With Digital Asset Management (DAM) expected to be adopted across value chains, investors seem to wonder how to approach it strategically. From a financial purview, experts believe that digital assets are growing in importance for both individuals and platforms.
According to MarketsandMarkets, a market research company, the global digital asset management industry is expected to clock eight billion dollars by 2027, at a 13.6% compound annual growth rate (CAGR). It is believed that dynamic consumer practices are contributing towards DAM applications, with average price of DAM ranging between $350 to $250,000. “I believe it has become critical to attain the ability to track all digital assets, distribute and share them effectively, improve the long-term preservation of such assets, and minimise storage costs. Besides saving time and money, DAM aims to provide for better workflow management,” Pratik Gauri, founder and CEO, 5ire, a blockchain-based platform, told FE Blockchain.
Market research has shown that strategic DAM involves redesigning of business operations and standards, while keeping in mind intra and inter organisational values. Insights from Reliable Plant, a management-based platform, for creation of a DAM strategy, platforms are required to make investments to their internal systems along with development of cross-functional collaboration. Furthermore, the making of a digital asset standard is considered necessary based on factors such as data quality, right first time creation, user access, and data completeness.
“I think the strategies to keep in mind for DAM are safekeeping of data and its storage, encrypted keys playing a role in this segment, and anonymity. While these might continue to stay, new startups might be coming up with increased adoption of digital assets,” Edul Patel, co-founder and CEO, Mudrex, a crypto-investing platform, stated.
Reportedly, companies such as Adobe, Oracle, Bynder, WebDAM, OpenText, among others, are at the forefront of the DAM ecosystem. As reported by G2, a global technology marketplace, strategic DAM softwares include web content management software, enterprise content management (ECM) software, marketing automation software, among others, which help streamline the customer experience process.
Moreover, future predictions predict that strategic DAM will be influenced by technologies such as blockchain, Artificial Intelligence (AI), cloud computing, among others. Stacks, a DAM-oriented company, highlighted that strategic DAM should be considered as a key business program to ensure connectivity between different workflows. The transition of strategic DAM programs are expected to head towards a management and process-driven framework.
“I think the DAM system is getting popular among investors. Despite the fallbacks in 2021, the industry has made progress in 2022. In the future, DAM will become important by providing solutions to investors on how to handle their digital content operations,” Rachit Chawla, CEO, Finway FSC, a loan marketplace, concluded.