What Is Digital Asset Management (DAM)? Definition, Types, Best Practices, and Examples

Digital Asset Management (DAM) is defined as a practice of storing, organizing, categorizing, retrieving, and sharing digital assets from a central repository.

In this article, we will look at the concept of digital asset management (DAM), how it works, types of digital assets, examples of DAM platforms, five DAM best practices, and its benefits.

Table of Contents

• • What Is Digital Asset Management (DAM)?
  • Types of Digital Assets for Marketing and Internal Training
  • How Does Digital Asset Management (DAM) Work?
  • 5 Digital Asset Management (DAM) Solutions
  • 5 Best Practices for Digital Asset Management (DAM)
  • 5 Key Advantages of Strategic Digital Asset Management (DAM)

What Is Digital Asset Management (DAM)?

Digital Asset Management (DAM) is the act of storing, organizing, categorizing, retrieving, and sharing digital assets from a central repository.

Employees associated with sales and marketing departments need to liaise with different team members and juggle with a plethora of files. Consider the following scenarios. Do any seem familiar to you?

1. 1. You are a designer. A salesperson asks for a presentation file you created a while ago. You have no recollection of where it is stored and what it is named.
   2. You’re a marketer working on a creative brief. You have four versions of the brand logo, and you’re not sure which one to use.
   3. Despite sharing files with your team members, some of them will keep bugging you to resend the files.

The scale at which content is being produced is leading to a content overwhelm. This content is stored across different software applications and systems across multiple departments, making it difficult to organize and manage digital files. In factOpens a new window , employees without a DAM system spend five times longer looking for the right digital file.

The process of digital asset management (DAM) makes it simple for organizations to organize, store, and distribute digital content while exercising robust access rights and permissions.

DAM is also used to refer to a category of software applications known as DAMs that help organizations manage their digital assets. A DAM offers a central repository to store digital assets, which acts as a single source of truth.

A common query among marketers is why not stick to contemporary cloud solutions such as Google Drive? While these products are useful to smaller companies, DAM products offer superior capabilities in aspects like searchability, version control, security, access rights, and support.

Learn More: Top 10 Digital Asset Management (DAM) Software Solutions for 2020Opens a new window

5 Types of Digital Assets for Marketing and Internal Training

A digital asset is any rich media or multimedia files such as images, audio, videos, documents, or other digitally stored files. In this section, we’ll look at the five types of digital assets:

1. Images

Images are arguably one of the most widely used digital assets. They come in various formats such as JPG/JPEG, PNG, BMP, GIF. If you’re familiar with image editing programs, you might also be aware of raw file formats such as PSD, XCF, and CDR.

2. Audio

Audio files store digital audio content in formats like MP3, WAV, FLAC, WMA, etc. The rise of podcasts has made audio a crucial digital asset.

3. Videos

Videos have gained prominence in the last decade or so. Some of the most common video formats include mp4, avi, mov, and mkv.

4. Documents

For the ease of reference, we’ve grouped word files, spreadsheets, slide decks/presentation files, PDF files, plain-text files under the documents’ category.

5. HTML Files

HTML (hyper-text markup language) files are web files created using HTML. They can be viewed in a web browser.

Here are a few examples of digital assets used in marketing and internal training:

How Does Digital Asset Management (DAM) Work?

There are a series of steps involved in the management of digital assets right from the creation until distribution and deletion. Let’s understand how digital asset management (DAM) works.

1. Creation

The first step of DAM begins with the creation of digital assets. In this step, you design logos, record podcast episodes, create video content, and so on. Content is created in digital formats or converted from analog formats using techniques such as scanning, digital audio recording, optical character recognition (OCR), etc.

It helps to lay content creation guidelines to ensure that the rest of the asset management process works seamlessly.

2. Indexing

Indexing is perhaps the most important step of DAM. It is the process of providing a unique identity to every digital asset to make them easily manageable, searchable, and retrievable.

Indexing is done by adding metadata to each file. Simply put, metadata is information about data. It consists of data that can distinguish a file from the rest of the content.

