Digital Asset Management Strategies: Unlocking Growth and Profitability
Organizations generate massive digital assets, such as photographs, videos, documents, and creative material. Managing these assets efficiently and effectively is critical to enable growth and profitability.
Digital Asset Management (DAM) techniques come into play here. This article will define DAM, look at five primary methods for managing digital assets, and explain the advantages of implementing these strategies. You can also visit https://brandfolder.com/resources/what-is-digital-asset-management/ to understand DAM better.
What is digital assets management (DAM)
The four primary functions of a digital asset management (DAM) system are organization, storage, retrieval, and dissemination of digital assets. A DAM system is a central repository for managing, tracking, and controlling digital assets throughout an organization. All production phases, from initial brainstorming to final dissemination, are covered.
Strategies to implement DAM in your business
Organizations need to implement effective digital asset management strategies that cover the following aspects:
1. Define your vision and goals
Before implementing DAM in your organization, you must have a clear vision and goals for your digital asset management strategy. What are the problems or challenges that you want to solve with DAM?
What are the opportunities or benefits that you want to realize with DAM? How will you measure your success? Communicate your vision and goals to your stakeholders and get their buy-in and support.
2. Assess your current state
Next, you need to assess your current state of digital asset management. What are your existing digital assets, sources, systems, processes, tools, roles, and skills?
What are your strengths and weaknesses? What are your gaps and opportunities? Conduct a gap analysis to identify areas for improvement.
3. Design your future state
Then, you need to design your future state of digital asset management. What are your desired digital assets, sources, systems, processes, tools, roles, and skills?
What are the best practices and standards that you want to follow? What are the technologies and solutions that you want to use? Create a roadmap and a plan to achieve your future state.
4. Implement your changes
Finally, implement your changes incrementally and iteratively. Start with small and manageable projects that deliver quick wins and demonstrate value.
Use agile sprints, scrum, and Kanban to manage your projects. Use automation tools such as ETL, data quality, data catalogue, data pipeline, data orchestration, data visualization etc., to streamline your workflows.
Use feedback mechanisms such as surveys, dashboards, reports etc., to monitor and evaluate your results. Use continuous learning and improvement cycles to refine and optimize your processes.
Some examples of digital asset management strategies
Here are some examples of digital asset management methods that various types of businesses can use, depending on their specific requirements and objectives:
Digital asset management (DAM) can help a charity organization manage its marketing and fundraising
A media company
Content generation and distribution processes for a media organization that generates and distributes articles, podcasts, videos, etc., across several channels and platforms can be managed using DAM.
DAM allows them to keep all their content assets in one place, tagged and catalogued with relevant information. They can leverage DAM’s workflow rules and alerts to automate and simplify content editing, approval, publication, and updates.
Thanks to the platform’s plethora of helpful analytics tools and reports, content performance and audience engagement can be tracked and analyzed with DAM’s help.
With AI and ML technologies, DAM can improve the quality and relevance of its material by making suggestions, personalizing it, and optimizing it.
A retail company
DAM can be used by a retail business selling goods in several channels and platforms to manage product data and photos centrally. DAM allows them to keep all their product assets in one place, tagged and catalogued according to various metadata criteria.
They can leverage DAM’s workflow rules and alerts to speed up the development, editing, approval, publication, and updating of product information and images. They can use DAM’s analytic tools and reports to monitor product success and client happiness.
Businesses can optimize and improve product information and photograph quality using DAM’s AI and ML-powered product recommendation, image recognition, and image enhancement technologies.
A non-profit organization
resources across several channels and platforms. Digital asset management (DAM) allows them to keep all their marketing and fundraising materials in one place, adequately catalogued using metadata tags and folders.
They can utilize DAM to implement workflow rules and alerts to expedite the production, revision, approval, publication, and updating of marketing and fundraising materials.
They can utilize DAM’s analytics tools and reports to track the success of their marketing and fundraising efforts and their donors’ participation level.
Using DAM, they can refine and improve their marketing and fundraising materials using AI and ML technologies that make suggestions, personalize content, and optimize it for maximum impact.
Final words
If you want your business to expand and profit digitally, digital asset management is necessary. Organizations can boost their productivity, quality, flexibility, and value with the support of digital asset management.
Data volume, diversity, velocity, integrity, and value are just some of the difficulties and possibilities businesses face in the digital age, and DAM systems can help them deal with them.
However, managing digital assets is not a one-and-done task that can be solved with a cookie-cutter approach. Achieving success in digital asset management is an ongoing process that involves forethought, planning, analysis, and discipline.
