How To Discover the ROI of Investing In A DAM For Your Business
When these assets are scattered all over the place, it becomes a real challenge. Sadly, this often results in lower productivity and less creativity.
Luckily, there's a powerful solution available: Digital Asset Management (DAM).
Picture it as a central hub or archive where you can seamlessly handle all your digital assets in one convenient location, accessible anytime and from anywhere (offline and offline).
DAM platforms go beyond basic shared drives like Dropbox or Google Drive. They are purposefully designed to support your marketing strategies across various channels.
With features such as metadata, automated workflows, integrations, and ensuring brand compliance, DAM platforms provide the necessary tools to stay organized and unlock the full potential of your digital assets.
In this article, we'll delve into the challenges that enterprises face which call for DAM systems, the potential costs and risks of not having a DAM and the ROI of Digizuite DAM.
Table of contents
The Risks and Costs of Operating without a DAM System
The ROI of Digizuite DAM: Benefits of implementation
Conclusion
The Risks and Costs of Operating without a DAM System
Without a reliable DAM system in place, companies can easily come face to face with significant costs and risks (which are often overlooked):
Poor asset sharing and retrieval capabilities: Companies relying on fragmented tools struggle with inconsistent tagging, leading to difficulties in sharing and finding assets right when they need them.
More specifically, content creators and marketers find themselves searching for product brochures, images and various files in multiple places with absolutely zero organization, causing delays (and ultimately hindering productivity).Difficulties in maintaining up-to-date content across channels: Multiple content marketing systems that are not integrated resulting in inefficiencies and inconsistencies. Uploading a document, PDF or a video becomes a tedious (and annoying) process.
What you’re left with is creating content discrepancies across different platforms and impeding effective content management (which is a no-go in today's day and age where it's all content - all the time).Inability to scale existing systems: Homegrown tools become a bottleneck as organizations grow. Insufficient IT resources hamper maintenance and scalability, preventing efficient management of digital assets.
What are the results of these daunting day-to-day challenges?
Resources wasted left and right, duplicated efforts (meaning your employees will waste tons of hours on doing something that once already was done), and inconsistencies across your global distribution channels.
That is a surefire way to negatively impact brand reputation and customer trust.
And by quantifying the costs associated with these issues, organizations can build a compelling case for investing in a DAM system.
The ROI of Digizuite DAM
A DAM software that scales alongside enterprise (and the large amount of content they produce) is Digizuite DAM.
The Total Economic Impact™ of Digizuite DAM
We teamed up with Forrester Consulting to analyze the Total Economic Impact™ (TEI) of using Digizuite DAM.
According to the findings, investing in Digizuite can give you an impressive 184% return on investment (ROI) - which is basically equivalent to a net present value of $1.22 million.
To better understand the benefits, costs, and risks, Forrester interviewed five decision-makers who have experienced Digizuite firsthand.
The study found that using Digizuite DAM provides tons of benefits to enterprise companies like:
Boosting content distribution efficiency by $1.5 million
Cutting content creation time by 30% with improved search capabilities and AI tagging
Saving $153,000 through platform consolidation, and
Delivering an exceptional ROI of 184% over three years.
It also streamlines omnichannel content management, leading to increased sales volumes, revenue, and all-in-all a much more improved brand compliance.
Summary of the ROI of Digizuite DAM: 5 benefits for manufacturers
Here’s five ways a DAM implementation and adoption changes the game for larger enterprises (like manufacturers and distributors):
A boost in content distribution efficiency
Manufacturers and distributors can easily supercharge their content distribution workflows all thanks to DAM, which was highlighted in the Forrester report.
How?
DAM helps them save valuable time by effortlessly searching and tagging assets with AI-powered tools, advanced search capabilities and automated workflows.
This is particularly relevant for manufacturers with extensive sales teams all around the globe, like food and beverage companies with 500 reps who need quick access to a wide range of assets at the right time.
According to the Forrester report, organizations discovered a major benefit of implementing Digizuite DAM: Their digital marketing/content managers were able to save a massive 90% of the time they used to spend on responding to typical day-to-day digital asset requests.
Similarly, field sales representatives also gained huge advantages in the game, saving 50% of the time they previously spent searching for and requesting assets they need to close a deal.
This adds up to a total value of $1,474,932 over three years, taking into account any potential risks naturally.
Enhanced content creation productivity
For a lot of manufacturers operating in a highly global, highly digital market - maximizing content creation productivity is key.
According to Forrester, a robust DAM system can have a significant impact in this regard.
With improved search functionalities, simplified uploading processes, and efficient tagging mechanisms, content creators can save time and concentrate on generating high-quality content that seals the deal.
Digizuite DAM’s advanced search features and simplified uploading and tagging processes resulted in a 30% reduction in content creators' workload. AKA saving them heaps of valuable time.
What did this translate into?
A significant three-year present value of $263,186 for the composite organization, considering any typical risk factors.
Saving costs through platform consolidation
The Forrester report emphasizes the cost-saving potential for manufacturers and distributors who consolidate their asset management platforms using DAM solutions.
The organizations interviewed managed to save costs by getting rid of old file storage and digital asset management tools.
Specifically, for the composite organization, the value of decommissioning these tools and saving developer time adds up to $152,631 over three years.
Thanks to DAM, companies can finally get rid of tons of different storage applications and custom-built systems. Which means they as a result can reduce costs associated with licensing, maintenance, and development efforts.
This consolidation approach is super beneficial, especially for organizations handling diverse sets of assets across multiple departments and teams.
Flexibility to meet unique manufacturing needs
DAM systems provide manufacturers and distributors with an increasing amount of flexibility to adapt to their specific requirements.
How?
By seamlessly integrating with existing tools, as highlighted by Forrester.
Whether optimizing internal processes through content management system (CMS) integration or creative tools like Adobe, DAM empowers businesses to leverage tailored solutions.
Which of course are aligned with their specific manufacturing needs.
Unquantified benefits of DAM implementation
Besides the measurable advantages, manufacturers and distributors also experience additional, unquantified benefits through DAM implementation, according to the Forrester report.
These include:
Streamlined omnichannel content management
Increased opportunities for sales volume and revenue growth, and
Improved brand compliance.
Benefits like the above can contribute significantly to two things within the manufacturing industry:
1. Overall operational efficiency, and
2. Enhanced competitiveness within the manufacturing industry
Conclusion
Investing in a DAM system can be costly, and it's essential to measure its ROI before committing.
The ROI of DAM can be calculated by evaluating its potential for generating additional revenue streams or optimizing existing ones, how it can reduce expenses, and the loss prevention aspect.
But keep in mind that when assessing the value of a DAM system, it's important to consider your unique business needs and goals - it all depends on the size and scope of your business.
Want to learn more about how your business can benefit from Digizuite DAM, plus your potential ROI of implementing the software?
Get in touch with us here.
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