Metadata contains attributes such as file name, creation/modification date, storage path. There are two types of metadata, viz., technical and descriptive. Technical metadata provides information such as file size, format, resolution, dimensions, bitrate, etc. Descriptive metadata includes elements like file title, author/artist, and keywords.

3. Workflow

Digital assets have a lifecycle depending on their utility. Here are the key lifecycle stages of digital assets:

1. Management: The management stage pertains to approval, version control, access control, and logistics. This administrative stage ensures that the concerned team members approve the assets, and the right teams gain access to the required assets. If a new version of a file is updated in the DAM system, version control facilitates the indexing of the newer file. Similarly, version control also enables users to revert to previous versions if required.
2. Distribution: Using communication channels to distribute assets is inefficient, making digital asset distribution an essential part of DAM. A DAM platform enables users to distribute digital assets across multiple departments, marketing/sales channels, and internal and external stakeholders. DAM assigns roles to users that decide the level of control over digital assets. DAM systems also provide download links and embed code allowing non-users to download the files or publish them directly on websites
3. Preservation: A brand logo has a relatively longer shelf life compared to a social media campaign creative. Different assets have different lifetimes, and DAM lets you preserve or archive them depending on their life span. You can assign expiration dates to assets so that they are automatically archived, keeping your DAM system clutter-free.

Learn More: Will DAM be the Future of Marketing Content?Opens a new window

5 Digital Asset Management (DAM) Solutions

In this section, we will look at five digital asset management (DAM) vendors:

1. Adobe Experience Cloud

Adobe’s DAM product is a part of the Adobe Experience Cloud suite. This DAM is the perfect choice for organizations looking for consolidated martech stack providers. The platform lets you set up workflows for planning, designing, approving, and distributing assets, along with enabling you to manage the digital rights of your assets.

2. Canto

Along with allowing you to set up workflows, Canto lets you set up private workspaces where designated users can work on digital assets until they’re set to publish. You can organize your content in folders and albums. Canto’s Smart Albums feature compiles images, videos, audio, documents, presentations, and other formats into six different folders so that users can find assets by their file type. Canto provides over twenty integrations options with tools such as CMS, creative suite, and cloud storage providers.

3. Bynder

Bynder lets organizations manage brand, campaign, and product assets efficiently. Features such as two-factor authentication, user rights, and access settings protect assets. Organizations can create web-based brand guidelines so that everyone is on the same page. Digital and print brand templates allow users to design content productively while sticking to brand guidelines. Bynder offers integrations for platforms like CMS, content delivery networks (CDNs), project management, and e-commerce.

4. Brandfolder

With Brandfolder, you can allow external stakeholders to upload to your DAM without having to give them complete access. You can customize the platform by adding your logo and header and create vanity URLs to deliver a unique experience.

Brandfolder’s smart discovery feature enables users to find text content from documents. It’s AI-powered tools auto-tag assets upon import, which further allows users to search for images with specific criteria. Brandfolder can be integrated with an array of platforms, including CRM, CMS, e-commerce, and workflow applications.

5. Widen

Widen offers a suite of solutions for the digital asset, brand, video, and creative management. Using Widen’s DAM, you can view where, how, and who is repurposing your content. You can publish content across multiple marketing channels and platforms through the DAM platform itself.

You can share links and embed codes to be placed on web properties and track their performance for embed views, shares, and downloads.

Learn More: Tales from the Enterprise Content MorgueOpens a new window

5 Best Practices for Digital Asset Management (DAM)

Implementing a digital asset management (DAM) system can be overwhelming at first. Here are five best practices to help you get the most out of your DAM software:

1. Define a DAM Workflow

Once you have identified a DAM tool to work with, it is imperative to ideate a workflow that will boost your collaborative efforts. A DAM workflow should consider:

1. 1. File indexing process
   2. Access rights and file sharing
   3. Standard file formats and naming conventions
   4. File modification and tracking changes

The workflow ensures that the right people have the appropriate level of access to the necessary files. To avoid chaos, assign only the bare essential rights to users, rather than providing all access rights to everyone. The workflow must be documented so that everyone is aware of the standard operating procedures (SOPs).

