This statistic from this press release by a market research group caught my attention last week: investment in digital asset management (DAM) is expected to grow from $1.16 billion in 2014 to $4.12 billion by 2019. That’s a growth rate of more than 28% per year. As the Director of DAM for a consulting company, I work with clients across multiple sectors and have definitely seen an upsurge in projects to manage and derive value from digital assets.
Enterprises are investing in DAM because videos, images, and other digital assets are now integral to the way they do business. Marketing departments in any industry communicate their brand through photos, art and video. Everyone from manufacturers to the military creates training videos for internal and external users. Even law enforcement has become a major producer of digital assets, with Taser manufacturing body-cams for police officers across the country. And how do police departments keep track of all that video? Taser also offers a subscription-based Digital Evidence Management service.
How companies gain value from their assets depends on the business, but Avalon Consulting, LLC recently completed a project for a major television network that serves as an interesting case study.
Our client had decades of video from a popular television program and wanted to find new ways to use the content. Since the assets were stored in a Video Asset Management system (VAM), the network was able to deliver video to different online channels. But that wasn’t enough. Users did not just want a list of videos to watch. They wanted to answer questions like: What episodes contain specific guest stars? At what moment does a character say a specific catch phrase? What other content should I watch given my age, my social network, and my past viewing history?
Looked at another way, users weren’t interested in watching video clips as unrelated items. They cared about characters, celebrities, favorite moments, and topics. The network needed to capture these concepts and relate them to the digital assets. Working with our firm, the network gave meaning to its assets by creating and managing a new layer of metadata. The result is increased engagement with their fan base and ultimately new value derived from existing assets.
Other enterprises are developing their own digital strategies to gain value from their assets. Some are adding meaning to their assets by aggregating data from across the enterprise as well as from external sources, especially social media. Others are building analytical systems that identify new licensing opportunities and more tailored marketing promotions. Still others are deploying Big Data technologies to synthesize massive amounts of raw input with their digital asset metadata.
Identifying and mastering the technologies needed to advance DAM objectives is not easy. If your enterprise needs help developing and executing a digital asset strategy, you should contact Avalon. We have the expertise to leverage the latest search, database, analytics, and semantic technologies to transform your digital assets into actionable business solutions.