Digital assets are one of the most valuable possessions to own nowadays. Some of them are digital real estate, non-fungible tokens (NFTs), cryptocurrencies, domain names, and other digital content.
Unlike physical assets where one could easily safe keep them in banks, or hire an accountant to monitor them, how can domain investors keep track of all their digital assets? Are their assets worth all the value of the time and money they spend on each one of them? How can they prevent losses from their investments? How can they secure them from unwarranted use? How would they easily know if their asset is still up to date with the current trend? This is where the digital asset management (DAM) software comes in.
What Is Digital Asset Management (DAM)?
Digital asset management is, as its abbreviation suggests, a DAM of digital content. It is a software system used as a safe and extensive storage for organizing, managing, retrieving, and distributing digital assets, such as images, videos, design, and media files, etc. It can also be used for certificates, email addresses, documents, presentations, podcasts, IP (Internet Protocol) addresses, NFTs, domain names, and metadata.
Basically, it is a large platform that can store assets of any from small to bulky file types. It is a central space where you can, not only store digital assets but execute multiple tasks and manage digital assets smoothly.
Why is digital asset management important?
Several brands have already incorporated the digital asset management system in their workflow. Domain investors are not an exception in utilizing this system. It is a great tool for optimizing their business in this digital age.
There are several advantages to integrating a DAM system into your management flow. Imagine having secure storage for assets and a platform for different administrative and management tasks, all in one centralized digital library. It helps in saving time. It provides cost-efficiency measures. It maintains security and control over digital assets. It assists in quality and consistency. It also aids in measuring the performance of their assets. Let us discuss these benefits one by one.
Benefits of DAM For Domain Investors
1. Time-Saving
One of the things the digital world tells us is that time is money. Movement in this world is so fast that when you lose your footing, you could be left a few steps (or more) behind. Domain investors do not need to spend too much time on administrative tasks.
Digital content is booming. Why waste time sorting folders, looking for files they do not even know when they were created, or edited? Finding files and sorting them into different folders is very time-consuming. It slows down productivity.
Utilizing the DAM platform, investors and team members can search for digital files all in one place. Domain owners can manage assets with ease using the DAM software. They can also organize digital assets by categories and tag them according to their preference. This would be very helpful in minimizing the time consumed when they use the feature of filtered or in-document searching. Granting access for authorized team members can also cut off the time transferring files from one computer system to another by finding and saving files they need in one central space.
With permissions to certain files in the DAM system, emailing can also be reduced. Investors can share digital assets more conveniently by not waiting for files to be attached to their email, or downloading large files from their inbox.
2. Cost Efficient
Digital asset management software is an investment in itself for domain investors. Metadata, such as author, creation date, and rights, can also be stored in this DAM system. The metadata management through DAM platforms allows users to organize files based on this information for more efficient searching. This also makes it easier for investors to retrieve files based on their content and usage. Moreso, files can be classified by version as well. In this case, they would be able to see when the latest version was made, who made the changes, and what changes were done. Basically, investors can also track their asset lifecycle.
Most DAM software also offers unlimited storage space, which is beneficial for investors with a large number of domain names and other assets in their pockets. Duplicate files are usually detected in the DAM software to avoid redundancies in the storage. Creating a file that you forgot you have created or have already is a waste of time and money. The DAM solution helps in eliminating this mistake. The ease of searching for their digital assets, as discussed above, would prevent the recreation of files they already have. Thus, preventing clutter in their storage.
3. Security and Control
Keeping assets secure is very important for domain investors. If they have tons of domain names, NFTs, and other data that are very rich in size, the DAM system is very useful for storing them without the risk of losing them to fatal errors. File corruption and server crashes are things of the past with a digital asset management solution. It is software that can keep your assets in one secure location. If organized properly, it can also retrieve older versions of your assets and track the history of the files you stored.
Maintaining control over domain names is essential in managing a domain portfolio. With digital asset management, investors can oversee the usage of their domain. Managing digital rights and protecting their assets from unauthorized use can also be done using this DAM platform. Investors can easily set expiration dates on their licenses. It also gives investors the benefit of securing their copyrighted assets from any alteration.
The system gives them the power to grant permissions to approved DAM users, and custom user rights, and provide certain restrictions that would help maintain brand consistency.
4. Quality and Consistency
If the domain business includes several team members, granting them permission-based access to certain files they need would be advantageous. They would be able to create a project more in line with the brand that the investors are building. This provides brand consistency in the domain.
On the other hand, setting restrictions to outdated legacy policies and files, and giving them permission to up to date materials, can help guarantee that all actions made, in relation to a certain domain, are updated and consistent with their latest domain guidelines. This version control eliminates the worry of accidentally putting out an outdated or unfinished form of the asset.
By having one central storage, domain investors can oversee the progress and development of their assets. This would help ensure that the quality of their domain is intact and that all alterations or movements within the asset are aligned with the portfolio, again, maintaining the domain’s brand consistency.
5. Asset Evaluation
Domain owners need to audit their digital asset library to gauge the performance of their investments. Where is it being used? Who is it being used by? How is it being used? Why is it unused, or on the other hand, unsold? These are just a few questions that the DAM system helps answer. These answers would give them more clarity on what steps to take next with regard to their investments.
Most digital asset management platforms have an analytics tool to trace the usage of the data. This tool is very helpful in keeping track of your asset’s performance. By knowing all the movements surrounding the asset, they can measure and strategically adapt more strategic ways of optimizing their domain to grander outcomes.
The data provided by the digital asset management system would help identify areas for improvement. They would gain insights into how the market is moving related to their domain assets. They would be able to analyze the trend and make their domain up to date with what is currently marketable.
The information that they would get from this system would give them the idea if their asset is worth all the time and money they spend on it. Using the DAM software will help them with the valuation of their domains as well. Enhancing their assets, by creating more suitable plans and better assessment of opportunities, with the use of this data-driven optimization, would lead to a higher return on investment (ROI).
Conclusion
In conclusion, it is vital for investors to keep track of all the movement within and around their domains. It is crucial to the success of their domain investments. What better way than finding them in one central space?
Digital asset management solutions, not only save time and money but also increase productivity and enhance management flow. It can also assist in maximizing their return on investment. It would take a huge hassle off the administrative work while maintaining the smooth flow of the domain investment business. Less time for administrative tasks means more time for asset productivity and operational focus, which are two important factors for financial success.
Digital asset management software is a comprehensive system that can assist them with organizing, tagging, archiving, searching, secured sharing, analyzing, managing, and controlling their investments. It is a system worth having in this digital age, where no one wants to get left behind. Domain investors have to be quick thinkers and doers while maintaining the smooth flow of their assets.
A sure way to keep up is to integrate digital asset management software in their domain investment business. There are several digital asset management companies offering DAM systems. Investors just have to choose the best DAM software that would suit their needs in managing their digital assets, making sure that they are getting all the value of one of their best investments in running the domain business.