DAM?

In simple terms, DAM rectifies one of the biggest obstacles most companies have today – managing the surplus digital content. For quick access DAM stores the content centrally for all the departments and the clients. This allows the teams to work efficiently and all the branding materials relevant.

 

Some of the biggest advantages of incorporating DAM:

IMPROVED PRODUCTIVITY

One of the critical benefits of DAM is increasing employee productivity.

Imagine taking hours to locate a simple document; how can this affect your productivity?

DAM ensures easy accessibility and management of digital files.

 

HARMONY

DAM is one way of ensuring that all the users in an organization can access files in the same format.

This is important; mainly in organizations with several branches.

The DAM has a system of keeping a record of any alteration in any file. Thus, in case of an update, all the users get notified.

 

ENABLES SCALABILITY

As an organization scales its operations, the data requirements become more complicated.

For instance, as you scale, it becomes hard to locate a file by name, or date.

Thus, DAM enables easy access by simplifying the search process. Users can identify files using keywords, categories, sub-categories, and other filters.

 

IMPROVED SECURITY

One of the goals of most Asset management services is ensuring that the data is adequately secured. In the wake of increasing cyber-attacks, organizations are more prone to loss of data.

The DAM system ensures the proper protection of data by allowing limited access. Also, users must use passwords to access the data, hence ensuring access to only authorized people.

 

EASY BACKUP

DAM is the safest way to store your data. The data is stored in the correct format with no duplication or alteration of the data. This way, you can access the data in its correct form, saving you time and money.

Also, in the event of unavoidable circumstances like a fire, the DAM has mechanisms to ensure that the data is well protected. The system can save the files’ history, any alternations, and all the previous formats, ensuring that you can get easy access.

 

EASY INTEGRATION

One way that DAM saves money is by integrating the data needs across the supply chain network. For instance, if your company deals with distributors, retailers, suppliers, and agents, the DAM ensures that all the players can access data in a similar format.

 

 

This way, there will be a reduced misunderstanding between the players and improved business operations.

 

 

Let us help you

DAM strengthens the security and searchability of your digital assets. A DAM system expands content storage by eliminating duplicate content. Most importantly, it aids your employees to focus on what matters.

FAQs About Digital Asset Management

Q. What is Digital Asset Management (DAM)?

A. Digital Asset Management (DAM) is a business process for organizing, storing, and retrieving rich media and managing digital rights and permissions. It involves the use of software solutions to manage digital resources like photos, videos, music, documents, and other digital content.

Q. Why is DAM important for businesses?

A. DAM is crucial for businesses as it streamlines the management of digital content, improves accessibility, enhances security, and ensures consistent use of assets across the organization. It also aids in preserving brand integrity and improves operational efficiency.

Q. What types of assets are managed in DAM?

A. DAM systems manage a variety of digital assets, including photographs, video files, audio clips, graphics, presentations, documents, and any other digital formats relevant to business operations.

Q. How does DAM improve productivity?

A. DAM improves productivity by providing a centralized repository for assets, making it easier to find, access, and share them. This reduces the time spent searching for assets and ensures that employees use the most current and approved versions.

Q.  Can DAM help in scaling a business?

A. Yes, DAM supports business scalability by providing efficient ways to handle increasing volumes of digital content. As a business grows, DAM systems can accommodate more assets and facilitate streamlined workflows.

Q. What security features does DAM offer?

A. DAM systems offer robust security features like controlled access, user authentication, encrypted data transfer, and activity logging. This ensures that sensitive assets are only accessible to authorized personnel.

Q. How does DAM aid in data backup and recovery?

A. DAM systems often include backup and recovery features, ensuring that digital assets are securely stored and can be recovered in case of data loss due to hardware failures, cyberattacks, or other unforeseen events.

Q. What role does DAM play in content integration across a supply chain?

A. DAM facilitates content integration across the supply chain by ensuring that all stakeholders, such as distributors, retailers, and suppliers, have access to consistent and up-to-date digital assets, fostering better communication and collaboration.

Q. How does DAM eliminate content duplication?

A. DAM systems prevent content duplication by maintaining a single source of truth for all digital assets. It allows users to access and share assets without creating multiple copies, thus saving storage space and reducing confusion.

Q. Is DAM suitable for all sizes of businesses?

A. Yes, DAM is suitable for businesses of all sizes. It can be scaled to meet the needs of small businesses, mid-sized companies, and large enterprises, ensuring efficient management of digital assets regardless of the organization’s size.

 

 

About Author

Hitesh Dhawan

Founder of Neuronimbus, A digital evangelist, entrepreneur, mentor, digital tranformation expert. Two decades of providing digital solutions to brands around the world.

Understanding Digital Asset Management and Its Impact on Businesses

Subscribe To Our Newsletter

Get latest tech trends and insights in your inbox every month.

popup open popup close

Next Level Tech,

Engineered at the Speed of Now!
Are you in?

Let Neuronimbus chart you course to unprecedented business growth. Drop us a line, we'll get the conversation started.