The global digital asset management (DAM) market thrives despite economic uncertainty. In 2022, it reached a $4.9 billion valuation, and forecasters expect it to grow to $20.6 billion by 2032.
The figures show more organizations understand the advantages of effective digital asset management. If you plan to invest in a digital asset management solution, this article outlines everything you need to know. After reading, you can finally choose the best tool to streamline your marketing processes, which can do wonders for brand consistency.
Digital asset management (DAM) is the process of controlling, accessing, transferring, and reporting digital assets across unlimited users, businesses, partners, and providers.
A DAM system provides relevant marketing and creative material to the right user in real-time. It tracks and measures digital asset engagement throughout an organization.
They are uniquely identifiable media that exist in a digital format. In the digital era, there is no limit to what an asset can be. Any file you can use can be a digital asset, including the following:
These media files can come in various formats, including PNGs, JPGs, WAVs, and PSDs for Photoshop files. Regardless of the media type, every organization will inevitably accumulate thousands of these brand assets.
As your media library grows, so will your need for a solution that allows your team to use it effectively. This is where digital asset management tools come in.
Modern DAM software has various functionalities that help users manage different digital assets using a single platform. However, standard features are present among the most popular solutions, including the following:
Today's most effective DAM systems have four significant features:
Supports multiple devices and formats
Content sources are constantly growing. An excellent DAM system can support different formats, destinations, devices, and consumer types.
Supports asset lifecycles and user roles
An effective DAM platform should work with various types of content from different users through a unified interface. This tool lets you personalize user interfaces, automate file routing, and match functionality to the right user roles. Moreover, a reporting capability allows business and IT managers to improve workflows and monitor activity.
Third-party tools can include social networks, content management systems, and other cloud-based platforms. An excellent DAM platform has an open architecture and API that enable a centralized process. You can integrate apps and manage various file types and media through this platform.
This feature includes capacities like file transfers and physical storage. These are crucial for asset protection and high performance. It also refers to flexibility, reliability, scalability, high availability, and redundancy.
There are various use cases for DAM solutions. Today, anyone who needs to manage digital asset workflows needs these tools. Examples include the following:
Most marketers still spend precious time retrieving data, restructuring lost assets, and completing low-value tasks. With a digital asset management tool, they can create workflows to help sales teams find, store, and share needed files.
DAM solutions use metadata to identify digital content with specific keywords and attributes. These identifiers create an index that groups assets by common tags, media type, and technology to simplify searchability.
With this ability, users can then rely on the index of digital assets to develop rule-driven workflows and enable task automation.
A DAM system works by creating agile workflows that allow your team to find, use, and share assets faster and easier. It does not only manage your digital library, but it also enables faster processes through automation.
Today, organizations handle countless digital files crucial to their business goals. If your company has a digital presence, you must have a considerable amount of digital assets built up, which can be challenging to manage over time. This section outlines the benefits of using a DAM system to address this problem.
A DAM platform gives you a comprehensive view of your digital asset library. It identifies high-performing content you can reuse and repurpose, extending the value of media assets.
This tool makes it easier for teams to reuse existing digital assets for other purposes. With maximum accessibility over your media, you can easily reuse files for concluded projects while saving money, time, and resources.
Various issues can occur while migrating files and digital assets across creative clouds and servers. For example, users might need help identifying assets and managing files.
However, a DAM platform can streamline the creative cycle, allowing teams from various brand portals to collaborate on creative files externally and internally.
File sharing via email or Google Drive can be convenient, but there are other practical means of moving large volumes of digital assets. Slack, a workplace messaging software, can be an excellent way to communicate internally with your co-workers. However, it does not offer the level of interagency collaboration that a DAM system can facilitate.
This tool enables users to distribute assets to internal and external partners without additional software. This advantage improves collaboration while helping save time for more critical projects.
To take internal and external collaboration to the next level, use a DAM solution that supports multiple asset formats.
Ultimately, the factor that makes a DAM solution valuable today is the number of redundant tools and capabilities it consolidates. Remember that the right DAM system can help automate workflows and repetitive tasks so that you can focus on other business matters.
To enjoy the benefits of using a DAM solution, you must start planning for implementation. This section provides a step-by-step guide for implementing a DAM tool.
