What is digital asset management, and why can it make such a big difference to your productivity?
We explore why better management of your marketing collateral could save you time and money, and improve your regulatory compliance into the bargain.
The missing link in improving efficiency
Improving corporate efficiency is nothing new – firms are always coming up with ideas to make their operations more effective and efficient.
But in their drive for organisation, corporate leaders often overlook one important element – the efficiency of their marketing materials and other documentation.
What is best practice digital asset management?
Increasingly, marketing materials are digital assets rather than hard copy brochures, flyers or whitepapers.
Rather than physical storage – we can all remember office cupboards full of unused brochures and other collateral! – your challenge now is how to store your assets virtually so they are easily accessed and used.
In addition to storage, efficient digital asset management covers the way your documents are created and how they are updated.
Managing hard copy documents is one thing. Untidy documents are very visible. Soft copy versions, less so – and it can be easy to neglect the ‘tidiness’ of your digital inventory. But good digital asset management is essential for efficiency, as well as for a host of other reasons.
What are the benefits of good digital asset management?
1. It saves you time
Significant time, in fact. Intranet provider Interact estimates that 19.8% – nearly a fifth – of business time is spent by people looking for information they need. When you’re asked for a piece of existing collateral, can you lay your hands on it instantly, or do you search through endless files for the definitive, approved version?
Then think about how long you spend creating new materials. Creating marketing collateral from scratch can take a huge amount of your time. You need to find logos…brand-compliant templates…accurate corporate information, for example on AUM…finding up-to-date biographies and photographs. Add on the time taken to get Compliance team approval and you can write off huge chunks of your week producing one new piece of material.
Getting materials to market is vital if you are to stay a step ahead of your competitors. If they’re developing – or already have – similar products and services, promoting yours ASAP is vital. When you’re up against the clock – as marketers always seem to be! – speed is of the essence.
Introducing an element of automation to your documents can streamline project management and production, and give you easy, fast access to existing materials. The time-saving benefits are persuasive enough by themselves – but there are other benefits too…
2. It reduces the risk of regulatory breaches
The compliance-related benefits of managing digital assets efficiently can’t be underestimated.
Robust marketing compliance is increasingly important in a world of growing legislation and regulatory expectations around good governance.
In today’s content-led marketing landscape, documents are being created faster than ever before. It can be a huge challenge to ensure that all these documents are fully compliant before being published.
In professional services firms particularly, financial promotions and marketing documents are often produced outside the marketing team. Without a central process for document production, it’s far too easy for your marketing materials to run out of control.
It’s widely agreed that successful marketing content is everyone’s responsibility – but this brings with it a high risk that documents go out with outdated AUM, incorrect disclaimers, off-brand imagery…the list goes on.
An automated solution for digital asset management can make compliance review and sign-off of marketing materials efficient, mandated and foolproof.
Compliance and Marketing teams are able to collaborate online, meaning you can reduce errors and make the process pain-free. And of course, more efficient compliance processes also help you to get marketing materials approved and out the door faster.
3. It protects your brand
Brand and compliance are inextricably linked. Good governance is an essential aspect of your brand strategy. With brand reputation so easy to destroy, you need to do everything you can to protect yours – and efficient digital asset management can help.
Often, Compliance team rejections are as much about brand non-compliance as they are about regulatory no-nos. Providing your teams with easy access to brand-compliant templates and assets reduces the risk of outdated or incorrect branding.
The temptation to re-use old sales presentations, newsletter and email templates, PowerPoints and other collateral is hard to resist, particularly when people are short on time.
Good digital asset management makes it easy for everyone to find the logos, templates, imagery and information they need to create on-brand, up-to-date documents. Assets can be updated in real time, with the latest versions always available.
Just this quick run-through of some of the benefits of best practice digital asset management shows that there are many advantages. Putting in place a robust document management process, underpinned by automation, protects your brand, supports regulatory compliance and saves you significant time.
If you want to read more about why regulated firms are increasingly turning to automated workflows to manage their marketing, and the tangible benefits they are seeing, you can download a copy of our free whitepaper, The benefits of automated workflow systems. You can read a free copy here.
Nothing in this document should be treated as an authoritative statement of the law. Action should not be taken as a result of this document alone. We make no warranty and accept no responsibility for consequences arising from relying on this document.