Digitalization on Asset Management: Impact & Benefits
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Customers are the backbone of every business. Nowadays, customers are raising their expectation graph throughout their customer journey more than ever. Customer satisfaction is an important aspect of any business. Also, business owners are much aware of the importance of happy customers. In this regard, businesses are continuously adopting new and digital tactics to improve their customer satisfaction.
In all this chaos, contact centers are the major touch points for customers to fulfill their expectations. Also, contact centers allow companies to build strong relationships, trust, and loyal bonds with their customers. However, nowadays customers are much more focused on omni channel solutions. They expect to connect with businesses anywhere and anytime.
To fulfill all the expectations of the customers and to enhance their customer experience, contact centers are now moving towards the cloud. According to 55% of the executives, moving their contact center omnichannel capabilities to the cloud is a safe and sound technology strategy.
From advanced Interactive Voice Response to Automatic Call Dialer, contact centers are upgrading their digital assets. However, to handle all this requires focusing on digitalizing asset management.
What is Digital Asset Management?
Digital asset management is software that is used to store data in centralized storage. Moreover, digital asset management helps businesses manage their digital content. It is simple to use and quick to implement. Apart from that, DAM gives internal and external stakeholders controlled access to all of their digital assets.
This includes photographs, images, creative files, video, audio, presentation decks, documents, and much, much more. Most importantly, DAM systems enable increased campaign productivity and brand consistency.
6 Impacts of Digitalization on Asset Management
Let’s check out the impacts of digitalization on asset management.
1. Evolves the Customers
Customers are now evolved to be more complex, well-informed, demanding, and short on time. Following are the factors to handle the situation and help businesses to build optimal interactions with customers.
- Personalized Content
Digitalization in asset management allows asset managers to provide customers with personalized content according to their needs. Digital asset management manages, stores, retrieves, and shares the entire digital catalog from one place to another. This will help the asset manager to engage the customers with their needed content.
Let’s take an example of an omnichannel contact center. When the agent provides a customer with personalized content according to their needs, the customer satisfaction rate will automatically increase. This is how personalized content helps in evolving customers.
- Smooth Processes
Once the customer gets engaged and decides to buy a product, then he or she will expect smooth and hassle-free processes. They expect all the processes to be flawless, automated, and technology-driven. This is where digital asset management can help you. By incorporating digital asset management in your business, you can automate your processes to avoid any hassle.
2. Reduces the Gaps in Distribution Economics
Long before, asset managers realized the gap in distribution economics. To fulfill this gap, they always depend on hiring new employees. However, this strategy has driven up costs and reduced profits. Also, this technique yields no significant results.
To overcome this situation, asset managers require helpful technology. Here comes digital asset management into the picture. Using the power of digital asset management, asset managers can get the following benefits.
- Integrates the Data into a Single Platform
An overall view of all the existing data is very important yet challenging. However, using dashboards and analytical tools can help asset managers have a full view of the whole data. This will help them in making more informed decisions.
- Converts Raw Data into Useful Insights
Let’s again consider an omnichannel contact center scenario. The businesses have tons of customer data that they can use for a good purpose. However, all this fragmented data can be very difficult to handle and drive something useful.
In this situation, DAM can help businesses convert their raw data into information to drive useful insights. These insights will then help businesses in advanced decision-making.
- Streamlines the Flow of Data
Various tools are used in silos throughout the organization. These numerous sources of data result in inconsistent data, a poor buyer experience, and increased costs. However, this inconsistency can be streamlined using technology to transform the client's purchasing journey.
3. Level Up the Efficiency
With rising compliance and client expectations, as well as shrinking margins, technologies such as process automation, artificial intelligence (AI), machine learning, and analytics will play a critical role in asset management in the future.
Asset managers can use new distribution technologies to increase the efficiency with which they acquire and retain new business. Enterprise-wide asset management technology implementation, as well as strategic investments in data analytics and client experience applications, can help in:
- Reducing operating expenses
- Improves efficiency
- Provide personalized and according-to-need content
- Convert transactions into partnerships by focusing on the client's purchasing experience.
4. Transforms Business Processes to Gain Profitability
The primary purpose of digitalization in asset management is to transform business processes to gain profitability. Using technology to improve efficiency is one of the most powerful ways to transform your company’s processes.
Let’s take an example of a contact center omnichannel approach. The amount of time and money businesses spend on training new agents and updating digital resources can quickly add up. However, with the right tools, they can keep costs low while increasing productivity.
Digitalization in asset management helps in transforming internal processes. Businesses can do this by:
- Providing appropriate digital tools to employees
- Gathering data for more appropriate insights
- Making more strategic business decisions.
5. Minimizes the Redundancy and Wastage of Assets
Sometimes more than half of the company’s digital assets never got a chance to perform. Do you know why? This is because they are often forgotten or misplaced in the sea of digital files. Recreating these assets can be a great waste of time and money.
However, you can still minimize the redundancy and wastage of assets by adopting digitalization in asset management. With a digital asset management system, teams can have a centralized platform from which they can track and execute all tasks.
Moreover, they will also be able to manage all files. This reduces the need for multiple subscription-based, single-purpose products. Also, it eliminates the need for team members to waste time switching between different tools.
Digitalization in asset management also ensures that assets are never misplaced or duplicated.
6. Ensure the Consistency of Brands Across Various Channels
Agencies that work with multiple brands require a method to ensure brand consistency across all productions, assets, and campaigns. A DAM system facilitates this by storing all of the files required by a team. This includes:
- Brand guidelines
- Logos
- Creative briefs, and more.
You can also restrict access to legacy files to avoid accidentally publishing out-of-date content or imagery.
4 Benefits of Digitalization in Asset Management
Following are the advantages you can acquire by adopting digitalization in asset management.
1. Track Every Digital Asset of Your Organization
One of the most difficult aspects of running a business is keeping track of all digital assets. This includes documents, images, sounds, videos, and other media.
You can easily manage all of these assets from one central location with an effective digital asset management tool like Eagle. As it can automate many of your tasks in real-time, it will save you time and energy.
2. Provide Advance Security
One of the most important advantages of digital asset management is improved digital asset security.
DAM can assist you in protecting your digital assets from security breaches and theft. Only staff members with the necessary access are permitted to view the digital assets. With their security module, you can also deactivate the ability to delete digital access.
Moreover, you can also improve your company's privacy by encrypting and storing data on a remote server.
3. Helps You in Making Informed Decisions
Analytics tools are frequently included in DAM systems to track who is using a particular asset. Businesses can use this information to improve system performance. Also, they can use it to influence important content strategy decisions.
Using data to inform content strategy enables teams to spot opportunities to reuse their best-performing content, saving time and valuable resources in the process.
4. Helps in Human Resource Management
A DAM can be helpful in the management of human resources as well. The use of digital assets is not limited to customer service strategies.
Employee handbooks, corporate rules, and other crucial documents may be saved and distributed to other stakeholders.
For instance, a new customer care representative may be given a link to a folder where they could find the manual, rules, and forms they need to complete. As new information is uploaded, your HR department can then update the paperwork and forms.
Take Away
Businesses should integrate digital asset management into their channels. It's actually better for them in the long run, believe it or not. Because it is a company's responsibility to stay updated in their industry and improve themselves for the sake of their market. Hence, it is safe to say that digitalization in asset management is a good asset to invest in.
It's efficient, quick, and convenient for anyone who needs access to digital assets, especially businesses that primarily focus on digital marketing.
Read also: Best Guide to Digital Assets Management Software for Designers