The value of the digital asset management market in 2020 was estimated to be USD 2,962.2 million. Digital Asset Management or DAM software creates a centralized space where organizations can access their digital assets.
Creative DAM solutions help teams and keep exclusive materials relevant by centrally storing large amounts of digital and branding content which leads to enhanced security, organization, and searchability of these assets. It empowers employees to be equipped with data that truly matters!
How Does a DAM Deliver ROI
Investment in DAM solutions, just like any other business investment, should reap some profit for your organization. This is assessed by the return on investment (ROI). Getting a higher ROI is based on sharp decisions. The proper implementation of a planned DAM solution delivers a guaranteed ROI. Here are three ways the implementation of a creative DAM solution helps increase the ROI of your business:
1. Reusability of Assets
With the volume of assets produced in companies, it’s common for creatives to face difficulty in finding an asset at a particular time. How do you find the exact file where the model was wearing a red shirt against a white background?
Not being able to find the required assets ultimately leads to the unnecessary reproduction of similar assets. So, there are two kinds of losses incurred: expenses of reproduction and the expense of earlier production. DAM solutions help save time and cut the cost to reproduce assets. This also reduces the wastage of already existing assets.
By tracking the usage of digital assets and analyzing them according to the measurements of a campaign helps deduce the true value of an asset.
2. Optimized Search
Having your highly paid creatives search for assets manually through the archives is not the best use of their paid time and puts a strain on finances. DAM makes it easier to find digital assets with the help of keywords and metadata which significantly reduces time spent looking for specific files. DAM also helps bring efficiency to the approval process.
3. Compliances and Commercial Rights
There are usage terms, intellectual property(IP) rights, and legal regulations for every set of original and unique data. Complying with these usage terms, verifying the usage information, tracking information regarding the usage of your assets are all within the purview of a DAM solution.
It is crucial for a company to invest in DAM solutions that ensure compliance through rights management as it helps in detecting mistakes that can become a heavy dent in the budget and can also land in legal battles.
Additional Benefits Of DAM
Every penny that goes into business matters. So does any third-party agency cost that can be reduced with the implementation of a creative DAM solution. They help in eliminating or minimizing the cost that goes into the transfer and management of content. It also increases the transparency within an organization.
How to Select a DAM software for the Best ROI?
The following factors will help you while finding the perfect creative DAM solutions that work for your organization:
- The DAM system should be flexible and versatile to achieve effectiveness in enhancing business goals. Diverse metadata can help the searchability of an asset to enhance reusability purposes.
- Choosing a user-friendly DAM with simple navigation systems and a simple user-friendly interface makes it easier to grasp the tools by employees and improve operational effectiveness. For example, globaledit provides an intuitive user interface that your team members can get accustomed with easily.
Your organization can measure the ROI with the reduced admin work and time saved, while you as the leader of your team or your organization can measure the ROI with the reduced frustration and the happiness of your creatives in finding information easily.
Increasing your ROI requires keeping up with evolving DAM trends. It is important to work in close coordination with your DAM provider to tailor solutions according to your organizational needs to reap maximum benefits.
Talk to us to find out how DAM solutions can help your unique needs.