How Digital Asset Management Powers Digital Transformation?

Digital Asset Management is the Strategic Utilization of Digital Resources and Capabilities to obtain Competitive-Advantage in the Market. Superior Digital Assets enable the company to manage the market forces (Porter’s Five Forces) in its favor and earn super-natural profits.

porter five forces explains the market attractiness and different forces governing the market place

Any business runs on Assets, whether Intellectual Assets like Patents, technical know-how, skills, etc.; Physical Assets like building, machinery, distribution network, employees, etc.; and Digital Assets like the company’s website, Blog, Online Social Networking, Influencers’ Relationship, Tools and Analytics, etc……..

Superior Assets lead to a superior position in customers’ minds and hence, more sales, more volumes, customer loyalty, and sustainable business. This all-around superior position provides better negotiation power to the organization against the suppliers and creates barriers for new entrants and possible substitutes ….

Digital Assets

In current times, you can observe the influence of technology in B2B, B2C, C2C, etc. transactions… The trend is well evident from the following statistics:

  • 4.72 billion internet users are there today worldwide
  • 75000 plus searches are performed on Google every second
  • 275 billion plus emails are sent and received each day
  • 60% plus population (India and globally) own a mobile phone
  • 50% Plus of all online purchases are now completed using mobile devices.
  • 49% of emails sent are opened on mobile devices
  • 51% of consumers make use of mobile devices to identify new brands and products
  • 3.2 billion users use social media every day
  • 142 minutes on average are spent by users on social media every day

Digital Assets may include the company’s website, digital content, e-mail system, digital marketing tools, e-CRM, Social network, partnership with digital marketing agencies, relationships with influencers, etc.

Digital Assets like a company’s website or its Social Media Account or user forums etc. offer different platforms for the company to have two-way communication with existing users, prospects, and the global user community at large. These platforms are the channels for the company to learn about users’ unmet needs or new features/functionalities expected from the products; or to educate the customers about any product or share any news related to the products or services including any software upgrade, special discounts, etc. or taking feedback from the customers which may influence product design or service delivery…….

Digital Transformation

Digital Transformation refers to the radical changes in strategically identified processes using Information Technology on a continued basis. You may consider that each implemented change is well evaluated and contributes its value-add to the overall value being offered to the customers. The processes/sub-processes may broadly be classified under any of the following business functions:

  • Customer Relationships & Learning
  • Product Designing & Manufacturing
  • Customer Communications
  • Product/Service Delivery

Digital Asset Management Lead Digital Transformation

Any change in any business process has an underlying objective which is to generating more-and-more value for the customers. Hence, the selection of processes and KRAs for Digitalization are largely influenced by customer feedback, Intelligence, and research.

Digital Asset Management helps in relationship building and two-way communication with the users not only to create Brand Awareness, Brand Relevance, and Trust but also to receive valuable feedback and performance insights through the company’s Website, Blog, e-mail campaigns, User Forums, Social Media, etc.

Such Business Intelligence from Digital Assets provides vital information about the performance of existing products, critical gaps, and user expectations. The company can use such insights in designing and manufacturing the products so that the products are capable to satisfy the customers’ identified needs. You may consider it as a new process wherein the design and manufacturing functions are taking guiding intelligence from Company’s Digital Assets.

Further, as a part of setting customers’ expectations and user education, the company can communicate with the user community in such a way that the delivery of products/services either meets or exceeds the expectations. This may involve adopting one or more of the following possible measures:

  • Post an article on best practices or how to use a particular product on the company’s blog Social media or user forums etc…
  • Publish a product demo video on the company’s YouTube channel.
  • Push product unboxing videos through influencers on their own channels/networks.
  • Circulating emails to the customer database to educate users about the products…
  • Encouraging positive customer reviews on e-commerce platforms like Amazon, Flipkart, Intelliware, etc…

This cycle is continuously optimized to generate maximum value for the customers, which repays back well to the company.

Under Digital Transformation, the Digitalization in the above-stated processes is implemented in a very strategic and sequential manner, so that a value transformation across the value chain can be achieved.

So, businesses have to be effective in Digital Asset Management to bring a Digital Transformation in their business processes so that they can efficiently and effectively manage their customer relationship & feedback processes, their product design & development processes, customers communication channels, and delivery processes so that they can transfer more value at each of the customers’ encounter with the company/Brand…

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