Digital Asset Management – what is it and why does my organization need it?

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Article by Hyland, AVP Asia-Pacific, Eugene Chng.

In short, digital asset management (DAM) is the collection of data, images, files and related material in a central repository to make it accessible. A DAM platform allows users to find all of these assets in a single repository rather than searching across disparate solutions. This has the immediate effect of pulling information out of silos and making it widely available.

The basic concept behind these solutions is that an employee can log into the platform and easily search for assets such as images and files rather than looking for multiple legacy solutions.

An advanced and modern DAM platform falls into the same broad category as a content services platform. Information from an advanced DAM platform is stored as data rather than documents and files, and therefore becomes easier to find. By categorizing it and storing it as data in a central repository, the information is then retrievable through its metadata – in other words, the data that exists on the data itself – its digital footprint.

Doing this democratizes data in some way, breaking down barriers between, say, an image, an invoice, and a barcode. The DAM platform will instantly establish connections between them if, indeed, they are related in any way, then present the information to the user.

In doing so, it is possible to improve many business processes, tying together otherwise loose threads of information into a single cohesive unit.

For example, a large global fashion group realized they could repurpose existing marketing imagery on different brands rather than spending tens of thousands of dollars each season on separate shoots. By helping connect the dots, their DAM platform has saved them hundreds of thousands of dollars just by showcasing their existing assets in a simple and unified way.

DAM technology is of course more than a standard. Imagine it as a framework containing a company’s assets, on top of which is a powerful AI engine capable of learning the connections between disparate data sets and presenting them to users in a way that makes the data smoother. useful and functional.

Advanced DAM platforms can scale to store more than ten billion objects – all of which become tangible assets, connected by integrated AI – at the same time. This has the capacity to result in a huge increase in efficiency around the use of assets and items.

Take, for example, a modern and very active media marketing agency. In the digital world, they face a massive expansion of content as publishing windows shrink – coupled with the issue of increasingly complex content creation and delivery ecosystems. A DAM platform can handle these huge volumes of assets – each with their complex metadata – at speeds and at a scale that would simply break a legacy system.

Another compelling example of DAM in action includes a large US-based film and television company, which uses it for license management. Its DAM solution ensures that it retrieves and uses the right image in the right marketplace at the right time, despite instant versions in multiple countries and languages, each with its own set of intellectual property and license agreements.

Likewise, another TV giant is using its DAM platform to store and retrieve archive footage, ensuring that there is little to no duplication between the many productions the company is working on simultaneously. The company can then locate and reuse iconic images such as a Brooklyn Bridge panorama or the famous Hollywood sign, identifying contract details to avoid licensing issues and saving otherwise expensive shots.

Beauty companies are also starting to use DAM to streamline the digital supply chain and ensure that all products sold on e-commerce sites are presented with full product information such as ingredients, local distributors. and sales rights in a specific region.

In addition to creating a centralized and intelligent repository for a company’s digital assets, a DAM platform can help strengthen collaboration through improved workflows. For example, it can make it faster and easier to get approvals for marketing materials and generate a trigger to initiate automated quality assurance processes.

As the world reappears from pandemic trading conditions, it becomes evident that digital transformation has only accelerated. In fact, the Australian government’s Digital Transformation Agency suggests that up to 90 percent of Australian companies have adopted new technologies to maintain business continuity since the start of 2020. Similarly, in Singapore, 84 percent of companies have increased their technology spending in the last year to address new challenges and accelerate digital delivery, according to another report. Again, New Zealand has seen dramatic developments as well, with a report suggesting that up to five years of progress in digital transformation has occurred in the country in just eight weeks.

All of this suggests that companies need to adapt, bring new technologies online, and reduce the time it takes to bring new products and services to market. A comprehensive content plan, which focuses on reducing silos and collecting all of a company’s assets on one easily searchable, AI-powered platform will help immeasurably.

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