Although it is not a single playbook for DAM implementation, it can be an excellent starting point.
The first step to implementing a DAM process is defining specific goals and needs. This step involves the following tasks:
After defining your goals, you must choose the solution that successfully addresses all your requirements.
This step involves researching and comparing different available platforms based on various elements, including the following:
Remember that modern DAM solutions can be very different from each other. You must find a solution that meets your needs and offers a clear path for growth.
If you have been running your business for a while without a DAM solution, you may already have digital assets stored on other platforms.
Once you find a DAM tool that meets your requirements, you must move all this existing data onto your new platform.
Data migration requires careful planning to transfer all files securely and accurately. You must identify what assets will move and determine if you want to start with entirely new assets.
You can begin setting up user accounts and permissions after getting your digital assets all in one place. This way, you ensure the right people can access the digital assets they need.
This step involves assigning permissions based on roles and responsibilities, creating user groups, and forming file-sharing and collaboration workflows.
You must offer comprehensive training to ensure everyone on your team can use the new solution effectively. Provide training materials, hold training sessions and workshops, and give ongoing support to answer queries or resolve issues.
After implementing the new DAM platform, remember to test the system. This step allows you to refine it based on user feedback.
You must collect user feedback, monitor key metrics, and make adjustments and improvements to ensure your DAM tool works how you want it to. This tactic ensures that the new tool can meet all your goals and needs.
Digital asset management does not end after implementation. Once all members of your organization can use the new tool, you will still need to monitor the system to ensure it continues to meet your needs over time.
Remember that monitoring and maintaining the DAM solution is essential. This step involves conducting regular security updates, backing up data, and tracking system performance to ensure that it continues to run smoothly.
After developing your digital asset management process, you must improve on what you have built. In this section, you will learn various tips and tricks to help you get the most out of your DAM platform.
Consistent file names make it easy for marketers to locate specific digital assets. This advantage is crucial when managing an extensive collection of files.
Training your teams on these naming standards and ensuring they upload files with the same naming structure is essential.
For example, instead of using generic filenames, you can use descriptive names about the product, like the following:
Another example is using the date of the picture as a file name. This tactic allows users to sort files based on the date they were created.
Other information you can include in the file name is the author, asset creator, owner, or file size. These data can provide an easier way of locating and retrieving digital assets.
Remember that your competitors can still outperform your e-commerce brand even if you have better products. They could get more attention if they have a better marketing strategy that involves a streamlined digital asset management process.
While digital asset management can be more internal-facing than external, it is still possible to check for any crucial tricks your rivals are capitalizing on to optimize their strategy. You can use the two methods below to discover your competitor’s tricks.
Remember that this tip is not about copying your rival’s strategies. This strategy is about staying caught up. If your competitor has the tricks to get ahead, they can drive you out of the game.
Analytics is crucial in managing digital assets because this process can help you track performance. It also provides valuable insights into how buyers and stakeholders use your assets.
With this data, you will easily make data-driven decisions and find ways to improve your processes. Here are some strategies you can use to get actionable analytics.
This process is also known as channel attribution modeling. It involves assigning credit to marketing touchpoints that result in a user's conversion or action.
Marketers can use this process to understand the impact of their digital assets on revenue generation and customer behavior. Moreover, it notes which assets contribute the most to the bottom line, which can help optimize the distribution strategy.
A/B testing allows marketers to review and compare the performance of different versions of digital assets. This tactic informs users which versions give the best results.
Before tracking your analytics, you must define the metrics that matter most to your brand. For example, you can track your digital assets' conversion rates, engagement, and revenue. Doing so lets you focus your efforts on the most valuable data with the greatest impact on brand management.
If people from various departments use your digital assets, you can add a layer of security through permissions and access controls.
This tactic helps secure your assets while making your DAM system easy to use. If people only have access to the assets they need, they do not have to handle irrelevant assets. Moreover, it prevents people from getting their hands on files that aren’t for distribution.
Hackers can be a nightmare for business owners if they steal or delete crucial digital assets, such as marketing materials or product images. This problem can hamper your brand’s ability to generate revenue and market new products.
Hackers can also steal your product design and patterns, which are crucial intellectual property. They can misuse your assets, leading to significant financial loss and damage to your brand’s name.
