We’re constantly singing the praises of digital asset management (DAM) and its numerous benefits. So too are the companies that use our innovative platform. However, for many businesses, a testimony alone isn’t enough.
Managers and key stakeholders need tangible justification for investing in software. If it’s not improving productivity and making or saving money, then the investment probably isn’t worthwhile. In short, they need figures to show the impact it’s having.
In this post, we’ll discuss the challenges of measuring return on investment (ROI) for DAM and some ways of doing it.
Broadly speaking, revenue is one potential way to measure ROI for any investment. After all, the ultimate goal for most businesses is to increase revenue and boost profits. That’s true in many cases with DAM as it allows you to work more efficiently and get through more projects, which in turn increases revenue.
However, this comes with a few challenges for DAM and other investments. For one, it can be months before there is a noticeable change in revenue from any investment. With that longer timescale comes more chance of other variables.
As an example, if you invested in DAM before the UK left the EU, business might have subsequently slowed down. That would result in a drop in revenue, but it wouldn’t have been caused by the investment in DAM.
In business, time is money. One of the most significant benefits of DAM is that it saves time for your workforce. Whether it’s time spent searching for assets or time lost when employees have to reproduce assets they can’t find, DAM eliminates issues making your team more efficient and more productive.
This time saving can be used as a way of calculating ROI. Ask employees how much time they have saved using DAM. That can be multiplied by the cost of their hourly wages to work out a clear cost-saving. Let’s say each employee saves just 30 minutes a day in a team of 10. That’s 300 minutes per day for your team and 1500 minutes – or 25 hours – in a five-day week. If you’re paying them £15 an hour, that works out at a saving of £375 per week. Not bad, right?
If you want to find out how much time and money DAM could save you, the best way is to try it for yourself. Fortunately, you don’t have to invest to do so. At iBase, we offer a free Express account, which allows you to use our platform with no cost, no obligation and – unlike other free trials – no time limit.
Contact us for your Express account today to get a better idea of ROI before you’ve spent a penny.
