Digital adoption has been accelerated during the pandemic, with many brands finally prioritizing going online and understanding the importance of embracing digital innovations. Therefore, in the current scenario in which hundreds of creative and brand assets are produced every season by fashion and lifestyle brands (eCommerce, lookbook, product images… fashion show videos, etc.), it is essential to consider digital asset management technologies that not only optimize the flow of these assets between team members and departments but store valuable information season after season.
Often called “DAMs”, Digital Asset Management platforms are software technologies that store, organize and enable the more efficient use of an organization’s entire library of digital assets.
Forrester Research in 2019 predicted that the DAM market would climb to $1 billion that year, saying that three-quarters of global software decision-makers were looking to “speed creation, optimize storage, and enhance delivery of their marketing and brand content.” ResearchandMarkets believes DAM software will grow to account for $6.9 billion in spending by 2024, which represents a 34.7% compounded annual growth rate from 2019 to 2024.
This all sounds great, but you are probably asking yourself: How can a digital asset management system specifically help my team on a day-to-day basis? Let’s try and figure it out! Below are three main reasons to implement a digital asset management software in your organization.
In the digital age, you need a digital archive for your collections and overall… you need Insights
As mentioned, nowadays an immense amount of digital assets are produced by fashion and lifestyle brands. All these assets represent a great value for the history of those brands. The ability to record information by brand, collection, and season, organizing your campaign imagery, digital banners, press releases (PDF) and more, involves not only maintaining absolute control over your brand assets, but also a great source of information and inspiration!
Digital asset management software platforms will offer you reports and insights on internal and external usage. How many views each image had, downloads by press contacts or buyers, samples requests recorded every season, etc. are just some of the metrics that will help you to better understand the performance of your collections, their internal use, and at the same time, allow you to make decisions to optimize future releases and collections.
Maximize the usage of your images and videos
Today’s PR departments work in an increasingly digital scenario, in which physical events have been transformed into virtual shows and showrooms into digital galleries. Also, the expectations of journalists and Key Opinion Leaders have evolved towards much faster and more fluid experiences in the online space.
Having a tool for managing digital assets adapted to the needs of the fashion and lifestyle sector implies having functionalities such as galleries. These online showrooms will allow you to showcase collections in a digitally inspiring way, maximizing the possibilities for recipients as they could download HQ images, save them for later, or even request samples, and everything from the same place.
Optimize internal workflows through digital asset management
Marketing operations, or operations in general, are becoming increasingly important in a world dominated by multiple technologies. The optimization of internal processes means not only agility but greater productivity and therefore, a monetary impact on business. Profitability comes not only from product sales but from the effectiveness of teams working and leveraging technology in the right way.
A digital asset management software facilitates how you store all of your assets in an easily searchable location, giving access to global and local teams at any time and anywhere. In addition, this type of technology solves a problem that has always been present for fashion and luxury brands: the loss of samples or physical assets. In many cases, the possibility of connecting these tools with your stock of samples will be a fundamental element to end this challenge. By searching and filtering through your digital archives you can gather insights and eliminate the cost of lost or misplaced items. You will not only save time but money!
Digital asset management impacts at different levels of the business as you could see. Therefore, it is essential to have the right tools since this will be the fashion technology or marketing software that every brand will need in the future.
If you want to know more about digital asset management, don’t miss our podcast episode with Arnaud Roy, Chief Strategy Officer of Launchmetrics!