At the same time, however, we’ve seen other brands – particularly those that have integrated digital technologies into all areas of their business – generate exceptional results.
Econsultancy’s ‘Creative transformation drives customer experience’ report, in association with Widen, suggests that DAM systems (or digital asset management software) is one such technology, with the potential to bring about transformational business benefits.
What is a DAM system?
A digital asset management system is a tool that can store and organise a company’s digital assets, such as images, or audio files etc.
It does this from a central repository, which crucially, allows the entire organisation to access whatever assets they need from the same place.
Alongside storage, a DAM system also allows organisations to manage assets. More specifically, for example, it allows people within the organisation to schedule release and expiry dates for both new and old assets, as well as remotely update them.
What are the benefits of a DAM system?
According to Econsultancy’s report, the benefits of such a system are threefold. The first comes in the reduction of costs, most notably in relation to the streamlining of workflows. For example, employees can use the DAM to access marketing templates, which can then be reworked depending on the context of different campaigns, e.g. location or seasonal event.
The second big benefit of a DAM is to increase revenue, largely for the same reasons as to why it can reduce costs. This is because it can help to improve brand consistency, which is a key element in creating a positive CX. As well as helping to improve loyalty long-term, this consistency can also combat short-term issues, such as an inconsistent CX leading customers to go elsewhere.
The final benefit is the reduction of risk. This is because the DAM gives organisations greater control over assets, and therefore minimises the chances of employees misusing assets or using anything that has not been approved. This is particularly helpful for organisations that work with freelancers, or creatives that would otherwise need to go through a time-consuming approval process.
Ensuring buy-in from the C Suite
In a survey, Econsultancy found that 78% of companies said the board’s view of digital marketing as a tactical function rather than a strategic one was a ‘very’ or ‘quite’ significant challenge when setting martech budgets.
As a result of this, it’s important to focus on overall business metrics when building a business case for DAM technology – not just the results of an individual department, such as marketing.
Finally, it’s vital to not get stuck on the features of the technology itself, as less tech-savvy board members will be unlikely to buy in. Instead, talking about the overall business benefits, including the impact on revenue and the reduction of cost, is far more likely to generate investment.