3 Benefits of Digital Asset Management

Digital Asset Management

The average office employee wastes 38 hours per year searching for lost or misplaced materials, while 56% of office workers spend at least 30 minutes per week searching for mislabeled or unlabeled files on their computers. A whopping total of $177.8 billion is thus lost every year among enterprise level businesses, based on the average wage of part-time and full-time office workers. Disorganized, mismanaged internal processes are not only an annoyance, but a detriment to the company bottom line.

Marketing departments have evolved from the lead generators who make cold calls and get ads placed in newspapers, magazines and on billboards, to multimedia business drivers within companies. Content marketing alone generates three times as many leads as the aforementioned traditional channels and costs 62% less. Podcasts, videos, photos, logos and various other types of media are created daily in marketing departments to enhance this content. A proper means of organizing and recovering digital files is vital to an efficient, effective marketing department. Efficient digital asset management is the solution.

What is Digital Asset Management?

Digital Asset Management (DAM) is the process of labeling, storing and retrieving digital files. The concept of DAM was first marketed to the video game and animated film industries to help them organize the millions of digital files necessary to complete their projects. The concept quickly spread to major websites as internet became more widely available in the late 1990s. CNN (then known as the Cable News Network) announced it would be the first beta testing website for a DAM system created by Sony/EDS. The network announced in 2001 it would use Sony’s system to digitize all 21 years of new footage it had on analog tape and floppy disks at a cost of nearly $20 million.

Digitizing older forms of media (assets) was the first step in executing an effective DAM program. But as more forms of digital media were introduced, managing and identifying it all had to evolve. Assets in formats like mp4, JPEG, GIF, etc. are also identified by file size, author name, date created and other metadata. The latter, in its simplest form, means data that describes other data.

An employee may have mislabeled a file, whether it’s the wrong author or a nondescript title. This simple mistake will make the file nearly impossible to find among thousands of files. DAM utilizes metadata and smart search functionality to eliminate these needle-in-a-haystack type searches. Metadata contains so much vital information about digital files that several state bar associations require attorneys to scrub all metadata from files before transmitting them to opposing council as it can turn cases upside down.

DAM software is fast becoming a normal function in content management, especially for corporations with large numbers of products and/or branded materials. Here are three ways DAM can benefit your company:

  1. Manage Brand Consistency
    DAM is integral to ensuring brand consistency across all platforms. Centralized control of all digital assets means brand managers have the ability to update and administer materials in real-time. DAM ensures only the most current and correct digital content is used. It allows marketing leadership to control how their brand is represented and helps to ensure materials are not created “on the fly” that may not follow brand standards.This is as important for startups still developing their brand or needing to establish a solid brand, as it is for large enterprises that have an abundance of materials and processes to manage. It’s essential for a number of key players to have access to the bank of digital content that is often changing or being updated so as to ensure a consistent look and feel of a brand.
  2. Digital Assets Are Easily Accessible
    A 2015 Gallup Poll found that 37% of U.S. workers have telecommuted (worked from home) at some point in their current jobs. That’s up from only 9% in 1995. The poll also found that the average U.S. worker telecommutes at least two times per month. Marketing teams thus need an effective means of retrieving files remotely when not working from the office.Utilize cloud-based digital asset management solutions to provide authorized users quick, secure access to important company files whenever they need it. Retailers that constantly add new products, large corporations with several business units and product lines, and hospitals and health systems with multiple locations are particularly ideal candidates for secure, reliable DAM solutions to streamline processes and keep the team connected at all times. Strata can help by creating a customized portal that can be accessed by specific departments to ensure all digital assets are secured and organized.
  3. Marketing Efforts Are Streamlined with DAM
    Successful companies utilize DAM to standardize workflows, facilitate approval processes and improve search results for digital content. A 2013 Gleanster report entitled “Future-Proof Your Investments in DAM” found that top performing companies, based on three KPIs, were seven times more likely to have incorporated DAM solutions versus all others. These KPI’s included:

    • 12-month change in revenue
    • Asset utilization
    • User adoption ratio

The “paperless” office has long been the goal for many companies to reduce unnecessary clutter and lost productivity. But marketing departments of the 21st century have far more than just PDF documents to keep organized. Videographers, photographers and graphic designers are now vital cogs in marketing, particularly to add personality to online content on company web spaces.

Strata cloud DAM solutions provide an intuitive, user-friendly interface and robust metadata functionality that lessen the burden on workers by making file easily accessible from anywhere. Contact Strata today or request a live demo to discover specific solutions for your digital asset management needs.

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