Organizations are trying hard to swim through the current age of digital challenges. And by doing so, they have realized that effective usage of digital media in sales & marketing is the key to growth and value maximization.
According to a recent survey conducted by Gartner, it is predicted that the lack of digital business competence will cause 25% of businesses to lose competitive ranking by 2017. And flowing from that, we have seen a trend where organizations are strengthening their digital marketing efforts specifically focusing on brand marketing through content. Increasing proliferation of rich media content into advertisements globally has also driven organizations to increase their content management spend from 15% to 20% in 2014.
Today, so as to drive brand positioning and image as well as market products/services, enterprises are in the race to leverage multiple formats through multiple channels like social media, email, mobile, web, digital signage, smart cars/TVs, wearable etc. This in turn has driven the need for enterprises to manage these digital assets primarily to:
- Increase brand consistency
- Stay up to date with the latest and greatest content
- Improve productivity - search and reuse
- Enhance workflow and collaboration
- Drive self-service, Any platform/Anywhere/Any time
- Have a significant foundation in building the 'digital enterprise'
There needs to be a single source of truth to manage digital assets through its lifecycle. However, for most business owners, finding the right digital assets has been a difficult task; what is required is a Digital Asset Management (DAM) system in place that would provide the latest content with a secured access.
Even though DAM has been an enterprise need for quite some time now, there are no products that fulfill the dynamic requirements and features comprehensively. While collaboration, workflow, image resizing, video preview, content analytics, multichannel distribution, publishing, and integration with existing ecosystems are few of the core needs, the current and the most critical need of the hour is not just the feature list but someone who takes the end-to-end responsibility to deliver the service, backed with a strong solution in SaaS model at a flexible pricing. And similar to other investments, DAM systems demand an ROI as well. Industry case studies indicate that DAM ROI is between 8:1 and 14:1. Some of the key use cases/integrations are: building creative assets, enterprise marketing and campaign management, digital signage, video content management, E-commerce/M-commerce, social media marketing management, knowledge management, media production, PLM, CRM etc.
Considering that execution, innovation and flexible pricing are the key drivers; the solution should meet most of the above use cases to deliver digital transformation.
Major solution elements should include:
- Media Library: Images, graphics/video/audio/marketing collaterals to retain, search, reuse, collaborate and secure
- Digital Media value Chain: Support Digital asset business flow for various use cases
- Content Analytics: Help customers make decisions on marketing Analytics, Campaign strategy, brand asset management
- Omni-Channel Experience: Capabilities to interact across any device/channel with consistent customer experience
- Service delivery: Offer the cutting edge digital business foundation over a SaaS platform, supporting Private/Hybrid/Public cloud