Assets have value. Things like cars, real estate, or maybe yachts come to mind because it's easy to understand the high value of these objects. What has been more difficult for some people to grasp is the high value of digital assets.
When people are asked about the value of their videos and images of their children's birthdays, most will say that they are "priceless"—and they are right. You can't put a price on digital assets that have captured events that can never be experienced again. They are invaluable for the people who took those images even if they don't mean anything to anyone else.
On the other hand, businesses’ digital assets do have a price, and it’s a heck of a high one. Despite the fact that assets’ "virtual" or "non-physical" nature makes it difficult to easily place value on them, companies know they’re worth plenty. It's also challenging to state the value of a particular asset because this can vary over time. For example, images of products that are unpopular now but end up being a commercial hit three years later go from seemingly being worth very little to suddenly being worth far more than their weight in gold (if they weighed anything at all, that is).
For this reason, companies need to view much of their corporate image library in terms of potential value. Even if certain videos or images aren't being used at the moment, that doesn't mean that they won't be extremely helpful at some later time. They could help sell a product just the way they are, or they might jump in value by changing a bit or being used as templates for other assets.
Assets in a digital image library have a certain plasticity—an ability to be used in more than one way—that makes them especially valuable because they can be reused and repurposed to make more assets. Just imagine the amount of time and money saved by reusing an asset instead of designing and creating a new one? For example, an asset valued at $600 that ends up being reused ten times and employed as a template to create ten new assets is worth at least $12,000. Take into consideration the amount saved on production costs and it's worth far more.
Locating and repurposing your assets will be difficult, though, without some good digital asset management tools. Of course, you can keep all your company’s digital assets safe with cloud-based brand asset management software.
To see how your company can securely manage your valuable assets, take a demo of Widen software-as-a-service DAM!