Best DAM Systems

What are company digital assets? Your image files, video files, audio files, and documents related to your products are all digital assets. When used properly, these assets can boost sales and build brand loyalty. Videos, for example, have a higher return on investment than other content types and can boost sales by up to 73 percent. Images offer the second-highest return on investment. Posts with images have a 650 percent higher engagement rate than posts without images. External documents such as owner's manuals and assembly instructions improve a customer's experience with your brand by providing buyers with the practical information they need to use your products.

What Is Digital Asset Management?

Digital Asset Management (DAM) is the management of all your digital assets. Some companies store these assets in various folders on the company computer. However, this storage system can make it hard for employees to access files as needed. This is especially true if your business has more than one office. What's more, files on your IT system are vulnerable if a hacker breaches your IT system. They could also be lost if a natural disaster hits your area.

What is DAM software? Digital asset management software is a platform specifically designed to store, manage, and share digital information from a single, centralized location. DAM software is typically cloud-based. This means authorized employees in your company can view and update information even if they don't all work in the same location. Many of these systems also come with Product Information Management (PIM) capabilities. This enables you to store all the text information and digital assets related to a particular product in a single location. What's more, digital asset management software has tools and features to help you share digital assets with your target audience. Consider the following digital asset management system examples:

• Business 1 stores digital assets in various folders in the company's IT system. It's a cloud-based storage system, so employees can access the system even if they don't all work in the same place. Even so, when a company employee needs to post an image or video along with a product for sale, he or she often has to search through multiple folders to find the right one. This process takes time, which means that many customers who view your products online won't be able to see all the information pertaining to the product right away. Marketers have a hard time working with the company because they can't access important information in a timely manner. In some cases, the company loses customers because a customer service representative doesn't have access to up-to-date information and so mistakenly gives a potential client outdated or inaccurate product specifications.

• Business 2 uses a digital asset management platform along with a product information management system. The program automatically sends all digital assets pertaining to a product to an e-commerce site as soon as the company puts up a new product for sale, creates a new product image or video, or updates existing items. As all assets are stored on a single platform. Thus, it's easy for company employees to find important information, which improves the company's customer service capabilities. Marketers can work with the company easily because the sales resources they need are always available.

Bear in mind that a digital asset management system doesn’t take the place of a human digital asset management team. You’ll need a person or team of people in your company who can create engaging visual content that will drive sales. Someone will also need to be in charge of monitoring consumer interactions with your digital content to see which forms of content are most effective in reaching your target audience. What’s more, a DAM manager will need to be in charge of making sure all information in your DAM system is accurate and up to date. Even so, a good DAM platform can save you a lot of time and work. It can also lower the incidence of human error.

Why Do You Need a DAM System?

Every single company needs a digital asset management solution, including those that don't sell products directly to the public. A DAM platform stores all product data in a single location to ensure information is always up-to-date. It maintains brand continuity as buyers view the same information across multiple platforms. It saves your employees time as they don't have to search through folders looking for a specific file.

Even so, a DAM system is particularly ideal for marketing. Following are some digital asset management tools offered by the best digital asset management companies:

• A centralized location for managing digital assets across your business

• The ability to tag assets so that you can find data in any category quickly and easily

• Multiple search filters that allow you to find any product or asset with a few clicks of a mouse

• The ability to automatically update your website, product catalog, or e-commerce platforms when you add, delete, or update a product.

• Brand portals to make it easy for you to share select digital assets with consumers, team members, channel partners, and others.

What Is a DAM vs PIM?

Many digital asset management solutions come with a product information management platform. However, the two platforms aren't the same. A PIM platform stores text data such as SKUs and product descriptions, features, dimensions, and benefits. However, digital asset management enables you to also store images, audio files, videos, and file attachments with text content. You need both to meet customer needs and expectations and boost in-house productivity.

What Is the Best DAM Software?

The Bynder DAM is one of the most popular DAM systems on the market. However, it's by no means the only one or even the best option for all companies. Bynder competitors include Adobe, Canto, Brandfolder, and Lumavate.

This list of digital asset management companies does not include platforms that can be used to manage digital assets but aren't designed specifically for this purpose. Following is an overview of some of these systems:

Is Google Drive a DAM?

You can use Google Drive to store digital assets. All you have to do is create a folder for each product and place product information in their relevant folders. However, Google Drive isn't designed for digital asset management and can't help you effectively manage your assets in the long-term.

Why is DAM better than Google Drive? DAM platforms have search and tagging features to help you keep track of data. The platforms can send data to your site or e-commerce platforms. Some can integrate with the programs you use to create marketing materials. While Google Drive is free and a DAM is not, Google Drive can't do as much with your digital assets as a DAM platform can.

Is Dropbox a DAM System?

Dropbox is similar to Google Drive. You can use it to store digital assets, but it's not a DAM system. Thus, it doesn't offer the features and tools you need to use your data to its fullest potential.

Is SharePoint a Digital Asset Management System?