Several DAM platforms help you automate the workflow by converting files to different formats and sharing them across various channels.

2. Audit Your Digital Assets

Migrating your assets to a DAM system should be a decluttering processOpens a new window as much as it’s a shifting process. You don’t want to move the old discarded content to a new system and redo the entire process later when the system floods.

Take stock of the assets you have and decide what to keep and what to delete. This will also provide insights into the various content formats and their utilities, which will further help you refine your workflow.

Make the auditing process a recurring one so that you can keep the DAM tool tidy by moving misplaced files to their home or delete unnecessary files.

3. Create a Standard Hierarchy for File Storage

Organize digital assets into a folder hierarchy to improve asset accessibility and productivity. You can categorize files based on the file type, use cases, process, year, and so on. You can combine these criteria to customize the folder structure to suit your needs. It all depends on how you want to organize them.

Here are four suggestions to set up a folder hierarchy:

1. 1. Keep an empty hierarchy of folders that can be used as a template
   2. Determine the sequence of how you want to set up folders. For instance, you can set up the hierarchy as Marketing → Documents → Agreements, or Documents → Agreements → Marketing
   3. Decide the folder depth and keep it flexible. Avoid making the structure too detailed that will discourage users from sticking to the SOPs
   4. Set up the hierarchy in a way that would avoid file redundancy, i.e., storing the same instances of a file at multiple locations. It would require a serious forethought, but it will kill possible process inefficiencies.

4. Introduce Standard Naming Conventions

Similar to the folder structure, introducing a standard naming convention and the meta-tagging process will improve file discoverability. You can include the project name (or its code or abbreviation), client name, campaign name, date, version, etc. in the file name. The naming convention should aid readability and should steer away from any probable confusion that can stem from using non-standard abbreviations.

5. Use Native Collaboration Tools

DAM systems enable users to communicate within the tool. This way, users can wave goodbye to lengthy email conversations or third-party messaging tools for asset-specific discussions. They can use the DAM system’s collaboration features to leave comments to provide feedback or notify users of the changes in real-time.

5 Key Advantages of Strategic Digital Asset Management (DAM)

A DAM solution centralizes your digital asset and acts as a single source of truth for your organization. Here are five advantages of strategic digital asset management:

1. Boost Productivity

Automated workflows, powerful search capabilities, content repurposing features, flexible access rights, third-party integrations/plugins, and the ability to track changes through version control save time and bring in efficiency in the DAM process, while boosting organizational productivity.

2. Project a Consistent Brand Voice and Image

The centralization of digital assets and readymade templates ensure that users working on content are using updated brand assets (such as the logo, colors, font combination, etc.) and sticking to brand guidelines. This allows the brand to portray a consistent brand voice and image across different marketing channels.

3. Break Down Silos

Automated workflows enable users to manage digital assets without getting thoroughly involved. Similarly, the access control feature lets users control access to an organization’s digital assets and makes it easy for them to discuss feedback and changes within the platform. This promotes interdepartmental collaboration and breaks down silos.

4. Measure the Performance of Digital Assets

Most DAM platforms come with a built-in insights feature that tracks where and how your content is being used. With custom links and embed codes, you can measure the performance of individual assets on specific marketing channels. If a DAM system offers a Google Analytics integration, you can significantly improve the performance tracking process.

5. Data Backups

The DAM software stores the previous versions of a file. So, if you want to return to an earlier version, you don’t have to waste a lot of time searching for the older version. Similarly, since files can be preserved or archived, if you need them in the future, you can easily retrieve them from the system.

Learn More: Four Tips for Overcoming Digital Transformation Content ChallengesOpens a new window

Closing Thoughts

As organizations scale their content creation efforts, the need to manage digital assets efficiently is going to become a necessity. A digital asset management solution centralizes your digital assets and ensures that the content you need is available at the right time.

Do you plan to implement digital asset management (DAM) at your organization? Let us know on LinkedInOpens a new window , FacebookOpens a new window , or TwitterOpens a new window .