Who Owns Digital Asset Management?
by Lumavate | Last Updated: Dec 16, 2023
What Does a Digital Asset Management Do?
Digital assets are a vital component of every modern business. Digital assets comprise a significant portion of the data and tools available to your organization. Types of digital assets include pictures, audio files, videos, user manuals, and other documents that create your brand's identity.
In short, digital assets hold value for marketing, branding, communication, education, and various business operations. Digital Asset Management (DAM) enables your organization to store, manage, and share these digital files in a way that is centralized and accessible to everyone who needs them. It encourages collaboration and accuracy as it provides a single source of truth for digital assets.
Digital asset management can often be compared to a Content Management System (CMS) that serves distinct yet related organizational functions. A DAM is used primarily for storage, organization, and retrieval of digital assets and for managing the lifecycle of rich media for distribution.
A CMS focuses on creating, organizing, and publishing visual and textual content on websites and will include text editing and publishing workflows. A DAM and a CMS serve different purposes but work best alongside each other and, when integrated, can provide a single source of truth for an entire digital experience.
Who Owns Digital Asset Management?
Digital asset management is just like any other function within an organization; without the proper methodology and delegation, the benefits cannot be taken full advantage of. The digital asset manager is a common designation for this title, to own the entire digital asset management process. This often falls to a senior leader within the marketing department, but it entirely depends on the organization -such as within manufacturing.
The digital asset manager owns the entire process and platform and is responsible for delegating responsibilities as they see fit, ensuring that the process is up-to-date and that every user of the DAM can be assured they are accessing the most recent version of the file.
In this way, all departments are responsible for creating the best digital asset management software and the maintenance of its information. The extension of access provides all teams with the responsibility of input and correction if they see discrepancies. For example, subject-matter experts within an organization can be responsible for part specifications so that sales and marketing use correct information in their revenue-generating activities.
Is Google Drive a DAM?
Google Drive may serve some of the same purposes as a DAM at its core, but it should not be confused with digital asset management software. Google Drive provides storage for certain digital assets and files, but the similarities end there, especially without upgrading to larger storage sizes.
Advanced capabilities such as tagging, automatic file updates, and seamless integration with other platforms are missing from Google Drive, which causes immediate growing pains for businesses that rely on Google Drive from the onset.
Google Drive cannot handle large storage solutions as they are stored on a cloud server, which Google itself can even own. Depending on specific regulations and best practices, this can cause compliance and regulatory concerns from many different departments and regulatory bodies, especially when dealing with sensitive information.
What Are Examples of Digital Asset Management Solutions?
In the landscape of DAM solutions, many different tools are available at your disposal. Of course, we have narrowed it down to only the best available options.
It provides insights into the strengths and limitations of standalone DAMs, emphasizing the high costs and implementation challenges associated with industry giants like Adobe.
Here is a curated list of digital asset management companies and their digital asset management tools:
1. Adobe
Robust Features: Adobe is synonymous with powerful features, offering a comprehensive suite for digital asset creation, organization, and distribution.
Industry Standard: Being an industry giant, Adobe is often considered the standard for design and creative workflows for those unaware of its competitors.
High Costs: The comprehensive features come at a price, making Adobe DAM a significant investment, especially for smaller businesses.
Complex Implementation: Implementing Adobe DAM can be intricate, requiring time, expertise, and a dedicated representative to help set you up.
2. Canto
Intuitive Interface: Canto is well-known for its user-friendly interface, making it accessible for teams without extensive training.
Collaboration Tools: Comments and annotations foster healthier collaboration between departments.
Limited Advanced Features: While user-friendly, Canto may lack some of the advanced features required by businesses with complex DAM needs.
Scalability Concerns: For growing businesses, Canto can lack the flexibility to develop alongside your needs.
3. Bynder
Scalability: Bynder is designed to scale with business growth, making it suitable for enterprises with expanding digital asset needs.
Customization: Bynder offers a high level of customization, allowing businesses to tailor the DAM solution to their unique requirements.
Learning Curve: The customization options may result in a steeper learning curve, requiring more time for teams to leverage the platform entirely.
Cost Structure: Bynder's pricing structure can be complex, potentially leading to unexpected and undisclosed costs.
4. Brandfolder
User-Friendly: Brandfolder is known for its simplicity, making it easy for teams to start managing digital assets quickly.
Quick Implementation: Due to its simplicity, deployment of Brandfolder is much easier but can lack integration with specific third-party software used by your organization.
Feature Limitations: For businesses requiring advanced features, Brandfolder may have limitations comparatively.
Less Customization: Compared to other solutions, it does not have high levels of customization, which can be suitable for initial training but detrimental to flexibility and growth.
5. Lumavate
All-In-One Platform: Lumavate goes beyond DAM, providing an all-encompassing platform that seamlessly integrates Product Information Management (PIM) and Digital Experience Platform (DXP) functionalities, offering a holistic solution for digital experiences.
Cost-Effective: Lumavate offers a cost-effective solution (and fully transparent) without compromising features, making it an attractive option for businesses seeking robust DAM capabilities without the hefty price tag.
Effortless Integration: The platform seamlessly integrates, allowing users to associate digital assets with product records effortlessly. This integration enhances workflow efficiency and provides a hassle-free user experience.
When reviewing this list of digital asset management companies, reflect on your own needs, especially for integration, customization, taxonomy, complexity, and resources available.
Elevate Your Digital Experience with Lumavate
Learning about digital asset management is half the battle; asking yourself the right questions will help you determine the best digital asset management software for your organization. When looking to consider a DAM, choose one that meets all of your expectations and needs, such as centralization, full management, seamless integration with software and existing solutions, and a robust user experience.
A DAM isn't the only management software within your business, so consider your options carefully. An all-in-one solution can help you manage product information and quickly update digital experiences on your platforms and communication channels to enable a sense of brand professionalism and congruency in your messaging.
Ready to revolutionize your digital experience? Schedule a demo with Lumavate today.