As I investigate new possible brands and product avenues for Widen to go down, I inevitably end up studying our current flagship product, the Media Collective Digital Asset Management system, quite a bit. And having come from an enterprise-software sales background my mind is always going down the path of "what is the benefit to the customer, what is in it for them?"
In today's economic conditions most companies demand an ROI. Those projects that have a "this would be nice" benefit or even arguable soft costs are getting buried at the bottom of the stack while products and solutions that can reduce costs or even show an ROI are going straight to the top. And in a time of high unemployment employees have a vested interest in finding solutions to reduce their companies’ costs: the more a company can save, the better they can afford to pay their employees.
While we know there is an ROI associated with time it can be difficult to articulate to customers because there are too many soft costs... How much is your time worth? How much time could you save if you could find images faster? If you could protect your brand better how much is that worth to you?
All great talking points but in a world of black and white numbers sometimes that is not enough. Hard numbers and clear ROI are required.
To that effect, I came across some great statistics on DAM and how DAM can help various organizations reduce costs. The numbers come from GISTICS research, with some highlights below:
- An average of $8,200 per person per year is spent on file management activities which include searching, verification, organization, back-up and security.
- Creative professionals spend an average of 1 out of every 10 hours of their time on file management, mainly searching.
- The average creative person looks for a media file 83 times a week and fails to find it 35% of the time.
- Research shows that digital asset management solutions will drop that figure to 5%.
$8200 per year per person!! How many people at your firm or organization deal with file management per year? How much does that add up to on a 1-year and 5-year basis?
And those numbers don't take into account the fact that when you are not searching for files/images you can be working on something else, possibly something billable. And the average person fails to find digital media over one-third of the time? How much productivity is lost there? And how much frustration is built up there? And with SaaS, hosted DAM you don't even have to worry about maintenance, servers, etc.
Add to that the fact that with a digital asset management solution you CAN protect your brand, that little thing you've invested thousands and millions into.
Digital Asset Management has always made sense and always had clear benefits and process efficiencies. But as the economy continues to struggle it is also becoming more and more clear that there is ROI to be achieved as well.