What Is Digital Asset Software?

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by Lumavate | Last Updated: Feb 17, 2024

Most companies today have numerous types of digital assets they need to operate their business. These are infographics, product images, videos, and other digitally formatted assets that are often passed between various departments to achieve a variety of tasks, such as answering questions, providing how-to information, or marketing a product. Digital asset software is designed to help manage those assets effectively and efficiently. However, not all products are the same, and many digital asset software management tools are more challenging to use than they should be.

What Is Digital Asset Software?

Digital asset software is a type of specifically designed software solution meant to help support the management of digital assets of all types. More specifically called digital asset management (DAM), this type of software tool allows companies to have a single location to store a lot of information and other digital files they have. It creates a location for the storing of those digital assets, the management of them over time, and a way to share digital files with anyone desired.

With the help of a digital asset management system, it is possible to share the information contained within the software with multiple people across numerous departments. This even allows companies to share these assets in an effective manner with partners such as their agencies, channel partners, or even distributors. By creating one simple tool like this to use for all digital assets, all of the most important information about a product is centrally located. This means that there is one resource that holds all of the necessary information within it.

There are some core benefits to this, including the ability to store just about any type of content, media, or data that is in a digital format within the DAM. More so, it can then be shared easily. That means that if an end user needs the most up-to-date information, it is readily available and accessible to them from one source of truth.

What Is an Example of a Digital Asset?

Most companies have many types of digital assets, whether they recognize them or not. Specifically, these are any type of product-related information, image, or other form of media that provides specific information or resources about that product. Some of the most common formats include:

For a manufacturer, digital assets may include many types of resources that are necessary for various parties to have access to in the production management, sale, or use of the product. The most common types of digital assets for management include:

A digital asset can be any type of data point about a product at any stage of its development, marketing, sale, or use. It can include any digital format of that data as well.

Who Needs Digital Asset Management?

A digital asset management tool allows companies to manage all their digital assets effectively in a single location. Imagine what happens now – all of this valuable data, images, videos, and graphics may be contained on multiple spreadsheets and sent to people who need them as they need them. However, this creates multiple spreadsheets that may not contain the most up-to-date information possible.

The benefit of a DAM solution is that it helps to ensure that there is one source of truth for product information. This ensures that only brand-approved digital assets are ever used and accessed by other departments or external partners. For example, a more recent digital image of the product may include more accurate product information or an altered brand image that needs to now be used across all products. This allows for just those approved digital assets to ever be used.

In addition to this, it also saves time for employees. With the digital asset management tool, it is possible for an employee to know exactly where to go to find the information and data they need. Finding that specific digital asset is fast and easy to manage. It does not increase the amount of time spent sourcing information, and that means it helps to support an increase in the productivity of the team. A DAM solution is a simple-to-learn tool that allows for careful management of every digital asset.

What Is an Example of Digital Asset Management?

Quite a few digital asset management systems are available. Some of those include Canto, Adobe, Bynder, and Brandfolder. While each of these offers the basic digital management software tools and functions, some are far more complex to manage.

For example, in these four models, you will have to use a third-party solution or agency and developers to create digital experiences. This is a huge problem for many organizations because it adds not only to the time management aspect of the product but also to the cost. More so, these systems each have a very high installation cost. Adobe, for example, is perhaps the most recognizable brand. Yet, you will need to invest in third-party developers to integrate this system, and that is a lengthy implementation time that is, frankly, typically not worthwhile.

You will also find other digital asset management software free or has lower costs. Some of these digital asset management companies and DAM vendors offer very basic and stripped-down products that do not actually enhance productivity and still require a significant outlay of investment before they can be used.

The best DAM systems eliminate these complicated aspects, offer a simpler solution, and perhaps most importantly, they are designed to be robust, all-in-one systems that are affordable. Unlike these other digital asset management system examples, Lumavate offers a different take.

Lumavate offers an alternative because it is designed a bit differently. It offers a full DAM solution but also includes a product information management (PIM) and digital experience platform (DXP) alongside it. Lumavate’s platform is an all-in-one solution for storing product data and digital assets and creating digital product experiences. This approach saves manufacturers time and money throughout the process.

Also notable is that Lumavate’s DAM can be associated with product records in only a few clicks. That means that the establishment of your DAM solution takes minutes and does not — in any way — require numerous third-party developers that add to the costs and the timeline. That means you can start using it for your digital experience management without using any technical resources. This is what makes it one of the top digital asset management systems available today.

Explore our Lumavate offers a better option in digital asset management softwareTake a demo now to see how it works in action.

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