Digital Asset Management (DAM)

A unified system for organising and accessing media assets is created by digital asset management (DAM), which is both a business process and an information management technology.

What is Digital Asset Management (DAM)?

A software and system solution known as a digital asset management solution offers a systematic method for effectively storing, organising, managing, retrieving, and distributing digital assets inside an organisation. A digital asset management system, sometimes known as DAM, is a type of information management technology that can refer to both business processes and other types of systems. Several businesses use DAM features to build a centralised location where they may access their media assets.

What is Digital Asset?

Any content that can be saved digitally and shared with anyone inside or outside of your business is considered a digital asset. A digital asset might be anything in today's fast changing digital environment. Assets are files that include the rights to utilise other media, such as music, images, documents, and movies.

Digital assets come in a wide variety of forms, including but not restricted to:

• Documents
• Animations
• Cryptocurrency
• E-books
• Images
• Videos
• Logos
• Media files
• Presentations
• Graphics 
• Websites
• Any digital media that includes the right to use

How does DAM work?

Platform for managing, retrieving, distributing, and storing digital assets are provided by DAMs. Following are the actions that DAM software takes:

1. Creating the asset: Using standardised templates and file formats, digital files are prepared for encoding even before they are created. This standardisation facilitates document search and retrieval.

2. Encoding and Indexing: Metadata provides the identification of digital information through attributes including asset kind (e.g. a whitepaper), version (e.g. new), media type (e.g. video), and technology used to streamline the search for assets (e.g. Photoshop, etc.). These identifiers build an index, classifying objects with related tags to facilitate searching.

3. Store: Based on their metadata, a DAM platform groups and saves the assets.

4. Automate: Using asset metadata, rule-driven workflows can be developed to automate procedures. For instance, a particular permission level could be applied automatically to all assets that include the "whitepaper" metadata tag. Moreover, version control can be automated.

5. Integrate: Assets from DAM software can be integrated with and used by other software that is already in place or is being developed as projects are completed. Project schedules kept in a DAM system, for instance, might be accessed by an existing project management system.

6. Monitor: Periodic audits should be used to track the performance of digital assets. To ensure adherence to industry standards, regulatory organisations should audit an organization's DAM for compliance.

Types of digital asset management systems

Following are some examples of the different kinds of digital asset management tools that marketers frequently use:

• Brand management: Content including logos, product photographs, and other marketing materials are included in brand asset management systems. The digital experience is shaped by these assets, which also influence how a business displays its public-facing products and culture. These systems aid marketers in maintaining consistency in the use of marketing tools, messaging, and images.

• Library asset management: Systematic preservation and retrieval of rarely changing media assets, including photo archiving, is the main emphasis of library asset management systems. By reusing old, effective material, they can be used in marketing contexts to increase the value of media assets.

• Production asset management: . Systems for managing production assets, often known as production information management systems, organise and distribute the material required for the manufacturing and marketing of a product. This may include further informational material, such as product specifications and advice on use. Systems for managing production assets also control assets as they are developed for the production of digital media, including video games.

• Internal asset management: To manage and maintain firm assets, internal asset management systems are typically utilised. They could be used to keep personnel records, benefit information, and payment receipts in the human resources (HR) department. Moreover, proprietary product design or development plans can be implemented using this kind of technology. This kind of system and a production asset management system frequently have some overlap.

Benefits of Digital Asset Management (DAM)

• In a scattered digital network, DAM offers a centralised, authoritative store for assets.

• Access: Using metadata, data is organised and made simple to find. Digital media can be accessed anywhere, anytime, by authorised users.

• Efficiency: DAM arranges assets to speed up production processes that rely on them. DAM software organises data and aids in structuring how staff members use digital assets in production.

• Security: DAM software allows access control settings and permissions to be applied to digital assets, protecting sensitive assets.

• DAM software frequently has tools for version control that keep track of a file's version when teams exchange and edit it.

• Integration: DAM software is frequently integrated into a stack with other applications in marketing firms. Privileged identity management systems, robotic process automation systems, customer relationship management systems, and content management systems are examples of often integrated software.

• Monitoring: DAM systems are able to monitor how businesses use digital assets. This can be helpful for digital rights management, engagement measurement, and audience analysis.

• Collaboration: On digital assets, staff members can work together in real time.

Use Cases or Who needs DAM?

Every industry that deals with digital assets uses DAM. A digital asset management system is necessary for everyone who needs to optimise digital asset workflows. Some examples are as follows:

• Marketers. With a DAM system, marketers may expand their brands and improve brand consistency.

• Designers. A digital asset management platform can help designers find files more quickly and reuse assets, which will improve their workflow.

• Sales team. Sales teams can access current materials and resources at any time and from any location.

• Engineers. DAMs can be used by engineers to store product manuals or patent data.

• IT Personnel. DAM can be used to store contact information, invoices, and product specifications by IT procurement staff.

• HR. DAM can be used by HR staff to manage vacation requests, payroll receipts, hiring procedures, and benefits information.

• Legal. To prevent misuse, legal staff can tag assets with expiration dates and obtain compliance documentation.