June 26th 2020
Digital asset management (DAM) is a company content sharing and storage system that stores, shares, and organizes digital assets in a central location.
Investing in a good DAM solution may seem to be a bit costly, but the long-term benefits are there worthy to be seen. By having a good digital asset management system, it is much easier for organizations to deal with complex data because of enhanced access to information.
The management of additional pieces of information like videos, images, text files, and other media can be done better if there is a good digital asset management system.
Having a good digital asset management system empowers team members of an organization, as they have the ability to gain all the important data about things that matter most to them. The conduction of business activities within the organization is made faster and in a more efficient manner if a good DAM system is in place. Not only advantages, but there are also some challenges as well.
4 Main Challenges of Digital Asset Management
1. Integration With Other Tools
Without integration, you cannot perform switching between different assets of your organization manually. This is the main challenge that makes you invest more in asset management, sharing, creation, and information utilization. DAM systems will need to be integrated with several other software systems and tools in the organization that also depends on the business model.
For example, companies can integrate a DAM system with their Customer Relationship Management (CRM) solution, Content Management System (CMS) solution, or Enterprise Resource Planning (ERP) solution.
A good DAM system allows integration with any other tools & platforms by using the APIs for your business structure. Additionally, a DAM solution allows team members to communicate with the various channels in your business model and allow sharing files and exchanging information automatically.
2. Usability Standards
Digital assets in the organization need to be managed well, shared easily, changed, and tracked. These features are an important part of modern digital asset management.
For this, it is necessary for organizations to have a platform that facilitates all these needs. The process for adding new information is simple and does not bring any “bottlenecks” to the managers and all necessary changes can be made automatically; they are important to all business players in the chain. It can be made simple by using the DAM solutions to access your data for managing digital assets.
For the platform to be effective, everyone in the organization must use a good DAM solution to realize its full benefits. It is necessary for data managers to have a DAM solution in place for managing the data files, videos, images, etc. to give user direction and be responsible for both asset management and user adoption.
3. Metadata Requirements
For many eCommerce companies, metadata is the automated catalog information that describes product features and other attributes to enable users to locate products for their own needs. For eCommerce professionals, it is related to describing the product content for tracking item movements, etc.
Metadata is more critical for organizations with a large volume of digital assets that need to review and re-purpose specific information. This becomes a challenge for most organizations.
A DAM platform also used metadata to organize all assets that make searching easier. Here choosing your DAM service provider impacts metadata usage and platform usage, as the tool helps you manage and identify the asset and organize them easily according to the organization framework you create.
Research shows that eCommerce businesses with a well-managed DAM solution in place, have consistent branding worth up to 20% more than those who aren’t using a DAM solution.
4. Implementation Cost
Do you know what is the average cost of replacing a single digital asset? It is approx. $1,000? So, think what will be the cost of implementing a DAM solution for the entire company?
Yes, you will need to consider the costs of the DAM platform before it is implemented in your organization. Again your DAM provider has a direct impact on these costs, as a good DAM platform also reduces the cost of your data & asset management resources and enables scalability.
Thus, there are numerous advantages of implementing the DAM system but the challenges are also there that can be easily overcome by choosing a good digital asset management provider.
Digital asset management is one of the crucial parts of an organization’s marketing strategy. Companies can empower their marketing teams by implementing the DAM system and can also build stronger brands with the seamless collaboration of digital assets.
Ultimately, having a strong marketing base can help your brand stand out from the crowd and create a good impression on your potential customers. Recognizing your DAM challenges allows you to realize the full value of your marketing efforts.