The amount you pay for a software solution should never exceed the results you get from it. For businesses that deal in products, having a Digital Asset Management (DAM) platform is essential for tracking all assets related to your products. But how much does a DAM cost, and which platform provides the most functionality for your investment? The answer lies in the platform you pick.
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A digital asset management platform, or a DAM, is a solution that provides a central location for managing digital assets across your business. Digital assets include things like videos, forms, documents, images, and any other digital file related to your products. From a marketing perspective, DAMs provide many benefits for manufacturers and other product-focused businesses.
A DAM gives you the ability to tag digital assets with relevant keywords or descriptors to make it easier to find the file you need. Rather than searching through databases and looking through different file names to try and track down assets, you can search for the item and pull it up with ease. These assets are searchable by your entire team, making it easy to pull up files when needed without sending emails around the department asking for something to be shared. This improves collaboration and helps businesses become more agile.
You can also use a DAM to automatically update digital experiences like your website or product catalog. When a product asset is updated in the DAM, it automatically updates that same information on other channels where the asset is located. For example, if you change the image of a product in your DAM, the image will update across your website product pages and your digital catalog.
In addition, most DAMs allow you to create brand portals. These portals are used to share a curated selection of digital assets to other users, like teams in other departments, agencies, or supply chain partners. These portals don&#;t give third parties total access to your system, but allow them to find what they need without lengthy delays from trying to track down file owners and get permission to access the document or file in question.
As with most types of software solutions, there are many different Digital Asset Management (DAM) solutions available. Determining which is the best solution for your business requires some forethought. It&#;s helpful to begin by asking yourself these five key questions:
What is the primary problem(s) we&#;re trying to solve with the DAM?
How many digital assets do we have and what types?
How will we structure the taxonomy of our digital assets?
What other systems do you need to integrate with?
Where and how will the digital assets be used?
Many businesses want to know what the best DAM software is, so they can move forward with the solution. However, there are considerations to keep in mind as you browse through the options. Not every solution will work for every business. Some of the best DAM systems and the most popular options include:
Lumavate
Nuxeo
Acquia
Dash
OpenText
Adobe
Canto
Bynder
Brandfolder
The last four DAM vendors &#;Adobe, Canto, Bynder, and Brandfolder&#; are some of the more common solutions that businesses will explore. However, these solutions are standalone DAMs. That means that they still require you to use a third-party solution or different agencies and developers to create digital experiences. That adds to the initial cost of the software on its own.
In addition, Adobe in particular is known for having a high cost and a lengthy implementation time. That could mean months before you can actually use the solution as intended due to the long set-up process. Overall, the high costs combined with the long implementation period limits the value that Adobe can provide to users. Even though it is the biggest name out of the DAM options, it is often not the best solution for manufacturing businesses.
Lumavate, on the other hand, is not only a DAM, but also includes a full Product Information Management and Digital Experience Platform in the platform. This provides a seamless integration with the DAM for users, who can get the benefits of all of these platforms combined into one coherent solution. Lumavate&#;s DAM can also be associated with product records in just a few clicks. That allows you to build digital experiences without any technical resources or reliance on developers and agencies.
Digital Asset Management cost can vary a great deal based on the solution you select and the functionality it provides. A DAM pricing comparison can also have significant variations in price based on whether the solution is an on-premise solution or a cloud-based solution. The average digital asset management cost will typically range between $1,000 - $250k+ every year. Answering the five key questions listed above and knowing what you want to get out of your solution can help you narrow down what price point you are aiming for.
Lumavate is a full Product Experience Management (PXM) solution, unlike other competitors in the space. Lumavate provides built-in Digital Asset Management (DAM), Product Information Management (PIM), and Digital Experience Platform (DXP) functionality. On top of those four platforms in one solution, Lumavate also has text messaging capabilities for easy communication and a form builder solution to allow you to add form directly into your product experiences. No other solution on the market is able to provide the breadth and depth of functionality the way Lumavate can.
Some solutions have hidden pricing, like Adobe DAM pricing and Brandfolder pricing. This makes it difficult for businesses to determine what solution is the best for their needs, as they don&#;t know what the annual cost for the platform will be as they do research. Lumavate publicly shares its pricing on its website, so you can immediately know what tier of functionality works for your budget. Lumavate is typically 75 percent more cost-effective than other competitive solutions while providing more return on investment. These factors are what make Lumavate the best DAM system for functionality, integration, and cost.
Companies are increasingly investing in digital asset management (DAM) because they seek automation, efficiency, and transparency in their digital workflows and are willing to pay for it.
Market research projects the DAM market will reach $5,287 million in , growing at a CAGR of 13.7% from to .1
Are you also considering investing in one? If yes, how do you determine how much to pay for it?
If you look up on the Internet, you will find that most DAM providers do not display their pricing details. It is either available on request or listed as custom pricing. We found that the cost could range anywhere from $8 to $ per month, incrementally rising as per the model or services. However, these numbers make no sense unless we know the functionalities, features, and services that come with the price.
We will unravel, in this article, the various elements of DAM pricing, understand the influencing factors, and discuss pricing strategies.
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The cost of a DAM system depends on multiple factors.
The cost of DAM varies per the range of capabilities or values that the customer adds to the basket. Most DAM solutions offer multiple pricing models that vary per the combination of features, functionalities, storage, users/administrators/user groups that a buyer decides to buy. There is no standard pricing structure that every vendor follows.
Hence an organization will have to evaluate each vendor quote against its needs. For instance, if you are a large multinational company with globally-dispersed teams who need access to DAM for different markets, you might want a vendor who does not impose any constraints on the number of users.
