You’ve heard it a thousand times, buy something to save money. That makes a lot of sense. Spend money to save money. As a business person you understand that, of course, there are things you have to spend money on that if you do your research and choose the right vendor and product that over time, certain costs, such as labor, will go down. With so many potential vendors trying to get your attention how are you supposed to be able to sift through everything presented to you and decide what’s truly valuable? How can you tell what is really a long term investment versus the hot start up product that’s going to sell out within the next year?
Often the soundest investments are not the flashiest or showiest. They’re a practical solution to a problem that is plaguing the industry. Sometimes what sounds like common sense gets overlooked because it just makes too much sense and you don’t even think to look for it. Enter digital asset management or DAM.
The only problem with DAM is that I can’t prove to you that it will save you money. I can’t create a calculator to help you find your estimated savings, because everyone’s savings are different based on the assets they use and the purpose that they’re using it for. It also depends on the current platforms you are using, the vendor you ultimately go with and the bells and whistles of the customized DAM system that you ultimately choose.
While I can’t tell you how much return on your DAM investment you will gain over the years I can explain why you will save money, therefore gaining the ROI that is necessary in any long-term business investment. Let’s simplify digital asset management before we complicate it.
Digital asset management is quite simply a way to manage your digital assets. An asset by definition has value. If every asset has some value then a way to manage the asset is important to the bottom line of any company.
Some companies claiming to sell DAMs are really selling storage for digital assets with no real way to manage them. Storage isn’t management, so be careful about what you are being sold when you are researching digital asset management solutions. It’s also worthy to note that a DAM should be highly personal to your organization, so it might be worth your while to explore companies who can tailor their product to your needs.
Let’s take a look at ways in which a digital asset management system can save you money.
Time is Money
44% of business leaders believe that dealing with inefficient processes is their top time-waster. If the adage is true that time is money, then inefficiency could be viewed as the top money waster. I think most business leaders would agree that people are expensive and getting the most out of each employee is vital to running a successful and lean organization. How is it possible to do that without giving them the proper tools? Over 50% of marketers have to rely on 5 – 10 tools to perform their job daily. If you could replace those tools with one platform it would eventually pay for itself.
With a DAM your marketers will have an easily searchable database where they can access any asset needed and easily edit in real time. The workflows within a DAM will ease any clunky systems around the editing and approval process, easily assign them to the right person, and be done with a click of a button.
Copyright Fees/Rights Management
Using an unlicensed asset can be quite expensive. It’s not an uncommon occurrence though, even with strict company guidelines. There are lawyers who make their living trolling the internet and suing for copyright infringement. A digital asset management system allows your team to easily track whether or not they can legally use an asset.
According to IBM the average consolidated total cost of a data breach is $4 million. Data is not only vital to most organizations but also the most complex. While I discuss digital asset management in terms of marketing ability for the most part, the truth is, marketing is just the tip of the iceberg when it comes to data. If you are in the defense, government, medical or even entertainment industries you understand the risks better than most. With a secure place to store your digital assets you are alleviating a lot of risk associated with data in this day and age.
Better Digital Campaigns Put You a Step Ahead
As mentioned earlier, the fact that marketers can use one tool makes their jobs more efficient and the workflows speed the process up. It also ensures consistent branding and cohesive global marketing campaigns since people with the right credentials around the world can access the same assets. What good is marketing if you don’t know whether or not you’re gaining revenue based on your marketing dollars. With the right DAM you can integrate a CRM such as Salesforce and track leads all the way through the buying cycle. With today’s buying cycle being started primarily online it’s more important than ever that your sales and marketing team are tightly aligned.
According to the definition of asset an asset has some value. In the business world anything with value can be monetized. A DAM actually does allow you to not only monetize any asset but also to monitor your investment in the asset. Being able to gauge how assets are being used and which assets are being used the most will help control costs on future campaigns.
Costs have to be incurred to run a business. Some costs simply make more sense than others, though. Just because a potential vendor promises to save you money doesn’t mean that they actually will. By taking the time to explore options and asking what is right for you and you alone, you can ensure that the right partner is out there no matter what solution you are looking for. In the case of a digital asset management platform don’t be fooled by someone telling you you’ll save x number of dollars. But, know that if you have the right capabilities that you undoubtedly will.
Revitalizing your digital strategy takes time, patience and the right partner. Take the first step by evaluating your options. Take a look at what censhare offers.