Why should I spend?
It can seem difficult to quantify the ROI of a DAM product because it’s not directly linked to revenue and this can become a major hurdle when getting the budget approved for a brand new system. If you’ve always done something a certain way and it’s met your requirements in the past, purchasing new software might seem counter-intuitive when you don’t seem to be spending any money on your current process. But what you don’t see is the unrealised potential that a DAM can provide.
How can a DAM save me time?
There are two major factors that contribute to the significant ROI you can expect to see from the implementation of a DAM system. Firstly, as you’d expect, a DAM will save you and your users time. This is valuable time spent trawling through network drives, emails and any simple cloud storage services you’re using to find an image, video or document that could be found with just one single search. And then it’s the time you spend resizing and converting that file so that it’s fit for purpose - maybe you need that CMYK image converted for the web, and maybe you need it cropped to a banner. It’s the time spent looking up the right dimensions for a Facebook cover photo, an Instagram post, a Twitter display picture or the time spent logging in to your CMS and uploading your image. What about the time you spend finding the current version of your brand guidelines or the version of your logo that meets those brand guidelines in the format you want? It’s exhausting right?
We hate the idea of you wasting all that time when you could be enjoying work and being more creative and productive!
How much money is this wasted time costing me?
If all of this is just 10 minutes a day for 60 members of staff then this is costing your business approximately £3,000 per month, based on an average salary of £25,000 (10 hours every day at an approximate hourly rate of £14.50). That’s a crazy amount of money and wasted energy so this is why we believe digital asset management to be a real lifeline for those wanting to be more productive in their working day.
To give you a bit of context, an entry-level Asset Bank costs £400 per month for 60 users, so you’re already making a saving if you take the plunge.
How else can a DAM save me money?The second factor is that a DAM can save you money directly by unlocking the potential of your existing digital files and maximising their use and reach. If you have a budget for commissioning digital assets, such as a photoshoot, or graphics from design agencies or even just the purchase of stock images then you could conceivably halve this amount by reusing and repurposing a proportion of your existing collection. By building up a library of content that you continue to use again and again as well as re-purpose, extends the lifecycle of your assets giving you greater ROI and ultimately saving you money.
Why should I buy now?
If all of the above sounds good to you then we’ve done our job in letting you know why you need a DAM in your life, but it still doesn’t tell you why you should prioritise getting a DAM right now. You may be familiar with Eisenhower’s decision matrix as pictured below.
The Eisenhower Decision Matrix
It might seem like DAM sits in Quadrant II (i.e. important but not urgent) and I can see why you might think that but you can see some significant benefits from making this a Quadrant I issue (that is both important and urgent).
Remember that ROI figure we talked about earlier? We regularly see companies established long before DAM was even a concept coming to us now looking for a DAM. That’s 20+ years of Quadrant II and a lot of money that could have been saved in that time (£720,000 based on the example given above and these companies often have a lot more users and save a lot more time). Equally, it takes time to organise and migrate your assets into a DAM solution and this is only going to become more difficult and time-consuming the longer you put it off.
DAM technology has also come a long way in the past 20 years. There are now so many different features that you can benefit from instantly. For example, Asset Bank uses artificial intelligence to tag assets based on text recognition, object recognition, face detection and even landmark recognition to generate a pool of search terms from the moment you upload your assets. With a SaaS DAM like Asset Bank, you benefit from these features as soon as they come in as you’ll receive quarterly upgrades with improvements as well as brand new features to save you time and money.
Asset Bank's Auto tagging feature
To find out more about how a DAM could help you and your team, discuss options or chat through any specific requirements, you can call us on +44 (0)1273 923153 or book a demo to see Asset Bank in action.