The evolution of digital content across all industries from health care and finance to publishing and education has increased market competition and prompted companies to modernize communication systems and processes. A vast majority of businesses understand the importance of adopting a content management system that allows for the seamless creation, design and distribution of materials. And many realize that, at this day and age, it is also essential that the content translates well across different platforms and electronic devices.
However, corporations should also understand that a successful content strategy is not just about compatibility; it's also about compliance. As Deloitte University Press researchers suggested in an article, although digital asset management is a relatively new area for businesses to navigate, failure to adapt to a "radical shift in the digital marketing landscape" will likely result in privacy and security issues that hurt their performance.
Digitalization of content management
DAM secures rights and permissions to rich media content, such as images, video, text and other multimedia and interactive components, and it is central to responsible content management.
"Digital content must be both compatible and compliant across all platforms."
Research and Markets recently released its "Digital Asset Management Market: Trends and Forecasts (2015-2020)" report, which revealed that the global market is expected to be worth $5.21 billion by 2020 - a significant jump from the $1.2 billion it was valued at in 2014. The source also added that this growth can be attributed to the heavy adoption of mobile technologies and growing reliance on the Internet.
Properly sourcing and securing digital asset rights and permissions is important, and it has many advantages. Businesses want to make sure content is correctly formatted and legally compliant across all channels of distribution. This can be a complicated and confusing sector to navigate. As the platforms and devices used to deliver content expand and accumulate, managing digital assets is becoming increasingly complicated and necessary.
In an article for The Drum, Abigayle Norman highlighted some of the major advantages digital asset management offers, including cost reductions, increased production, better control and heightened protection and security. This software solution can lead to cost savings because it "enables faster creation, storage, search and distribution of marketing artwork and content." Furthermore, there will be a "decrease in the purchase of near-identical assets or images and far fewer artworks being unnecessarily created in local markets."
The source also said that the return on investment and, therefore, bottom line of a company improves for a number of reasons. Not only will deploying an integrated DAM speed up production and delivery times, but it will also "automate the approval process, requiring key users to sign-off material before it goes out live."
Executives can leverage more control over business content because they will be able to manipulate the level of accessibility offered to members. In turn, this decreases the chances of essential information or restricted assets being lost, stolen or leaked. It also significantly reduces liability risks, such as when a company may mistakenly use an asset despite it having an expired license.
Traditional CMS aren't always efficient in handling the rapidly evolving needs of digital content. But DAM software systems offer solutions that give companies an advantage over competitors.
The future of DAM
According to ReportsnReports.com, the number of businesses adopting digital asset management systems will continue to grow. However, there is also a "lack of skillful workforce that can easily leverage the solution and other features such as web analytics for heightened business progressions." Therefore, the source indicated, the companies that will maximize their potential for success will be the ones that partner with third-party providers that possess the industry know-how and expertise to effectively deploy such operations.
Implementing efficient and innovative processes for delivering communications is a growing necessity for companies across all markets and industries. By working with a DAM system vendor that specializes in digital asset and acquisitions, content development and quality and compliance assurance, organizations will be able to increase their return on investment and further improve their bottom line by focusing on other strategic business operations.