How Do I Choose a DAM System?
by Lumavate | Last Updated: Dec 28, 2023
Once you understand the power and capabilities of a DAM system, it's easy to imagine the potential and growth one could unlock for your company. But with so many choices on the market, how can you be sure to choose the right one for your company's needs? This guide will outline what a DAM is and why your company needs one before diving into how to choose the right one. We'll also cover the cost of DAM.
What Does a DAM System Stand For?
DAM stands for Digital Asset Management (DAM) system. A DAM System provides companies with a solution to centrally store, manage, and share digital files. Part of what makes a DAM useful is that it simplifies the process of sharing assets across multiple departments and externally with partners, such as agencies and channel partners. But a DAM provides much more to businesses, making them indispensable in today's world.
Why Do You Need a DAM?
A Digital Asset Management (DAM) system allows a company to store all of its digital assets in one location. Not only does this streamline the ability to share these assets, it allows for effective management. By employing a DAM system, a company can be certain that only brand-approved digital assets are used across departments as well as by external partners. DAM systems also provide companies with a significant productivity improvement by making it much simpler and faster for employees to locate a specific digital asset.
Benefits of Digital Asset Management
Saves time and money: by storing all of your digital assets in a central location, you increase efficiency and productivity, as well as streamline the entire management process.
Increases brand consistency across all channels: from external partners to agency work to the HR department, you'll never have to worry about outdated or incorrect assets going out.
Streamlines the collaboration process: Whether it's members of the same team working from different locations, or collaborations across channels or with external partners, sharing is no longer an issue.
Achieves better accessibility and organization: With everything in one central location, you choose how it is organized and who has access.
Provides powerful analytics directly related to digital assets: Find precisely what's working and what's not. Repurpose accordingly.
Simplifies legal management of usage rights: With everything in one central location, getting legal clearance is as simple as possible.
Allows for targeted marketing and personalization: Take full advantage of marketing's most powerful tools.
Encourages multichannel distribution: With easy sharing and full organization, it's simple to bring your marketing to the broadest audience possible.
Allows for easy integration of third-party apps: With integrations the possibilities for functionality are endless.
How Do I Choose a DAM System?
With so many Digital Asset Management (DAM) systems on the market, it can feel difficult to choose the right one. By asking yourself key questions, you can fully understand what your company's needs are regarding choosing a DAM solution, allowing you to make an informed decision, and find the best DAM systems for your needs.
5 Questions to Consider When Choosing the Right DAM System for Your Company
What is your company's primary goal with a DAM system? What problems are you trying to solve?
What type and how many digital assets is your company trying to manage with a DAM solution?
What organizational structure makes the most sense for your company's digital assets?
What integrations will you require your DAM system to have?
How and where will you be using your digital assets?
Digital asset management system examples will provide a broad range of functionality and solutions. By reviewing a large number of DAM system examples with these criteria in mind, you can be sure to select the best digital asset management software for your company.
How Much Does DAM Software Cost?
An important factor for any company is always going to be cost. With a digital asset management tool the cost can vary greatly, depending on which solution you select and its functionality. A major factor that will also affect cost a great deal is whether you select an on-premises solution or opt for a cloud-based one. This leaves a huge range for what a DAM solution can cost: anywhere from $1,000-$250,000 per year.
Rather than sacrificing functionality, many companies are opting for a broader solution that includes a Digital Asset Management solution within. For instance, Lumavate offers a full Product Experience Management (PXM) solution that includes a built-in DAM solution, along with Product Information Management (PIM) functionality, a Digital Experience Platform (DXP), text messaging as well as a form builder all within one single product. By bundling all of these tools, Lumavate provides a product that is typically 75 percent more cost-effective than competitor's solutions. Another advantage of Lumavate, which is lacking in many DAM solutions, is that it offers transparency regarding pricing. You can view their published prices here.