The Business Value of DAM Software
In order for a business to even survive and prosper in the long run, it needs to grow.
What’s driving success and business growth in 2022?
The customer. And their online purchasing habits.
According to research:
The global market for ecommerce reached $5.7 trillion in 2022
In 2023, 20.8% of sales are expected to come from online purchases, increasing to 23% by 2025
2.14 billion people conduct online purchases as of 2023
It’s not to say you should go “all-in” on one channel - online.
No. Quite the contrary.
To stay competitive and increase market share, you need to merge online, offline, self-service, print and digital - and, provide the same personalized experience in every channel.
In 2023 and beyond, you need to go omnichannel.
Why?
Because unified and omnichannel shopping experiences will be one of most popular customer trends in 2023.
Omnichannel allows retail, manufacturing and life science companies to achieve more availability, drive sales and traffic, and integrate digital touchpoints.
It’s a highly effective growth strategy- and it starts with your customers.
In this article, we show you the value of DAM software and how it can accelerate your business in 3 ways.
The customer is driving innovation and digital transformation
All companies started off in the traditional sense, conducting sales offline.
Suddenly everything turned to the digital space, going full-on e-commerce, then into different channels, and now: You’re expected to be on all channels, at the same time, in the most seamless way possible.
It’s now new: It’s a shift that’s been happening over the last two-three decades.
But omnichannel marketing still has its challenges.
What prevents companies from succeeding with their omnichannel marketing strategy?
Slow, manual processes that decrease time to market and give up market share to competitors. Especially in the marketing department.
That's why many companies today are turning to marketing tools and technology to help them not only stay up to date with their buyers, but also stay in line for continuous company growth.
Marketing technology in 2022:
Digital asset management software
The digital marketing industry reached a total value of $321 billion in 2022, and is expected to grow at a compound annual growth rate (CAGR) of 13.1% between 2023 and 2028.
And according to HubSpot, 63% of businesses have ramped up their digital marketing budgets within the last year.
So, businesses must continue to scale and grow to not fall behind their competitors.
More specifically, the marketing software industry is constantly growing - it's expected to be valued at $11.46 billion in 2027. And, 59% of marketers state that marketing tools are going to be a crucial part of these strategies that they need to conduct online in order to stay relevant.
Tools like CRM and CMS can help with a wide range of benefits, such as:
> Using fewer resources when creating and deploying marketing campaigns
> Boost efficiency both when it comes to internal efforts (teamwork) and external efforts (customer communication)
> Platform consolidation which leads to less redundant tasks, but with more tasks that help create value
Digital Asset Management (DAM) is no different.
DAM platforms provide the same benefits listed above, in addition to managing your digital assets in one place. But there’s more to DAM than being an asset repository.
How DAM adds value to your business
Digital asset management systems are used by companies (typically larger enterprises with large volumes of content) to edit, manage and distribute all their assets.
But that’s not all. Here are 3 ways in which DAM can help you grow your business:
Streamline asset distribution
(to boost time to value from marketing campaigns)
DAM helps companies grow by making sure that your assets are repurposed and delivered on time and in the most efficient way possible.
How?
It increases the efficiency of distributing content to multiple channels at the same time, which in return, maintains that consistent flow of brand management, communication and interaction.
Not only are you making sure your brand assets remain on sight and in the loop, it can also attract more customers.
In return you’ll:
- Expand your target group and
- Expand your business
For example, the manufacturing industry benefits immensely from a DAM when it comes to these capabilities.
Oftentimes overwhelmed with the large amounts of assets, employees and routes to market, manufacturers need a tool (aka DAM) that helps ensure that only the right assets are delivered to the right distributors or suppliers - for further deployment.
The business value here?
Partners get access to the same assets, at the same time resulting in faster time to market.
Increase productivity through automation of workflows
(making time for more value-creating activities)
One of the clearest advantages with using a DAM is how proactive it is in terms of saving time.
When all assets are located in a single source, and all users of an organization have access to these assets - you’re significantly cutting down the time it takes to get things done.
Like searching for assets, figuring out which ones to use, which ones to share on which channel, etc.
That means boosting the internal (and external) collaboration. These types of tools have led to a significant increased efficiency in operations by 131%.
A DAM will add the relevant metadata to each asset, so it’s easier to quickly search and find assets and improve content management.
Making sure that what you spend the most time on during your 9-4 isn’t looking for files or logos or PDF’s just means you’re making more time for the things that matter. Your company can instead use that saved time for extra capacity, tasks that create value and other things that need to be done.
A DAM is easily incorporated into your existing workflows. It helps you minimize duplication, because you have a better overall workflow, and a better overview of what tasks have been completed and which assets already exist.
A DAM is able to be changed in order to fit expansions and growth, enabling your company to keep up with not only competitors, but the scaling of the organization itself.
Take the retailing industry for example. For all new clothing campaigns, it’s imperative that the latest and most optimized product images are displayed on the brand website.
Thanks to DAM’s streamlining-workflow capabilities, it's never been easier for retail marketers to get their hands on that new product photo without having to sift through different files or shared drives or documents found everywhere.
The business value here? Products are launched much faster.
Reduces risk through permissions and rights management (by only using assets that are legally compliant)
When you invest in DAM, you’re ready to thrive in today’s digital atmosphere.
A DAM gives you:
> Accelerated content creation
> Efficient content management and
> Streamlined content distribution
However, these things mean nothing without the safety of knowing that what you’re putting out there is actually correct, and in line with regulations.
Ensuring the assets you distribute are legally compliant, which is especially relevant for the life sciences industry, since it's one of the most regulated industries in the world.
How do the life sciences ensure that they follow all the intricate codes and regulations?
Especially when rolling out new pharmaceutical products that need to comply with strict guidelines and avoid off-label marketing and false claims?
First, a DAM will provide you with high levels of security that makes sure only the right people have access to your content, helping you protect your most valuable assets belonging to your organization.
Secondly, it will also help you stay in line with regulatory compliance and legal protection, by:
Notifying you when an asset has expired
Limits the risk of any users breaking any content rights
Ensure assets include the right terminology and terms and conditions
The business value of a DAM here is clear:
You avoid heavy fines due to unlicensed digital assets.
Conclusion
Businesses are constantly looking for new ways to reach their growth goals.
Whether you invest in people, process and technology – there’s several levers you can pull to increase revenue. And when you have a platform that improves efficiency in people, creates a clear process to minimize risk and improve distribution and, the tech to integrate with existing systems – it’s easy to see the value it brings for your business.
And that’s exactly what tools like digital asset management do.
To sum up, a DAM adds value to your business by:
> Helping you streamline content distribution
> Increasing productivity on all levels (especially internal workflows) and
> Reducing the risk of using outdated or unapproved assets
Interested in learning more about how Digizuite can benefit your organization?
Book a call with one of our experts today.
Resources you’ll love:
