Shopping For a DAM
Purchasing a Digital Asset Management System in an Uncertain Economy
4 min read
Purchasing a digital asset management system has never been more important. The expanding need for content across multiple channels requires a level of digital asset organization many organizations simply aren't prepared for.
But buying a DAM, or any new software is meeting new challenges with in the current, uncertain economy.
The tech landscape has been experiencing a significant shift in how businesses purchase tech solutions.
The sales cycle, which has traditionally been predictable, has taken an unexpected turn, impacting not only tech companies but also the customers.
This change means that selecting the right DAM vendor for your organization is even more important. It's crucial to have a clear plan in place to prove how a digital asset management system can provide value to all stakeholders.
Whether the world is experiencing an economic downturn or not, organizations are almost always aiming to reduce or maintain costs. The result is constant competition for available funds and resources.
Buyers are almost always facing tightened budgets and intense scrutiny on the security, value, and costs of software. Every solution under consideration is now subject to extra scrutiny, and further demand to prove its worth.
In this blog post, we'll briefly explore:
- the evolving purchase cycle,
- articulating the value of a digital asset management (DAM) system, and
- the importance of selecting the right DAM vendor.
Why is the Sales Cycle Changing?
One of the most noticeable trends in the tech industry has been the prolonged sales cycle. This change has affected startups and enterprise companies alike, with startups experiencing a 24% increase and enterprises facing a whopping 36% increase in their sales cycles.
The primary driver behind this transformation is the looming financial uncertainty that seems to lurk around every corner. Tech companies are feeling the pinch and are looking to do more with less. As a result, every software solution under consideration is subject to extra scrutiny, demanding proof of its worth.
This means that on identifying a DAM platform or solution provider, those leading the project will have to come prepared with a long-term impact plan.
To ensure your projects stay on track and your team's achievements are not delayed, you need to navigate the involvement of all stakeholders effectively.
Consider the following questions:
- Who is Going to Be Involved? Identify all key stakeholders, including C-Suite executives.
- How to Navigate Their Involvement? Develop strategies to engage and educate all stakeholders in the decision-making process.
- Proving Value to Executives: For C-Suite executives who may not have been involved in the buying process before, it's essential to demonstrate the value of the digital asset management system, and how it aligns with long-term organizational and financial goals.
How a Digital Asset Management (DAM) System can impact your whole organization
In this era of economic uncertainty, it's crucial to build an exceptional core tech stack. A DAM system is a crucial component that can help you manage and optimize your digital assets, such as images, videos, documents, and creative content.
In times when resources are tight, efficiently managing your digital assets becomes a critical aspect of your tech stack.
Digital asset management systems ensure that your organization can:
- Streamline Content Access: Enable quick and easy access to digital assets for all stakeholders.
- Enhance Collaboration: Facilitate collaboration on digital assets across departments and teams.
- Maintain Brand Consistency: Ensure that branding elements and assets are consistently used across various channels.
- Improve Compliance: Meet regulatory and compliance requirements for asset management.
- Boost Productivity: Save time and effort in searching for and repurposing digital assets.
Choosing the Right DAM Vendor
A robust and well-developed or best-of-breed DAM system like MediaValet can positively impact an entire organization.
Effective, central asset organization with easy yet secure access to the correct assets, whether that be images, videos, logos, documents, or other files, ensures all stakeholders within an organization can benefit transformative.
The 2024 DAM Trends Report provided some excellent insight into the tangible benefits MediaValet customers experience with their DAM.
The benefits include:
- Increase marketing efficiencies to speed up time-to-market
- Improve sales enablement to expedite sales cycles
- Optimize creative resources to save time
- Enhance customer success and support to improve customer satisfaction
- Enable secure access to external or remote teams to promote better brand consistency
- Seamlessly integrate with existing tech stacks to protect company and customer data
MediaValet offers customers a partnership to ensure that growth and success are supported. Built on Microsoft Azure, MediaValet customers benefit from unmatched accessibility, scalability, and security for their valuable digital assets.
Though it may take longer to complete, by having your ducks in a row, your DAM journey can be successful! Having a thorough understanding of your options, how to navigate the buying journey and each stakeholder, and how best to communicate value can help streamline your project and push it over the line!
Not sure where to start your market research? Read the G2 DAM Vendor Comparison Guide to see how a MediaValet DAM measures up against our competitors.