We’ve been talking a lot about the dollars and ‘sense’ of digital asset management lately. With the amount of data consumers are creating and businesses are amassing - how could we not? We've put together the following list to help evaluate if you're falling prey to the cost pitfalls of marketing in a big data world:
1) There isn’t time to waste or re-invent assets in a 24/7 world
With the sheer volume of digital assets now in production or distribution, it becomes very hard to keep track of what exists. This increases the chance an individual will create a new asset (when suitable ones already exist), OR the in-house team might know the asset exists but spend hours looking for it OR asks the agency to re-send (more than once!) OR simply uses the wrong asset or version.
The time lost in looking, requesting and fixing along with their associated costs add up quickly. In fact, one brand team with a large marketing department estimated that it cost over $100 every time it asked its agencies to bulk transfer images, saving over $30,000 in the first year of DAM implementation. Whether you are creating globally and amending locally, or creating locally and then sharing globally, knowing where you keep your assets (and your colleagues, and your vendors) - and getting to them quickly - is essential when marketing is moving at the speed of light.
2) Redundancy and poor use of marketing technology investments
Fact: every time an asset is accessed or moved from one server to another, it costs something. With the plethora of systems in use in many organizations, the situation can quickly get out-of-hand. Data transfer costs, secure cloud storage subscriptions, email bandwidth, thumb drives (lost thumb drives), etc. all come with a base cost and a day-to-day cost. It can quickly become a complicated spaghetti-like situation that costs money, wastes time and leads to frustration for everyone from Creative to Marketing to IT.
A single solution that provides a central location for all those assets, at every stage within your workflow from ideation > creation > approvals > compliance > deployment > measurement, is no longer an option but a necessity.
3) Compliance is costly, lack of compliance even more so
The costs associated with compliance and regulatory requirements are huge: not only are there steep fines to pay, but a lawsuit can also permanently damage the reputation of an organization and are even more costly to fix. Making sure that employees are not inadvertently misusing assets is vital, and that goes right down to control over rights management of visual content.
Similarly, there is huge equity in an organization’s own intellectual property (IP) and so it is vital to make sure that employees are protecting these valuable assets, using them correctly and keeping ‘on brand.’ A digital asset management solution provides a bedrock for regulatory compliance, brand guidelines, rights management and everything involved in managing risk around the use of these assets.
4) Monetizing assets to create new revenue and services
What more could your assets be doing for you? Sure, they look good. But how can you make your assets work even harder? Have you considered turning content from an overhead into a profit center?
Some agencies actively charge for the use of a digital asset management by their clients while enterprise brands rely on it to syndicate their content. Digital asset management solutions have also grown into robust marketing technologies that not only store your content, but it also measures and reports on performance. What diamond in the rough is currently lurking in your existing assets? Don’t miss out on big opportunities that might be quite literally at your fingertips.
If you’re looking for more tips and tricks for selling digital asset management into your organization be sure to download our eBook ‘The Business Case for Digital Asset Management'