Let&#;s examine the common influencing factors:
The more the number of users in the organization who are likely to benefit from a DAM system, the higher the value you will gain from it. Most DAM pricing includes a defined number of users. You might have to pay for the additional users if they exceed the plan on offer. However, the definition of a user influences the cost. Most vendors do not charge anything extra if the users are merely going to search, view, and download assets from the DAM.
It&#;s the power users that matter or those employees who must have the right to modify, delete, or change content or metadata. They will want the administrative privilege to reorganize the library or have collaborative powers for driving content creation and dissemination. The cost of licenses for these users might hike up the cost of a DAM.
The cost of cloud-based storage has come down considerably in the past few years. The pay-per-use model allows organizations to pay only for the storage they use, making it highly cost-effective. However, every additional storage required on on-premise servers can be cumbersome and expensive as you would have to buy the infrastructure and hire people to maintain them. The more storage space you need, the more bandwidth you need for assets uploading and downloading, which also adds to the cost.
Some companies opt to use external storage from companies like Google or Amazon. In such cases, you will need to integrate them with the DAM system and remove the cost of storage from the DAM pricing. Many vendors offer plans with specific storage space tailored to meet the average business needs.
It goes without saying that a DAM must provide the tools that allow companies to store, organize, search and download assets. However, these are basic features. Today with advancements in digital technologies like AI and machine learning, DAM offers several enhanced functionalities, such as analysis of asset usage, automation of workflows, intuitive user interfaces, integration capabilities, security tools, AI-based metadata tagging, and link-based sharing capacity.
The more features you add to your basket, the more expensive it will be. Companies need to balance the value of the features they choose with the escalation in the cost to decide which ones are most critical.
Sometimes, off-the-shelf features are not adequate for the organization. For example, you may want to include a feature at a granular level, say for example, creating a default URL for specific file formats that fulfill another set of specifications. Features like these are not usually offered by default by most DAM vendors. However, DAM vendors would be willing to write custom code for their clients to tailor the system per their demands. But this costs them money, time, and effort, making the DAM system expensive and priced differently than otherwise.
However, a customized DAM lowers the learning phase of the employees and promises to evolve with the organizational needs. Since a custom-built DAM maps better to the company&#;s needs, it brings agility and better utilization.
Organizations need initial support from vendors for implementation, onboarding, and training. Later, they require technical support and maintenance. With every upgrade, employees may need assistance in understanding the new features. Technical glitches could take up valuable time if not addressed immediately. If the company purchases a new MarTech solution, it will need help integrating it with DAM. While the extra charges for the services seem avoidable, often enough, it eases the adoption of DAM and ensures optimization.
The cost of a DAM depends on the infrastructure you choose to have. If you opt for an on-premise system, the DAM will require access to your local area network, as it is hosted on the company&#;s internal servers. It is the preferred choice for companies that need high security, visibility, and control over their workflows. Most on-premise DAM systems follow the perpetual license model, which means you pay a lump sum for continual usage. However, it suffers from the following drawbacks:
Companies have to invest large sums of capital in setting up the on-premise infrastructure, which includes the hardware, software licensing fees, data server/backup, and more.
Maintaining the infrastructure is expensive. You will have to hire IT staff and pay for the hosting costs and energy bills. Any new updates need to be purchased separately.
On-premise hardware ties you to the support the vendor provides due to the proprietary nature of the product.
Any increase in workload will require you to return to the vendor for additional hardware, computing power, or data storage. If the spike is only short-term, adding more resources is not cost-effective.
While most companies charge nothing for providing rudimentary support, a comprehensive support package comes with a pricing plan. Migration costs to move data and applications from the existing system to the new one also add to the bill. A vendor may invoice you separately for the customization and training of users. All these inflate the total cost.
A cloud-based DAM is a software-as-a-service (SaaS) model where the user gets access to the DAM as software from the Internet. The company&#;s digital assets live on a cloud server. Since payment is per the resources utilized, it is more cost-effective.
The pricing involves making a monthly or annual payment that gives you the right to use the product without &#;owning&#; it. It removes the hassles of maintaining your infrastructure yet gives complete access to all the features, services, and support you need.
A cloud-based DAM is also cost-effective because it offers several benefits:
Evaluating the cost of a DAM becomes easier if the vendor is transparent about what they are offering in their different pricing plans. Any charges that pop up in the final billing due to ambiguous terms and conditions can be unpleasant.
ImageKit offers three pricing plans &#; beginning with a &#;Forever Free&#; offer that&#;s a great way to get you started. All you need to do is sign-up. Once you become convinced of the benefits of using ImageKit, you can choose the premium plan at a monthly fee of 49 dollars which allows you to pay per usage. We don&#;t impose any minimum commitment.
If you are a large enterprise with volumes of assets and large teams or have unique requirements such as speed or security, we can tailor ImageKit for you at over a $500 monthly charge.
Explore our pricing plans in detail
Here's a quick look at ImageKit's Digital Asset Management.
We also offer add-on plans for our paid plan users providing dedicated support during custom domain setup and CDN integration.
Visit our website to understand in depth - what we offer, our billing and payment processes, including the support we provide. If you still have questions, drop us a note @ , and we will gladly answer you.
To understand which plan would work for your organization, we recommend sharing your requirements with us and asking for a demo; it is free.
References:
1 Digital Asset Management Market Size | Forecast - (alliedmarketresearch.com)
2 25 Digital Asset Management Software Solutions for (influencermarketinghub.com)
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