Digital Asset Management for the Fast-Moving Consumer Goods (FMCG) Industry 

Published : Wednesday, July 20th, 2022.

Digital Asset Management (DAM) is a vital tool and solution to grow your manufacturing business. As a manufacturer, your organization is focused on understanding your customers, your place in the market, and delivering products that meet their requirements and exceed their expectations. A significant piece of this equation is the content (i.e., digital assets) you produce and use to bring products to market.

Scaling an organization to meet the necessities of clients requires tools and solutions to bring efficiency to your organization, so you can be free to focus on strategy and delivery.

In this article, we will explore the technologies available for FMCG manufacturing businesses that can help them manage their business more effectively, with a focus on digital asset management software.

What is Digital Asset Management?

Digital asset management (DAM) at its core is a central repository of all an organization’s digital content that is organized in a way to make it easy for users to find what they are looking for. In the manufacturing world, these digital assets are expanded to include digital representations of physical assets, such as products, fixtures, and equipment. A DAM helps manufacturing businesses manage the life cycle of digital content by providing a secure online platform for tracking ownership, transactions, and changes to an asset. In addition to managing digital assets, DAM can also be used to store business data, including product information, customer records, supplier information, and more.

How the FMCG Industry Can Overcome Challenges with Digital Asset Management Software?

FMCG DAM

The FMCG manufacturing industry is rapidly adopting digital asset management (DAM) software to help streamline operations and improve efficiency. However, managing digital assets can be a challenge for companies in this sector. Here are five challenges the FMCG industry faces with DAM:

1. Lack of a standard platform

Many FMCG manufacturers use different DAM software platforms, which makes it difficult to share data and optimize processes across departments.

2. Data fragmentation

Large FMCG companies often have multiple data warehouses that are separate from each other and from the company’s core business processes. This creates a lot of fragmentation and makes it hard to find relevant information.

3. Limited integration capabilities

DAM software doesn’t always integrate well with other business systems, which can make it difficult to manage operations.

4. Legacy IT infrastructure

Many FMCG companies have outdated IT systems that don’t support modern DAM solutions. This can lead to data inconsistency and slow down processes.

5. No security

The lack of secure storage and transmission of data makes it vulnerable to cyber-attacks. In order to overcome these challenges, FMCG companies need to adopt unified standards and deploy robust security measures on their unified DAM systems.

Why Should Major Manufacturing Companies be Interested in DAM?

Digital asset management (DAM) is a term used to describe a process or system that helps companies manage their digital assets, including digital content, software applications, and data. DAM can help manufacturers improve their efficiency and compliance with regulations such as the General Data Protection Regulation (GDPR).

The benefits of using DAM for manufacturing companies include:

  • Reduce costs: By digitizing and managing physical assets such as product data, manufacturing companies can reduce the costs of procurement, warehousing, and inventory. This can lower overall operating costs and improve competitiveness.
  • Improve quality: By automating processes and tracking data related to product quality, manufacturing companies can ensure products meet standards set by regulatory bodies. This can lead to improved customer satisfaction and increased sales.
  • Improve security: By securely storing digital assets, manufacturers can protect them from theft or unauthorized access.

What Benefits Do FMCG Companies See With Digital Asset Management Software?

There are a number of benefits that FMCG companies see with Digital Asset Management Software. These benefits can include:

1. Increased Efficiency and Productivity

One of the main benefits of having Digital Asset Management software is that it can help to increase efficiency and productivity within the company. This is because it can track and manage all of the different assets that are associated with the company, including images, videos, product data, etc. This helps ensure that all of these assets are managed in an effective and organized way, which leads to increased efficiency and productivity.

2. Reduced Costs and Time spent on Maintenance

Another major benefit of having a DAM for FMCG is that it can reduce costs and time spent on maintenance. This is because it can automate many of the processes related to asset management, including document management, image management, and video management. As a result, companies save money by automating these processes rather than having them done manually.

3. Improved Customer Relationships

Another benefit of having Digital Asset Management software is that it can improve customer relationships by helping companies gain insight into their customers’ needs and wants. This helps companies stay on top of trends and changes in their industries, which allows them to respond quickly. As a result, they will be able to create seamless yet more impactful relationships with customers which enables great customer service.

4. Transparency

An additional benefit of FMCG organizations using a DAM is that it enables greater transparency with their customers. Companies can use DAM software centralize and categorize their customer data.  As a result, they will be able to create a more customized experience for each customer by strategically using the data that they have available to them.

 

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Why Should Major Retail and CPG Brands be Interested in DAM?

A DAM solution is an essential asset in the FMCG manufacturing industry. It allows brands to efficiently manage product content, images, and metadata across all digital channels, from social media to eCommerce. Additionally, for the manufacturing pipeline, DAM can help to streamline product planning, manufacture, and distribution.

In order to fully understand the benefits of DAM for FMCG brands, it’s essential to understand the challenges that they face. As an example, product images can be large and require significant storage space. Furthermore, product content can change frequently, which requires constant updates. DAM can help automate these processes and improve brand efficiencies.

There are several DAM solutions available on the market today with a spectrum of capabilities. ioMoVo is one of the most advanced DAM solutions for FMCG.

ioMoVo provides you with a complete solution that can help you link a variety of platforms, develop highly secure workflows, and support you in:

  • Organize business procedures and workflows
  • Connect services and applications from on-premises and the cloud
  • Automated data synchronization

So, if you want a free 30-day trial of ioMoVo with access to premium features, sign up.

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