Microsoft's SharePoint program has some digital asset management functionality. It can store digital assets. It has search features to help you find the assets you need right away. You can even use it to upload digital assets to your website. What's more, it has great security features to prevent unauthorized third parties from accessing your digital assets and other data. However, it only offers basic digital asset management services. Microsoft designed the platform to store and share information, not for use as a comprehensive DAM system.

Does Adobe Have a DAM System?

The Adobe digital asset management platform is part of Adobe Workfront. It stores digital assets, has search features, and can send your digital assets to your website or third-party e-commerce platforms. It's a well-known DAM and many companies use it to manage their digital assets.

How Do I Choose a DAM System?

The best DAM system is the one that can best meet your company's needs and specifications. Consider the following questions:

• What is the primary problem you want to solve with a DAM? Do you need a platform to help you export data to your website and e-commerce sites? Conversely, are you looking for a platform that helps you keep product information organized? If you have more than one problem that needs solving, consider prioritizing your problems to ensure your new DAM platform solves the most pressing issues.

• How many digital assets do you have and what types? Some DAM systems may have data storage limits, or limit the number of products you can store on the platform.

• How will you structure the storage of your digital assets? Each DAM system has its own structure. You want to make sure the one you use is easy for you and your employees to work with. If you aren't sure which platform would be the best fit for your business, check out free demos from various platforms. Doing so will help you get to know each one and make an informed choice.

• What other systems do you need to integrate with? Consider the main reason you are investing in a DAM system and make sure the system you pick works well with other programs you need to use to reach your long-term goals. Marketers, for instance, may want to make sure the DAM integrates with publishing platforms to create printed marketing materials. A B2B business, on the other hand, may need to ensure the DAM works well with other programs that store or use digital asset data.

• How and where will you use the digital assets? Needs and requirements vary depending on the size of your business, your business model, and who you serve. What's more, how you use digital assets will determine which features and amenities you'll need. For instance, if you sell goods to the public via an e-commerce platform, you'll likely want a DAM system that includes product information management tools, as using these tools together helps you manage all your product information, not only certain file types. If you have a lot of digital assets and want to use them for multiple purposes, then you’ll need a DAM platform that offers the features and amenities you need for multi-faceted digital asset usage. Lumavate stands out from other, similar DAM software companies because its DAM system offers not only a PIM platform such as a Digital Experience Platform (DXP) that makes it easy for you to promote your business products and events in multiple ways. It includes templates, form builders, and other tools that make marketing easier and more effective than ever before.

• How long will the onboarding process take? Almost all the digital asset management examples listed above have a lengthy onboarding process. You'll need to communicate with the company you want to work with. You'll then receive a custom quote, and you'll need to agree to the price tag to start using the platform. Next, you'll have to work with that company's developers or IT technicians to set up the DAM system for your business. If you need to change systems or add features in the future, you'll have to repeat the entire process. This costs your business profits as you're unable to use DAM tools until your system is up and running. Lumavate, however, does not have a lengthy onboarding time. You pick your plan, pay for it, and get started. It's a "what you see is what you get" (WYSIWYG) software program that doesn't require coding. You can use it even if you don't have an IT tech expert at your company. If you need more features at a later date, you can upgrade to another plan at your convenience.

How Much Does a DAM System Cost?

The cost of a DAM system ranges from $1,000 - $250,000 a year. The amount you'll have to pay per month depends on the DAM system you pick, the size of your business, the number of digital assets you have, and the features and amenities you need. Another factor that affects the final price tag is whether the system is cloud-based or installed on your IT network.

Most companies do not post price plans on their sites. Rather, you have to contact them with a list of the features and amenities you need for your business. Once you supply your company information, the DAM company will let you know how much your new system will cost. This arrangement ensures that you only pay for the tools you need, but it makes it very difficult, if not impossible, to know which DAM platform is the best deal. Lumavate, on the other hand, offers upfront information on its price points. What's more, it's up to 75 percent cheaper than other DAM systems on the market.

Your data is one of your most valuable assets, and managing digital assets properly can improve consumer experiences with your brand. Digital asset management helps potential buyers see all the product information they need to know in order to make informed shopping decisions. It gives them a reason to buy your products instead of a competitor’s. It helps you stand out from the crowd and makes it easy for people to remember your brand even if they don’t make an immediate purchase. Digital asset management also helps people who have already bought goods from you by providing them with the tools and assistance they need to use your products to their fullest potential. Giving your customers easy access to how-to videos, warranty information, assembly instructions, and owner’s manuals shows that you care about meeting their needs and not only reaching your sales goals. It cultivates the brand loyalty you need to grow your business long-term.

Lumavate makes it easy for you to meet your target audience’s needs. Instead of spending long hours updating product information, you can program the DAM platform to update information when you create new digital assets. The DAM platform also streamlines in-house work by helping you keep track of product information, create marketing materials with ease, and give customers accurate information when they reach out to you with questions about products and/or services. What’s more, Lumavate’s DAM platform also comes with all the other tools and amenities you need to manage your products, make sales, and build your brand. It’s a one-stop shop and the company regularly adds new features and amenities to the platform to ensure it remains the best DAM solution on the market. Get in touch with us at your convenience to find out more about what we offer or to schedule a free product demo.