What Is Digital Asset Management Tools?

In today’s digital world, most companies (whether in manufacturing, medical device, CPG, or other sectors) will have numerous digital assets. Each one of these digital assets provides valuable content, information, instructions, or other data that is necessary to use from time to time and by multiple people within your organization. The hard part is managing all of that content – which is, in fact, a type of business asset. This is where digital asset management (DAM) comes into play.

Why Do You Need Digital Asset Management?

Digital Asset Management (DAM) solutions allow a company to effectively manage all its digital assets for various products in one location. The key here is that this is a very safe way to manage assets and still keep them accessible to those who need them consistently or on an infrequent basis.

The DAM offers numerous benefits. For example, with these digital asset management solutions, it is possible to ensure only brand-approved digital assets are ever used by all departments within the organization. Only one access point is provided, not numerous different files shared across various platforms. That means that even external partners can safely manage the appropriate assets effectively.

Also valuable is that DAM can significantly reduce the time it takes an employee to find specific information or a specific digital asset for a task. This can create a boost in productivity, something many companies see when they implement a DAM solution.

What Is Digital Asset Management Tools?

Digital asset management tools are just what they sound like – they enable companies to manage, share, update, store, document, and otherwise interact with digital assets related to a company’s products, branding, or other data.

With this type of tool, there is one centralized method for storing, managing, and sharing digital files. Any type of digital file can be added as a component to the DAM.

The digital asset management tools are then shared as much as or as limitedly as necessary. The key here is that this software enables companies to share that data across multiple departments within the business and share the digital files with external partners as needed. This could include other agencies or channel partners that need access to the most up-to-date and accurate information.

Some examples of digital assets that can be managed through a DAM solution include:

• Documents in most forms, including Excel spreadsheets, PDFs, PowerPoint presentations, and Word documents.

• Audio files, including any third-party product such as those on Spotify, Casted, SoundCloud, or Libsyn.

• Forms, including any type of CRM-managed form.

• Images of all types, including in most formats such as JPEG, PNG, GIF, and SVG files.

• Video, which can be uploaded directly to the DAM or can be brought in by other products, including YouTube, Wistia, Brightcove, Kaltura, Vidyard, or Loom.

• Text including plain text or rich text.

All of these assets can be managed effectively through DAM software. It is all stored in a centralized location, making it easy to gather the necessary data when needed.

What Is an Example of a Digital Asset Management System?

Various types of DAMS are available today. Some are more robust than others. Many are similar in what they offer. Consider some of the top digital asset management systems used today, such as:

• Adobe digital asset management

• Canto

• Bynder

• Brandfolder

Each digital asset management company offers a bit of a different product, but some have limitations. For example, many are standalone digital asset management companies. That means that companies will still need to purchase and use a third-party solution or need to invest in an agency or developer to create a digital experience. This can make utilizing these tools more cumbersome, but it also means it will take much longer to get the system up and running. That may be out of the question for companies that need faster results.

Also note that Adobe, which is one of the most well-known systems, can be a good option. However, it has a much higher cost than most other products. It, too, has a lengthy implementation time that can limit the product's overall effectiveness. These DAM vendors are options but are not the only solutions available.

An alternative option is better for many organizations. As one of the best DAM systems available in terms of functionality and use, Lumavate is a solid solution for managing digital assets. What makes it different are a few core elements.

First, Lumavate includes a DAM within its platform. At the same time, it also includes a product information system (PIM) as well as a digital experience platform (DXP). That means it is more of a full-service tool that is easily navigated by companies.

A PIM helps unify your product data to empower collaboration across all areas of your business. It can help you get rid of managing every bit of data through a spreadsheet, aiding in getting your product to market sooner.

A DXP works to provide your team with the hands-on tools they need to both create and optimize digital product experiences. You can utilize this tool to help with everything from sales resources to building out a website. Lumavate helps to ensure you have all aspects linked together.

More so, Lumavate’s DAM can be associated with product records in only a few clicks and then used in digital experiences built without any technical resources. This can streamline the process and get results sooner. This makes it one of the best DAM systems available today.

What Does a Digital Asset Manager Do?

A digital asset manager is responsible for the overall management of the Digital Asset Management (DAM) solution. That means that this person within the organization is responsible for managing all aspects of the DAM. Though DAM solutions are designed to allow multiple people to use them and be responsible for uploading assets and managing the content, a digital asset manager is the person who oversees the entire process.

The digital asset manager, which is a role that is often a part of the marketing department, will manage the digital assets in the DAM as well as who can access and use them. These professionals are ultimately responsible for the digital asset management software.

Consider the Power Behind Lumavate

Lumavate allows organizations to get the very best DAM solutions for their business’s needs. Used properly, it can reduce costs, streamline operations, ensure that there are fewer mistakes throughout the process of sharing and using digital assets, and boost productivity across all departments. This makes it one of the best digital asset management solutions available today. Book a demo to see how it can work for your business’s needs.