The IT revolution has led to the creation of a new class of digital assets that organizations must protect, store, utilize, and manage in an efficient and cost-effective manner. The term encompasses a wide range of content ranging from marketing videos uploaded on the organization’s YouTube channel to spreadsheets and other files prepared in course of the routine business operations.
Unlike physical assets, digital assets, if stored properly, can be accessed for an indefinite time in the future. A video created today can be played without any performance issues 50 or even 100 years from today. While this trait of digital media represents a significant opportunity, it also creates the necessity for proper management of all digital assets.
Importance of Digital Asset Management
With businesses creating a wide range of digital content as a part of routine operations, proper management of these assets will have a significant impact on organization’s future prospects.
Proper management must focus on fulfilling the following requirements:
- Safe storage of the digital assets for future access,
- Convenient search of huge databases through metadata,
- Linkage of related assets for efficient utilization of the data, and
- Easy addition of new digital assets without significant disruptions.
Future of Digital Asset Management System
In the past, small and medium organizations often found it difficult to manage digital assets due to the high cost of establishment and maintenance of the necessary infrastructure. Further, providing structured access without compromising on intellectual property safeguards created numerous challenges for even big organizations. Experts anticipate the following changes and improvements in digital asset management software applications in the future.
Shift To the Cloud
With businesses shifting data, software applications, and IT infrastructure to the cloud, there is no reason for digital assets to be managed through obsolete methods and technologies. Cloud computing will separate infrastructure from data, and allow even small and medium businesses to leverage their digital assets in a better manner. This shift will improve agility and render geographical and physical distances irrelevant for employees and stakeholders seeking access to digital assets of the organization.
Web-based big data predictive analytics can help organizations extract more value out of their digital assets. Having 100 years of business data in hand will not serve any purpose unless the organization has access to tools and solutions to mine, analyze, and interpret the information. Web-based digital asset management systems will free organizations from the responsibility of setting up elaborate infrastructure for optimum utilization of the information.
Intuitive and Dynamic Security
The digital media management market set to grow from around $1.2 billion in 2014 to close to $4.15 billion in 2019. As more digital assets are created, organizations will have to focus on securing their valuable intellectual property from security risks. With versatile technology at their disposal, organizations can opt for dynamic security strategies that will strike the right balance between easy accessibility and comprehensive protection.
Organizations are struggling to build a workforce with the skills and abilities necessary to exploit valuable digital assets. An efficient asset management system will provide scope for the organization to focus on strategic planning. With digital assets here to stay, a long-term strategy that helps employees gain the necessary skills to exploit digital assets will be a valuable investment for organizations. DAM firms are expected to step in and help big and small organizations execute such long-term strategies.
As more and more organizations build up digital assets, demand for scalable and affordable management services will definitely witness a steady rise in the market. Service providers will be expected to utilize the latest technologies to offer quality services that facilitate easier, safer, and more efficient use of commercial digital assets.
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