What Is Digital Asset Management Company?
by Averi Easley | Last Updated: Sep 14, 2023
Teams often spend countless hours searching for the right image or document that they need for a project. These assets might be stored on your computer, on a colleague's computer, or even in a shoebox. 😂
If this is the case, then investing in a Digital Asset Management (DAM) solution might be the right move for your company.
What Is Digital Asset Management?
According to Gartner, digital asset management software “plans and manages the creation, approval, organization and distribution of all types of content (text, graphics, images, videos and audio) from a single system. It ensures that each piece of content is the best and most appropriate for every interaction, and that internal and external stakeholders properly use digital assets to increase customer engagement, retention, acquisition and satisfaction.”
A simple way to look at it is that digital asset management tools enable you to store documents, images, videos, audio files, and more, all within one system. This can be crucial to any business, but especially manufacturers, as they often have numerous types of digital assets for each of their products. Without a DAM, your company's digital assets may end up living in numerous locations and your team may spend countless hours trying to track down these assets.
A digital asset management tool can be essential for a company, as it can improve efficiency within your organization. In an ideal scenario, a digital asset management system would also allow you to easily use these assets in digital product experiences and share them with team members or channel partners.
Why Is Digital Asset Management Important?
You may find yourself wondering why digital asset management is important and if your company should invest in it. The short answer is yes and there are numerous benefits to using a digital asset management system. By having a centralized location for all of your brand’s digital assets you can easily create personalized experiences, enable cross-collaboration between teams, and upload brand consistency.
Let’s explore some of the benefits associated with digital asset management software:
One Source of Truth - A DAM solution provides a centralized location for managing digital assets across your company. This helps ensure that your employees are using the correct digital assets when creating your brand’s digital experiences.
Instantaneous Updates - When digital assets are updated within the DAM, the changes are automatically reflected in any digital experience that is using the asset.
Increased Productivity - With tagging and search functionalities, assets can quickly be found without the need for manual searching. This saves time, along with minimizing the risk of duplicate efforts and confusion on versions.
Removes Silos - DAMs help remove silos from businesses by enabling collaboration and the sharing of resources easily.
What Is a Digital Asset Management Company?
With more companies embracing digital, there are significantly more companies that offer digital asset management solutions. Let’s look at some of the top digital asset management companies:
Lumavate - Lumavate is a PXM platform that has additional functionality including a DAM, PIM, and DXP. All of these capabilities would be beneficial for manufacturers to manage their product experiences.
Brandfolder - Brandfolder is a digital asset management platform that enables companies to easily organize all of their digital assets. This platform is only a DAM and does not allow users to create digital experiences.
Bynder - Bynder is a digital asset management platform. This platform is only a DAM and does not allow users to create digital product experiences.
Adobe DAM - The Adobe digital asset management platform allows users to store digital assets within their Adobe Experience Manager solution. Adobe is not a PXM that was built for manufacturers, so this solution might not be ideal for these types of companies.
How Do I Choose a Digital Asset Management System?
Now that we have reviewed some digital asset management companies, how do you choose the best digital asset management solution?
It is important to evaluate numerous solutions when searching for the best digital asset management software for your company. Here are a few things to consider during this process:
Understand Your Brand’s Needs - Begin by pinpointing the challenges your team faces with your current asset management process. Take tours or demos of each solution that you are considering to make sure that the current challenges you face will be addressed.
User-Friendly Interface - Look for a DAM solution that offers intuitive navigation and easy uploading. It would also be helpful to find a tool that allows tagging and has search capabilities.
Integration Capabilities - The DAM solution you are searching for should seamlessly integrate with your existing tech stack. This capability enhances cross-functional collaboration, which makes it easier for your teams to access and utilize the assets.
Is Dropbox a Digital Asset Management Tool?
Dropbox is a cloud-based file storage service. This platform allows users to organize, store, and share various types of digital assets. While this platform has features similar to those of a DAM, it is not quite considered a DAM. Dropbox does not have the features and capabilities of a specialized DAM and is not equipped to handle the large amount of digital assets that manufacturers typically have.
Is Google Drive a Digital Asset Management Tool?
Google Drive’s primary focus is on file storage and sharing documents. Google Drive does have some search functionality and filtering options, however, it does not have the capability to easily tag content so that marketers can find what they need. It also does not seamlessly integrate into systems like a PIM or DXP, which means marketers would find it difficult to embed their assets into web pages, etc.
With all of this in mind, which solution would be considered one of the top digital asset management systems? Lumavate is the best DAM solution because it is not just a DAM. Lumavate allows users to create digital product experiences using the data stored in their PIM using its DXP capabilities.
Ready to get started with Lumavate? Schedule a demo with one of our product experts. We will show you how easy it is to organize your brand’s digital assets and product information on our platform. All of this will allow you to start creating engaging digital product experiences for your customers that drive brand loyalty and revenue.