Digital Asset Management Tools: Boosting ROI in 2024
The rapidly evolving landscape of digital assets in 2024 has brought about a pressing need for businesses to maximize their Return on Investment (ROI) while effectively managing these assets. In the face of this dynamic challenge, digital asset management (DAM) tools have emerged as a crucial solution for saving both time and money.
Using digital tools to manage your assets is no longer an innovation; it’s just the most effective solution. Given the demand of the day, digital asset management tools have been making their presence felt all across the board.
The global digital asset management market is valued at $5.27 billion in 2024 and is projected to reach $10.69 billion by 2029. If you want to make it big, investing in DAM software is the first step.
By streamlining processes, enhancing collaboration, and ensuring the efficient use of resources, DAM tools empower businesses to navigate the digital landscape with agility, resilience, and profitability.
Table of Contents:
- Understanding Digital Asset Management Tools
- Top 5 Ways Digital Asset Management Tools Can Help Maximize ROI
- The Bottom Line
Understanding Digital Asset Management Tools
Digital Asset Management (DAM) uses technology to digitize information management in a business. It helps businesses find a system that efficiently stores and organizes their digital assets. And when the time comes, it can help with effective retrieval and distribution as well.
1. What are Some Types of Digital Assets?
Digital assets can include any digital files you may have. Whether it is an image, a document, audio, video, or just about any other kind of digital media, any content you have rights over is your digital asset.
2. Why is DAM Key to Content Management today?
Organizations have been employing content management software for years now to maintain a centralized repository of their digital assets. Using digital asset management tools has now enhanced the searchability and discoverability of these assets, thus saving businesses hundreds of man-hours.
3. How are DAM Tools Different from Other Productivity Tools?
DAM tools have interfaces specifically designed to handle digital assets such as images, videos, logos, etc. They offer version control features and the simultaneous pushing of updates across several channels. In short, they are made for this very specific job of handling digital media.
DAM software can be seen as a part of a larger project management system. While project management software has a much larger scope of file management, collaborative workspaces, group calendars, etc., DAM software will specifically focus on digital assets throughout their lifecycle.
4. Does DAM Help with Marketing Automation and Brand Management as Well?
Unlike traditional content management software, DAM tools can enforce automatic asset updates. This mechanism can be used to reinforce brand guidelines, pushing consistent and on-brand content across several channels.
5. What are Some Popular Examples of DAM Software?
- Adobe Experience Manager (AEM): This enterprise solution by Adobe can deliver content seamlessly across multiple digital channels.
- Brandfolder: One of the highest-rated digital asset management platforms, this is a popular choice with enterprise companies.
- Wedia: It is a cloud-based digital asset management platform that specializes in the management and distribution of assets for marketers.
- Daminion: This popular DAM system can organize, secure, and retrieve a business’s digital assets in a jiffy.
- Nuxeo: It can help manage complex digital assets for large enterprises.
- Box is a cloud content management and file-sharing service that provides a secure and scalable content-sharing option.
- Mediavalet: Another cloud-based DAM aimed at marketing teams to help easily manage, collaborate on, and distribute their digital assets.
- monday.com: This is a work-operating system that enables organizations to build custom workflow apps in a code-free environment.
Top 5 Ways Digital Asset Management Tools Can Help Maximize ROI
You should invest in digital asset management tools not only for their convenience but also because they can help you save a lot of time and money. Whatever little you will invest in traditional content management software, if you choose to upgrade your spending to DAM software, the return on investment (ROI) is high enough to be worth it.
Here are 5 ways digital asset management tools can help maximize ROI by helping your business save time and money:
1. Accelerated File Transfer
Image and video files today are of incredibly high quality. They can hold an immense amount of information, preserving even the smallest details. But this clarity comes at a price: the files have grown to large gigabyte sizes.
Processing and transferring such large files can be extremely time-consuming and can heavily impact a project’s timeline. DAM tools come equipped with accelerated file transfer solutions where a large file is transferred in multi-part chunks with uncompromised security. This can greatly improve a team’s productivity.
2. Make External Collaboration Easy
Easy file sharing and a central media repository make collaboration a piece of cake. With easily retrievable and manageable digital assets, every stakeholder can simultaneously access files.
This makes real-time coordination a lot less work and, overall, brings down the time taken to complete collaborative tasks.
3. Enhanced Asset Discovery with AI-driven Metadata
DAM software and platforms can automate the painstaking task of tagging, organizing, and distributing media content. Businesses have traditionally spent hours of manual work ensuring the management of digital assets.
With AI, DAM tools can auto-tag content as per the requirement and search it instantaneously based on details like color or description.
4. Increased Scalability at a Fraction of the Price
DAM software and tools are usually mounted on cloud platforms. It means that you can leverage the scalability of a cloud storage system by spending a fraction of what you would on building similar infrastructure.
Furthermore, this provides the flexibility of accessing digital assets across platforms and globally without incurring additional overhead.
5. The Power of Automation
DAM systems come with extension points, which you can leverage across platforms to automate business-specific tasks. The reduced manual effort led to reduced labor costs and an improved time to market.
Also Read: 5 Keys to Building a Winning Digital Asset Management Strategy (DAM)
The Bottom Line
Now that we have established the role of digital asset management tools in maximizing your ROI, it’s time to find the right tool. One of the top DAM software programs on the market today is Adobe Experience Manager (AEM).
However, just knowing the tool isn’t enough; you need the right digital partner as well, and for that, you needn’t look farther away than Hurix Digital.
Hurix Digital is an expert in providing customized AEM solutions for your specific business needs. Whether it is content authoring, omnichannel delivery, or workflow automation that you need, Hurix Digital is your answer.
If you have made up your mind to spend a lot on digital assets and content management, reach out to Hurix Digitial today for an exquisite experience.
Currently serving as the Assistant Vice President of Technology Delivery Operations at HurixDigital, a prominent global provider of digital content and technology solutions for publishers, corporations, and educational institutions. With over 16 years of experience spanning EdTech and various domains, I hold certification as a SCRUM Product Owner (CSPO). My expertise includes operations, finance, and adept people management skills.