Who Owns Digital Asset Management?

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by Lumavate | Last Updated: Dec 16, 2023

What Does a Digital Asset Management Do?

Digital assets are a vital component of every modern business. Digital assets comprise a significant portion of the data and tools available to your organization. Types of digital assets include pictures, audio files, videos, user manuals, and other documents that create your brand's identity.

In short, digital assets hold value for marketing, branding, communication, education, and various business operations. Digital Asset Management (DAM) enables your organization to store, manage, and share these digital files in a way that is centralized and accessible to everyone who needs them. It encourages collaboration and accuracy as it provides a single source of truth for digital assets.

Digital asset management can often be compared to a Content Management System (CMS) that serves distinct yet related organizational functions. A DAM is used primarily for storage, organization, and retrieval of digital assets and for managing the lifecycle of rich media for distribution.

A CMS focuses on creating, organizing, and publishing visual and textual content on websites and will include text editing and publishing workflows. A DAM and a CMS serve different purposes but work best alongside each other and, when integrated, can provide a single source of truth for an entire digital experience.

Who Owns Digital Asset Management?

Digital asset management is just like any other function within an organization; without the proper methodology and delegation, the benefits cannot be taken full advantage of. The digital asset manager is a common designation for this title, to own the entire digital asset management process. This often falls to a senior leader within the marketing department, but it entirely depends on the organization -such as within manufacturing.

The digital asset manager owns the entire process and platform and is responsible for delegating responsibilities as they see fit, ensuring that the process is up-to-date and that every user of the DAM can be assured they are accessing the most recent version of the file.

In this way, all departments are responsible for creating the best digital asset management software and the maintenance of its information. The extension of access provides all teams with the responsibility of input and correction if they see discrepancies. For example, subject-matter experts within an organization can be responsible for part specifications so that sales and marketing use correct information in their revenue-generating activities.

Is Google Drive a DAM?

Google Drive may serve some of the same purposes as a DAM at its core, but it should not be confused with digital asset management software. Google Drive provides storage for certain digital assets and files, but the similarities end there, especially without upgrading to larger storage sizes.

Advanced capabilities such as tagging, automatic file updates, and seamless integration with other platforms are missing from Google Drive, which causes immediate growing pains for businesses that rely on Google Drive from the onset.

Google Drive cannot handle large storage solutions as they are stored on a cloud server, which Google itself can even own. Depending on specific regulations and best practices, this can cause compliance and regulatory concerns from many different departments and regulatory bodies, especially when dealing with sensitive information.

What Are Examples of Digital Asset Management Solutions?

In the landscape of DAM solutions, many different tools are available at your disposal. Of course, we have narrowed it down to only the best available options.

It provides insights into the strengths and limitations of standalone DAMs, emphasizing the high costs and implementation challenges associated with industry giants like Adobe.

Here is a curated list of digital asset management companies and their digital asset management tools:

1. Adobe

2. Canto

3. Bynder

4. Brandfolder

5. Lumavate

When reviewing this list of digital asset management companies, reflect on your own needs, especially for integration, customization, taxonomy, complexity, and resources available.

Elevate Your Digital Experience with Lumavate

Learning about digital asset management is half the battle; asking yourself the right questions will help you determine the best digital asset management software for your organization. When looking to consider a DAM, choose one that meets all of your expectations and needs, such as centralization, full management, seamless integration with software and existing solutions, and a robust user experience.

A DAM isn't the only management software within your business, so consider your options carefully. An all-in-one solution can help you manage product information and quickly update digital experiences on your platforms and communication channels to enable a sense of brand professionalism and congruency in your messaging.

Ready to revolutionize your digital experience? Schedule a demo with Lumavate today.

See Lumavate in Action

Meet with one of our experts to see how easy it is to centralize your product data, manage digital assets, and create digital product experiences. Trust us…you’re going to be wowed.