4 Challenges of Digital Asset Management… and How to Get Around Them

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Digital asset management (DAM) is the process or system by which a company shares, stores, and organizes digital assets in a centralized location. Digital asset management is essential for most modern businesses as digital assets are becoming increasingly common.

A sound digital asset management system makes it easier for your organization to deal with much data of increasing complexity which businesses have and distribute. It also means more access to data for organizations. DAM makes your organization function faster and more efficiently, which is a great advantage.

On the other hand, DAM also has challenges which include:

Integration Capacity

Your organization uses many digital assets within a particular period: a day, week, or month. It is incredibly cumbersome to use these assets separately, especially if you want to produce comprehensive reports. Therefore, you need to switch between the assets manually, which is a great problem many organizations face.

Digital asset management should allow the integration of various tools to enable switching between multiple assets. Creating, sharing, and utilizing information is crucial in digital asset management; hence you will need a DAM system that will allow integration with other software and tools to enhance optimal organizational performance.

You can solve this problem in one way. Your business structure has APIs which you can use to integrate a DAM system with other tools and platforms. It will facilitate communication between various business channels and promote the exchange of data in your organization.

Slow Response from Digital Asset Management Software

Digital management software is the most powerful tool in digital asset management. However, many DAM software are alike, so you need to exercise great care when choosing DAM software.

You will often choose DAM software using three criteria: price, ease of use, and customer experience. The response speed of the DAM software will make a tremendous difference in the speed of your business processes.

If you are using slow response software, you should change to one with a quick response. Bynder is one of the most common DAM software, but there are Bynder alternatives. Software you can use to increase the software and digital asset management response speed include Brandfolder, Widen, Canto and Nuxeo.

You will also have to judge the alternative software using the three metrics above to find the most suitable one for your business.

Usability

Every digital asset in your organization should be well managed, easy to share, and change. 

You should also be able to track the assets for any purpose. These features are what make DAM a challenge and an issue to resolve.

The way to make DAM more usable and accessible is to have a platform or software with all the above features. The software should make it easy to access, use and track digital assets; if it can do so automatically, even better.

Everyone in your organization should know how to use the software and use it to its full capacity. Only then can you realize the full benefits of the solution.

Implementation Cost

The price of digital asset management is a common challenge among many businesses, especially the smaller ones. Research shows that the price of replacing a single digital asset is about $1,000. The cost of replacing digital assets for your entire organization will be much higher.

You seriously need to consider the cost of the DAM platform before you implement it. The way to reduce the implementation cost is to do your research on DAM platform providers and the costs of each software.

You can reduce the cost by removing elements of the DAM platform that are unnecessary.

In conclusion, digital asset management is vital for every organization. Organizations face many DAM challenges, including the ones above. You can solve each problem with the right mindset. Implement the above solutions and customize them to your organization.

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