DAM News Round-Up – 4th January 2023

A selection of DAM related articles from around the web, hand-picked by the DAM News editorial team.

Your Playbook for a Successful DAM System Implementation

This recent primer from DAM vendor Widen provides a basic starting point for anyone tasked with implementing a Digital Asset Management initiative.  The downloadable guide includes best practice tips for vendor selection, the key components of the implementation process, and advice on planning and preparing your DAM strategy.  Email registration is required.

Taxonomy Definition

This characteristically detailed article from author and Taxonomist Heather Hedden takes a look at the various descriptions and use cases of taxonomies, and how there are often subtle differences between taxonomies and classification systems (which are generally rigid in nature),  For example, Heather explains how a taxonomy doesn’t necessarily have to classify objects, and might be considered a type of controlled vocabulary when used to facilitate more detailed searches in information retrieval systems (of concepts, not things).

Machine Learning in Digital Asset Management: Trends for 2023

Product Manager for DAM at OpenText, Raffaele Cipro, takes a looks at a number of upcoming trends in machine learning (ML) and artificial intelligence (AI) within Digital Asset Management.  Topics covered include the use of natural language processing (NLP) to perform automated tagging, keywording and metadata of digital assets, and how analysis of prior asset usage might be used to provide predictions on the popularity of specific assets in the future.  Workflow automation is also highlighted a potential use for ML.

What Is the ROI of DAM and How to Calculate It

This recent article from DAM solutions provider Pics.io takes a dive into the murky waters of return on investment (ROI) calculations for DAM systems.  We’ve discussed the questionable reliability of attempting to quantify ROI a number of times here on DAM News, but to its credit, the article does note that there are numerous factors that need to be considered when coming up with hypothetical numbers to support a business case for DAM.  Pics.io also present a range of typical costs for their own platform, so the article could be a useful reference point for sketching out your DAM budget, along with some useful money-saving tips.

Bynder Announces Majority Investment from Thomas H. Lee Partners

This hype-heavy press release from DAM vendor Bynder announces a new majority investment partnership with American equity firm Thomas H. Lee Partners (THL).  The funding for this new venture is taken from THL’s Fund IX and Automation Fund, apparently the first of its kind in the private equity sector.  Bynder’s founder Chris Hall will continue to serve on the board.

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