5 Best Practices For Effective Digital Asset Management

It’s hard to imagine work without using digital assets. Professionals and employees create, use, store, share, and edit digital files regularly for work. But anyone will know how messy one’s desktop or shared company folder can get once digital assets pile up through time. Hence, the need for digital asset management has increased rapidly over time. Digital asset management is simply the practice of systematically storing files for easy access to collaborators and co-workers. The value of digital asset management was at $2.9 billion by the end of 2020. The art and science of managing and organizing files have become a hot commodity, and companies must know how to leverage digital content management best practices. Here are some of the best courses of action when implementing digital asset management in a business.

1. Build a digital asset management team or committee

While most digital asset management systems are pretty intuitive, there are technical aspects to maintaining an automated system—which should be the goal of every organization if you want to save time and resources. Getting a team together to manage digital assets will help companies keep accountability structures in place although you do not need professionals with online cyber security degrees Also, It will be wise to define the metadata structure in advance for a clean and healthy catalog.

2. Determine what categories of assets you have

One of the many benefits of digital asset management is that it helps company personnel save time. Employees spend countless hours every year collectively searching for files. So when building out digital asset management processes, determine what categories of assets you will have and group all your files according to those categories. You can group them according to file type, function, department, and the year it was created. Still, an auto tagging functionality on top will help users easily find files, regardless of their categorization.

There’s no one size-fits-all-approach to categorizing assets. It will depend on the context of your team and the industry you are part of. As long as all team members can quickly understand those categories, that system will work well.

3. Use a digital asset management tool

The central aspect of a digital management system is a digital asset management software or tool. Companies can use cloud-based systems to store files and assets for personal, department, for  company-wide access and even for authorized stakeholders outside the organizations, such as channel partners or marketing agencies.. Digital asset management removes many rudimentary tasks with functionalities such as a search function, storing, organizing in folders and categories, tagging, and many other features.

When choosing a digital asset management system, consider your company’s needs and pain points. Not all digital asset management software is the same. Consider whether to opt for a complex system but with a longer onboarding process or rather an easy to use DAMthat will ensure a faster adoption. Read about the trends around digital asset management and learn about the innovations that are making asset management more efficient for companies. Also, consider what budget you’re willing to part with as the best software often comes at a subscription.

4. Layer access and controls for security

Not all files are meant for public eyes or even company-wide consumption. Some organizations might want to keep a cloud-based account of documents with varying levels of confidentiality. Sadly, up to 41% of companies have up to 1,000 unprotected confidential folders at any given time.

So when using a content management system or digital storage facility, keep your company’s cybersecurity in mind. Most digital asset management tools have multi-tiered security systems in place to allow for varying levels of access and clearance based on department, company position, or other factors.

5. Conduct a regular audit of assets

One of the most crucial and often missed digital asset management roles and responsibilities is keeping the system organized. The last thing any organization wants is a file dump system where files go all over the place. To keep a sense of order to digital assets, it’s highly encouraged that the people involved in data and digital asset management maintain a regular audit of all assets. These audits can happen from once a day to once a quarter depending on the volume of files that go into the system.

The Importance of Digital Asset Management

The growing demand for better digital asset management has to do with how much companies get back when they put these structures in place. Studies show that digital asset management can help a company save $189,000 over five years. When companies have digital asset management structures in place, not only do they save dollars and time, it also improves asset security and employee productivity.

So implementing digital asset management does many wonders for a company as long as done the right way. These best practices can help you get on the right track when putting digital assets into one centralized and organized base.

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