Fortunately, you can use your DAM platform to prevent this issue. Check out the following security strategies that can help you keep your digital assets safe:
For marketers, there are various digital asset management tools available that can help make their jobs easier. This section will outline some of the best platforms modern marketers must try.
Archive is a digital asset management app that automatically detects and shows social media posts relevant to your brand. This tool automatically detects user-generated content (UGC), so users do not have to scroll through Instagram and TikTok looking for relevant posts.
It has advanced filter features to allow marketers to sort assets in their rich media library based on specific criteria, like verified status, date, post type, social profile, follower count, labels, and usage rights.
Archive also has a user-friendly collection feature that generates a link users can share with anyone. People with the link can see the collection, even those without an Archive account.
Brandfolder is a DAM solution that aims to help users get the most from their content and creative digital assets. The platform allows people to organize, create, distribute, control, and measure digital assets across hundreds of formats, including 8K video and 3D files.
The tool helps streamline the creative process and asset lifecycle through clever workflow features. These capabilities eliminate delays and bottlenecks that stun even the most competent creative teams.
This platform allows creatives to do more tasks relevant to their campaigns. It can manage data intake, ideation, version control, delivery, and rights management.
Canto is a digital asset management tool that collects and curates digital assets in a centralized library. The configurable library has unique branding and unlimited custom fields.
It uses artificial intelligence (AI)-powered advanced search tools, facial recognition, and intelligent filters to manage assets. It also empowers users to efficiently distribute digital assets to team members and external partners through shareable links and customizable content portals.
Canto also ensures that sales teams can only use approved assets through user permissions, watermarking, and version control.
Adobe Experience Manager puts all your content and digital asset management needs on a single platform. It helps you manage digital experiences across different channels with automated solutions.
This tool allows users to spend less time looking for and repurposing content and more time on experiences. The platform relies on automation and intelligent tools to adapt, source, and share your digital assets across channels and audiences.
It also offers an end-to-end digital document solution that makes it easy and frictionless for users to create responsive forms that customers can complete and sign. This feature promotes a seamless customer journey, from acquisition through retention.
Bynder is a centralized solution that helps users manage and distribute digital content. It functions as a single source of truth for organizations' digital assets. It enables users to organize and find the necessary information using an intuitive filter designed to address their needs.
It also provides access and usage permissions so users will have the peace of mind that they will only see assets relevant to them. This advantage reduces the risk of users publishing unapproved content.
Bynder also helps users securely share content directly from your DAM system. It allows them to set expiration dates and monitor sharing history.
Available on Amazon Web Services (AWS), IntelligenceBank helps manage campaign production, digital assets, approvals, and brand governance on a single platform.
IntelligenceBank offers its services to companies across various industries, including banking and finance, healthcare, franchises and dealerships, and government offices.
This DAM platform empowers users to have a digital library that is instantly accessible and shareable with their teams. According to the product website, this cloud-native solution has the largest data center footprint of any digital media asset management platform.
Using advanced AI tech, MediaValet features unlimited tags, categories, and users. It automatically identifies objects, locations, people, texts, spoken words, topics, and emotions. The solution can also transcribe the content, generating subtitles in more than 60 languages.
Pro Tip: Think of your content assets as books in a library that will be valuable weeks or months after publication. They can be helpful to various people at different times. If you make them accessible from anywhere, you can capitalize on their value for a long time.
Effective digital asset management is crucial for all organizations and small businesses today. Without a DAM solution, you might waste your time and budget on repetitive tasks. You might also miss crucial opportunities since you need access to the correct files at the right time.
To help you manage your digital assets, try Archive App today. Archive can help marketing teams save time by automating the collection of UGC. This way, advertisers can focus on other areas of their campaigns.
There are many factors to consider when looking for a digital asset management platform. It will help if you consider file format compatibility, scalability, user accessibility, security, and integration capabilities with other tools.
You must set up a clear and organized system for tagging, storing, and retrieving digital assets to get the most out of your solution.
Metadata has various asset information, such as file name, size, description, and keywords, which can help improve discoverability. DAM metadata uses this information by providing users with quick and consistent access to assets from any location inside your digital asset management system.
Ineffective digital asset management can lead to inaccurate inventory of your digital assets and over- or under-maintenance of your media library. It can also lead to poor risk management and improper operation.