The perception that digital asset management (DAM) isn’t much more than static cloud storage is completely out of touch with today’s advanced DAM capabilities. Although technologies such as web CMS, content marketing platforms, and MRM boast DAM-like capabilities, most enterprises still need best-of-breed DAM for their rich media content needs. Many companies have caught on to this; more than half of the global software decision makers whose firms prioritize digital experience have implemented, are implementing, or are in the process of expanding their DAM solutions, according to Forrester Analytics survey data.
So, to buy, or not to buy? In my recent report, “Eight Questions To Consider When Investing In Digital Asset Management,” I examine the eight business and functionality requirements that call for DAM investment.
The companies we interviewed said they adopted DAM to:
- Leverage advanced search and advanced metadata capabilities. One global retail company is leveraging machine learning and a comprehensive taxonomy to apply a more robust set of metadata to its assets. The future state of this process means that DAM will be able to distinguish between different types of merchandise.
- Avoid legal problems around content usage rights. A multibillion-dollar cosmetics company plans to house a million assets in its DAM software — 75% of them rights-restricted — to avoid violating usage restrictions and to streamline communication around regulations. Companies that license photography, for example, are prime buyers of DAM.
- Provide access to content across business units. A technology company told us it has rolled out its DAM to 10 groups so far and plans to have it reach an additional 20-plus internal teams and external partners. Scaling across the business is a unique capability to enterprise DAM.
While adjacent technologies claim DAM functionality, many companies will need a standalone DAM to fulfill their needs. Best practice? Bring various business units to the table to evaluate your needs surrounding rich media content.
(Emma Huff contributed to this blog post.)